The New Zealand subsidiaries of major Australian banks might be highly profitable, but realising their true sale value can still be a challenge.
Threats over the bank’s decisions about lending to coal miners call into question the government’s commitment to free enterprise.
A warning sign advising users to be aware of their surroundings while playing a video game.
Stefan Heunis/AFP via Getty Images
Nigeria’s cashless policy seeks to minimise cash-related crimes, but it seems to have replaced that risk with another: electronic fraud.
One of the more visible impacts of the shutdown is garbage piling up in parks.
AP Photo/Andrew Harnik
The shutdown is highlighting the crucial role government plays in the lives of citizens and businesses, offering a reminder of its fundamental value to the economy.
ASIC boss James Shipton has signalled a shift to more vigorous enforcement and Treasurer Scott Morrison has bolstered the regulator’s funding to enable this.
Putting regulators inside corporations isn’t new, and the US experience highlights risks of regulatory capture, but the move could make a difference if ASIC is shifting to more robust enforcement.
From the first hearings of the royal commission, the senior counsel assisting, Rowena Orr QC, laid bare the toxic culture behind many consumer lending practices.
Restructuring might help manage conflicts of interest between offering advice and selling products, but it doesn’t fix the culture that sacrifices customers’ interests to the pursuit of profits.
Former AMP CEO Craig Meller (left) and chairwoman Catherine Brenner.
ASIC and APRA don’t lack power to sack bank directors. They the lack the willpower to do so.
Instead of having a separate regulator just for banks, the new system creates one to prevent financial crises, the other to ensure good market conduct and consumer protection.
South African Reserve Bank Governor, Lesetja Kganyago.
The South African Reserve Bank was justified in placing VBS Mutual Bank under curatorship.
The Australian Prudential Regulation Authority has been criticised for pursuing stability in a manner that has killed competition.
Our financial regulators ASIC and APRA need a board of oversight, similar to what the UK has, to keep them in check.
Commonwealth Bank chair Catherine Livingstone (left) and CEO Ian Narev.
Broadening the royal commission beyond banking may dilute the focus on the banks themselves.
The federal government has announced a royal commission into banks and other financial services entities.
Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks’ behaviour itself is the real cost.
Barry O'Sullivan has referenced Dean Smith’s same-sex marriage private member’s bill to pursue legislation for a banking inquiry.
Malcolm Turnbull and Scott Morrison appear to have become hostages to rebel Nationals determined at all costs to secure a commission of inquiry into the banks.
When did ASIC’s Greg Medcraft learn about the alleged money laundering at the Commonwealth Bank?
Parliamentary hearings reveal a lot of confusion between government, regulators and industry around banking regulation. This needs to be fixed.
APRA chairman Wayne Byers.
If APRA cannot evaluate a bank’s governance, who can?
Stocks displayed at the Nigerian Stock Exchange in Lagos.
Evidence suggests a strong relationship between sustainability and the global competitiveness of a country. Nigerian businesses need to embrace it in order to thrive.