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At about half-past five in the afternoon on August 31, 2020, I received the call that changed everything. I was in my office, furiously tapping out a big story, when my phone rang.
It was one of the managers from International News back in Sydney. His tone serious, he told me that DFAT â the Department of Foreign Affairs and Trade â had just called the ABC. And two other media outlets.
âFâ¦, fâ¦, fâ¦! Iâm just about to file this and they must be ringing up all the media to leak it,â I exclaimed down the phone. It was a major scoop exposing just how dire the situation had become in China. The manager was confused. He wasnât ringing about that, or any other story. âIâm calling to tell you that the Australian government wants to get you out of China,â he said. We were talking about the same topic and didnât even realise it.
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A banking app doesn’t deliver on its promises
RANDY HUTCHINSON
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At a time when traditional banks were paying an average of 0.09 percent on savings accounts, Beam Financial offered up to 8 percent. It also advertised no fees, minimum-balance requirements or withdrawal limits; and promised low-hassle service, including quick account set-up. Customer requests to withdraw funds would be honored within three to five business days.
Beam was not a financial institution. It was a consumer banking app that had arrangements with one or more FDIC-insured banks to hold its customers’ funds. Its vision was “to make high-interest bank accounts accessible to all Americans, regardless of wealth status, account balance, or whether they would be eligible for cross-selling of other financial products.”
China
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Google
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