Business
Banking & finance
World is at ‘tipping point’ after global debt binge, warns HSBC boss
HSBC chief Noel Quinn says countries risk being “hit hard” after allowing borrowing to balloon in the wake of the financial crisis and the pandemic.
- by Szu Ping Chan
Latest
Surprise exit for Magellan chief as company bleeds funds
Magellan boss David George left the role on Wednesday after just 17 months as the fund manager looks to restore its once high-flying status.
- by Millie Muroi
Afterpay defends subscription foray after consumer group warnings
Consumer advocates say Afterpay’s new subscription product could lure Australians into more debt, but the company says it offers a safer alternative to credit cards.
- by Millie Muroi
Opinion
Fintech
iPhone and apps are trumping cards for payments – but be cautious
As tech giants muscle their way into finance, regulators are wary of the risks to competition from these new players.
- by Clancy Yeates
Goldman Sachs chief ends his DJ career after backlash
David Solomon, who has been moonlighting as DJ D-Sol, has scaled back his hobby after mounting criticism amid falling profits at the Wall Street giant.
- by Simon Foy
Westpac appoints Steven Gregg as new chairman
The Ampol chairman will start in Westpac’s top board position, continuing a technology transformation after the bank slimmed down under retiring chair John McFarlane.
- by Millie Muroi
Opinion
Interest rates
Bond bloodbath isn’t all bad news for the economy
The prospect of high interest rates hanging around for longer will be unwelcome news to borrowers, but it is not a terrible sign for the wider economy.
- by Clancy Yeates
ANZ breached disclosure rules in $2.5b share sale
Federal Court justice Mark Moshinsky ruled ANZ failed to notify investors of information that was both “material” and not publicly available.
- by Millie Muroi
APRA wants to make Australian banks safer in volatile market
The collapse of Silicon Valley Bank earlier this year has prompted the financial regulator to tighten some of its standards, focusing on pulling smaller banks in line with the big four.
- by Millie Muroi
CBA mulls next move in mortgage war after losing share to rivals
Commonwealth Bank chair Paul O’Malley says the nation’s biggest mortgage lender plans to defend its turf after rivals Westpac and ANZ claimed market share.
- by Clancy Yeates
BOQ shares hit 16-month low as margin pressures intensify
Bank of Queensland boss Patrick Allaway blames the economic cycle, margin pressures across the industry and higher cost of funding for its weaker results.
- by Millie Muroi