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Financial Services

Big banks face soft profit growth: Fitch

Australia's major banks face soft profit growth amid growing macroeconomic risks linked to low interest rates and government tax policy, according to Fitch.

Asic bans former HSBC financial planner

The corporate watchdog has permanently banned former Perth-based financial planner Simson Kwok from the industry for intentionally mishandling more than $4 million of clients' funds while working for HSBC.

RBA caps card payment surcharges

Shoppers will no longer be slugged with excessive surcharges on credit card payments under new rules, but could face other fees as banks look to make up for lost revenue.

RBA more likely to cut rates in August

The Reserve Bank of Australia's finely balanced decision to cut rates this month makes the next cut more likely to be in August.

200 jobs to go at ANZ

ANZ Banking Group is cutting 200 jobs, blaming tough economic conditions and low lending growth.

Slowdown bites as administrations up

More than 1,000 Western Australian companies went into external administration in the 12 months to March, an increase of nearly 36 per cent on the same period last year, according to the latest ASIC data.

Tech flavour for farmers

A growing uptake of technology for farming practices is likely among the state's agribusinesses in coming months, according to the latest Commonwealth Bank Agri Insights survey.

Quickflix creditors swap administrators

Creditors of movie streaming service Quickflix changed administrators to Deloitte, just two weeks after the company voluntarily appointed partners from Ferrier Hodgson.

Fifth Get Approved broker banned

Another head has rolled in the corporate watchdog's investigation into Victoria Park-based car financing business Get Approved Finance, with Grant Parker permanently banned from the industry.

CBA lifts earnings, bad debts rise

Commonwealth Bank of Australia has lifted third quarter profit about 4.5 per cent to $2.3 billion but has followed its big bank rivals by reporting a rise in bad debts.

Top bureaucrats jump ship

The imminent departure of four heavy hitters in the public service couldn't have come at a worse time for the state government.

Lowe to govern RBA

Philip Lowe will take over the reins as the governor of the Reserve Bank of Australia when Glenn Stevens retires in September.

NAB lifts earnings

National Australia Bank shares jumped more than 4 per cent after the lender lifted first-half earnings 6.5 per cent to $3.31 billion.

Listings tougher as ASX tightens regs

Small companies hoping to list on the stock market are facing tougher conditions, with more than a dozen announced deals in Western Australia hitting problems this year and the ASX foreshadowing tighter regulation of new deals.

RBA cuts cash rate to 1.75%

The Reserve Bank of Australia has cut the cash rate to a record low to help battle faltering inflation.

ANZ cuts dividend after profit drop

ANZ Banking Group has cut its dividend for the first time since the GFC after its first-half profit slumped by nearly a quarter.

AFG upgrades profit outlook

Mortgage broking wholesaler Australian Finance Group has upgraded its profit outlook for the 2016 financial year on the back of continued growth.

Asic bans brokers, winds up businesses

The corporate watchdog has permanently banned two local brokers from providing financial services for misconduct, while winding-up three abandoned companies based in Western Australia.

Pioneer completes capital raising

Local financial services provider Pioneer Credit has raised nearly $6 million from investors as it seeks to further grow its business.

Uncertain outlook for deals

SPECIAL REPORT: A flurry of deals over the past fortnight, including four acquisitions by international companies expanding in Western Australia and the year's largest capital raising, has added life to a flat corporate finance market. 

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