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Charter Hall bleeds profits, appoints director

ANNABELLE DICKSON  |  WEDNESDAY, 17 FEB 2021
The property investment group's profits are down 44.7% despite a steady increase in funds under management (FUM), according to its half-year results. Statutory profit plummeted to $173.2 million from $313.2 million in the 12 months prior and EBITDA ...

Woodford flags comeback

KARREN VERGARA  |  WEDNESDAY, 17 FEB 2021
... works, reportedly operating out of Jersey. FCA director of enforcement and market oversight Mark Steward said Woodford has not applied for appropriate permissions to commence regulated activity in the UK. "In taking any decision on whether to authorise ...

Continuous disclosure laws to stay

KARREN VERGARA  |  WEDNESDAY, 17 FEB 2021
... provisions under Corporations Act section 674, relaxing a listed company's decision on continuous disclosures that will not attract liability unless there was "knowledge, recklessness or negligence with respect to updates on price sensitive information ...

Westpac prioritises risk management

KARREN VERGARA  |  WEDNESDAY, 17 FEB 2021
... and Risk Excellence (CORE) Program to address financial and non-financial risks. Last December, APRA found that Westpac did not have the means to effectively address wide-ranging risk governance gaps. APRA deputy chair John Lonsdale described the undertaking ...

ASIC to take targeted approach with PIP

ELIZA BAVIN  |  WEDNESDAY, 17 FEB 2021
... will also continue providing support to industry as you prepare for commencement. However, the law is the law, and we will not be shy in enforcing it."

Netwealth boosts profit, FUA

ANNABELLE DICKSON  |  WEDNESDAY, 17 FEB 2021
... $8.5 billion and $9 billion. In addition, Netwealth noted its new pricing is fully implanted and an FUA administration fee is not expected to increase in the second half of the year. The platform recently announced that its longstanding chair Jane Tongs ...

Chief economist update: Amber alert

BENJAMIN ONG  |  WEDNESDAY, 17 FEB 2021
... 2020; there's easy from the Fed and more money coming from US President Biden's US$1.9 trillion contra-virus proposal. Not to mention (again), the psychological fear of missing out (FOMO) and TINA (there is no alternative) to higher yielding ...

Australia sweeps pension market rankings

KARREN VERGARA  |  TUESDAY, 16 FEB 2021
Australia is the most successful pension system among developed countries, according to Wills Towers Watson. The firm's Thinking Ahead Institute 2021 Global Pension Assets Study said Australia's thriving pension system boasts an 11.3% per annum ...

SMSFs primed for best financial interests duty

KARREN VERGARA  |  TUESDAY, 16 FEB 2021
... SMFSA soon to improve the retirement needs and strategies of members, she said, adding that superannuation providers should not have to wait for the government's direction and take action in providing such means now. "It's imperative that trustees ...

Chief economist update: Red metal turning red hot

BENJAMIN ONG  |  TUESDAY, 16 FEB 2021
... industries - from car manufacturing to electrical goods to construction to solar panels, etc. - makes it a good contemporaneous (if not a leading) indicator of economic activity. Hence, the moniker Doctor Copper. China's - the world's biggest copper ...