Australian Banking & Finance articles from February 2008

Australian Banking & Finance archives from February 2008

The 'SocGen' Fiasco: coming to a bank near you: Australian banks are still vulnerable to fraudsters like Jerome Kerviel, say industry experts.(NEWS)
February 15, 2008... [ILLUSTRATION OMITTED] The A$8 billion loss at Societe Generale, thanks to rogue trader Jerome Kerviel, has set off alarm bells in Australian banks. Speaking to Reuters, Carlos Garcia, an analyst at Fortis said "The most serious thing...

A meltdown in the U.S. is a Brushfire in Australia: an uncensored, politically incorrect opinion (from a field sales guy in the U.S.).(SPECIAL REPORT--SUB PRIME MELTDOWN)
February 15, 2008... When it comes to economics, interest rates and the housing markets, it has been said that when the U.S. sneezes, Australia catches pneumonia. Having an intimate knowledge of both markets I can safely say that is no longer the case. There is a...

Social Banking set to grow.(NEWS)
February 15, 2008... Social Banking platforms, such as peer to peer (P2P) lending networks, are set to grow worldwide, according to research by consultancy Gartner. Gartner believes that social banking will grow to control a total of 10 percent of the...

ANZ nails Asia credentials in year of rat.(NEWS)
February 15, 2008... Increasingly Asia focussed bank ANZ has used the start of Chinese New Year to announce that it will beef up its private banking services to Chinese and Asian customers. ANZ Private Bank managing director, Mark Ellis, said the bank would...

Open for inspection: a monthly look at Australia's property market.(PROPERTY STATISTICS)
February 15, 2008... As the property market is extricably linked with mortgage and housing markets, this information is of great interest to all bankers. CAPITAL CITY SNAPSHOT Houses Dec-07 ...

Super strategy: diversification has lead to protection for Australian super funds, and Macquarie is the first bank to leverage the new legislation.(REPORT--SUPER FUNDS)
February 15, 2008... In the face of dramatic downturns in equity and credit markets this year, superannuation funds have stood strong. They have resisted the urge to make wholesale asset allocation changes to their investment strategies, despite three-quarters...

M-Banking and m-payments: are we ready for it? The debate on the merits of mobile banking heats up as banks begin their assault on the market.(REPORT--MOBILE PAYMENTS)(Report)
February 15, 2008... As mobile phones fast resemble pocket-sized computers, it seems only natural for convenient personal banking to follow suit, with ANZ and NAB recently announcing the looming launch of their mobile offerings. Though the notion of mobile...

Anti Money Laundering: Big Brother is watching: arguably the world's most stringent laws on AML are now being enforced in Australia, with consumers soon to be monitored on an ongoing basis.(REPORT--ANTI MONEY LAUNDERING)
February 15, 2008... The new Anti-Money Laundering and Counter-Terrorism laws are starting to impinge on our everyday lives, with banks having to encompass rigorous client ID checks into their day-to-day running of business. AUSTRAC--Australia's money...

As the idea of an economic recession is becoming a slow and reluctant realisation in the United States, John Symond was onto it before anyone else.(BEHIND THE SCREENS)
February 15, 2008... [ILLUSTRATION OMITTED] As the idea of an economic recession is becoming a slow and reluctant realisation in the United States, John Symond was onto it before anyone else. Upon his return, after having spent Christmas in New York City, he...

Hopefully suppliers and promoters of the Australian Open Golf Tournament got what they came for before the credit crunch broke the legs under MFS.(BEHIND THE SCREENS)
February 15, 2008... Hopefully suppliers and promoters of the Australian Open Golf Tournament got what they came for before the credit crunch broke the legs under MFS. Also a sponsor of the Melbourne Cup Carnival, which has two years to run on its arrangement with...

At the launch of SKY News Business Channel at the Sydney ASX, John Hartigan, Wayne Swan and Stephen Conroy were all present for the opening of a significant investment in new business television.(BEHIND THE SCREENS)
February 15, 2008... At the launch of SKY News Business Channel at the Sydney ASX, John Hartigan, Wayne Swan and Stephen Conroy were all present for the opening of a significant investment in new business television. It is curious as to how a media event turns into...

From Moss to Moore--Macquarie Bank made a huge announcement in the retirement of longtime boss Allan Moss, who has seen to the rise and rise of the bank.(BEHIND THE SCREENS)
February 15, 2008... [ILLUSTRATION OMITTED] From Moss to Moore--Macquarie Bank made a huge announcement in the retirement of Iongtime boss Allan Moss, who has seen to the rise and rise of the bank. Nicholas Moore, the obvious choice and considered an...

Beating insurance fraud--there is a smarter way.(NEWS)
February 15, 2008... Insurance fraud is a massive problem in all advanced economies adding increasing pressure to insurers' margins. Traditionally, insurers relied on internal identification and referral processes and specialist investigators to spot suspicious...