Financial Review - Business, Finance and Investment News

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13 mins ago

NAB dips as external CEO push starts

NAB bosses Andrew Thorburn and Ken Henry resign

Analysts have given NAB's plans to reset the bank's culture the thumbs up however momentum behind a push for an external candidate is growing.

chanticleer

Andrew Thorburn presented a different sort of leadership style, even if what what he saw as his personal strengths came ...

Thorburn led from the front, with his chin

The NAB chief presented a different sort of leadership style, even if what what he saw as his personal strengths - his openness and the trust he put in people - came back to bite him.

Minister for Defence Christopher Pyne during Question Time in the House of Representatives at Parliament House in ...

'Expect more bank bosses to go,' Pyne says

Defence Minister Christopher Pyne expects more banking CEOs to quit, saying the royal commission's evidence had been damning.

Live

ASX dips on trade, NAB down

Australian shares are trading lower this morning amid concerns China and the US are unlikely to reach a timely trade deal, while NAB shares had slid.

Street Talk
1 hr ago

Macquarie's Marynissen, Johnston depart

Macquarie's head of wealth management Bill Marynissen and executive director Rob Johnston will leave the bank.

Advice 'more challenging' post Hayne: Westpac

Westpac CEO Brian Hartzer says Commissioner Hayne's final report will drive profound change but the rising cost of financial advice may price some consumers out of the market.

Chanticleer

NAB governance fails again

NAB has been the worst performing big four bank for a good reason. It has had a succession of chief executives who have failed to deliver what was promised.

Chaos at franking credit inquiry

Chairman of the House Standing Committee on Economics Tim Wilson.

Why is vaping banned in Australia?

Currently, an estimated 250,000 Australians are vaping with or without nicotine and three million are smoking.

Your face is about to end your privacy

The potential for the abuse of facial recognition is so high that the industry is itself sounding an alarm.

Why the future of Rockpool is schnitzel

The Rockpool chain was among the first of the big restaurant groups to be called out for underpaying employees. Pash ...

10:32AM

Macquarie's Marynissen, Johnston depart

12:15AM

Macquarie Capital hired to find buyer for PEP's oldest investment

12:15AM

PSP, Future Fund bail on stevedore DP World Australia

What Tony Abbott said to Simon Benson

AIA's Damien Mu pals around with the young and beautiful

Total Foxtel subscribers were flat on the first three months of the 2019 financial year.

Foxtel's Kayo hits 100,000 paying subscribers

Foxtel's direct-to-consumer sports streaming service Kayo has delivering 100,000 paying subscribers.

"We are confident that quality brokers will continue to be sought out by consumers regardless of which remuneration ...

Homebuyers will seek quality brokers

REA Group's new CEO, Owen Wilson, thinks home buyers will still seek "quality brokers" regardless of any changes arising from the royal commission.

How Canva could become the next Microsoft Office

Canva co-founder Melanie Perkins isn't a household name but that could change if she achieves her grand vision of "empowering the world to design".

ME Bank backs go-slow on broker commissions

ME Bank, which is owned by 26 industry super funds and relies on mortgage brokers for 70 per cent of home loans, has urged a slow approach to reforming commissions.

"Andrew [Thorburn] and I are deeply sorry for our inability to do that," Ken Henry, left, said. "That's principally what ...

'Deeply sorry': Heads roll at NAB

NAB's embattled chief executive Andrew Thorburn and chairman Ken Henry have capitulated to growing pressure and resigned from the bank. "Andrew and I are deeply sorry," the chairman said.

"For 2019, we expect the global primary aluminium market to be in deficit, although increasing macro uncertainty could ...

Norsk Hydro hit by restricted Brazil output

Norsk Hydro warned it would miss its 2019 savings targets due to restricted output in Brazil and higher material costs.

Reserve Bank Governor Philip Lowe switched to a neutral bias on Wednesday.

Rate cut bets put a rocket under shares

Australian shares soared to a four-month high a day after the Reserve Bank of Australia indicated it is open to cutting interest rates, lifting shares of dividend-friendly property and bank stocks.

Lowe navigates uncharted waters

Reserve Bank governor Philip Lowe is met with bemused looks from former RBA heads when he talks of his determination to lift wages and inflation higher.

Strong earnings lift ASX to four-month high

The Australian sharemarket closed at four-month high on Thursday as better-than-expected results were rewarded with strong gains.

Despite moving first, the BOJ finds itself the outlier again, locked into an even more radical negative-rate regime and ...

Lessons from the land of cheap money

Japan has shown the limits of what central banks can do on their own.

Get ready for a rerun of election 2007

By Phillip Coorey

A 24-year-old with a HECs debt and no prospect of owning a house has no sympathy for somebody who enjoyed a free education and is now complaining about losing a tax refund even though they pay no tax.

What's ahead for private equity in 2019?

By Jennifer Hewett

Australia has been more reluctant than the US and Europe to embrace private equity. Is that about to change?

Hayne brutally sealed NAB pair's fate

By Chanticleer

Ken Henry once said he would have to throw Andrew Thorburn under the bus one day. He never would have expected to get run over at the same time.

Duplicitous banks, foolish borrowers

By John Roskam

Kenneth Hayne might have spent a little more time on responsible borrowing as well as responsible lending.

Tony Abbott on Scott Morrison: "He looked like he was starting to tear up. The PM shouldn't get teary in public."

What Tony Abbott said to Simon Benson

One lucky guest at Canberra's Kurrajong Hotel was blessed to sit metres away from a rather intimate conversation.

Ian Harper: 'Multiple independent parties have not criticised the structure we put up but they have made me feel a bit ...

Harper 'chastened and rebuked' by Hayne

A key architect of Australia's financial system says he feels chastened and rebuked for underestimating bad conduct by the banks and admits the regulatory system needs to be more vigorous.

Government prepared to take 'big stick' to the election

The federal government will take its "big stick" energy legislation to the next election in the likelihood it fails to pass before the election.

No royalties deal for Adani mine

Indian energy giant Adani has yet to sign a royalties agreement with the Queensland government for its controversial $2 billion Carmichael mine.

Home Affairs Minister Peter Dutton says security agencies are warning that Kerryn Phelps' bill to allow the medical ...

Leaked ASIO advice triggers new battle over boat people

An ASIO warning that Kerryn Phelps' bill to allow medical evacuations of boat people would undermine border protection has triggered a new war over boat people.

President Donald Trump, left, holds a meeting with Chinese Vice Premier Liu He, right, in the Oval Office of the White ...

Trump-Xi meeting seen missing deadline

A meeting between Donald Trump and Xi Jinping before the truce over their trade war expires on March 1 is "highly unlikely", according to reports out of the White House.

British Prime Minister Theresa May seems to have taken her foot off the accelerator after fruitless meetings with EU ...

Brexit vote faces more delay

British and EU officials will resume talks, likely delaying a parliamentary crunch vote until later in February - but Australian exporters are in need of certainty by next week..

State of Paranoia: Northern Ireland troubles return

Stability in Northern Ireland was always entwined with the European Union. Now Brexit is exacerbating old divisions.

US envoy in N Korea ahead of second Trump-Kim summit

A senior American negotiator has arrived in North Korea to sort out crucial details for a nuclear summit meeting in Vietnam between President Donald Trump and the North's leader, Kim Jong-un.

British Trade Secretary Liam Fox told a parliamentary committee that tariff reductions should be gradual.

Britain backs down on Brexit tariff plan

Trade Secretary Liam Fox said the plan to slash all tariffs to zero after a no-deal Brexit is only "a possibility among possibilities".

"If you want to know why most people don't become millionaires, look no further than the 30-year mortgage," says ...

3 traps that can stop home owners getting rich

According to a researcher who studied 10,000 millionaires, there are three mortgage-related traps home owners can fall into that ruin their chances of building wealth.

"The question is how do we create a sustainable industry that enables brokers to get a reasonable salary for the service ...

ME Bank backs go-slow on broker commissions

ME Bank, which is owned by 26 industry super funds and relies on mortgage brokers for 70 per cent of home loans, has urged a slow approach to reforming commissions.

Some believe NAB and Westpac are the most susceptible for a dividend cut.

Why SMSFs need to prepare for unexpected

It's important to have an investment strategy that deals with events like the royal commission and possible changes to dividend imputation rules, writes John Wasiliev who answers your questions on superannuation.