Banks

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Westpac is one of the banks where ASIC alleges traders rigged the bank bill swap rate. Mick Tsikas/AAP

Business Briefing: manipulating the BBSW

Business Briefing: the bank bill swap rate.
As more details are revealed in the bank bill swap rate rigging case we explain what the rate does, how it can be manipulated and what the government should be doing about it.
Scott Morrison told a joint news conference with Assistant Treasurer Kelly O'Dwyer that the banks would pay an additional $121 million to increase the resources of ASIC. Lukas Coch/AAP

Morrison warns banks not to pass on new ‘user-pays’ impost to finance ASIC reform

Scott Morrison has warned the banks not to pass on to customers the $120 million user-pays charge imposed on them to finance a strengthened Australian Securities and Investments Commission.
ASIC chairman Greg Medcraft says the regulator ‘can’t look over everyone’s shoulder’. Dan Himbrechts/AAP

Banking royal commission should be paid for by banks

Banks have had notice of these issues and failed to resolve them - it seems only fair that they should have to pay.
Opposition leader Bill Shorten says public confidence in the banking sector has taken ‘hit after hit’ in recent years. Tracey Nearmy/AAP

Labor pledges royal commission into bank behaviour

Bill Shorten has promised a Labor government would set up a royal commission into misconduct in the banking and financial services industry.
Prime Minister Malcolm Turnbull attending Westpac’s 199th birthday lunch in Sydney on Wednesday. Dean Lewins/AAP

Banks get a bollocking from Turnbull on ethics

Prime Minister Malcolm Turnbull has given banks a bollocking for unethical behaviour, suggesting they have not repaid the support they received during the global financial crisis.
An excavator clears land for a palm oil plantation in southern Sierra Leone for a Lichtenstein-based a company. Such projects are criticised by some as ‘land grabs’. Reuters/Simon Akam

How a project with good aims delivered bitter outcomes in Sierra Leone

International development banks are supposed to ensure adherence to human rights in the projects they fund. Instead, their practices provide fertile ground for human rights abuses.
Phishing is a growing problem across Africa. South Africa has the highest number of victims. shutterstock

What South Africa is doing to make a dent in cyber crime

Cyber security has been identified as a global challenge, with Africa facing renewed threats through increasing internet use across many platforms.
A Kenyan woman does a financial transaction using her mobile phone. Africaknows/Joshua Wanyama

Why financial inclusion needs a new frontier – asset building

Financial inclusion has so far focused on enhancing a poor person’s cash flow. But it needs to involve more. Not enough consideration is given to encouraging poor people to build assets.

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