Business
Banking & finance
Macquarie flags weaker first half as deal-making slows
Shares in the investment giant slumped after it warned of a weaker first half for its flagship asset management business.
- by Millie Muroi
Latest
ASIC sues Westpac for alleged failure on hardship notices
Westpac could pay millions of dollars in penalties if the Federal Court rules the bank did not respond to pleas from customers within the required time frame.
- by Millie Muroi
Opinion
Big four
Size matters, even if Australian banks are no longer at peak profitability
They say that “bigger is better”, but the aphorism may not hold when it comes to the multibillion-dollar banking sector.
- by Millie Muroi
More than $4 billion in super funds fail APRA’s performance test
The financial watchdog’s annual report card reveals one MySuper product and 96 trustee-directed products failed to pass its test.
- by Millie Muroi
Blast from the past: CBA opens its banking time capsule
Financial relics such as historic passbooks, traveller’s cheques and a robot intended for greeting customers in bank branches are on display, as the Commonwealth Bank opens up its archives.
- by Clancy Yeates
‘Two-speed economy’: Bank bosses flag consumer weakness
Bank bosses, including the CEO of Australia’s biggest business lender, are seeing cracks which could widen in consumer-facing businesses.
- by Millie Muroi and Sarah Danckert
Former ASIC boss wanted to end his life amid negative Palmer ad campaign
James Shipton told a Senate inquiry on Wednesday that he ‘broke down in front of a newspaper stand’ when the advertisement became ‘too much’.
- by Sarah Danckert
Insurance premiums going up as IAG books bumper profit
The insurer that runs NRMA and CGU will increase premiums to cover rising costs amid more frequent disasters, all while eyeing a profit of up to $1.4 billion for the next financial year.
- by Millie Muroi
Updated
Earnings season
Westpac makes $1.8b profit in June quarter as mortgage competition continues
The banking giant said its operating revenue had been resilient in the three months to June as it reported ongoing pressure from stiff competition in mortgages and rising staff costs.
- by Clancy Yeates
Magellan shares soar on cost cuts, capital return as profits hit
The former high-flying fund manager continued to bleed funds but saw improvement in its flagship fund and announced a special dividend to return cash to investors.
- by Millie Muroi
Opinion
Earnings season
Results season not the horror story we feared
Strong spending by cashed-up boomers and older generations has helped consumer-facing businesses avoid a dramatic plunge in sales that some had feared.
- by Clancy Yeates