Stay updated with breaking news from Sameer Manekar. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Bearish bets on most Asian currencies were raised, a Reuters poll found on Thursday, as the possibility of higher-for-longer U.S. interest rates and the unprecedented surge in oil prices triggered...
(Reuters) - The Australian Federal Court has fined the country's second-biggest lender National Australia Bank a penalty of A$2.1 million ($1.35 milli...
Rising wage costs and higher investment spending by Australian banks pose headwinds that could potentially impact the sector's earnings by up to 10% in the near term, analysts at Macquarie said on...
Over the past two years, Australian banks have benefited first from a property boom on the back of Covid restrictions and then from interest rate hikes totalling 400 basis points. Macquarie, an investment bank with a small retail banking operation, said banks' cost bases are likely to remain under pressure as more than 70% of their expenses related to personnel. Macquarie added that it expects banks' expenses to grow by around 1% to 7% in fiscal 2023 through to fiscal 2025, with third-biggest lender Westpac Banking Corp seen being impacted more than its peers.
Australia's Qantas Airways said its former CEO took a pay increase of 872% as he collected years' worth of long-term incentives on the way out, but added it was cutting and withholding hefty bonuses amid damaging lawsuits. Alan Joyce, who retired early this month after a regulator lawsuit accused Qantas of selling tickets on thousands of already-cancelled flights, took home A$21.4 million in the 2023 financial year, according to the company's annual report, published on Wednesday. Most of the amount was share-based incentives that Joyce was allowed to cash in after they vested...