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Showing 1011 - 1020 of 5945 results for "Banks"

Westpac takes $1 billion profit hit

ELIZA BAVIN  |  THURSDAY, 24 OCT 2019
... $191 million for ongoing advice service fees, with the remainder associated with the costs of remediation programs. The banks said the majority of the costs relate to issues identified in prior periods. The banks wealth division also took a blow, denting ...

RBA downplays likelihood of further rate cuts

ELIZA BAVIN  |  FRIDAY, 18 OCT 2019
... and a step closer to the RBA's full employment aim of 4.5%. Speaking in Washington to the IMF, Lowe said that the central banks rate cuts and government tax cuts have been effective at supporting the domestic economy. "The economy has been through a ...

No one reads the PDS: ASIC

ELIZABETH MCARTHUR  |  TUESDAY, 15 OCT 2019
... information, the report said firm's defaults are accepted by many. It offered this example: "ASIC identified that some Australian banks were defaulting loyal customers whose term deposits had expired into new term deposits. The 'new' term deposits had ...

Chief economist update: Brexit uncertainty is not all that bad

BENJAMIN ONG  |  TUESDAY, 15 OCT 2019
... uncertainty over Brexit that is working in the Bank of England's (BOE) favour. It's one of the very few central banks that's forward guiding monetary policy towards higher interest rates (albeit "gradual and limited") at a time when the US ...

Broker fined for lavish entertainment

ELIZABETH MCARTHUR  |  MONDAY, 14 OCT 2019
... brokerage they personally generated and brokers were encouraged to entertain traders, often those working in investment banks - with the FCA finding this entertainment was "lavish". The entertainment usually involved drinks and dinners but extended to ...

ACCC to probe rate cut decisions

HARRISON WORLEY  |  MONDAY, 14 OCT 2019
... Commission (ACCC) has been directed by the government to immediately establish an inquiry into the behaviour of Australia's banks when it comes to passing on interest rate cuts. Announcing the inquiry on this morning, Treasurer Josh Frydenberg said ...

Chief economist update: When QE is not QE

BENJAMIN ONG  |  MONDAY, 14 OCT 2019
... in early September 2019." Quantitative easing is that you? Broadly defined by Investopedia, QE is when the Fed (central banks) increases the money supply by "purchasing assets with newly created bank reserves in order to provide banks with more liquidity". ...

Chief economist update: Japan tightens fiscal policy

BENJAMIN ONG  |  FRIDAY, 11 OCT 2019
Just as the clamour among central banks for fiscal policy aid continue to grow - recently supported by prescriptions from international institutions such as the International Monetary Fund (IMF), the World Bank (WB), the World Trade Organisation (WTO) ...

Volcker Rule tweak gets green light

KANIKA SOOD  |  THURSDAY, 10 OCT 2019
Post-GFC legislation that stopped big Wall Street banks from using their customers' money to invest in risky trades has seen a revision that could relax some of the restrictions. On October 8, five United Stated agencies approved the changes to the ...

Super funds face scrutiny in Canberra

ELIZA BAVIN  |  THURSDAY, 10 OCT 2019
... that will front the committee for a two day hearing in Canberra in November as part of its ongoing review of the four major banks and other financial institutions. Other funds set to appear include Suncorp, Nulis Nominees Australia and Rest. IFM Investors ...