Edition:
United States

Paulina Duran

Australia's AMP scraps short-term bonuses to avert possible board spill

Mar 19 2019

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.

Supermarkets Coles, Aldi to raise milk prices by 10 pct in Australia

Mar 19 2019

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 extreme drought.

Australia's Westpac exits financial advice, takes charge to shake up wealth unit

Mar 18 2019

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.

Australia's ANZ to give longer interest-only loans to revive property investor business

Mar 15 2019

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.

Australia's CBA halts demerger amid mortgage broker uncertainty

Mar 13 2019

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.

Australia to publish pension fund ratings, pressure underperformers

Mar 13 2019

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 Wednesday.

The Small Short: Investors bet against 2nd-tier Australian banks after inquiry spares majors

Mar 12 2019

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.

Australia scraps plan to abolish home loan commissions

Mar 12 2019

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.

Australian regulator chides banks over delays in repaying wrongly charged fees

Mar 11 2019

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.

Australian bank CEOs tell of struggle to rebuild trust as complaints pour in

Mar 08 2019

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.

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