Britain says Huawei ‘shortcomings’ expose new telecom networks risks
20th July 2018
Britain says Huawei ‘shortcomings’ expose new telecom networks risks
Technical and supply-chain issues with equipment made by Chinese firm Huawei have exposed Britain’s telecom networks to new security risks, a government report said on Thursday. The assessment, made in a report signed off by Britain’s GCHQ spy agency, will intensify the espionage debate around Huawei Technologies [HWT.UL], which has… Read More
Australia’s CBA slapped with shareholder class action
3rd July 2018
Australia’s CBA slapped with shareholder class action
Commonwealth Bank of Australia (CBA.AX) said on Monday it had been served with a class action lawsuit filed by Phi Finney McDonald on behalf of certain shareholders. The class action was filed on behalf of certain shareholders who acquired an interest in CBA’s shares between June 16, 2014 and Aug. Read More
Australia’s CBA slashes executive pay by $44 million after regulatory inquiry
2nd July 2018
Australia’s CBA slashes executive pay by $44 million after regulatory inquiry
Commonwealth Bank of Australia (CBA.AX) said on Friday it would slash more than A$60 million ($44.33 million) in senior executive pay as part of its response to an inquiry by the Australian banking regulator. The Australian Prudential Regulation Authority (APRA) had in May commissioned an inquiry into CBA’s… Read More
Australia, New Zealand central banks shun ‘volatile’ digital currencies
27th June 2018
Australia, New Zealand central banks shun ‘volatile’ digital currencies
The central banks of Australia and New Zealand ruled out on Tuesday the notion that they would issue official cryptocurrencies anytime soon, warning the potential damage to their banking systems could outweigh the benefits. Tony Richards, head of the Reserve Bank of Australia’s (RBA) payments policy, said that bitcoin and… Read More
China’s Huawei top sponsor of Australian politicians’ overseas trips
27th June 2018
China’s Huawei top sponsor of Australian politicians’ overseas trips
Chinese telecommunications equipment maker Huawei Technologies Co Ltd [HWT.UL] is the biggest corporate sponsor of overseas travel for Australian politicians, according to an analysis of travel disclosure registers by an Australian think-tank. The report comes as several politicians have called for Huawei to be banned from participating in a roll-out… Read More
Banking: CBA fined $700m, had compliance failings for 770,000 accounts
6th June 2018
Banking: CBA fined $700m, had compliance failings for 770,000 accounts
The Commonwealth Bank of Australia (CBA) has been hit with a A$700 million ($529.3 million) penalty for AML and CFT breaches, including poor customer due diligence procedures and failing to adequately monitor transactions on almost a million accounts.   >> Learn how RiskScreen Batch provides… Read More
Australian banking in shock as ANZ faces criminal charges
1st June 2018
Australian banking in shock as ANZ faces criminal charges
Australian banking was in shock on Friday as No. 3 lender Australia and New Zealand Banking Group Ltd faced criminal cartel charges over a $2.3 billion (1.7 billion pounds) share issue, along with underwriters Deutsche Bank and Citigroup. The allegations drove ANZ shares sharply lower in another heavy blow to… Read More
Westpac made blind pensioner a guarantor without risk advice, inquiry hears
23rd May 2018
Westpac made blind pensioner a guarantor without risk advice, inquiry hears
Australia’s Westpac Banking Corp (WBC.AX) admitted on Monday to signing up a legally blind pensioner as loan guarantor for her daughter’s business without warning her of the risks, then threatened to evict her when the business failed. The testimony, given to a powerful inquiry into the country’s financial sector, came… Read More
Australia’s Commonwealth Bank CFO steps down as Comyn rings changes
15th May 2018
Australia’s Commonwealth Bank CFO steps down as Comyn rings changes
Uncertainty around Commonwealth Bank of Australia’s (CBA.AX) senior leadership deepened on Monday as the chief financial officer resigned unexpectedly, the fifth executive to depart in one of the worst governance crises in the bank’s history. Australia’s biggest bank is struggling to rebuild its reputation after a series of scandals revealed… Read More
Easy credit no more: how shocks from Australian banks’ inquiry may squeeze a nation
8th May 2018
Easy credit no more: how shocks from Australian banks’ inquiry may squeeze a nation
Australia’s biggest banks are imposing stricter lending conditions on borrowers as damaging disclosures at an inquiry into financial-sector misconduct prompt fears the economy will be the victim of a new era of subdued credit growth. Australia and New Zealand Banking Group last week said that in the wake of the… Read More
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