ASIC to banks: We don't want to be your friend
“Why not litigate?” is proving a confronting combination for banks. That is just as ASIC chairman James Shipton wants and needs it to be.
'Not on my watch': PM distances himself from MP's travels
Prime Minister Scott Morrison has distanced himself from an excessive number of trips one of his MPs has made to the Philippines.
- Opinion
- Federal budget
Finally, central bankers and politicians are in sync
With the economy flagging and households struggling, it's to be hoped next Tuesday will signal a new era of co-operation between monetary and fiscal authorities.
Encryption laws a threat to investment: Microsoft
Microsoft president Brad Smith is visiting Australia and warned controversial local anti-encryption laws will stop overseas investment.
ASIC has products with 'ridiculous' leverage in its sights
ASIC's Calissa Aldridge says the regulator is seeing products with 500-to-one leverage: "you invest $2000 and have $1 million exposure".
Banks are too addicted to property
Bankers have lost the ability to bank small to medium enterprises, finding it much easier to lend to or against property instead.
ANZ cautious on client data
ANZ remains "concerned" about how customer data could be used under open banking. "Because of the things we know, we are careful to not know those things,” its chief data officer said.
Business
Future of banking is personalised
Neobank Volt chief executive says banks of the future will not just give customers a savings account, but also help them save money.
Coal baron says public cash for Vales Point upgrade stacks up
The half-owner of a large coal generator in NSW has defended the application for taxpayer funds to support an upgrade.
- Live
ANZ and NAB tackle culture crisis
The chief executives of ANZ and NAB have told a parliamentary committee that they will improve accountability and culture in their banks.
Lenders slash rates to attract property investors
Lenders are making the most of lower funding costs to make big cuts in three to five-year fixed rates, which are popular with investors.
ASIC responsible lending crimps credit: ANZ and NAB
Corporate cop James Shipton has slammed bankers for spreading a "myth" that the regulator's responsible lending crackdown is exacerbating a credit squeeze.
Teeth-gnashing over ructions at Smiles boardroom
The old guard wants to overthrow the new in a messy boardroom dispute at an ASX dentistry company with 56 practices and serious problems.
'Why not litigate' to send ASIC's cases surging
The volume of civil and criminal cases was about to ramp up as ASIC looked to implement its new "why not ligitate" strategy and pursue additional fees for no service cases.
Markets
Miners dig the ASX out of a hole
Shares closed slightly higher, with investors pinning their hopes on central banks to bolster growth.
- Breaking
- China
China's industrial profits tumble as economy slows
Profit growth at China's big industrial companies fell sharply in the first two months of the year, with state-owned firms bearing the brunt of the slowdown.
Ailing Eclipx scraps dividend
Eclipx shares bounced off record lows after the board gave extra clarity on its financial position and said dividends would temporarily vanish.
Boutique funds SG Hiscock and DMP join forces
The merger of the two Melbourne boutique funds will create a manager with a combined $2.5 billion of assets.
LNG price slump rubs salt into wounds of east coast manufacturers
A widening in the gap between domestic gas prices and LNG spot prices has sharpened the complaints of local manufacturers.
Opinion
Lynas takes on Wesfarmers in David and Goliath battle
Lynas CEO Amanda Lacaze has dismissed Wesfarmers' takeover bid, saying the rare earths business doesn't need the conglomerate's chequebook.
Columnist
The Brexit delusion of taking back control
The UK will not gain control in any important respect by leaving the EU. On the contrary, it is more likely to lose it.
Financial Times
Wesfarmers offers $1.5b to cut the Lynas Gordian knot
Rare earth miner Lynas should have everything going for it. Instead, it's facing a battle for survival on two fronts.
Columnist
Business pays the cost of bank reform
Westpac's David Lindberg calls what is happening a failure of the power structure of government, regulators and banks that businesses must rely upon to survive and thrive. And he warns of the impact on small businesses and business lending.
Columnist
Politics
Labor would change encryption laws
Ed Husic has made three promises on how a Labor government would amend the encryption bill.
AEMO warning on Morrison's Queensland coal plant
AEMO warned last July that a new large scale plant is "unlikely to be efficient in North Queensland" until the 2030s.
PM to consider new coal plant
Scott Morrison has conceded to Queensland Nationals by agreeing to at least consider coal fired power in the state
No insider trading on royal commission: ASIC
ASIC has advised that it found no evidence of illegal insider trading involving the banking royal commission final report, in response to Labor calls for an investigation.
Morrison government unfriends social media over terror response
Morrison government says the response of social media companies to stop live-streaming of terrorist material has been "thoroughly underwhelming".
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World
Renault 'seeks merger' with Nissan, Fiat Chrysler
Renault is seeking to restart merger talks with Nissan Motor within 12 months as the first step toward the creation of a bigger auto conglomerate, the FT says.
- Opinion
- Brexit chaos
The Brexit delusion of taking back control
The UK will not gain control in any important respect by leaving the EU. On the contrary, it is more likely to lose it.
FAA to overhaul oversight after Boeing crashes
The US aviation watchdog will significantly change its approach to air safety in the wake of the two deadly Boeing 737 Max plane crashes.
Brexit deal finds new friends as Parliament takes over
Two eurosceptic British MPs have thrown their grudging support behind Theresa May's Brexit plan as rank and file MPs seized control over the Parliamentary agenda.
- Updated
- Donald Trump
China talks up reforms ahead of fresh trade talks
China has pledged to open up to more foreign competition and international trade in the latest signal it is willing to make concessions to bed down a trade deal with the US.
Real Estate
Cromwell tables bid for London-listed RDI REIT
Led by Paul Weightman, Cromwell is one of the few Australian property players that have direct exposure into offshore markets. Now it's eyeing London.
ACT government sells residential land for more than $84m
The ACT's Suburban Land Agency has auctioned off another five blocks of residential land in Canberra.
Lendlease signs up to build on-campus retirement living
The University of Wollongong isn't just trying to attract students but plans to lure in retirees too.
Office rents set to rise as growth tapers off
Melbourne CBD could be hit first with its office vacancies likely to rise over the next five years while Sydney's are expected to stay tight.
Iconic country pub sells for around $2 million
An investor has purchased a warehouse from a historical railway society.
Personal Finance
Calls for swift end to grandfathered commissions
The next government must legislate to ban grandfathered commissions on financial advice within 100 days of the election, ABA boss Anna Bligh said.
Tax tricks to get more into super
Be careful your income levels are high enough to warrant tax-concessional contributions, writes John Wasiliev, who answers your questions on superannuation.
Westpac's grab for $170b mortgage market share
The banking group is offering cash incentives to win new business as interest-only loans turn over faster than anticipated.
Technology
ASIC gets tough on 'regtech'
Banks will have to explain why they aren't using the latest technology to improve their compliance, as the corporate regulator takes a "bolder" and more prescriptive approach.
iPhone ruling a blow for Qualcomm
A court has ruled against banning the import of several models of the iPhone into the US, dealing a blow to the chipmaker Qualcomm.
Judge recommends ban on some iPhones
The ban comes as Apple and Qualcomm are embroiled in lawsuits over the infringement of a Qualcomm patent.
Leadership
Samuel smashes girls' club
Graeme Samuel said a nuclear bomb was needed to "smash down the impenetrable wall around the female club of directors” adding it was “absolutely” worse than the male club.
Regus aims for 100 co-working franchises in five years
"Where we see the opportunities in Australia are in tier-two cities like Geelong, Bendigo, Newcastle, Townsville and Cairns," says Australian boss Damien Sheehan.
Lifestyle
A taste of what Orange has to offer
Get your diaries out: this regional NSW city is cooking up a storm from April 5.
Book profiles plots of 40 restaurants
The Garden Chef is a generous book for vege gardeners, foodies and gourmet destination travellers – even armchair ones.
These are the 50 best restaurants in Asia
Odette in Singapore managed to wrestle the No.1 title from the iconic Indian-fusion restaurant Gaggan, famed for its emoji-filled menu.
Star turn for Hong Kong police station turned arts hub
Sixteen heritage and two new buildings are the site of this city's exhilarating $680 million Tai KwunTai Centre for Heritage and Arts Museum.
Auf wiedersehen, Mr 911
August Achleitner is leaving Porsche at the end of this month. What's next for the man who has overseen three generations of the iconic sports car?
