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ANZ has already struck a deal with Apple for its contactless payment system but now four other banks are arguing the company is making competition difficult. Monica Davey/EPA

Apple Pay dispute may mean less opportunity to pay with your mobile

The competition in Australia’s contactless payment industry is heating up as Apple Pay sets up in Australia. However some banks claim the company is making the system less competitive.
Did ANZ CEO Shayne Elliot let the cat out of the bag on manipulation of BBSW when speaking at the Standing Committee on Economics annual hearing? Lukas Coch/AAP

Just what else did ANZ uncover when looking at BBSW?

In his response to questioning by MPs at the House Economics Committee hearings into the big four banks, Mr Shayne Elliott, CEO of ANZ, may have inadvertently let the cat out of the bag, When questioned…
Commonwealth Bank CEO Ian Narev speaks to the House of Representatives standing committee on economics. Lukas Coch/AAP

Bank inquiry won’t take royal commission off the political agenda

The initial day of the parliamentary interrogation of the big banks’ chiefs has probably only strengthened the hand of those urging a royal commission. Malcolm Turnbull proposed bank executives should…
NAB CEO Andrew Thorburn defended the culture of the bank he works for during the House of Representatives Standing Committee on Economics annual public hearing. Lukas Coch/AAP

Big four bank chiefs face parliamentary committee: experts react

As the chief executives of Australia’s big four banks come before a House of Representatives economics committee, we ask a panel of experts what questions the banks should be answering.
Just like the characters of The Big Short, its time to pick up the warning signs of a global financial crisis. Paramount Pictures

Shadow banking increases the risk of another global financial crisis

The financial products offered by the shadow banking sector allow investors to be further removed from their investments and banks to escape regulation, increasing the risk in the sector overall.
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The do’s and don'ts of doing business in Nigeria

A decision by South African hotel and casino group, Sun International to pull out of Nigeria raises many questions about the conditions of doing business in the second largest economy in Africa.
The inaugural week of the new parliament reinforced the point that Bill Shorten plans to do everything possible to harass Malcolm Turnbull. Mick Tsikas/AAP

Turnbull flays colleagues after government’s humiliation

As any good farmer will tell you, always shut the gate. On Thursday a number of government MPs, including several ministers, rushed away from parliament, leaving the gate wide open, and the opposition…
Anthony Albanese has expressed concern about supporting the scrapping of the clean energy supplement for new welfare recipients. Joel Carrett/AAP

Albanese warns Labor over clean energy supplement in omnibus bill

Federal MPs reassemble in Canberra on Monday ahead of Tuesday’s opening of parliament, with the government talking up what the Coalition used to call a budget emergency and Labor keeping maximum pressure…
Malcolm Turnbull said on Friday that changing Section 18C of the Racial Discrimination Act ‘was not a priority’. Joel Carrett/AAP

Turnbull’s backbench muscles up

Malcolm Turnbull’s rhetoric this week has been designed to put the heat on Labor over budget repair. But he has three grassfires on his hands even before the new parliament starts on August 30 – and they’re…
Scott Morrison said the Moody’s affirmation was a ‘welcome boost’. Mick Tsikas/AAP

Australia’s AAA rating affirmed by Moody’s

Moody’s has reaffirmed Australia’s AAA credit rating, as Malcolm Turnbull seeks to put pressure on Labor and crossbenchers to pass measures to help repair the budget.
Australian banks improved their efficiency after the introduction in 2003 of the ASX Principles of Good Corporate Governance, which aimed for improved governance mechanisms and thus better control over bank management. AAP Image/Paul Miller

Good corporate governance is good for banks’ bottom line

Good corporate governance is good for efficiency and profit in banks. But having independent board members and the number of board meetings don’t play a role, research shows.
Malcolm Turnbull’s plan to bring bank executives before a parliamentary committee at least annually has been seen as little more than token. Mick Tsikas/AAP

The banking story has a way to run for Malcolm Turnbull

Malcolm Turnbull’s resistance to a royal commission into banks is flouting public opinion and will test his own backbenchers, who have their fingers on the electoral pulse on this hot-button issue. An…
One has to ask what the banks fear. Are there further pockets of wrongdoing yet to emerge? No, they say. AAP/Paul Miller

Turnbull inquiry-lite bank plan falls short

Malcolm Turnbull’s plan to have the chiefs of the big banks regularly front a parliamentary committee is more gesture than substance. What it tells us is that Turnbull is very sensitive to the strong public…

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