Revealed: EY’s multiple ‘independent’ roles at ANZ

Revealed: EY’s multiple ‘independent’ roles at ANZ

ANZ will rely on staff brought in from EY to assist the bank's internal policing function while the consulting firm also carries out dozens of projects worth tens of millions of dollars in fees at the bank, raising concerns about the independence of EY's advice. The bank's internal audit team, which supplements its members with…
Wealthier suburbs more of an apartment settlement risk than lower-income ones

Wealthier suburbs more of an apartment settlement risk than lower-income ones

Higher-income suburbs of Sydney, Melbourne and Brisbane are suffering higher levels of mortgage stress and pose more of a settlement risk to residential developments than those in lower-income suburbs. Hornsby (25.9 per cent), St Leonards (10.5per cent) and Bondi (12.5 per cent) in Sydney; Docklands (12.5 per cent), Caulfield (19.2 per cent) and Port Melbourne…
No logic in ASIC suing Westpac but it probably will

No logic in ASIC suing Westpac but it probably will

The securities regulator does not need to take Westpac Banking Corp to court to force it to introduce tougher lending standards but it almost certainly will do so. Common sense says that after Tuesday's defeat in the Federal Court, the Australian Securities and Investments Commission should abandon its pursuit of Westpac for allegedly contravening the…
‘Turf them out’: unions call for a fox hunt to keep retail funds out of super

‘Turf them out’: unions call for a fox hunt to keep retail funds out...

The construction and transport unions will take a joint resolution to "turf banks out of superannuation" to the ALP national conference next month, heaping pressure on Bill Shorten to adopt a radical response to revelations at the banking inquiry. The CFMEU and Transport Workers Union are calling for legal and structural change to lock for-profit…
Morrison government fund offers $2b boost for SME loans

Morrison government fund offers $2b boost for SME loans

The Morrison government will inject $2 billion into the small business loan market in an unprecedented effort to boost lending to cash-starved firms which have complained of a worsening credit squeeze. The creation of a taxpayer-backed securitisation fund to invest in small and medium enterprise (SME) credit will also potentially expand an asset class for…
Fresh wave of selling submerges ASX

Fresh wave of selling submerges ASX

A renewed wave of heavy selling slammed the ASX, wiping $32 billion off the benchmark yesterday, with technology and healthcare stocks falling sharply on fresh doubts over some of the market's most highly valued companies. The worst one-day performance for the Australian since a 2.8 per cent slump on October 25 took the index back…
ASEAN 2018: Indonesian minister confirms embassy shift behind FTA delay.

ASEAN 2018: Indonesian minister confirms embassy shift behind FTA delay.

Singapore| The Australian-Indonesia Free Trade Agreement is unlikely to come into effect until well into next year, possibly beyond the federal election, after Indonesia's Trade Minister confirmed there would be no deal while Australia considered moving its Israeli embassy to Jerusalem. Trade Minister Enggartiasto Lukita confirmed the position after talks in Singapore Tuesday with his Australian counterpart Simon…
ASX shares follow tech rout on Wall Street

ASX shares follow tech rout on Wall Street

Investors wiped $32 billion from the ASX boards on Tuesday, as they sold on the back of a slide in technology stocks on Wall Street on Monday.  The S&P/ASX 200 Index fell 107.1 points, or 1.8 per cent, to 5834.2, while the broader All Ordinaries Index closed 104.6 points, or 1.7 per cent, lower at 5922.6. "Following the…
Arthur Laundy snaps up The Bells Hotel, Wooloomooloo

Arthur Laundy snaps up The Bells Hotel, Wooloomooloo

Rich Lister publican Arthur Laundy has snapped up The Bells Hotel on the Woolloomooloo waterfront, Sydney before auction for about $15 million after just a three week sale campaign. Mr Laundy, who is worth an estimated $506 million on the Financial Review Rich List, owns the nearby Woolloomooloo Bay Hotel which he purchased from the Medich family for $20 million.…
Donald Trump’s race card did not work in the 2018 US midterm elections

Donald Trump’s race card did not work in the 2018 US midterm elections

by Ross Douthat Running for president in 2016, Donald Trump sold two kinds of populism. One appealed to white tribalism and xenophobia – starkly in his early embrace of birtherism, recurrently in his exaggerations about immigrant crime, Muslim terrorism and urban voter fraud. The other was an economic appeal, aimed at working-class voters hit hard…

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