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ASIC mainly concerned with media releases: Lawyer

ELIZABETH MCARTHUR  |  TUESDAY, 9 JUN 2020
... some circumstances, those fighting an ASIC action can keep their name out of a media release pending appeal. "ASIC needs to show the world how tough it is," Yazbeck said. He offered an example of a client who moved to voluntarily cancel their AFSL (for ...

Aussie financial firms struggle to manage risk: Study

ALLY SELBY  |  TUESDAY, 9 JUN 2020
Australian financial firms are struggling to keep up with the pace of technological change, with two thirds of executives revealing that risks are emerging more rapidly than ever before. More than 70 Australian senior risk executives from the major ...

Super consolidation to slash 60% of funds

HARRISON WORLEY  |  TUESDAY, 9 JUN 2020
Within the next decade, the number of superannuation funds serving Australians will drop by 60%, according to a new KPMG report. New KPMG research shows the 217 APRA-regulated superannuation funds will shrink to 138 within the next five years, with ...

Chief economist update: US labour market turns V-shaped

BENJAMIN ONG  |  TUESDAY, 9 JUN 2020
This US stock market rally is brought to you by the letter V. The much better than expected US non-farm payrolls report sent Wall Street on the up and up - the S&P 500 gained 2.6% on the day (4.9% on the week); the DJIA rose by 3.2% (6.8%); the Nasdaq ...

Hundreds of billions ripped from super

HARRISON WORLEY  |  FRIDAY, 5 JUN 2020
For a moment, Australia's superannuation system was beyond the magic $3 trillion mark. But, COVID-19 momentarily set the sector back, according to new data. Latest Australian Bureau of Statistics data shows the super sector was smashed to the tune of ...

Senator criticises lazy super system

JAMIE WILLIAMSON  |  FRIDAY, 5 JUN 2020
... hinted the government will soon turn its attention back to the Productivity Commission's recommendation of a best-in-show list. Speaking on the My Millennial Money podcast, the assistant minister for superannuation, financial services and financial ...

Sustainable dividend stocks offer yield opportunities: Report

ELIZA BAVIN  |  FRIDAY, 5 JUN 2020
Sustainable dividend stocks may offer equity exposure and yield with some insulation from price fluctuations, according to QS Investors. In its latest investment insight note, QS Investors, a Legg Mason affiliate, said it is critical to consider valuations ...

Chief economist update: The ECB's PEPP economy

BENJAMIN ONG  |  FRIDAY, 5 JUN 2020
... (severe) this year. The revised Eurosystem staff macroeconomic projections have now been put in black and white. New forecasts show real GDP growth dropped from +1.2% in 2019 to -8.7% in 2020 (downgraded from +0.8 predicted in March 2020) before recovering ...

MySuper goes back-to-back in the black

HARRISON WORLEY  |  THURSDAY, 4 JUN 2020
For the second consecutive month, Australia's MySuper options have generated positive returns, after a couple of negative months due to the COVID-19 pandemic. Latest Rainmaker research shows the average return for MySuper products in May was 2.1%, which ...

Asgard, Future Super shamed on ERS

ELIZABETH MCARTHUR  |  THURSDAY, 4 JUN 2020
At a hearing of the House of Representatives Standing Committee on Economics that was supposed to focus on ME Bank's recent troubles, the super funds performing poorly in terms of early release copped surprise criticism. APRA had advised that early ...