Financial Services

Major banks have thrown their support behind the Morrison government's post-JobKeeper scheme but some business groups are far from happy, with one labelling it "second-class support".

Insurer QBE has named the boss of UK insurer Beazley, Andrew Horton, as its next chief executive.

Afterpay is raising money to increase its stake in its US operations, on the same day it posted a first-half loss.

Australia’s largest short-term lender has launched a nation-wide campaign to have changes proposed under a major overhaul of the National Consumer Credit Protection Act scrapped.

Insurer QBE has elected not to declare a final dividend, recording a statutory net loss after tax of $US1.5 billion ($A1.93 billion) following last year's $US550 million profit.

Westpac claimed first-quarter cash earnings were up 54 per cent and boss Peter King says there had been a significant increase in home loan applications.

Australia's securities regulator says it will seek penalties and other orders against Commonwealth Bank after the Federal Court found the country's top lender had overcharged interest to customers.

National Australia Bank enjoyed a 47 per cent increase in cash earnings during its first quarter trading, helped by improving economic and health outcomes in Australia and New Zealand.

Stock broking advisory Argonaut has launched a two-pronged campaign to assist victims of the Wooroloo bushfire, establishing the Brokerage for Bushfire Relief initiative.

Finance professor Ray Da Silva Rosa writes the most surprising aspect of GameStop is how many commentators reported it as a development that threatens the foundations of capitalism.

Suncorp will stop underwriting travel insurance for Australians in the wake of the coronavirus pandemic to focus on its bigger operations.

Prominent cricketer, sports administrator and business executive John B (Sam) Gannon has passed away at the age of 73.

Euroz has nearly tripled its interim profit to $25.1 million, helped by strong investment markets and its acquisition of rival stockbroker Hartleys.

UPDATED: Commonwealth Bank boss Matt Comyn expects scrutiny and regulatory concerns to increase for buy now, pay later providers.

Newly listed businesses on the ASX returned 34 per cent in 2020, while 74 companies joined the bourse.

Australia's peak social services group is again urging the federal government to raise the long-term rate of JobSeeker, with the payment set to drop back to $40 a day in April.

With the financial planning sector going through a historic shake-up, Business News looks at how four Perth groups are positioning themselves.

A new investment consultancy has kicked off in Perth with heavyweight backing, with Wyllie Group and other clients giving it more than $1 billion in funds under advice.

Accounting firm BDO has established a joint venture with Integro Private Wealth to offer financial planning and private wealth services, targeting medical professionals and business owners.

Westpac and Commonwealth Bank are facing separate allegations over breaches related to funding and loan products, and interest rate charges.

Buy now, pay later giants Afterpay and Zip are unlikely to face more regulatory challenges despite government research showing one in five customers of such providers miss payments.

The owner of real estate group Ray White has expanded its interest in financial services after announcing the purchase of NAB's mortgage aggregators.

Commonwealth Bank has reported a 16 per cent fall in quarterly cash earnings, citing ongoing pressure on margins due to historic low interest rates.

Unemployed Australians will soon receive $100 less per fortnight as coronavirus supplements are extended at a reduced rate.

Macquarie Group has reported a 32 per cent dive in half-year profit after the impact of the coronavirus caused it to write down the value of assets

National stockbroking firm Ord Minnett has finalised an agreement to buy competitor EL&C Baillieu, which was put up for sale in June this year.

NAB has reported a slump in full-year earnings due to the impact of the coronavirus pandemic on the economy.

Businesses are ready for a shift to a more positive mindset, and investors are sensing the change.

Australia's biggest banks appear to be chasing new home loan business by cutting their fixed rate products, rather than supporting existing customers with variable rate mortgages.

Westpac has had a 62 per cent dive in full-year cash earnings, largely from the effects of COVID-19 and its $1.3 billion penalty for breaches of money laundering and terror financing laws.

ANZ will tighten its policy on coal, but gas will be treated as a transition fuel, the company said as it reported a 42 per cent profit fall.

Australia’s superannuation industry and its 16 million members watched markets fall and braced for impact as 2020 delivered an unprecedented financial stress test.