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Financial Services

Westpac to reduce lending to coal projects

Westpac appears to have ruled out funding the controversial Adani mine by limiting lending to basins that are already producing thermal coal.

Inflation returns to RBA's target band

Rising fuel and home prices have helped lift headline inflation into the Reserve Bank of Australia's target band for the first time in more than two years.

CEO lunch with Terry Agnew

Business News sat down to lunch at Julio's with RAC head Terry Agnew to discuss his long career in the sector and the future of motoring.

CBA hikes interest-only and investor rates

Commonwealth Bank of Australia is again lifting mortgage rates for investor and interest-only loans, by as much as half a percentage point.

Pioneer raises $20m as Banksia sells out

Financial services provider Pioneer Credit has raised $20 million from investors to fund the purchase of a $14 million debt portfolio, with long-term shareholder Banksia Capital selling its 9.75 per cent stake at the same time.

RBA holds interest rate at 1.5%

The Reserve Bank of Australia has been forced to fire a stern warning at mortgage lenders, knowing any change to interest rates is a risk to fragile economic growth, economists say.

APRA hits brakes on interest-only lending

The banking regulator has capped interest-only mortgage lending and is prepared to take more action to address growing price and debt risks in the Australian housing market.

Automic seeks efficiencies in the cloud

Perth-based share registry business Automic Registry Services wants to double its market share this year after making a substantial investment in a new cloud-based platform.

NWQ in US expansion, appointment moves

West Perth-based hedge fund NWQ Capital Management has revealed it will be targeting the huge US financial sector with a new offshore fund, on the same day it announced former Bennelong Funds director of consultant relationships Tara Bell would be appointed managing director of research.

RAC partners with health insurer

Royal Automobile Club of WA members will be eligible for a 5 per cent discount on health insurance cover through a new partnership with national provider HCF.

McKeon to step down from AFG leadership

Australian Finance Group chief executive Brett McKeon will step aside after 23 years at the helm of the mortgage broker, after leading the company from its founding to an IPO in 2015 and winning the 2006 EY Entrepreneur of the Year Award for WA.

Euroz beats profit hopes

Stockbroker and funds manager Euroz has beaten expectations for its interim profit result, which was achieved on the back of an improved performance of its Euroz Securities business and increase in the share prices of its listed investment companies.

WHL completes $5m RTO raising

WHL Energy has cleared the way to reinvent itself as a technology business after raising $5 million from investors ahead of its reverse takeover of Perth-based Quantify Technology.

Rubik gets $68m takeover offer

Wyllie Group-backed Viburnum is set to receive a big payout when fintech Rubik Financial, in which it is a substantial shareholder, is acquired by Geneva-based banking and finance software firm Temenos for $68 million.

Rocke moves to Cor Cordis

KordaMentha managing partner Cliff Rocke has taken on a new role, joining the Perth office of the advisory firm that is handling the collapse of residential construction group Builton.

Passionate choice as Bransby leaves HBF

Given the passion Rob Bransby feels for healthcare, it is hard to believe he is willingly stepping down from his CEO role at HBF.

Frost damage prompts insurance offering for grain growers

A local insurance broker and a data analytics specialist have teamed up to offer grain growers the same kind of cover as energy companies and construction projects.

Poynton sets up new digs in CBD

The lure of increasingly affordable commercial rents in the CBD has drawn boutique investment advisory firm Jindalee Partners from Subiaco.

Euroz tips $13m profit

Stockbroker and funds manager Euroz has foreshadowed a strongly improved interim profit, driven mainly by the performance of Euroz Securities and the increased share prices of its listed investment companies.

Westoz, Ozgrowth to pay $4.8m dividends

Two listed investment companies controlled by Euroz Securities will pay out nearly $5 million in half-year dividends, with Westoz Investment Company announcing a 3 cent per share payout for investors while Ozgrowth will distribute 0.25 cents per share.

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