NAB placed on criminal charge alert
NAB placed on criminal charge alert
National Australia Bank may face criminal charges over a probe by the corporate regulator into the company’s “suspected offending”, amid revelations the lender charged fees of more than $3 million to dead people. The Aus
More WA households facing mortgage stress
Announcing a lower $9.23 billion annual profit yesterday, Commonwealth Bank said the number of WA customers more than 90 days late on their repayments blew out 20 basis points, or 15 per cent, in the June half year to 1.5 per cent of borrowers. The West
Four years on, State approves taller towers for City Link
A four-year wait for an acceptable hotel design for the Perth City Link is over, with the latest version of a $158 million, two tower development given the thumbs up from the State Government. The West
Beijing warms to ‘positive’ Turnbull
The Chinese government has commended Malcolm Turnbull’s more ‘‘positive’’ tone towards Beijing, as China experts hailed the Prime Minister’s conciliatory speech as a significant breakthrough that could help bring an end to the diplomatic chill between the two countries. The Fin
Public service chief ‘breached’ code of conduct
Federal public service chief John Lloyd breached the public service code of conduct by providing material to his former employer, the Institute of Public Affairs, failing to uphold public service values and the good reputation of his agency, a government inquiry has found. The Aus
Banks line up for land registry
Plans by the West Australian government to sell its $1bn-plus land registry business appear to be progressing, with investment banks hoping to find out shortly if they have a role advising on the entity. The Aus
Retailers, suppliers ‘wasting’ $11b on discounting
Food and grocery suppliers and retailers are wasting $11 billion a year on pointless discounting, according to new research that appears to back Coles’ and Woolworths’ shift away from promotions towards everyday low prices. The Fin
The Australian Financial Review
Page 1: Commonwealth Bank’s Matt Comyn has passed his first test as chief executive of the nation’s largest company, with its legion of mum and dad investors welcoming a surprise dividend increase even though the lender reported its first decline in full-year profit since the global financial crisis.
AMP has admitted that it suffered a $5 billion slump in gross cash inflows in its core Australian wealth management business over the latest half-year because of damage to its brand from disclosures at Hayne royal commission.
The Chinese government has commended Malcolm Turnbull’s more ‘‘positive’’ tone towards Beijing, as China experts hailed the Prime Minister’s conciliatory speech as a significant breakthrough that could help bring an end to the diplomatic chill between the two countries.
Page 2: The High Court has ruled against a share trader who generated millions in tax refunds from franking credits funnelled through a trust, rejecting what an expert calls ‘‘tax planning on steroids’’.
Page 3: Labor will expand the federal public service and cut back on the use of contractors and consultants if it wins the next election – an announcement that will likely cause panic across the big four accounting and consulting firms Deloitte, EY, KPMG and PwC that have collectively won $1.7 billion in work over the past five years.
Page 5: Reserve Bank governor Philip Lowe dismissed out of hand any suggestion the central bank would consider lowering its inflation target, despite saying that globalisation and technological change had made the economy ‘‘less inflation prone’’.
Page 9: The Productivity Commission’s proposal for a ‘‘best in show’’ list has gained backing from the corporate regulator, who says it could solve conflicts of interest and lack of competition.
Page 11: A new ATO determination about the tax implications from splitting established trusts doesn’t have enough detail to explain new hardline rules, experts have warned.
Page 25: Food and grocery suppliers and retailers are wasting $11 billion a year on pointless discounting, according to new research that appears to back Coles’ and Woolworths’ shift away from promotions towards everyday low prices.
Page 29: Bass Metals said its Graphmada large flake graphite mine has reached nameplate production.
Page 31: Momentum is building for a potential float of the Home Consortium portfolio of retail centres, with about $1 billion in real estate that will have been redeveloped and reopened by the end of this year alone.
The Australian
Page 1: National Australia Bank may face criminal charges over a probe by the corporate regulator into the company’s “suspected offending”, amid revelations the lender charged fees of more than $3 million to dead people.
Page 4: The downturn in the housing market appears to be gathering pace as banks approve fewer loans for owner-occupiers, as well as for investors.
Page 6: Federal public service chief John Lloyd breached the public service code of conduct by providing material to his former employer, the Institute of Public Affairs, failing to uphold public service values and the good reputation of his agency, a government inquiry has found.
Page 18: Plans by the West Australian government to sell its $1bn-plus land registry business appear to be progressing, with investment banks hoping to find out shortly if they have a role advising on the entity.
Page 20: Gold miner St Barbara hopes to seal a big merger in the next 12 months and has turned its attention to North America, after talks with Australian peers fell over on valuation issues.
Gina Rinehart’s Roy Hill Holdings hopes to “very shortly” boost production capacity at its West Australian iron ore mine, railway and port to 60 million tonnes a year, according to chief executive Barry Fitzgerald.
The West Australian
Page 3: Bosses of Perth’s Crown Casino are suing building group Jaxon for more than $1 million, claiming its slack practice before a weekend rainstorm caused a roof at the Burswood site to collapse, disabling the gaming floor for hours.
Page 6: WA’s grain farmers could pump a record-breaking $6 billion into the economy this harvest thanks to a combination of high prices and good rains.
Page 9: A four-year wait for an acceptable hotel design for the Perth City Link is over, with the latest version of a $158 million, two tower development given the thumbs up from the State Government.
Business: Announcing a lower $9.23 billion annual profit yesterday, Commonwealth Bank said the number of WA customers more than 90 days late on their repayments blew out 20 basis points, or 15 per cent, in the June half year to 1.5 per cent of borrowers.
Contracting veteran Ron Sayers has paid homage to close friends the late Geoffrey Stokes and John Langford, after being awarded the Diggers and Dealers Mining Forum’s highest honour.
Billionaire Gina Rinehart has been a long-term fan of live export, but has recently increased support for domestic processing after inking an agreement with Jack Burton’s Kimberley Meat Company.
