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ASX to rise; QBE defends coverage allegations

ASX rises; Westpac exposed to $200m âpotential fraudâ
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Westpac commences Federal Court proceedings against Forum Finance
Vesna Poljak
Westpac has commenced proceedings in the Federal Court against Forum Finance where Westpac claims it discovered a significant potential fraud with a potential $200 million exposure by the bank.
Westpac chief executive Peter King. Â
Jessica Hromas
Westpac s institutional bank customers were referred to Forum Finance for equipment leasing. No customers suffered loss.
Investigations are ongoing and the NSW Police, ASIC and APRA have been notified. An external review and investigation are underway at Westpac to determine the origins of what happened. The nature of the alleged wrongdoing was described by Westpac as sophisticated and perpetrated externally, according to the text of its ASX disclosure. ....

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Asian Markets Mostly Higher

Asian Markets Mostly Higher
CANBERA (dpa-AFX) - Asian stock markets are trading mostly higher on Friday, following the broadly positive cues overnight from Wall Street on prospects of a strong global economic recovery after data showed improvement in manufacturing and jobless claims in the US. However, the surge in the delta variant of the coronavirus cases and travel curbs in several countries are capping the gains. Asian markets ended mostly lower on Thursday.
Australian stock market is modestly higher on Friday, recouping some of the losses of the previous session, with the benchmark S&P/ASX 200 just below the 7,300 level, following the broadly positive cues overnight from Wall Street. Investors are also optimistic as restrictions were slightly eased following several outbreaks of the coronavirus Delta variant across the country. ....

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