United States

Byron Kaye

Australia's bank chiefs to face the music as misconduct inquiry wraps up

Nov 15 2018

SYDNEY The CEOs of Australia's top banks and wealth manager will testify at a public inquiry into financial-sector misconduct in two weeks of hearings starting on Monday, in the final stages of a year-long process that looks set to transform the industry.

Australian PE snubbed twice in a day as firms seek higher offers

Nov 12 2018

SYDNEY BGH Capital, an Australian private-equity firm run by three star dealmakers, was rebuffed on two billion-dollar deals on Monday, underscoring how companies are trying to squeeze out better offers in a market crammed with cash-rich investors.

Australia's Westpac fined $2.4 million in rate case, fraction of penalty sought

Nov 09 2018

SYDNEY Westpac Banking Corp won vindication of its decision to fight accusations its conduct in handling of a key rate was unconscionable as an Australian court fined it A$3.3 million ($2.4 million), far less than the sum sought by a regulator.

Australian wealth giant AMP, under pressure, says tougher laws would 'distract'

Nov 08 2018

SYDNEY Struggling Australian wealth manager AMP Ltd fears any new regulation of the finance sector would "distract" participants from acting ethically, it said on Thursday, striking a defiant tone after months of damaging allegations.

Australian regulators call for more powers to police retirement funds sector

Nov 05 2018

SYDNEY, Nov 5 Australia's top financial regulators have called for tougher powers to police poor conduct in the country's A$2 trillion ($1.44 trillion) retirement funds market, the world's fourth largest, showed documents published by a powerful inquiry on Monday.

UPDATE 2-TPG to buy Australian pet store chain Greencross for $481 mln

Nov 04 2018

* Company has been battling competition, including from Amazon (Recasts, adds analyst comment, shares)

Australia's AMP shares jump after reports Macquarie considering acquisition

Oct 31 2018

SYDNEY, Nov 1 Shares in Australia's largest-listed wealth manager, AMP Ltd, jumped more than 7 percent on Thursday, following reports that the country's largest investment bank, Macquarie Group, was considering a tilt at the embattled firm.

Australia's big finance firms struggle to restructure under inquiry cloud

Oct 31 2018

SYDNEY Struggling to adjust in the face of a damning inquiry into the financial sector, two of Australia's top banks shelved plans for share market spin-offs on Wednesday while its biggest wealth manager faced an investor revolt over a cut-price asset sale.

MUFG leaps to grab CBA asset management unit for $2.9 billion in surprise sale

Oct 31 2018

SYDNEY/TOKYO Commonwealth Bank of Australia will sell its asset management arm to Mitsubishi UFJ Financial Group for $2.9 billion in a surprise sale, the latest business to be sold by an Australian financial giant amid unprecedented regulatory scrutiny.

UPDATE 4-MUFG leaps to grab CBA asset management unit for $2.9 bln in surprise sale

Oct 31 2018

* Australia banks rushing to offload noncore assets after inquiry

World News