Westpac probed by regulator on insider trading allegations
Bloomberg
Bloomberg
Australia s securities regulator is probing Westpac Banking Corp. on allegations of insider trading, just months after the country s second-biggest lender paid a record fine to settle breaches of anti-money laundering laws.
The allegations relate to Westpac s role in executing a A$12 billion ($9.3 billion) interest-rate swap transaction with a consortium made up of AustralianSuper and a group of IFM entities in October 2016, according to a statement Wednesday from the Australian Securities & Investments Commission. AustralianSuper, Melbourne, has more than A$200 billion in assets.
The probe comes after Westpac paid an A$1.3 billion fine for violating rules to prevent money laundering last year, capping a saga that dented the bank s reputation and cost former Chief Executive Officer Brian Hartzer his job. Scrutiny on the nation s biggest banks remains intense after years of scandals and a litany of mis
Switzer Daily
4 May 2021
It’s
economic boom time for Australia but businesses are failing faster this year
than last year. Who’s to blame? The Morrison Government? State governments?
‘Selfish’ work-at-home employees? The Chinese health system that gave birth to
the Coronavirus? Or hard-working yet unprofessional business owners who have
found the threats of business too much?
All the
above!
These
crucial questions I considered when 2GB breakfast host, Ben Fordham, asked me
to look at a
Daily Tele story on the businesses collapsing since the end
of JobKeeper at the end of March.
Like all
good
Tele yarns, the headline grabs you: “NSW
Administration fees are one of the biggest drains on retirement savings and including them in the test will drive fast improvements to the super savings of over a million super members, according to Super Consumers.
âZombieâ firms kept alive to grab government cash Scores of âzombie companiesâ were kept alive in order to receive final government stimulus measures before being shut down, according to an insolvency expert.
Business by Glen Norris
Premium Content
Subscriber only Scores of zombie companies have been kept alive in order to receive final government stimulus measures before being shut down, according to a leading insolvency expert. Revive Financial partner Jarvis Archer said the clean up of zombie companies was under way with an increase in liquidation appointments across a range of industries. A zombie company is defined as a failing firm that needs a bailout to successfully operate.