Two Australian Finance Group founders have sold shares worth about $27.6 million, about 5 per cent of the company, as they plan to diversify their portfolios.
OPINION: The Westpac transactions scandal exposes its dependence, and that of the other banks, on computerised processing to replace people and cut costs.
ASIC has ordered IOOF Holdings to make sure a majority of directors have appropriate skills and experience to support its business as a wealth manager.
Westpac says its full-year results will be reduced by a further $341 million after the bank increased its annual provision for customer remediation to just short of $1 billion.
Afterpay Touch has described itself as a "marketing channel" whose service goes beyond payment processing after the Reserve Bank of Australia said it would look at whether action is needed to help retailers recover the cost of buy now, pay later services.
The big banks have said they welcome the competition watchdog inquiry into mortgage pricing, with ANZ chief executive Shayne Elliott admitting lenders have not properly explained why their rates do not keep pace with the tumbling cash rate.
Housing finance provider Australian Finance Group says lending for homes in the first quarter of the 2020 financial year in Western Australia has rebounded from record low levels to reach its highest figure since the end of the 2017 fiscal year.
Mining technology company Imdex is the latest addition to the BN30 index, Business News’s Western Australian equivalent of the Dow Jones index on the New York Stock Exchange.
National Australia Bank is set to cop a $1.18 billion hit in its full-year results including an extra $832 million in customer remediation costs related to dodgy insurance and the fees-for-no-service advice scandal.
The Reserve Bank of Australia has cut the cash rate to a new record low of 0.75 per cent, with the board prepared to go even lower if the nation's economy does not respond.
Hartleys has reported a big drop in annual revenue and net profit, making it the third major stockbroking firm in Perth to have its results hit by the sharp decline in corporate finance activity over the past year.
Perth-based health insurer HBF has posted a 53 per cent rise in its net surplus to $93.7 million, while profit at the state government-owned Insurance Commission of WA fell 27 per cent to $203.5 million, despite an improved return on its investments.
National Australia Bank will introduce 163 new roles in its business banking division, which it says is part of an Australia-wide customer growth strategy, but the jobs will almost entirely go to the eastern states.
A new alliance was launched in Perth this month to promote investment in organisations focused on environmental, social and cultural good while also creating financial returns.
Pioneer Credit has reached a standstill agreement with two of its major lenders as it attempts to deal with the fallout from a change in the accounting treatment of its consumer debt portfolios.
Interest in equity crowdfunding is growing locally, after Rhinohide reached its investment goal and fellow Perth-based business Tiller Rides announced more than 300 investors have expressed interest in supporting its capital raising.
The Commonwealth Bank of Australia has issued $US2.5 billion ($A3.6 billion) worth of subordinated notes amid a regulatory push to increase capital reserves.
Lending to investors and first homebuyers in Western Australia is showing early signs of a rebound from its record slump, according to the latest seasonally adjusted data from the Australian Bureau of Statistics.
The Australian Securities and Investments Commission is launching legal action against the Bendigo and Adelaide Bank and Bank of Queensland amid allegations of unfair small business lending terms.
