05/02/2019 - 06:18

Morning Headlines

05/02/2019 - 06:18

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Searing scrutiny leaves big banks bruised but not broken

Morning Headlines

Searing scrutiny leaves big banks bruised but not broken

The four pillars of the banking system will be unshaken by Commissioner Kenneth Hayne’s final report, which leaves the core businesses of the big four bruised but not broken from a humiliating public inquiry. The Fin

Bank greed 'criminal'

Kenneth Hayne has recommended criminal charges against three financial institutions and asked for investigations into 15 more in a final report that sets up an election battle between the Morrison government and Labor over which party can be tougher on the banks. The Aus

ASIC told to get some teeth

Commissioner Kenneth Hayne has damned the Australian Securities and Investment Commission’s enforcement culture as ineffective and has told the corporate watchdog to start using his fangs. The West

Coles offloads WA assets for $45m

Coles has picked up the pace of its saleand-leaseback program after divesting three retail properties in regional WA for a combined $45 million. The Fin

Activist sees end of BHP dual-list

BHP’s recent settlement of a dispute with the Australian Taxation Office should clear the way for the end of the mining giant’s contentious dual-listed structure, Elliott Management says. The Aus

CBA banned from taking service fees

The corporate regulator has banned Commonwealth Bank of Australia’s financial planning arm from charging ongoing service fees until further notice after a report found the business had inadequate systems in place to protect its customers from being ripped off. The Fin

Landgate a litmus test for private equity bigwig PEP

Pacific Equity Partners’ push into infrastructure investment is at an inevitable fork in the road, as they consider expressing interest in Western Australia’s up-for-tender land titles business Landgate. The Fin

Apartment approvals hit four-year low

High-rise apartment approvals hit a four-year low in the year ended December as developers scaled back new plans for large projects and focused on houses and townhouses in a weaker credit environment. The Fin

Labor opens medivac door for Morrison

Labor and independent MP Cathy McGowan have left the door open to negotiating with the government on refugee medical transfers, offering the government new hope of avoiding an embarrassing vote-loss in the House of Representatives. The Aus

 

The Australian Financial Review

P1 (wrap): The four pillars of the banking system will be unshaken by Commissioner Kenneth Hayne’s final report, which leaves the core businesses of the big four bruised but not broken from a humiliating public inquiry.

P1 (wrap): National Australia Bank is the biggest individual loser from the royal commission’s final report, with Commissioner Kenneth Hayne declaring he is not convinced that chief executive Andrew Thorburn and chairman Ken Henry have learnt the lessons of past misconduct.

P1: The corporate regulator has banned Commonwealth Bank of Australia’s financial planning arm from charging ongoing service fees until further notice after a report found the business had inadequate systems in place to protect its customers from being ripped off.

P4: High-rise apartment approvals hit a four-year low in the year ended December as developers scaled back new plans for large projects and focused on houses and townhouses in a weaker credit environment.

P11: Boral chief executive Mike Kane says delays in big-city infrastructure projects that have triggered a profit downgrade can be blamed partly on the complexities of some of the projects that have caused a temporary dip in volume for concrete, asphalt and cement.

P12: Pacific Equity Partners’ push into infrastructure investment is at an inevitable fork in the road, as they consider expressing interest in Western Australia’s up-for-tender land titles business Landgate.

P13: Woolworths and Coles are under growing pressure to cut prices on health, beauty and cleaning products and offer free deliveries to avoid losing market share and volumes to Amazon.

P15: Labor’s proposed policy to stop paying cash refunds for surplus franking credits to investors with no income will drive up the cost of capital for banks and force investors into high-yield bonds that could significantly reduce the potential tax saving.

P16: The head of Australia’s biggest defence exporter has backed United States President Donald Trump’s hard line on intellectual property theft and technology transfer in the trade war with China.

P19: The Australian chairman of controversial Chinese technology and telecommunications giant Huawei has said his company can still thrive in Australia despite high-profile 5G and NBN bans, but called on tech and telco leaders to call out false claims that he says are based purely on anti-China feeling.

P21: Global investment bank Investec has raised $45 million from high net worth investors for a new Australian fund focused on backing pre-profit ‘‘emerging companies’’.

P34: Coles has picked up the pace of its saleand-leaseback program after divesting three retail properties in regional WA for a combined $45 million.

 

The Australian

P1: Kenneth Hayne has recommended criminal charges against three financial institutions and asked for investigations into 15 more in a final report that sets up an election battle between the Morrison government and Labor over which party can be tougher on the banks.

P2: Australia has implemented major updates to its internal cybersecurity controls amid concerns departments and government contractors could be at risk of being compromise by foreign technology.

P8: Labor and independent MP Cathy McGowan have left the door open to negotiating with the government on refugee medical transfers, offering the government new hope of avoiding an embarrassing vote-loss in the House of Representatives.

P17: The prudential watchdog APRA, which emerged from the financial crisis as a renowned financial regulator, has had its powers and influence nobbled in a comprehensive review of the “twin peaks” regulatory model by the financial services royal commission.

P19: BHP’s recent settlement of a dispute with the Australian Taxation Office should clear the way for the end of the mining giant’s contentious dual-listed structure, Elliott Management says.

P19: Chinese property developers are still chasing sites to build apartments for the next property cycle but their interest has cooled since the boom, when they swept up projects at premium prices.

P27: Healthscope suitor BGH Capital needs to up the ante if it stands any chance of snatching power from rival Brookfield, analysts say.

 

The West Australian

P4: Commissioner Kenneth Hayne has ramped up the pressure on NAB chairman Ken Henry, blasting the former Treasury boss for not facing up to the bank’s appalling conduct.

P6: Home loan customers will have to pay a mortgage broker an up-front fee in a drastic overhaul aimed at wiping out conflicted commissions.

Business: Commissioner Kenneth Hayne has damned the Australian Securities and Investment Commission’s enforcement culture as ineffective and has told the corporate watchdog to start using his fangs.

Shares in Otto Energy have surged more than 40 per cent on news of an onshore gas discovery in Texas that is expected to be in production by March.

 

 

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