Clancy Yeates

Clancy Yeates

Clancy Yeates reports on banking and finance and is a former Canberra business correspondent.

Banking

OzForex shares slump after Westpac split

Clancy Yeates OzForex shares fell sharply this morning after it said Westpac had ended its relationship with the payments company as part of a wider move to exit the remittance sector.

Local gas prices set to soar as exports to Asia get under way

Clancy Yeates dinkus Dinkus

Clancy Yeates While most of us were on holidays, something happened off the coast of Gladstone in Queensland that will have hip-pocket implications for consumers across the eastern states.

Banks slice deposit rates on online savings accounts

Major lenders say banking costs are being pushed up by new regulations. Illustration: Chris Pearce.

Clancy Yeates Banks are slicing interest rates on popular online savings accounts, as competition for deposits wanes and costs are pushed up by new regulations.

Banking

NAB signs deal with India's biggest bank

The memorandum of understanding, the Indian bank's first with an Australian lender, is intended to increase cooperation in project finance, migrant banking and international payments between banks.

Clancy Yeates National Australia Bank is seeking to lift its exposure to the fast-growing Indian economy, as the government pushes for financial services to be part of any free trade agreement.

Comment

Entrenched power of the banks being challenged by P2P lending

Melbourne Express.

Clancy Yeates Peer-to-peer lenders have posted spectacular growth overseas. How big a threat are they to local banks?

Banking

Banks brace for sluggish loan growth as business borrowing falls in December quarter

Clancy Yeates Business credit growth looks unlikely to pick up from its sluggish pace over the coming months, according to new figures showing demand for loans slowed late last year.

Bad debts tipped to hurt Australian bank earnings

bank

Clancy Yeates Australian bank profit growth is likely to be slowed down this year by higher bad-debt charges and hot competition for customers, a new report from Fitch Ratings says.

Fraudsters target banks with National Relay Service scam

Some shareholders want to change the bank's constitution to force it to publish details on the amount of greenhouse gas emissions it is financing via loans and investments.

Clancy Yeates Fraudsters are using a phone service for people with hearing or speech impairments as part of a scam in which customers' money is stolen by hacking into bank accounts.

Banks

Australian Super calls on banks to assess climate change risk

Australian Super's investment manager for governance, Andrew Gray.

Clancy Yeates When investors think about risks facing banks, climate change is rarely front of mind. This could be about to change, amid warnings of a "carbon bubble."

Banks

CBA shares hit record high

Commonwealth Bank

Clancy Yeates Shares in the Commonwealth Bank have jumped to a record high above $85, as analysts say concerns over the financial system inquiry's impact may have been overstated.

Inquiry

Banks agree to Murray call to hold greater capital

The big four: Two have agreed.

Clancy Yeates and James Eyers Two of Australia's biggest banks, NAB and ANZ, have signalled they are confident of being well-placed to meet tougher capital rules stemming from the government's financial system inquiry.

Lenders

ANZ flags more details on loans to carbon polluters

Some shareholders want to change the bank's constitution to force it to publish details on the amount of greenhouse gas emissions it is financing via loans and investments.

Clancy Yeates The bank, which has been a key target of environmentalists because of its large exposure to the resources sector, says the power stations it funds emit less carbon than the national average.

Banking

ANZ at impasse with union over working conditions

ANZ Bank branch in Nelson.

Clancy Yeates ANZ Bank is in a stand-off with union representatives over working conditions, despite offering many staff pay rises well above the rate of wage growth across the economy.

Aussie bought and sold beyond RBA's reach

Clancy Yeates dinkus Dinkus

Clancy Yeates When it comes to the currency, it seems there is no pleasing Reserve Bank governor Glenn Stevens.

Banks

NAB sells £1.2 billion in high-risk UK loans

NAB Bank

James Thomson, Clancy Yeates, James Eyers National Australia Bank has taken another step in its bid to exit the British market, selling a £1.2 billion ($2.

Banking

ANZ Bank faces carbon pressure

ANZ faces pressure over financing fossil fuels.

Clancy Yeates ANZ Bank's lending to big carbon emitters will be under the spotlight at this week's annual meeting of shareholders, after other banks have boosted their disclosure of climate-change risks.

Siege

Sydney siege: Business disruption as thousands of office workers evacuated or locked down

Police have evacuated the area around Martin Place in Sydney's CBD.

Matt O'Sullivan and Clancy Yeates Thousands of white-collar workers from some of Australia's biggest financial institutions have been evacuated from buildings in Sydney's CBD or told to stay inside as a siege takes place in the...

Big banks back overhaul of advice industry but baulk at funding compo

Clancy Yeates Big banks are supporting the creation of a public financial adviser register, more disclosure of licence ownership, and tighter rules on who can call themselves an adviser.

Banks

Funding, not reserves key question for banks, says Westpac's Lindsay Maxsted

Handbrake: Lindsay Maxsted opposes the need to hold more loss-absorbing capital.

Clancy Yeates Westpac chairman Lindsay Maxsted has responded cautiously to David Murray's call for banks to hold more capital, saying the need for strong banks must be balanced with the costs imposed on the...

Murray's work to shape our financial world for years to come

A matter of trust: Financial system inquiry chairman David Murray.

Clancy Yeates If history is any guide, David Murray’s financial system inquiry will shape the landscape of banking, superannuation and insurance for years to come.