Banking royal commission: Westpac’s Brian Hartzer doesn’t know how much to repay

Banking royal commission: Westpac’s Brian Hartzer doesn’t know how much to repay

Westpac chief executive Brian Hartzer said the bank was unable to quantify what proportion of a billion dollars in fees it will have to repay customers who were charged with services they never received because the records were so poor. The admission at the Hayne royal commission has cast fresh doubt on the viability of…
Bali Nine drug smuggler Renae Lawrence released from Indonesia jail

Bali Nine drug smuggler Renae Lawrence released from Indonesia jail

Bali | Bali Nine drug smuggler Renae Lawrence has been released from Indonesia's Bangli Prison and is expected to board a flight to Australia after spending more than 13 years behind bars. Lawrence walked out of the prison on Wednesday afternoon through a media throng into a waiting car to be taken to Denpasar airport.…
Advance Australia: we give it six months

Advance Australia: we give it six months

If there's one indivisible truth about "conservative alternatives to GetUp!", it's that the blaze of mainstream media publicity they get upon their formation is inversely proportional to their success.  Someone tries this every few months. Cory Bernardi launched the defunct CanDo all the way back in 2009! George Christensen's iteration launched and fizzled. Mark Latham's didn't get far. The most professional attempt was the…
Workforce contractor Tandem hit with $400m class action over ‘sham contracts’

Workforce contractor Tandem hit with $400m class action over ‘sham contracts’

A Telstra and Foxtel contractor backed by industry fund-owned IFM Investors is facing a $400 million class action for allegedly underpaying thousands of technicians through sham contracts. Shine Lawyers filed what is understood to be the largest employment-related class action case ever against Tandem on Wednesday, with the potential of covering more than 4700 workers.…
Banking royal commission: Former CBA chairman David Turner refuses to hand back fees

Banking royal commission: Former CBA chairman David Turner refuses to hand back fees

Former Commonwealth Bank chairman David Turner refused to return 40 per cent of his director's fees when asked by the board, a demand that was never made public, the banking royal commission has heard. CBA chairman Catherine Livingstone said Mr Turner, her predecessor, was asked to relinquish the fees in response to the failures of…
Banking royal commission: how CBA’s bosses struggled with checks and balances

Banking royal commission: how CBA’s bosses struggled with checks and balances

by Rodney Maddock There were two big surprises in the evidence of Commonwealth Bank chief executive Matt Comyn and his chairman Catherine Livingstone before the royal commission. The first was that Comyn pushed so hard against his former boss that he received the now famous injunction "Temper your sense of injustice". The second was that…
Risks rise for investors as developed economies falter

Risks rise for investors as developed economies falter

by Mohamed El-Erian Life would be better for equity investors if the transition from quantitative easing and ultra-low interest rates was unfolding against a backdrop of solid economic growth. Instead, the global economy is losing momentum and the divergence between advanced economies is growing. As a result, financial market choppiness has been ruling the day…
ASX set for heavy losses after US stock slump

ASX set for heavy losses after US stock slump

Australian stocks fell sharply after a torrid night in the US markets set alarm bells ringing over the outlook for corporate profits. Investors continue to question the likely path of economic growth in the US and around the world. Energy stocks took a pounding in Australian trading, with Origin down 3.7 per cent at $6.55 and…
Banking royal commission: How CBA’s Matt Comyn failed to stop junk insurance

Banking royal commission: How CBA’s Matt Comyn failed to stop junk insurance

For more than a year, Matt Comyn had been worried that a lucrative financial insurance program needed to be shut down by Commonwealth Bank. His boss, Ian Narev, wasn't convinced. The head of Commonwealth Bank of Australia's retail banking division had watched for three years as hundreds of thousands of customers signed up for insurance…
KPMG looks to entice Ferrier Hodgson partners

KPMG looks to entice Ferrier Hodgson partners

KPMG is looking to recruit partners from mid-tier insolvency firm Ferrier Hodgson as part of a plan by the big four accounting and consulting firm to bring in more revenue and build up its skills in the turnaround space. Talks between KPMG partners and a number of Ferrier Hodgson partners were ongoing but are believed…

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