Yesterday
Raise bank levy and force AusPost deals, branch closure probe says
The government should build a new publicly owned bank to service regional towns and increase the major bank levy, a Senate inquiry has found.
- Updated
- Lucas Baird
You’re no Afterpay: judge finds payday loans breached law
The findings against the lending scheme, which involved a former Super Rugby player, came despite claims of similarity to buy now, pay later operations.
- Updated
- Liam Walsh
Why Bendigo Bank shares are up sharply this month
Bendigo’s senior management briefed analysts and investors on a new four-year strategy, which includes a new lending platform and push into business lending.
- James Eyers
This Month
Bank users face extra $370m in fees to keep rural branches open
The costings come as a Senate probe into the impact of branch closures on regional communities prepares to report on Friday.
- Updated
- Lucas Baird
ANZ pushes to reverse fine for $2.5b cap raising blunder
The Federal Court ultimately levelled a $900,000 fine against the financial institution for not informing investors about the shortfall.
- Lucas Baird
Wall Street banks plunder Jarden’s ranks as bonuses land
The exodus – which continues to unfold – has already included eight people who resigned on Wednesday, followed by another three this morning.
- Sarah Thompson, Kanika Sood and Emma Rapaport
No more ‘go-away’ money as companies take class actions to court
Corporate Australia will no longer pay “go-away” money to avoid shareholder class actions after plaintiff firms lost five major cases in a row, a trend lawyers said would encourage more boards to fight cases in the courts.
- Michael Pelly
Smash repairer Western General Bodyworks speeds back to auction block
A flyer seen by Street Talk, dubbed Project Optimus, said WGB has doubled EBITDA since it pulled the brakes on its previous sale attempt two years ago.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Virgin Money shareholders back $5.5b Nationwide takeover
Britain’s sixth-biggest bank, which is half-owned by Australian shareholders, will now exit the ASX and London Stock Exchange.
- Hans van Leeuwen
APRA warms to AI, tells banks they can adopt it
A senior APRA member has told an industry event that banks with proper governance systems and technology in place should feel confident proceeding with advanced AI.
- James Eyers
Allens, G+T tapped for $200m AUB Group acquisition raise
Macquarie Capital’s equity desk hit the phones on Wednesday morning, chasing down fresh equity to fund the insurer’s acquisition of Pacific Indemnity.
- Sarah Thompson, Kanika Sood, e and Emma Rapaport
Top Shelf International Holdings in $13.9m cash call; 43pc discount
Potential backers were told Top Shelf is past its investment phase, and would have a post-deal NTA of 15¢ a share which is “well above the offer price”.
- Sarah Thompson, Kanika Sood and Emma Rapaport
How one of the world’s oldest hedge funds went bankrupt
Weiss Multi-Strategy Advisers, one of New York’s oldest hedge funds, went bankrupt while outperforming the market. The reason: high salaries and bonuses.
- Hema Parmar
High exec turnover at Cbus has the super sector talking
An exodus of at least 10 Cbus executives has eyes fixed on the $85 billion construction industry super fund giant.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Barrenjoey up $21m and counting on Star
Wonders never cease at Star Entertainment. Still, at least someone is making money.
- Myriam Robin
Four listed fintechs say they’ll be smashed by credit report rules
Plenti, MoneyMe, Harmoney and Wisr allege major banks are conspiring against them by restricting access to crucial credit file data they use to price loans.
- James Eyers
- Opinion
- Chanticleer
Prospect of Lendlease writedowns impossible to ignore
It’s hard to get a good price when trying to sell assets quickly and cleanly: that’s the juggle inside Lendlease ahead of Monday’s investor day, where writedowns are on the cards.
- Anthony Macdonald
Airwallex Australia GM Luke Latham calls it quits
Latham only joined the money remittance start-up last June.
- Lucas Baird
Zip’s Larry Diamond returning to Sydney, says US mission accomplished
Diamond says he heeded warnings from James Gorman, setting Zip onto a profitable path in the US, where he expects BNPL to keep winning share off credit cards.
- James Eyers
JPMorgan’s equities desk crosses $187 million in ASX Limited stock
Sources said a pair of unnamed shareholders had sought to offload shares.
- Sarah Thompson, Kanika Sood and Emma Rapaport
