Westpac to raise $2.5 billion for capital ratio buffer

Westpac to raise $2.5 billion for capital ratio buffer

One of Australia's leading banks is turning to the share market for $2.5 billion of extra breathing room so it can comply with higher capital ratio standards put in place in 2017. Westpac (ASX: WBC) shares entered a trading halt before announcing its net profit after tax (NPAT) for FY19 was down 16 per cent at $6.78 billion, and that ...

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Alternative data the next frontier for lending tech

Alternative data the next frontier for lending tech

"All the technology, processes and procedures that we build are constantly evolving, and I think that's what's separating us from the giants in our space and the legacy lenders," says Jacaranda Finance founder Daniel Wessels.  For most people the word association with "subprime" would be "mortgage cri...

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Australians ditch credit cards en masse for buy-now pay-later

Australians ditch credit cards en masse for buy-now pay-later

More Australians are embracing buy-now pay-later (BNPL) than ever before as giants like Afterpay (ASX: APT) and Zip (ASX: Z1P) continue to consolidate the market. New players in the sector are disrupting traditional financing methods with a BNPL model too, as seen with the recent launch of ListReady, a BNPL option for the real estate mark...

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OFX partners with Link Market Services for cross-border transactions

OFX partners with Link Market Services for cross-border transactions

Cross-border payments service provider OFX (ASX: OFX) has entered into an exclusive partnership with Link Market Services (ASX: LNK). The partnership will see OFX provide Link with an end-to-end digital cross-border payments solution that will improve Link's shareholding management platform. The service will initially be offered t...

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Hyundai joins Car Next Door in the fast lane

Hyundai joins Car Next Door in the fast lane

An Australian car sharing platform has received a $6.2 million investment from South Korean car manufacturer Hyundai. The capital injection brings the total amount invested in Car Next Door by Hyundai to $8.2 million. Hyundai Australia CEO JW Lee says the investment into the Australian startup further aligns the manufacturer with the ...

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Bellamy's shareholders hit jackpot with $1.5 billion takeover offer

Bellamy's shareholders hit jackpot with $1.5 billion takeover offer

Organic milk formula brand Bellamy's has received a takeover offer from a leading Chinese dairy producer. The proposed deal values the Australian brand at approximately $1.5 billion, and a material premium of 59 per cent compared to the company's last closing share price. Under the deal, shareholders would receive $13.25 cash ...

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ASX comes knocking as iSignthis share price dives on Ownership Matters report

ASX comes knocking as iSignthis share price dives on Ownership Matters report

The last 48 hours have been a rollercoaster for the share price of iSignthis (ASX: ISX). After hitting a high of $1.66 on 11 September it suddenly crashed to a low of $0.99 the following day.  The initial spike can be attributed to the company's market update for gross processed transaction value (GPTV), which on an annualise...

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Silver Chef takeover heats up as Blue Stamp demonstrates its worth

Silver Chef takeover heats up as Blue Stamp demonstrates its worth

The battle for the heart of Silver Chef (ASX: SIV) is fast becoming an episode of The Bachelor, with the company's two suitors turning up the heat over the last two days. In one corner there is Next Capital, an investment firm looking to acquire Silver Chef's hospitality business after previous attempts to take over the entirety o...

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Rhinomed sniffs out opportunities in North America with new listing

Rhinomed sniffs out opportunities in North America with new listing

Breathing management med-tech business Rhinomed (ASX: RNO) has today listed in the USA on the OTCQB Venture Market. The company, which develops nasal and respiratory technologies to assist with sleep, sport and wellbeing, and is currently exploring how medicinal cannabis can improve its product range, will trade under the symbol "RHN...

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Westpac CFO Peter King announces retirement

Westpac CFO Peter King announces retirement

After 25 years with the bank Peter King (pictured) has announced he will step down as chief financial officer of Westpac (ASX: WBC). King will reitre from the role he has held at the bank since 2014 in 2020, giving the bank 12 months' notice of his retirement today. CEO Brian Hartzer says that King will be missed at the bank, cong...

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Watchdog gives green light to Elders rural retail acquisition

Watchdog gives green light to Elders rural retail acquisition

The Australian Competition and Consumer Commission (ACCC) has given agribusiness Elders (ASX: ELD) the go-ahead to acquire Australian Independent Rural Retailers (AIRR). Elders will buy AIRR for a cash-scrip consideration of $10.85 per share, valuing the rural merchandise, pet and produce chain at $157 million on an equity basis. AIRR...

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Next Capital shoots another shot at Silver Chef acquisition

Next Capital shoots another shot at Silver Chef acquisition

UPDATE: Silver Chef takeover heats up as Blue Stamp demonstrates its worth Just over a week after Silver Chef (ASX: SIV) rejected Next Capital's acquisition proposal and chose to side with the opinion of key shareholders demonstrating a "groundswell of distain" for Next's offer, the suitor has returned with a s...

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Takeovers Panel raises red flags over Benjamin Hornigold takeover

Takeovers Panel raises red flags over Benjamin Hornigold takeover

For the second time this year John Bridgeman's attempts to take over Brisbane investment firm Benjamin Hornigold (ASX: BHD) have hit a roadblock. The Takeovers Panel has made a declaration of unacceptable circumstances regarding the deal, stemming from an ongoing concern about the competitiveness of John Bridgeman's offer. NSX...

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ASIC appeals Westpac responsible home loan case

ASIC appeals Westpac responsible home loan case

When the Federal Court last month ruled in Westpac's (ASX: WBC) favour in a case brought by the Australian Securities and Investments Commission (ASIC), the bank said the decision brought clarity to how responsible lending obligations could be interpreted. ASIC had alleged Westpac breached the law in using an automated process based o...

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Smartbank 86 400 launches nationwide

Smartbank 86 400 launches nationwide

Neobank 86 400 has its sights set on the traditional banking institutions in Australia and from today Australians interested in making the switch can open an account. The bank launches with two accounts called Pay and Save, both of which can only be accessed via 86 400's app. Those interested in the app do not even have to switch ...

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Neobank Xinja receives full banking licence

Neobank Xinja receives full banking licence

The Australian Prudential Regulation Authority (APRA) has granted Xinja Bank a full banking licence. This is a milestone for the company, and sees Xinja join Volt, Judo and 86 400 as the fourth 'neobank' to receive the licence. The effect of the licence means that Xinja can now open bank accounts to its early customers. Xi...

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iSignthis shares surge higher as monthly transactions pass $1.1 billion

iSignthis shares surge higher as monthly transactions pass $1.1 billion

Update: After this article was published shares rose further the following day, only to drop significantly after that down to $1.06 each (12 September 2019). Payment identity verifier iSignthis (ASX: ISX) has been one of the fastest risers on the ASX over the past 12 months, with its shares rising from $0.17 each in September 2018 to $1.3...

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Bonitas claims EY report "backfired" against Rural Funds

Bonitas claims EY report "backfired" against Rural Funds

The war of words between short sellers Bonitas Research and Rural Funds Group (ASX: RFF) continues today after the former finally responded to an Ernst & Young (EY) report commissioned by RFF. Instead of responding individually to every one of Bonitas' claims against the company, RFF opted to engage EY to produce a report into the...

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Class action alleges Westpac's super subsidiaries short-changed members

Class action alleges Westpac's super subsidiaries short-changed members

Westpac (ASX: WBC) subsidiaries BT Funds Management and Westpac Life Insurance Services have been hit with a class action from law firm Slater and Gordon (ASX: SGH). The class action alleges that superannuation members were short-changed by the bank's super funds. Slater and Gordon says members who invested in the BT Super for Lif...

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ASX drills Smiles Inclusive on shock $19 million loss announcement

ASX drills Smiles Inclusive on shock $19 million loss announcement

Late on Friday 30th August Smiles Inclusive (ASX: SIL) announced its disastrous FY19 results. Of particular note was its loss of $18.9 million during the financial year; a result that took the market by surprise. Now, the ASX has questioned Smiles over whether this significant loss was something the company should have alerted shareho...

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