Prancing Horse shake-up looming
Executive moves could signal a change in direction for Ferrari.
Banking & Finance
Banks and fintechs at war over password sharing
James Eyers 5:45 PM Fintech start-up Acorns says banks are retarding its rate of growth by telling customers they can't share account passwords.
COMMENT
How bad behaviour gets overlooked in banks
Clancy Yeates 5:32 PM When banks insist cultural problems are isolated, there are good reasons to be sceptical.
Investors hug cash despite plunging returns
Ruth Liew 5:03 PM Seven out of 10 Australians park their investments in cash or savings accounts despite record low interest rates, as market volatility cools interest in riskier assets.
Another GFC could push us into recession: Ross Garnaut
Nassim Khadem 4:38 PM The government wouldn't be able bail out our banks a second time, warns top Labor adviser and economist Professor Ross Garnaut.
Mint forges deal with Singapore debit network
Shaun Drummond 2:39 PM Mint Payments has signed its second big deal in Asia in a month.
Goldies' sweet GFC settlement
Nathaniel Popper 10:27 AM Goldman Sachs was ordered to pay $US5.1 billion for misleading clients in the GFC. Turns out the bank secured itself a $US1 billion discount.
FSU 'cautious' on royal commission
Clancy Yeates 9:10 PM Inquiry must not be an attack on bank staff and should look at sales targets, union says.
Fixing trust a priority for financial services, says AIA
Ruth Liew Broken trust is the biggest issue confronting the financial services industry and should be companies' top priority to resolve, according to the world's third largest life insurer, AIA Group.
Bitcoin faces calls for tougher regulation
Georgia Wilkins The digital currency industry is facing calls for proper regulation amid claims an Australian-founded bitcoin exchange is on the brink of collapse.
Fastacash targets Facebook and WhatsApp payments
Clancy Yeates ASX float hopeful Fastacash eyes money transfers via social media.
Italian banks seek to bolster sector
Sonia Sirletti, Francesca Cinelli and Lorenzo Totaro Italian financial institutions agreed to create a fund supporting lenders planning to raise capital and sell bad loans.
Suncorp swaps bank branches for shops
Ruth Liew Suncorp Bank is looking to "move completely away" from bank branches to having one-stop shops for financial services for its 9 million customers.
Former FPA boss joins fintech group
Ruth Liew Mark Rantall, the former boss of the Financial Planning Association of Australia, has emerged as the new non-executive chairman of fintech group Intiger Asset Management.
'Ethical' funds to exit fossil fuels
Sally Rose Australia's two largest ASX-listed specialist "ethical investment" wealth managers have capitulated to pressure to completely divest from fossil fuels.
Bank culture: what might actually change?
Clancy Yeates As politicians turn up the heat on banks, here are a few ways banks could fix themselves.
ASIC talking to Singapore on fintech deal
James Eyers ASIC and its Singapore counterpart are in talks about a fintech co-operation agreement.
APRA pushes bank boards to define, improve risk culture
James Eyers APRA's CPS 220 requires boards to form a view of the bank's risk culture and to identify any changes to it that could improve behaviour. CBA is preparing its response.
ThinCats gets a $10m debt shot from UK fund
Shaun Drummond Business marketplace lender ThinCats Australia has been given a much needed debt injection of $10 million by UK fund ESF Capital, the new majority shareholder of ThinCats UK.
Royal commission a 'serious distraction', says NAB chief
Clancy Yeates Banks have hit back at Labor's proposed inquiry into the financial sector's behaviour.
Labor promises finance royal commission
Adele Ferguson, Sarah Danckert, James Massola The Australian Labor Party has pledged to set up a royal commission into the finance sector if it wins office.
Bank stocks scream cheap
Jessica Sier As the big bank culture wars rage, investors are focused instead on the banks' generous payouts.
Money to make the world go round again
Simon Kennedy A decade ago, central banks stopped looking at money supply as a key economic measure. It may be time to go back to it.
Cameron admits he had stake in father's offshore fund
Eddie Buckle and Alex Morales UK Prime Minister David Cameron had a stake in an offshore fund set up by his late father, Ian, until six years ago.
JPMorgan's Dimon wary of market risks
Wes Goodman Jamie Dimon said he's concerned demand for Treasuries will decline and the Federal Reserve will raise interest rates faster than people expect.
Bank of Queensland hikes mortgage rates
Clancy Yeates and Shaun Drummond Property investors cop the biggest lift in borrowing costs in a surprise move that will be closely watched by rivals.
Insurance agents to keep their cut if clients self-harm
Sally Rose Financial advisers have won a macabre exemption for clients who suicide in a draft law that is designed to reduce incentives to churn life insurance.
IMF to fund potential $35m BBY class action
Joyce Moullakis Funder IMF Bentham and BBY's liquidator KPMG will focus on showing exactly when BBY first traded insolvently, ahead of kicking off potential court action and publicly examining directors of the failed firm.
BoQ raises rates to protect its profits
Shaun Drummond Bank of Queensland boss Jon Sutton is racing to shore up profit with its first variable interest rate rise independent of the major banks.
Fitch warns of risks in bank culture
Jonathan Shapiro The global credit rating agency says the increased regulatory scrutiny on conduct and culture facing Australia's banks could have real world consequences.
Why we are still paying with wallets, not phones
Peter Eavis Banks, technology companies and retailers are spending big so people can pay for items with their phones in stores. But consumers have been slow to follow.
