Daily Dispatches: Westpac feels the heat
Westpac is under pressure to reverse some of this week's supercharged interest rate rises across its mortgages as rival banks looked to capitalise on the interest rate furore by taking a softer approach. (The Age)
The decision by Commonwealth Bank to follow Westpac in increasing mortgage rates by more than the RBA's policy move leaves the door open for ANZ to do likewise and NAB as the only big bank to follow the central bank's recommended increase of 25 basis points. (The Australian)
UBS has copped a $55k fine after a non-registered employee authorised a botched trade in Suncorp-Metway shares and options that caused a 7.2 per cent drop in the company's share price. (The Australian)
