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.
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.
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.
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.
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.
* Company has been battling competition, including from
(Recasts, adds analyst comment, shares)
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.
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.
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.
* Australia banks rushing to offload noncore assets after