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Financial Services

Firstmac will not extend Goldfields Money offer

Brisbane-based Firstmac Holdings said today it would not extend its cash takeover offer for Goldfields Money, which has recommended shareholders support an alternative scrip-based merger with mortgage aggregator Finsure.

Westpac expands business banking arm

Westpac Bank has absorbed the Western Australian business banking operations of its wholly-owned subsidiary St George Bank, adding to a string of changes in the sector.

Stargroup goes into receivership

ATM operator Stargroup has been placed in the hands of insolvency firm KordaMentha after the loss-making company was unable to complete a restructure of its $9.1 million debt.

Sharequity targets smaller raisings

A new capital markets platform that has backers from accounting firm BDO, law firm Steinepreis Paganin, and property group CrowdfundUP plans to target both traditional capital raising deals and the new field of equity crowdfunding.

Sodexo expands in slow market

Sodexo’s acquisition of Morris Corporation has pushed it up the ranking of big facilities management companies in Western Australia at a time when its competitors have been battling with the slowdown in large projects in the Pilbara.

CEO lunch with Fabian Ross

There’s plenty of talk about the need for ‘resilience’ these days, but WA Super CEO Fabian Ross learned that lesson long ago.

Wyatt still open to bank tax despite SA move

Treasurer Ben Wyatt has kept open the possibility of a bank tax in Western Australia, after South Australian Premier Jay Weatherill today quietly dropped his state’s planned tax on the five biggest financial institutions.

Goldfields Money rejects increased Firstmac offer

The board of Kalgoorlie-based bank Goldfields Money has knocked back a fresh takeover bid from Brisbane financial business Firstmac Holdings, which valued the company at $1.27 per share.

Government backs mutual change

The federal government has announced it will adopt a host of Senate committee recommendations aimed at improving mutual and cooperative firms’ ability to raise capital.

Former Perth financial adviser banned for 10 years

The Australian Securities and Investments Commission has banned a former Perth-based financial adviser from providing financial services for 10 years, while an ex-Commonwealth Bank financial planner h

Former Perth stockbroker sentenced

Former stockbroker Lewis Fellowes has been sentenced to three years’ imprisonment after pleading guilty to three dishonesty charges, but has been spared prison time after entering into a $30,000, five-year good behaviour bond.

Shareholder bids $25m for Goldfields Money

ASX-listed financial institution Goldfields Money has received a takeover offer from its largest shareholder, which values the target at about $25 million.

Bankwest to roll-out Asian banking initiative

Bankwest has launched an initiative in Western Australia aimed at building stronger networks with the Asian community in Perth.

Lowe and behold, rates pain on the way

OPINION: With a touch of irony, the central bank governor fires a warning shot in mortgage-stressed WA that rates will rise.

Gascoyne in $60m facility for gold project

Gascoyne Resources has mandated two of Australia's largest banks to arrange a $60 million debt facility for the development of its Dalgaranga gold project in the Murchison region.

CBA to defend allegations in court next year

AUSTRAC’s civil penalty proceedings against Commonwealth Bank of Australia won’t appear in the Federal Court until April next year.

Managers, investors evolve in west

The state’s first early stage venture capital limited partnership is one of three funds announced by Western Australian money managers this year, and one of two in a joint project by Cottesloe-based View Street Partners and Nedlands-based Mac Equity.

CEO lunch with John Van Der Wielen

One of the state’s most experienced financial services leaders, John Van Der Wielen says the opportunity to put something back into the community was one factor motivating his move to HBF.

Former Patersons dealer banned

The Australian Securities and Investments Commission has slapped a five-year ban on a Queensland-based former employee of stockbroking firm Patersons Securities, after he made unauthorised trades on a client account and created false records on two further accounts.

Wyatt cautious on bank tax

Treasurer Ben Wyatt has all but ruled out the introduction of a bank tax in the September budget but has kept the option open for a future decision, while the industry has called on the state government to protect Western Australia’s economic growth by not bringing in the levy.

Radium’s capital R&D funds plan

Companies investing in research and development have access to an increasingly competitive new source of finance.

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