ASIC to ramp up criminal and civil action
ASIC is investigating possible criminal action against insurer ClearView over 300,000 unsolicited cold calls as it pledges to take more financial institutions to court for misconduct. Australian Securities and Investments Commission chairman James Shipton admits the corporate regulator should have pursued criminal sanctions in a number of cases. Mr Shipton said ASIC needed to take…
75% of Australian homes sold for less than purchased
Startling new figures from property data specialists Corelogic revealed that a whopping three-quarters of all Australian homes lost their value in the three months leading to October 2018. The figures showed that these homes sold for less than their purchase price. The Australian housing market has been in an overall decline for some time, but…
Mining bitcoin uses more energy than Denmark
Extracting a dollar’s worth of cryptocurrency such as bitcoin from the deep Web consumes three times more energy than digging up a dollar’s worth of gold, researchers said Monday.There are now hundreds of virtual currencies and an unknown number of server farms around the world running around the clock to unearth them, more than half…
CommSec Daily Report Wednesday
Latest newsAussie shares have faded from a better start and are flat at lunch as market’s focus on issues overseas. The ASX 200 has fallen over the prior three days and remains on track to have its worst month since August 2015. Although October tends to be a solid month for markets thanks partly to…
Banks promise to stop charging dead people
A refreshed banking industry code aims to stop banks charging fees to dead people and ensure they only extract fees from customers in exchange for services actually provided. The Australian Banking Association on Wednesday announced the amendments to its Code of Practice to end ‘fees for no service’ and get banks to refund any fees…
Greece to lift controls on domestic cash withdrawals
A limit on cash withdrawals imposed in 2015 when Greece risked leaving the eurozone will be lifted from next week, the finance ministry said Thursday.‘All forms of cash withdrawals from institutions in Greece are allowed without restriction as of October 1,’ the ministry said in a statement.However, restrictions remain on bank transfers abroad, with the…
James Hardie names successor for CEO Gries
James Hardie has picked president of international operations Jack Truong to succeed Louis Gries as chief executive. Dr Truong, who currently heads the firm’s Asia Pacific fibre cement business and the Europe building products unit, will become global president and chief operating officer for a six-month transition period as Mr Gries winds down his 13-year…
CommSec Daily Report Tuesday
Latest NewsLocal shares retreated in early trade on Tuesday, trading against the overnight trend on Wall Street overnight, where US indices advanced – albeit with modest gains. The general tone of markets overnight was constructive, reflecting optimism that the US and China may find a compromise to resolve their trade dispute, while investor concerns in…
CommSec Daily Report Tuesday
Latest NewsLocal shares have shrugged off a weak lead from global markets with lingering concerns over the weakness in the Turkish Lira and potential contagion, with financial instability spreading to other emerging market economies. The ASX 200 is rebounding from two straight losses, up 46 points or 0.75% towards lunch to 6298.Heavyweight sectors, the financials…
Australia still considering migration pact
Australia is still deciding whether to sign a global pact on migration but Prime Minister Malcolm Turnbull insists the nation’s borders will remain strong. More than 190 countries have agreed on a global compact to promote safe and orderly migration and reduce human smuggling and trafficking, but Australia is dragging its feet. ‘We’re examining that…
