BOQ ACQUIRES VIRGIN MONEY

BOQ ACQUIRES VIRGIN MONEY

BANK of Queensland (ASX: BOQ) has today announced its $40million acquisition of Virgin Money Australia (VMA), the Australian retail financial services arm of the Virgin Group. The deal is the latest attempt by Virgin founder Richard Branson (pictured) to grab a slice of the financial services market in Australia. The agreement extends...

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CREDIT USAGE RISES - OPTIMISM TOO

CREDIT USAGE RISES - OPTIMISM TOO

ACCORDING to D&B’s Consumer Credit Expectations Survey, consumers are showing a less cautious approach to spending and letting savings fall by the wayside. 41 per cent said they will use their credit card for purchases they can't otherwise afford in the coming months. This weighs in at the highest level in three years, and D&B presu...

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TRADE FOR THE RIGHT REASONS

TRADE FOR THE RIGHT REASONS

BEFORE heading to Asia, it’s a good idea to work out exactly why your business is going there. Businesses need to understand the markets they are entering in Asia and how their products or services fit and engage with corporate advisors and governments in each country. That’s the advice from partners Dennis Lin and Cameron MacMillan ...

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GOOD SIGNS IN TOUGH MARKETS

GOOD SIGNS IN TOUGH MARKETS

KEEPING overheads low and maintaining a hawk-eye on profitability has helped lessen any local impact resulting from global financial volatility. In a world of fiscal turbulence, RBS Morgans has emerged fighting-fit. While the European Union contends with multiple sovereign debt crises and the United States tries to stomach its US$16 trillion nat...

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NEW KEY TO EQUIPMENT FINANCE

NEW KEY TO EQUIPMENT FINANCE

A BRISBANE commercial borrowing brokerage hopes its new loan comparison website will encourage greater transparency. Finnovate will become the largest webbased equipment finance comparison service, if owner Chris Beath (pictured) has his way. The start-up, a subsidiary of equipment finance brokerage A Class Business Finance (ACBF) hopes to captu...

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BEWARE TAX DODGERS: ATO REACH BOOSTED

BEWARE TAX DODGERS: ATO REACH BOOSTED

NEW data-matching technology has given the Australian Taxation Office an unprecedented edge in identifying and punishing tax evaders. There are now 500 million reasons not to chance your arm against the Australian Taxation Office (ATO) as the 2011-12 financial year comes to a close. High-speed computers and advanced programming enables the ATO t...

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ONLINE BROKERING TO PAY OFF FOR RENEGADE START-UP

ONLINE BROKERING TO PAY OFF FOR RENEGADE START-UP

A NEW website promises to give financial advisors unprecedented internet and mobile interactivity. Jaci Smith (pictured) is confident her new website My Local Broker will change what she calls a lack of online presence in the financial services sector. The Renegade Finance Group (RFG) founder claims many brokers fail to keep up with technology c...

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IT IS TIME TO LEARN FROM PAST: GREENSPAN

IT IS TIME TO LEARN FROM PAST: GREENSPAN

ONE of world’s most vocal economists blames the critical state of the global economy on a failure to learn from past mistakes.

Former US Federal Reserve chairman Alan Greenspan criticises bail-out methods used to address the European debt crisis.

“You do not solve excess deficits by funding them. The long-standing culture of intra-Eu...

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MEMBERSHIP CLIMBS AT STATE'S FIRST MUTUAL BANK

MEMBERSHIP CLIMBS AT STATE'S FIRST MUTUAL BANK

A FORTITUDE Valley financial institution has become increasingly popular since securing bank status from regulatory authorities. QT Mutual Bank has expanded its membership and stable of financial products since the Australian Prudential Regulation Authority awarded it bank status in July 2011. The bank, previously known as Queensland Teachers...

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GOOD THINGS TO COME ON THE GOLD COAST

GOOD THINGS TO COME ON THE GOLD COAST

KPMG is the only ‘big four’ firm operating on the Gold Coast. The accountancy and audit business has diversified its client base to cater to mining services firms operating in the Bowen and Surat Basins. “It has been a difficult couple of years, particularly in construction, and retail which no-one really saw coming and is one ...

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STRONG FISCAL POSITION CAN BE TAKEN TO THE BANK

STRONG FISCAL POSITION CAN BE TAKEN TO THE BANK

SUNCORP has increased profit despite market uncertainty, natural disasters and rising reinsurance costs. Suncorp Group (SUN) has proven that its strong financial position can literally be taken to the bank. Group net profit after tax (NPAT) totalled $389 million, up 174.4 per cent from the prior corresponding period while revenue rose slightly t...

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AUSTRALIAN ECONOMY ROBUST BUT NOT IMMUNE

AUSTRALIAN ECONOMY ROBUST BUT NOT IMMUNE

WHAT affect will Europe’s debt crisis have on business in Australia in the next year? There is no doubt that the difficulties in Europe will continue to impact on Australian businesses. Not only will we face continuation of the slowdown and poor growth prospects in Europe impacting directly on our trade sector, but the volatility in Europe...

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INVESTMENT PICKS FROM HLB MANN JUDD

INVESTMENT PICKS FROM HLB MANN JUDD

CLOUDS of uncertainty are looming over the European and Chinese economies, but one financial adviser does not predict a disastrous year for Australia. The domestic market could worsen if Europe fails to curb its debt crisis by mid-year, however, HLB Mann Judd director Andrew Buchan (pictured) believes there is still a lot to be positive about. &...

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SUPER RETIREMENT REALITY

SUPER RETIREMENT REALITY

MORE than 262,000 Queensland baby boomers believe they won’t have enough super to allow them to live comfortably in retirement and will have to rely on the age pension to make ends meet. It follows a Suncorp Life survey of Queenslanders that revealed 54 per cent of people between 50 and 65 believe this to be true. Suncorp Life head of advi...

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GROWTH AFTER BATTLING NATURAL DISASTERS

GROWTH AFTER BATTLING NATURAL DISASTERS

AFTER a tough 12 months managing a spike in insurance claims from the natural disasters in Australia and New Zealand, Stream Group has achieved 260 per cent growth. CEO Don McKenzie (pictured) says building resources to meet the needs of his clients is key to the company’s future growth. “There have been a number of natural disa...

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WEALTHFARM ACQUIRES HOPE ISLAND ACCOUNTANCY

WEALTHFARM ACQUIRES HOPE ISLAND ACCOUNTANCY

WEALTHFARM Group has acquired a Hope Island accounting practice to capture a bigger slice of the Coast’s northern corridor market. Founder Nicholas Sinclair (pictured) acquired Brooks David S Chartered Accountant for $350,000 earlier this year and has added further scope to his business. “This small boutique business, which a broker ...

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CONFIDENCE DENT OR REALITY CHECK?

CONFIDENCE DENT OR REALITY CHECK?

INVESTORS must face reality and start selling their stocks and unnecessary real estate if they are to survive the next recession tipped for 2012, 2013, or 2014 at the latest, according to economic forecaster Harry Dent. Dent predicted the 2008 global financial crisis a decade before it occurred and says the boom bubble has well and truly burst, ...

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NEW BOQ CHIEF CONFIDENT OF CHALLENGES AHEAD

NEW BOQ CHIEF CONFIDENT OF CHALLENGES AHEAD

MEET the Bank of Queensland’s (BOQ) new million dollar man. The man appointed to replace David Liddy as chief executive at BOQ is confident that Australia and its banking system can continue to weather any global economic impacts. Stuart Grimshaw (pictured) will sign on for a base annual salary of $1.25 million (with bonus incentives) when...

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TWO-THIRDS OF BUSINESSES FAIL TO PAY BILLS

TWO-THIRDS OF BUSINESSES FAIL TO PAY BILLS

THE number of Australian firms paying their bills more than three months late has jumped 20 per cent while two-thirds are taking longer than the standard 30-day period to pay company accounts. A report by Dun & Bradstreet reveals startling evidence that an increasing number of businesses are feeling the pinch with national payment terms reac...

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STREAM STEAMS AHEAD

STREAM STEAMS AHEAD

A COMPANY that speeds up insurance claims and repairs for cyclone and flood-affected Queenslanders is on target to achieve record growth and annual revenue of $22 million this FY. Stream Group recently completed insurance job 35,600 for the year ending June 30. Founder Don McKenzie attributes the company’s success to service.

“W...

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