News Archive
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2008
Bank News
Bank Predicts 12% Profit Increase
30 January 2008
THE newly expanded Bendigo Bank yesterday sought to dispel growing investor uncertainty about a fall-off in corporate profits by indicating it was on target to meet a predicted 12 per cent increase in earnings for the current financial year... read full story
How To Repair An $8b Hole
26 January 2008
The best guides to fixing the hole in Societe Generale that derivatives trader Jerome Kerviel drove a $8.2 billion truck through are Australian. SocGen's chairman, Daniel Bouton, and the governor of the Bank of France, Christian Noyer, can find them on NAB's website... read full story
This Is Jerome Kerviel. He Is 31. He Has Just Cost His Bank $8 Billion
26 January 2008
Now come the questions. How did he do it? How come nobody noticed for so long? And where is he now? In London, James Button reports... read full story
Mon Dieu! Rogue Trader's $8bn Loss Rocks French Bank
25 January 2008
A ROGUE trader has stunned global financial markets by defrauding France's second-largest bank of $8.2 billion - the largest trading fraud in history... read full story
Rogue Trader Rips Off $8b
25 January 2008
A ROGUE trader has stunned global financial markets by defrauding France's second-largest bank of EUR4.9 billion ($8.2 billion) - potentially the largest fraud in financial history... read full story
Bank Of England Head Warns Of Rampant Inflation
24 January 2008
BANK of England governor Mervyn King has warned that inflation may this year match the fastest pace in at least a decade - a sign that policymakers have limited scope to cut interest rates... read full story
What Odds A February Rate Rise? The Experts Have Their Say . . .
24 January 2008
Soaring rent and fuel prices have sent inflation raging in the December quarter into what Reserve Bank governor Glenn Stevens might describe as "uncomfortable" territory, above the central bank's target band of 2-3%. But the decision for the Reserve board, when it meets in 12 days' time, is far from clear cut, with global markets in the grip of unrest and expectations that Australia's voracious spending spree may be coming to an end amid rising fuel prices and tighter borrowing rates. As the ..... read full story
Surplus Will Not Keep Lid On Rates
22 January 2008
KEVIN RUDD'S new target for the budget surplus is unlikely to stop the Reserve Bank raising interest rates next month should inflation figures due tomorrow show a rise is needed... read full story
Bank Fees Branded 'outrageous'
20 January 2008
AUSTRALIA'S big five banks, which last year posted record profits, have been accused of charging customers higher fees than the real cost of transactions... read full story
Piper Overpaid: Time For Swan To Call Banks' Tune
20 January 2008
THEY must be laughing all the way to the...well, to the other bank. The news that banks will be charging us $2 to use "foreign" bank ATMs is surely the last straw. It's extortion dressed up as fee revenue and something tells me this time they won't be getting away with it... read full story
Us Mortgage Crisis Unlikely To Do Damage Here, Says Reserve Bank Governor
19 January 2008
AS AUSTRALIA'S sharemarket plunged for a record 10th consecutive day, writing billions of dollars off share values, Reserve Bank governor Glenn Stevens told Australians the US mortgage crisis was unlikely to do significant economic damage here... read full story
Bank Told To Reform Indigenous Lending
15 January 2008
AS AUSTRALIA'S banks face criticism for independent interest rate rises, the National Australia Bank has been forced to reform its lending practices to remote indigenous communities after the corporate regulator found a sample of its borrowers were ill-informed and unable to repay their loans... read full story
Months Of Price Rises, Government Warns
15 January 2008
CONSUMERS are paying more for everyday expenses such as rent, petrol and bank loans, and the Federal Government has warned that the price rises are likely to continue for at least another 18 months... read full story
Costello Hits A Private Crossroad
12 January 2008
PETER COSTELLO is believed to be weighing up a job with Macquarie Bank against staying on in federal politics. Sources have told the Herald the former federal treasurer has been offered one of the three most senior jobs at the bank known as the Millionaires' Factory... read full story
Blair To Bank A Tidy Sum As Adviser On Wall Street
11 January 2008
LONDON: Britain's former prime minister Tony Blair is set to take up an advisory role worth more than $1.2 million a year at the Wall Street bank JPMorgan... read full story
Cba Joins The Party On Home Rate Rises
10 January 2008
HOME loan interest rate rises across the board are a near certainty following Commonwealth Bank's decision to follow the lead set by National Australia Bank and ANZ... read full story
Cba's Rate Rise Proves Variable
10 January 2008
AUSTRALIA'S biggest home lender, the Commonwealth Bank, has joined the ANZ and National Australia Bank in lifting its standard variable rate without any cue from the Reserve Bank... read full story
Anz Rates Row With Treasurer Escalates
9 January 2008
The ANZ Bank has rejected allegations by the Treasurer, Wayne Swan, that its interest rate rise is "excessive", escalating a row over the increase in rates under way by banks independently of the Reserve Bank's lead... read full story
Treasurer Lashes Anz Over Rate Rise
9 January 2008
TREASURER Wayne Swan has blasted the ANZ bank over its decision to lift interest rates by 0.20 percentage points, calling it excessive and urging the bank's customers to "vote with their feet" if they are unhappy... read full story
Swan Seeks Report As Banks Go It Alone On Rates
8 January 2008
ANZ has become the second big bank to raise variable interest rates without an official interest rate rise - and federal Treasurer Wayne Swan wants to know why... read full story
Treasurer Queries Bank's Interest Rate Rise
8 January 2008
THE Treasurer, Wayne Swan, has sought urgent briefings from key financial and regulatory agencies about a decision by the ANZ Bank to lift its standard variable mortgage rate by almost double the amount announced by NAB last week... read full story
China Buys Australian Bank Stakes
5 January 2008
LITTLE more than 18 months ago Australian banks such as the market leader Commonwealth Bank and the ANZ were aggressively expanding into China and being welcomed as significant investors in the country's relatively young though fast-developing financial institutions... read full story
Full-steam Economy Makes Mockery Of Predictions
5 January 2008
IN 2007, the Reserve Bank's decision to raise interest rates twice in an election year wasn't just a surprise for federal politicians... read full story
'greedy' Banks Anger Mp
5 January 2008
THROSBY MP Jennie George has labelled Australia's major banks as "greedy" following the National Australia Bank's decision to increase its variable home loan rate by 0.12 per cent... read full story
