Clancy Yeates

Clancy Yeates

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

Infrastructure

Macquarie Group gets out of Sydney Airport with plan to offload $1.3 billion stake

Clancy Yeates Macquarie Group will end its long-running relationship with Sydney Airport, after the investment bank’s shareholders approved a plan to offload its $1.3 billion stake in the country’s largest airport.

Insurance

QBE gets Moody's blues amid $5b market storm

QBE.

Clancy Yeates Investors punish the company for repeatedly disappointing and analysts warn that further pain could follow this week's profit downgrade.

Finance

QBE downgraded as shares take another billion-dollar hit

Clancy Yeates More than $5 billion has been wiped off QBE’s market value in just two days.

Insurance

QBE shares plunge on profit warning

BELINDA HUTCHINSON

Clancy Yeates QBE has shocked investors by revealing that its bottom line will plunge into the red.

QBE shares plunge on profit warning

The QBE Insurance Group Ltd. logo is displayed at the company's headquarters in Sydney, Australia, on Tuesday, Feb. 26, 2013. QBE Insurance Group Ltd., Australia's biggest insurer, said full-year profit missed forecasts as it wrote down the value of its U.S. units and lowered its dividend payout. Photographer: Ian Waldie/Bloomberg

Clancy Yeates QBE Group has shocked investors by revealing that its bottom line will plunge into the red this financial year and profits will remain under pressure throughout 2014, as the insurer reels from its...

QBE shares plunge 22pc on profit downgrade, chair's exit

Clancy Yeates and Ruth Liew QBE shareholders have taken a $4 billion hit this morning after the company announced a major profit downgrade and Belinda Hutchinson signalled her retirement from the insurance behemoth.

Banking

Westpac beefs up business lending

Westpac bank logo.

Clancy Yeates Westpac wants to topple National Australia Bank as the country's biggest lender to business.

Entertainment

Village Roadshow use loophole to avoid first strike

Village

Ben Butler and Clancy Yeates Directors of movie maker and amusement park operator Village Roadshow have used a legal loophole to vote their shareholding in favour of the company's remuneration report and avoid a first strike.

Regulation

ACCC says car loan competition safe despite Westpac's $1.45bn Lloyds buy

Car yard

Clancy Yeates The competition watchdog says Westpac’s $1.45 billion purchase of Lloyds Banking Group’s Australian assets will not substantially lessen competition in the market for car loans.

Markets

Private equity cashes in on strong investor demand

Clancy Yeates dinkus

Clancy Yeates Private equity companies are offloading assets at a rate not seen since before the global financial crisis.

Private equity

IPOs set to hit new heights

Dick Smith

Clancy Yeates The value of assets divested by private equity firms through initial public offerings is on track to hit levels not seen since the global financial crisis this year, new figures show.

Markets

Cover-More travel insurance to float

An Australian passport will get you into 167 countries around the world without a visa.

Clancy Yeates Travel insurer Cover-More has become the latest private equity-owned company to join the 2013 float rush, announcing plans to raise $521 million in an initial public offering later this month.

Class action

Councils settle in Lehman Brothers case

Lehman Brothers

Clancy Yeates Local councils lost millions of dollars after buying toxic investments through Lehman Brothers.

Legal

$170m deal: Lehman Brothers, Australian councils in tentative settlement

Lehman Brothers

Clancy Yeates Local councils that lost millions of dollars on investments with Lehman Brothers have finally reached a conditional deal with liquidators of the failed investment bank.

Banking

Macquarie staff grab shares after stock price spike

Macquarie bank umbrella.

Clancy Yeates Macquarie Group staff are exercising more options over the company's shares.

Banking

Mortgage Choice fined over false savings claims

Mortgage choice

Clancy Yeates Mortgage Choice has been fined for false advertising, after it wrongly claimed customers had saved an average of $10,000 over five years by refinancing their home loans.

Tech

ANZ developing voice recognition for mobile banking

Clancy Yeates ANZ Bank plans to use voice recognition technology when authorising large cash transfers to external accounts via mobile banking, a move it says will enhance security.

Housing

Banks need to learn from housing bubbles, says regulator

housing

Clancy Yeates Australian banks should not forget the lessons of the housing market collapses in economies such as Spain, Ireland or the United States, the nation's banking regulator says.

Banking

High-risk loans on the rise as property market heats up

Sold

Clancy Yeates The proportion of home buyers taking out loans with deposits of 10 per cent or less increased in the September quarter, as the property market recovery gathered pace.

Mortgages

Highly leveraged home loans on the rise

housing

Clancy Yeates The proportion of new home loans going to borrowers with small deposits rose in the September quarter, as the property market recovery gathered pace.