Financial Services and Insurance

Don't bank on mortgage rate cuts: Gottliebsen

mheffernan@smartcompany.com.au (Robert Gottliebsen) — Thu, 26 Jan 2012 21:43:15 +0000

Amidst all the smoke generated by the interest rate battle between the big banks and the government, Bendigo Bank chief executive Mike Hirst in his KGB interview details a major change in the component costs of bank funding. As a result, those expecting big mortgage rate falls are likely to be wrong.

Blue Sky Alternative Investments flat on debut, but MD says private equity opportunities ripe

mheffernan@smartcompany.com.au (Madeleine Heffernan) — Tue, 24 Jan 2012 23:53:40 +0000

A lukewarm listing doesn’t seem to faze Mark Sowerby: the Blue Sky Alternative Investments managing director has the long term in mind.

Federal government fails to pay 55,000 businesses on time

mheffernan@smartcompany.com.au (Myriam Robin) — Tue, 24 Jan 2012 01:03:36 +0000

Small business leaders have called on the government to institute a small business commissioner, after a report found 55,000 businesses did not receive payment from government departments within 30 days.

Red Rooster founder Peter Kailis, Westpac owed about $20 million in olive oil business collapse: Report

mheffernan@smartcompany.com.au (Madeleine Heffernan) — Mon, 23 Jan 2012 23:30:05 +0000

Peter Kailis, the founder of Red Rooster, has reportedly emerged with a $1 million claim in the collapse of the debt-laden Kailis Organic Olive Groves, which was founded by his son Mark Kailis.

Insurance payout delays, soaring premiums pressure Queensland tourism operators post-Yasi

mheffernan@smartcompany.com.au (Madeleine Heffernan) — Thu, 12 Jan 2012 22:53:03 +0000

Queensland tourism experts say operators have made good progress recovering from Cyclone Yasi, but long waits to receive insurance payouts and soaring premiums have been too much for some operators to bear.

Assessing QBE's storm damage: Bartholomeusz

ekrieger@smartcompany.com.au (Stephen Bartholomeusz) — Thu, 12 Jan 2012 21:50:14 +0000

QBE's Frank O'Halloran had a dismal Christmas and today shared some of his misery with his shareholders, with the QBE share price plunging after he revealed the group's 2011 earnings have been nearly halved and its final dividend will be slashed by more than 60% – after just about everything that could go wrong for an insurer did go wrong, mostly at year's end.

Aussie John Symond eyes more brokers, financial advice after posting 40% profit jump

mheffernan@smartcompany.com.au (Madeleine Heffernan) — Fri, 06 Jan 2012 00:56:40 +0000

Self-made millionaire John Symond wants to boost broker numbers, pick up more assets and build a financial advice service at Aussie Group, the home loan group he flogged to Commonwealth Bank during the global financial crisis.

Online broker ETrade admits hack attack

jthomson@smartcompany.com.au (Myriam Robin) — Thu, 05 Jan 2012 00:54:51 +0000

Australia’s second-largest online broker, ANZ Bank’s ETrade, has admitted it shut down some services over the Christmas and New Year period due to a cyber-attack that originated offshore.

Anxiety grows as banks remain silent on rate cuts

pstafford@smartcompany.com.au (Patrick Stafford) — Thu, 08 Dec 2011 00:50:00 +0000

More pressure is being placed on the banking industry as it refuses to pass on Tuesday’s interest rate cut, although experts are warning SMEs it shouldn’t expect much movement.

The banks should dump their cloak-and-dagger act on rates: Kohler

jthomson@smartcompany.com.au (Alan Kohler) — Wed, 07 Dec 2011 22:55:22 +0000

One of the more bizarre rituals of global finance is the Australian Monetary Policy Dance, where we all wait to see whether an adjustment to official interest rates is “passed on”.

The big bank rescue is set to kick off: Gottliebsen

jthomson@smartcompany.com.au (Robert Gottliebsen) — Tue, 04 Oct 2011 23:11:35 +0000

The real game – the biggest bank rescue the world has ever seen – looks like it may be about to begin. It was heralded by amazing scenes on Wall Street.

Fixed rate mortgages make up 16.6% of loans in September, but expert says buyers might be better off waiting

pstafford@smartcompany.com.au (Patrick Stafford) — Mon, 03 Oct 2011 23:50:31 +0000

A significant proportion of new home loans are being written as fixed rate mortgages but some experts suggest home buyers are moving too early and would fare better by waiting for interest rates to fall even further.

Commonwealth Bank to absorb interchange fees for existing customers as new EFTPOS fee regime begins

mheffernan@smartcompany.com.au (Madeleine Heffernan) — Mon, 03 Oct 2011 00:05:34 +0000

Small business says it was business as usual over the weekend as changes to EFTPOS fees kicked in, but business owners are expected to speak with their bank managers down the track to see how to best absorb the changes.

Banks must invest to stop outages, improve EFTPOS services: Expert

pstafford@smartcompany.com.au (Patrick Stafford) — Mon, 26 Sep 2011 01:56:14 +0000

The Reserve Bank, along with the Australian Prudential Regulation Authority, are looking at ways both can reduce the impact of future outages in electronic payment systems that would affect retail customers, it said in its latest Payment Systems Board report.

Westpac sees rise in demand for credit from medium-sized businesses, but expert says most SMEs are building cash reserves

ekrieger@smartcompany.com.au (Myriam Robin) — Wed, 31 Aug 2011 01:29:10 +0000

Westpac says it has seen an increase in the number of medium-sized businesses taking on debt, despite one expert saying most businesses remain cautious and are building cash reserves.

Financial advisers support government bans on commissions, but opt-in rules a stumbling block

jthomson@smartcompany.com.au (James Thomson) — Tue, 30 Aug 2011 01:59:24 +0000

Rules that would require financial advisers to get clients to "opt-in" to their services every two years remain the most contentious part of the Government's Future of Financial Advice reform, draft legislation for which was released yesterday.

Warren Buffett takes $US5 billion punt on Bank of America

jthomson@smartcompany.com.au (James Thomson) — Fri, 26 Aug 2011 00:29:01 +0000

Warren Buffett admirers have always thought that the Oracle of Omaha was some sort of genius and now they have proof.

Small business still subsidising mortgages and big business: Report

mheffernan@smartcompany.com.au (Madeleine Heffernan) — Thu, 14 Jul 2011 01:27:18 +0000

A study has suggested that small business is effectively subsidising mortgage and big business borrowing through banks, with SMEs and bankers still not seeing eye-to-eye despite banks now screaming from the rooftops that they are ready to lend.

Mobile payments will be mainstream in a few years, KPMG survey reveals

pstafford@smartcompany.com.au (Patrick Stafford) — Wed, 13 Jul 2011 01:55:25 +0000

More major banks and large corporates are investigating how they can use mobile payments as part of their main business strategy, a new report from KPMG has revealed, with many believing that the technology could become mainstream in the next few years.

Brokers drop 26% as value of loans written drops $2.7 billion

pstafford@smartcompany.com.au (Patrick Stafford) — Mon, 04 Jul 2011 02:01:00 +0000

The number of mortgage broking firms operating in Australia has contracted by 26% in the year to March 2011 but lending activity has increased by 18%, according to new figures from Market Intelligence Strategy Centre.