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Senate creates committee on fintech, regtech

KRISTI CHENG  |  THURSDAY, 12 SEP 2019
... other global regimes. Also to be looked at are current regtech practices and the opportunities for the regtech industry to not only strengthen compliance, but also to reduce costs. Finally, the committee will inquire on how effective current initiatives ...

Surprise $56 billion bid for London Stock Exchange

ELIZA BAVIN  |  THURSDAY, 12 SEP 2019
... for $39 billion in August this year. HKEX said the proposed transaction will only go ahead if the Refinitiv takeover does not. The bid comes at a crucial time for both, with Britain looking to strengthen its financial sector in the face of a looming ...

Chief economist update: 'Paradox of Thrift' in action

BENJAMIN ONG  |  THURSDAY, 12 SEP 2019
... going shopping - then Australia, we'll have a problem. Sure, saving and austerity is good for individual households... but not if every sector in the economy is doing it, for one sector's spending is another sector's income. This is what ...

BetaShares defends Dividend Harvester ETF after critical report

ELIZA BAVIN  |  WEDNESDAY, 11 SEP 2019
... "capital erosion" suffered by the product. Returns from the Dividend Harvester Fund have remained modest; since 2014 there has not been a single year where shares in the fund have finished higher than where they started. The Lonsec report said the fund ...

Super funds recognised in UNPRI awards

KRISTI CHENG  |  WEDNESDAY, 11 SEP 2019
... pose very real long-term risks to our investment returns," she added, "so it is critical that the fund managers we work with not only identify these risks but, put in place mechanisms to mitigate them." HESTA chief Debby Blakey said the fund is "thrilled" ...

Calls to give ASIC power to repair reputations

ELIZA BAVIN  |  WEDNESDAY, 11 SEP 2019
A prominent lawyer has argued ASIC should be given the power to issue "no action letters" to those not under formal investigation for wrongdoing following the Royal Commission. Philip Crutchfield, QC, who previously acted for the corporate watchdog ...

Saxo partners for new reporting service

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 SEP 2019
... chief executive Doug Morris said: "Sharesight clients have tended to have a high portfolio weighting to Aussie shares and are not that exposed to global investing opportunities. Given this local bias, we see our alliance with a Saxo as highly beneficial ...

The end of grandfathered commissions

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 SEP 2019
... for impacted clients and advisers. At this stage there will be many thousands of cases where a sensible solution is simply not available," Kewin said. "We particularly call on ASIC to consider all options to simplify the advice requirements for advisers ...

More climate risk action needed: SSGA

KRISTI CHENG  |  TUESDAY, 10 SEP 2019
... action on the part of companies in climate risk and reporting. It said while progress is being made on managing the risk, it is not happening at the pace commensurate with the challenge; companies are responding tactically, in a short-term manner, to ...

Vanguard launches three new active funds

KANIKA SOOD  |  TUESDAY, 10 SEP 2019
... long-term global growth fund comprising a portfolio of 30 to 60 companies at a management cost of 1.13% per annum. Vanguard is not deterred by its external managers' existing distribution relationships, unlike some others like Zurich who prefer to ...