THE NEWS WRAP: Eftpos set for major overhaul
Eftpos Payments Australia is moving to overhaul its networks in a bid to fight off growing competition from new contactless payment offerings from MasterCard and Visa.
Eftpos will move towards a centralised hub instead of a complex web of inter-linkages between major banks and retailers, which it claims will make upgrading its infrastructure easier.
“This project will help us to retain local choice and competition in the Australia payments market as we move to new technology platforms such as mobile and online,” Eftpos managing director Bruce Mansfield says.
Building approvals fall during August, remain ahead of last year
Building approvals fell by 4.7% during August to a seasonally adjusted figure of 13,687, but remain 7.7% ahead of last year, according to new figures from the Australian Bureau of Statistics.
Deutsche Bank economist Phil O'Donoghue warns the figures suggest housing supply is falling behind demand, with implications for future rate cuts.
“The bottom line for the RBA will be how this pans out over the next six to 12 months,” O'Donoghue says.
US government shutdown could have implications for airline industry: Boeing
Aircraft maker Boeing has warned the US federal government shutdown could cause delays in jetliner deliveries, with newer models such as the 787 Dreamliner particularly vulnerable.
The budget crisis has led to thousands of US Federal Aviation Authority officials on unpaid leave, causing delays in certifying planes.
“We're working on developing and implementing contingency plans. I can't get into details. There are management teams working on this and they are keeping in touch with customers and suppliers,” Boeing spokesperson John Dern told Reuters.
The Dow Jones Industrial Average is down 0.39% to 15133.14. The Aussie dollar is up to US93.89 cents.