SYDNEY Australia's AMP Ltd on Wednesday said it will not pay short-term bonuses to most executives, a move that could help it avoid possible board removal should investors vote against its remuneration practices for the second consecutive year.
SYDNEY, March 19 Supermarket chains Coles Ltd
and Germany's Aldi said on Tuesday prices of
home-branded milk sold at their Australian stores would rise by
10 percent from Wednesday, in a push to help farmers impacted by
SYDNEY Westpac Banking Corp, said on Tuesday it would exit its financial advice business, the last of Australia's top four banks to do so, as regulators increase pressure on the scandal-ridden financial sector to act in customers' best interests.
SYDNEY, March 15 Australia and New Zealand
Banking Group will offer interest-only loans for up to
10 years to property investors, as it tries to fuel business
amid softening economic conditions.
SYDNEY Commonwealth Bank of Australia said on Thursday it had halted preparations for the planned demerger of its wealth management and mortgage broking businesses, amid regulatory uncertainty and unfinished work to compensate wronged clients.
SYDNEY, March 13 Australia will begin publishing
"heat maps" of the performance of pension funds next year and
will pressure those with poor records to exit the industry, the
Australian Prudential Regulation Authority (APRA) said on
SYDNEY Investors are shorting second-tier Australian banks while the majors enjoy their biggest rally in three years, as the market weighs up the long-term impact of a public inquiry that exposed widespread misconduct in the financial sector last year.
SYDNEY, March 12 Australia's government said on
Tuesday said it would no longer seek to abolish hidden
commission payments to home loan brokers by banks, as
recommended by a misconduct inquiry that found they often
encourage poor outcomes for bank customers.
SYDNEY Australia's corporate watchdog rebuked the biggest banks and financial services firms on Monday for delays in fixing internal systems that resulted in customers paying fees for services they had not received.
SYDNEY Commonwealth Bank of Australia, the country's biggest lender, said on Friday it will stop automatically charging customers ongoing service fees in 10 days, admitting it had not yet been able to comply with a regulatory order to do so.