Financial Services

Nahan seeks to settle Bell Group case

The state government will introduce legislation into parliament tomorrow designed to finalise the long-running Bell Group legal case, in which the Insurance Commission of WA and other creditors are fighting over a $1.7 billion payout.

Rates slashed to new historic low

The Reserve Bank of Australia has cut the official cash rate by 25 basis points to 2 per cent, saying the outlook for inflation helped shape its decision to reduce rates to a new historic low.RBA gove

Mortgage broker AFG launches $140m IPO

Shareholders in Australian Finance Group are planning a major sell-down of their stakes in the Perth-based mortgage provider as part of a $140 million initial public offering launched today.

Sandfire drops ‘social harm’ case

Sandfire Resources has dropped Federal Court proceedings against the research body at the centre of the Australian National University’s controversial divestment action late last year, following an admission the researchers failed to meet their own standards.

Magnus to merge with Citadel

Corporate and financial communication firms, Citadel PR and Magnus Investor Relations, have entered into an agreement to combine their businesses to form a significant independent national player.

Higher gold price boosts local miners

Shares in local gold miners have dominated on the ASX today after the spot price for the precious metal jumped by over 2 per cent overnight to $US1,203.30 an ounce

Barnes appointed under-treasurer

Michael Barnes had been appointed the new under-treasurer for Western Australia with immediate effect.

Cape Lambert investments take a hit

Perth-based Cape Lambert Resources has told the market that its investments in Timis Mining and African Minerals have hit roadblocks.

Hartleys hits $1bn in funds

Hartleys has lifted funds under management above $1 billion for the first time, a milestone that new chairman Ian Parker believes will help the stockbroking firm weather the current downturn in resources.

Proteomics makes debut on ASX

Nedlands-based Proteomics International Laboratories has made a solid debut on the ASX today, closing 2.5 cents above its issue price at 22.5 cents per share, with about 1.13 million shares changing hands.

Stockbroker banned for five years

The corporate watchdog has banned stockbroker Anton Kerstens from providing financial services for five years, following an investigation that found he had manipulated the share price of Perth-based uranium explorer Cauldron Energy.

Troy to delist from TSX

Perth-based gold producer Troy Resources has announced its intention to delist from the Toronto Stock Exchange due to a lack of demand for its shares in the Canadian market.

Pioneer takes stake in Goldfields

Pioneer Credit has taken a 14.1 per cent stake in Kalgoorlie-based financial institution Goldfields Money for $2.3 million as the two companies make plans for a joint working relationship.

RNI debt facility falls through

RNI shares lost more than a fifth of their value after the company announced its financing deal with a London-based fixed interest fund had fallen through.

Pioneer sells $3m bankruptcy portfolio

Financial services provider Pioneer Credit has sold $3.1 million worth of bankruptcy-comprised customer accounts if felt could not generate any further value, but none of the proceeds will be contributing to the company’s full-year profit.

Doray drops cash call

Doray Minerals will seek to raise a smaller-than-expected amount of capital for its second gold project following yesterday’s announcement the state would leave royalty payments unchanged.

Kikka to offer seven-minute loans for SMEs

Perth-based financial services firm Kikka Capital has partnered with a US financial technology firm to launch an Australian-first online lending platform aimed at small to medium-sized businesses, off

Technology stocks on the rise

Four Perth tech stocks are set to join the All Ordinaries Index, highlighting the tentative emergence of new industries.

ASIC bans former Patersons state manager

The Australian Securities and Investments Commission has permanently banned former Patersons Securities WA state manager Lewis Fellowes from providing financial services after finding he had transferred about $1.5 million of clients’ funds into his own accounts.

Nahan determined to balance the books despite few tools in his kit

Treasurer Mike Nahan, who is coming up on a year in the job later this month, spoke to an audience of nearly 500 at a Business News Success & Leadership breakfast last week.

FIRB fees could hit apartments

Proposed new fees for foreign buyers of real estate are looming as a potential impediment to offshore investment in Perth’s apartments sector, at the same time local developers are shifting their focu