Latest news with #AFG
Yahoo
14 hours ago
- Business
- Yahoo
Australia's Afterpay says some BNPL users told to close accounts, then sold credit cards
By Byron Kaye SYDNEY (Reuters) -Some customers of Australia's Afterpay have been asked to close buy-now-pay-later accounts to qualify for a mortgage and offered a credit card upon qualification, the BNPL provider said on Tuesday, underscoring fierce competition in the consumer finance sub-sectors. BNPL loans, on-the-spot interest-free short-term loans with minimal credit checks, exploded as an alternative for younger shoppers after the COVID-19 lockdowns and stimulus payments spurred an online shopping frenzy. Customers are incentivised to pay on time by the promise of maintaining or increasing their borrowing limit. In a survey of 1,000 of its customers, Afterpay said more than 10% reported being offered a credit card by the same bank or mortgage broker that told them to close their BNPL account to qualify for a loan, without specifying which banks or brokers. Owned by U.S. tech billionaire Jack Dorsey's Block, Afterpay leads Australia's BNPL market with more than 3.5 million active monthly users, half the country's total BNPL accounts, according to government figures. Lenders are required by law to make reasonable inquiries about an applicant's finances but may not give financial advice. Spokespeople for Commonwealth Bank of Australia, the biggest lender, and No.3 lender National Australia Bank told Reuters that they did not tell applicants to close their BNPL accounts. A spokesperson for No.4 lender ANZ said the bank assessed BNPL liabilities alongside a person's other finances and "depending on the customer's overall financial position, goals, and objectives, they may choose to restructure or close certain debts – such as BNPL accounts – to support their application". TO RISK OR NOT TO RISK Afterpay claimed banks were capitalising on a perception of BNPL users as riskier than traditional borrowers to protect a declining lending category. Australian interest-accruing credit card debt is down 30% in half a decade as borrowers seek cheaper options. The company added that its survey found BNPL users had credit scores and on-time repayment records broadly in line with credit card users. The BNPL model has avoided regulation under Australian consumer credit laws so far as it doesn't involve interest. However, "if it looks and acts like credit, then it should be regulated as such," the Australian government had said last year. New legislation requiring BNPL firms to run credit checks on borrowers kicks in on Tuesday, which, Afterpay's Head of Public Policy Michael Saadat hopes, would improve transparency around user creditworthiness. The main reason Afterpay customers close their accounts is because their lender or broker told them to, and "this should not be something that is driven by misperception of the regulatory requirements," Saadat told Reuters in an interview. According to mortgage broker AFG, one in 10 Australian mortgages are arranged by brokers. Mark Hewitt, general manager of industry and partnerships at AFG, said the company does not distribute credit cards but responsible lending rules require it to "ensure adequate enquiry is made around an applicant's ability to meet their financial commitments".
Yahoo
14 hours ago
- Business
- Yahoo
Australia's Afterpay says some BNPL users told to close accounts, then sold credit cards
By Byron Kaye SYDNEY (Reuters) -Some customers of Australia's Afterpay have been asked to close buy-now-pay-later accounts to qualify for a mortgage and offered a credit card upon qualification, the BNPL provider said on Tuesday, underscoring fierce competition in the consumer finance sub-sectors. BNPL loans, on-the-spot interest-free short-term loans with minimal credit checks, exploded as an alternative for younger shoppers after the COVID-19 lockdowns and stimulus payments spurred an online shopping frenzy. Customers are incentivised to pay on time by the promise of maintaining or increasing their borrowing limit. In a survey of 1,000 of its customers, Afterpay said more than 10% reported being offered a credit card by the same bank or mortgage broker that told them to close their BNPL account to qualify for a loan, without specifying which banks or brokers. Owned by U.S. tech billionaire Jack Dorsey's Block, Afterpay leads Australia's BNPL market with more than 3.5 million active monthly users, half the country's total BNPL accounts, according to government figures. Lenders are required by law to make reasonable inquiries about an applicant's finances but may not give financial advice. Spokespeople for Commonwealth Bank of Australia, the biggest lender, and No.3 lender National Australia Bank told Reuters that they did not tell applicants to close their BNPL accounts. A spokesperson for No.4 lender ANZ said the bank assessed BNPL liabilities alongside a person's other finances and "depending on the customer's overall financial position, goals, and objectives, they may choose to restructure or close certain debts – such as BNPL accounts – to support their application". TO RISK OR NOT TO RISK Afterpay claimed banks were capitalising on a perception of BNPL users as riskier than traditional borrowers to protect a declining lending category. Australian interest-accruing credit card debt is down 30% in half a decade as borrowers seek cheaper options. The company added that its survey found BNPL users had credit scores and on-time repayment records broadly in line with credit card users. The BNPL model has avoided regulation under Australian consumer credit laws so far as it doesn't involve interest. However, "if it looks and acts like credit, then it should be regulated as such," the Australian government had said last year. New legislation requiring BNPL firms to run credit checks on borrowers kicks in on Tuesday, which, Afterpay's Head of Public Policy Michael Saadat hopes, would improve transparency around user creditworthiness. The main reason Afterpay customers close their accounts is because their lender or broker told them to, and "this should not be something that is driven by misperception of the regulatory requirements," Saadat told Reuters in an interview. According to mortgage broker AFG, one in 10 Australian mortgages are arranged by brokers. Mark Hewitt, general manager of industry and partnerships at AFG, said the company does not distribute credit cards but responsible lending rules require it to "ensure adequate enquiry is made around an applicant's ability to meet their financial commitments".
Int'l Cricket Council
4 days ago
- Sport
- Int'l Cricket Council
England quick primed for big Test comeback against India
As England announced the squad for the first Test against India starting 20 June, right-arm pacer Jofra Archer was among the major names missing from the lineup. Having sustained a thumb injury, Archer was also absent from England's recent white-ball outings against West Indies and was omitted from a 15-member squad for the England Lions' second unofficial Test against India A. But recent developments indicate that Archer might be back in the mix sooner, with England national selector Luke Wright stating that the pacer is on course to make a return ahead of the second Test against India, starting on 2 July in Birmingham. Speaking to Sky Sports, Wright said, "Joff's trucking on really well, actually. The plans for him, he's playing a few second-team games. "He's getting a few loading up in the second team for Sussex, and then the idea for him is to play for Sussex against Durham, I think on the 23rd, just during the first Test. "So, he'll play for Sussex if all things go well, and then if things go well, fingers crossed, he should be available for the second Test. Another speedster missing out from the squad for the first Test is Mark Wood. The 35-year-old had picked up a knee injury during the ICC Champions Trophy 2025, ruling him out for four months. Wright conceded that while Wood has started off with light training, his full recovery is expected to be a longer one, towards the end of the India series. Mark Wood limps off the field | AFG v ENG | Champions Trophy 2025 Mark Wood limps off the field | AFG v ENG | Champions Trophy 2025 **"**I think Woody's now started bowling just lightly, to be honest. He's just off a few paces, but that's been a great sign," he said. "So, he's on the road to recovery. I think he's more long-term, if we can get him back, he might have an option for the fourth or fifth Test. But again, each day it's ticking off each box and making sure he's okay. "But he's trucking on well and same with Stoney. So, we are starting to get boys back, but they're still further away than right now. But it would be nice having those options back as well." England and India will lock horns in the first of five Tests starting 20 June in Headingley, marking the beginning of a new ICC World Test Championship cycle. ICC World Test ChampionshipNewsJofra ArcherEngland
Mint
15-05-2025
- Sport
- Mint
IPL 2025 restart: List of overseas players not available for final leg; check who're in for rest of tournament
The Indian Premier League (IPL) 2025 restarts on 17 May. The availability of overseas players has been an issue for the teams due to the World Test Championship (WTC) final between Australia and South Africa and the West Indies' tour of Ireland and England. The article captures the player availability of all teams. Eight South African players who are part of the World Test Championship (WTC) final won't be available for the playoffs. Note: The article will be periodically updated based on new developments. Chennai Super Kings are not in the playoffs race. CSK will play their remaining two matches on May 20 and 25. Status Available Rachin Ravindra (NZ), Devon Conway (NZ), Dewald Brevis (SA), Nathan Ellis (AUS), Matheesha Pathirana (SL), Noor Ahmad (AFG) Not Available Jamie Overton (ENG) - International assignment, Sam Curran (ENG) - unspecified reason The defending champions have taken 11 points from 12 matches. KKR's playoffs hope hinges on results of other teams. Status Available Rahmanullah Gurbaz (AFG), Quinton de Kock (SA), Sunil Narine (WI), Andre Russell (WI), Anrich Nortje (SA), Spencer Johnson (AUS) Not available Moeen Ali (ENG) - Withdrawn Doubtful Rovman Powell (WI) - Injury concerns RCB occupy the second place in the points table with 16 points (8 wins) from 11 matches. They need one win to qualify for the playoffs. Status Available Phil Salt (ENG), Liam Livingstone (ENG), Tim David (AUS), Romario Shepherd (WI), Nuwan Thushara (SL), Josh Hazlewood (AUS) Partially available Lungi Ngidi (SA) - Won't be available for playoffs (WTC prep camp) Partially available Jacob Bethell (ENG) - leaves after two matches, international assignment Rajasthan Royals are out of the playoffs race. RR will be the first team to finish their campaign. They play their remaining two matches on 18 and 20 May. Status Available Shimron Hetmyer (WI), Wanindu Hasaranga (SL), Fazalhaq Farooqi (AFG), Kwena Maphaka (SA), Lhuan-dre Pretorius (SA) Unavailable Jofra Archer (ENG) - Injury Doubtful Maheesh Theekshana (SL) - Niggle Lucknow Super Giants have taken 10 points (5 wins) from 11 matches. LSG may qualify for the playoffs if they win all three matches. Status Available Mitchell Marsh (AUS), Matthew Breetzke (SA), Nicholas Pooran (WI), David Miller (SA), Shamar Joseph (WI) Partially available Aiden Markram (SA) - Won't be available for playoffs (WTC prep camp) The table-toppers have a big headache ahead of the playoffs. Englishman Jos Buttler has formed a formidable batting trio with Shubman Gill and Sai Sudharsan, with all of them scoring 500 or more runs. Buttler is expected to leave after the league stages due to scheduling conflict. Status Available Sherfane Rutherford (WI), Dasun Shanaka (SL), Karim Janat (AFG), Rashid Khan (AFG), Gerald Coetzee (SA), Kagiso Rabada (SA) Partially available Jos Buttler (ENG) - Won't be available for playoffs (Home series vs West Indies) Partially available Kagiso Rabada (SA) - Won't be available for playoffs (WTC prep camp) Partially available Kusal Mendis (SL)* - Jos Buttler's replacement in the playoffs Kusal Mendis signing is yet to be confirmed by the league. Delhi Capitals are in a tricky spot, both in the points table and with their overseas player availability. Status Doubtful Mitchell Starc (AUS) Withdrawn Jake Fraser-McGurk (AUS) Replacement signing Mustafizur Rahman (BAN) - Travelled to UAE with Bangladesh team Available Faf du Plessis (SA), Sediqullah Atal (AFG), Dushmantha Chameera (SL), Donovan Ferreira (SA) Partially available Tristan Stubbs (SA) - Won't be available for playoffs (WTC prep camp) Mumbai Indians have taken 14 points from 12 matches. Their remaining two games are against fellow playoff contenders Punjab Kings and Delhi Capitals. Status Available Trent Boult (NZ), Mitchell Santner (NZ), Reece Topley (ENG), Mujeeb ur Rahman (AFG), Bevon Jacobs (NZ) Partially available Ryan Rickelton (SA), Corbin Bosch (SA) - Won't be available for playoffs (WTC prep camp) Partially available Will Jacks (ENG) - Won't be available for playoffs (Home series vs West Indies) Punjab Kings have taken 15 points from 11 matches. PBKS will qualify for the playoffs by taking 3 or more points. Status Available Mitchell Owen (AUS), Azmatullah Omarzai (AFG), Xavier Bartlett (AUS) Partially available Marco Jansen (SA) - Won't be available for playoffs (WTC prep camp) Lack of clarity Josh Inglis (AUS), Marcus Stoinis (AUS), Aaron Hardie (AUS) Stay updated on all the action from the IPL 2025. Check the IPL 2025 Schedule, track the latest IPL 2025 Points Table, and follow the top performers with the Orange Cap and Purple Cap.
Business Wire
14-05-2025
- Business
- Business Wire
Great American Insurance Group Announces the Promotion of Daniel M. Keenan to Divisional President, Trucking
CINCINNATI--(BUSINESS WIRE)--Great American Insurance Group is pleased to announce the promotion of Daniel (Dan) M. Keenan to Divisional President within its Trucking Division, effective June 2, 2025. Mr. Keenan will succeed Randal M. Smith, who will retire in June after more than 30 years of service. Mr. Keenan joined National Interstate Insurance Company, a member of Great American Insurance Group, in 2006 where he led the company's St. Thomas, U.S. Virgin Islands subsidiary, Hudson Management Group. Since that time, Mr. Keenan has held numerous leadership roles, most recently serving as National Business Development Officer of National Interstate. Mr. Keenan earned a Bachelor of Arts in Finance and Economics from Syracuse University, and a Master of Business Administration from Baldwin Wallace University. Great American's Trucking Division is a leading provider of insurance products for the long-haul trucking industry and specializes in coverages for Owner-Operators and Motor Carrier-Sponsored Programs. Trucking offers a complete suite of products and services supporting the independent contractor, including Physical Damage, Non-Trucking Liability, Occupational Accident, Contingent Liability, its signature Rig Ready ® repair service, Deductible Buyback and TruXpro ®, which includes downtime and rental reimbursement. Policies are underwritten by Great American Insurance Company, Great American Assurance Company and Great American Spirit Insurance Company, authorized insurers in all 50 states and the DC. Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Company has received an 'A' (Excellent) or higher rating from the A.M. Best Company for over 115 years and is currently rated 'A+' (Superior). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG.
