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Chief economist update: RBA heading to zero

BENJAMIN ONG  |  WEDNESDAY, 7 AUG 2019
... US president is to win the trade war. Yes Virginia, China's officially a "currency manipulator" in America's eyes - not when it was intervening to keep the yuan from depreciating but now that it has allowed market forces to discover the currency's ...

Financial Wisdom to shut down

JAMIE WILLIAMSON  |  WEDNESDAY, 7 AUG 2019
... Financial Wisdom advisers to exercise a Buyer of Last Resort provision but no applications have been received to date. "It is not currently possible to reliably estimate the financial impact of these agreements," Commonwealth Bank said. Meanwhile, the ...

Spaceship co-founder to exit

KANIKA SOOD  |  TUESDAY, 6 AUG 2019
... two and a half years and launched a mobile-app-based investment product last year. It is now eyeing $300 million. But it is not planning to bid for corporate superannuation tenders to grow its funds under management, Moore told Financial Standard. "We ...

HSBC chief abruptly resigns

KARREN VERGARA  |  TUESDAY, 6 AUG 2019
... August 5 as its group chief executive and director, culminating a nearly 30-year career with the global bank. While Flint will not carry out his day-to-day duties from this date, the board said he remains available to assist with the transition as the ...

Workplace deaths missing from ESG reports: ACSI

KRISTI CHENG  |  TUESDAY, 6 AUG 2019
... the safety practices of companies and the standards they require of contractors". ACSI found 67 of the ASX200 companies were not reporting workplace fatalities, including eight companies that pay executive bonuses based on safety outcomes, a move that ...

ANZ scraps individual bonuses

HARRISON WORLEY  |  TUESDAY, 6 AUG 2019
... executive committee will continue to be remunerated "in accordance with regulatory requirements." ANZ said the changes would not impact the bank's total spend on compensation but rather its mix between fixed and variable remuneration, in an effort to ...

Adviser stole $200k from SMSFs

ELIZABETH MCARTHUR  |  TUESDAY, 6 AUG 2019
... continued to advise through to September 2018. Marigold Falconer had its licence suspended by ASC in May 2016 because it did not have current professional indemnity insurance to cover claims for breaches of financial services laws by its representatives. ...

Chief economist update: Look out below

BENJAMIN ONG  |  TUESDAY, 6 AUG 2019
... Trump's latest announcement of the imposition of a 10% tariff on the remaining US$300 billion worth of Chinese imports not yet covered by the trade war. No more Mister Nice Guy! It appears that Trump has pushed China back so hard against the wall ...

Woodford suspension extended again

ELIZABETH MCARTHUR  |  MONDAY, 5 AUG 2019
... on undervalued companies but the majority of them will be FTSE 100 and FTSE 250 companies. "Admittedly, this strategy has not delivered the returns we had anticipated over the past couple of years which is why the fund is in the situation it is today," ...

Survey backs SG increases

KARREN VERGARA  |  MONDAY, 5 AUG 2019
... Australia said the institute is contradicting itself when it recently released research claiming increasing the SG to 12% would not ease the burden on the Age Pension. Now, Grattan is claiming that an increase will leave workers poorer because it will ...