ASX higher; Rio profit drops; Sezzle soars 96pc
ASX gains on health and bank stocks as CPI hits 6.1 per cent. Rio Tinto production flat, Sezzle in halt as shares surge, IGO output soars and Rex gets ACCC nod for Cobham.
Westpac
Westpac banks on digital mortgage
The big bank is hoping to reinvigorate its troubled home lending business by launching a digital mortgage that approves customers in 10 minutes.
Reason Aussies are in for ‘more rate pain’
Borrowers have been warned to “brace for more rate pain” following forecasts from the country’s big four banks.
‘Brace for more’: WBC, NAB hike interest rate forecasts
Borrowers should brace for more interest rate pain with Westpac lifting its forecast for the RBA’s official cash rate to peak at 3.35 per cent early next year.
ASX ends week up 2.8pc; real estate, banks gain
ASX closes flat as real estate jumps and energy drops. Zip surges, travel stocks waver, Westpac and NAB up RBA rate peak, Brickworks record earnings and D&D’s Link deal faces opposition.
Working from home returns as Covid cases soar
Australia’s biggest businesses are introducing their own pandemic rules as the government handballs responsibility to the corporate sector.
Forum figure wins bid for funds
Forum Group’s Vincenzo Tesoriero will fund his defence against Westpac with $1.25m after securing access to the funds in the Federal Court.
Major bank raises rates even higher
A major Australian bank has announced hikes to its interest rates for the second time in the space of a month.
Major employers advise working from home
Two of Australia’s biggest employers are advising staff to work from home over concerns about rising Covid case numbers.
ASX soars 1.7pc; Rio Tinto settles tax dispute
ASX posts its best session since June. Tech and lithium miners rally, Megaport soars on profit, Woodside cuts jobs, Rio settles ATO dispute and UK inflation hits 40-year high.
Forum figure Vincenzo Tesoriero fronts court
Vincenzo Tesoriero has flown to Sydney after a Federal Court judge questioned why the Forum figure had failed to appear in person for the Westpac fraud case.
ASX ends week down; miners, banks weigh
ASX falls on miners as staples rally. CBA and Westpac tip more jumbo rate hikes, China GDP slows, WiseTech jumps on stronger earnings and Rio Tinto drops amid inflation hit.
Westpac sale deadline looms
The clock is ticking on Westpac’s divestment spree as the deadline for final bids for its investment platform division nears.
ANZ a MYOB suitor but at what cost?
There are perplexing questions as to why ANZ would embark on a potential $4bn purchase of accounting software company MYOB, when it could achieve similar results for much less.
Bank staff ‘taking second jobs as bosses boast about profits’
The real wages of finance sector workers have slumped to 2015 levels despite higher productivity.
Bain Capital eyes Westpac’s wealth management unit
In the latest development involving Westpac’s sales process for its wealth management unit, Bain Capital has emerged as the mystery PE firm in the running to buy the business.
Big four banks, Macquarie hike interest rates
CBA kicked off latest round of home loan rate hikes less than 24 hours after the RBA’s third increase since May. ANZ, Macquarie Bank, NAB and Westpac follow suit.
Macquarie out of Westpac race
The contest for Westpac’s $1bn wealth management unit is thought to be narrowing, with speculation mounting that Macquarie has left the race.
Forum figure cries poor
Vincenzo Tesoriero’s bid to get $1.8m in legal funding has been complicated after Westpac revealed he failed to accurately disclose assets, despite repeated attempts by the bank and liquidators.
Westpac expects RBA cash rate to top out at 2.6pc
Westpac has increased its interest rate forecasts after predicting a faster pace of rate hikes by the US Federal Reserve as it responds to surging inflation and inflation expectations.
Property pain: fixed rate mortgage shock ahead
Millions of Australians locked into ultra-low fixed rates at the big four banks could see rates more than double when their terms expire.
Consumer confidence plunges to recessionary levels
Rising inflation and looming aggressive rate hikes has hammered consumer confidence down to recessionary levels, Westpac’s latest monthly survey has revealed.
Economy ‘poorly positioned’ for interest rate hikes
A leading analyst warns Australia faces a series of challenges as the Reserve Bank tightens monetary policy.
ASX dives 1.4pc; BHP, Westpac, CBA hit
ASX drops to a one-month low on miners and banks. Magellan rises on Douglass return, Crown gains on Blackstone nod, Westpac tumbles on UBS downgrade and travel stocks fall.
ASX gains 0.4pc; Atlas, Boral soars as banks dive
ASX higher as energy and utilities stocks offset falls among the banks. Alinta flags $20bn coal hit, Westpac hits four-month low, Atlas soars on IFM raid and Uniti bid vote set.
Westpac raises rates after RBA increase
Westpac has become the first major bank to respond to the RBA hike, saying it will pass on the full, 50 basis-point increase.
ASX rises 0.9pc; BHP, Rio Tinto, Fortescue jump
Miners and tech push ASX higher for the session and week. Cannon-Brookes now wants one AGL seat, Healius down on profit warning and PolyNovo shares jump on chairman buy.
Confusion as Westpac delays wealth unit bids
Westpac is understood to have pushed back final bids for its wealth management unit, with a result now not likely until July.
Westpac, Mercer in super deal
The bank will sell its Advance business and transfer billions in funds under administration to Mercer as the global asset manager looks to expand further.
ASX drops; Telus walks from Appen buyout
ASX lower as staples and miners struggle. Telus rescinds $1.2bn Appen bid, Qantas cuts flights over fuel prices, Yancoal takeover, Virtus talks with BGH and Endeavour falls on inflation woes.
Original URL: https://www.theaustralian.com.au/topics/westpac/page/17