Australia and New Zealand Banking Group has signed a $450 million deal with IBM... The Reserve Bank of Australia confirmed what many expected yesterday
ANZ seals $450 million tech deal
Australia and New Zealand Banking Group has signed a $450 million deal with IBM spanning five-year years, providing technology to support its super-regional Asian strategy, according to the Australian Financial Review.
The new deal will allow the bank access to the full range of IBM's products and includes a co-investment in a 'so-called innovation lab, in which ANZ developers will build, test and deploy new applications and services', the paper reports.
ANZ has an annual budget for technology spending of $1.5billion as it focuses on expanding its networks in Asia, particularly in China.
ANZ chief information officer Scott Collary told The Australian Financial Review, "We have had a lot of IBM hardware and software in the past, it was very specific in terms of buying specific licenses or equipment, this new deal gives us the full range of its capabilities."
No cash rate change
The Reserve Bank of Australia confirmed what many expected, leaving the cash rate unchanged yesterday and continuing the record low two per cent, according to the Sydney Morning Herald.
The RBA has kept the cash rate at two per cent since May and is reluctant to drop the rate further, 'preferring the weaker Australian dollar and already low cost of credit to fuel investment, spending and non-mining exports' the newspaper reports.
The majority of economists expect the low rate to last until at least the end of the year although not all are convinced that there won't be a possible third cut in November.
Australia and New Zealand Banking Group has signed a $450 million deal with IBM spanning five-year years, providing technology to support its super-regional Asian strategy, according to the Australian Financial Review.
The new deal will allow the bank access to the full range of IBM's products and includes a co-investment in a 'so-called innovation lab, in which ANZ developers will build, test and deploy new applications and services', the paper reports.
ANZ has an annual budget for technology spending of $1.5billion as it focuses on expanding its networks in Asia, particularly in China.
ANZ chief information officer Scott Collary told The Australian Financial Review, "We have had a lot of IBM hardware and software in the past, it was very specific in terms of buying specific licenses or equipment, this new deal gives us the full range of its capabilities."
No cash rate change
The Reserve Bank of Australia confirmed what many expected, leaving the cash rate unchanged yesterday and continuing the record low two per cent, according to the Sydney Morning Herald.
The RBA has kept the cash rate at two per cent since May and is reluctant to drop the rate further, 'preferring the weaker Australian dollar and already low cost of credit to fuel investment, spending and non-mining exports' the newspaper reports.
The majority of economists expect the low rate to last until at least the end of the year although not all are convinced that there won't be a possible third cut in November.
