The Commonwealth government will introduce a "responsible lending test" to the consumer credit code next year according to sources. Under the new rules, lenders.....
A Danish firm has thrown a lifeline to troubled stockbroker Tricom, initially taking a 35 per cent stake in the company. Saxo Bank, an investment bank and online share trader based in Copenhagen, has invested $20 million for now, with an option of moving to 100 per cent ownership in two years time by buying the portion still owned by ANZ, Babcock & Brown, and Tricom's staff. Saxo has made it clear that the broker's original shareholders remain responsible for any previous losses and claims coming from legal action. Tricom has been busy selling down its margin loan portfolio and has reduced its $2.4 billion of loan accounts to just $200 million since its failure to settle trades one day in late January.
