Kelly Hughes | 16 Oct 2017 | News
"Responsibility and accountability are personal not commercial constructs and, notwithstanding the latest knee-jerk reaction to the money laundering scandal, these values have been in very short supply in CBA, over the last decade."
- The Conversation.
Recently, the Commonwealth Bank of Australia was embroiled in an unpleasant public relations debacle over allegations of money laundering with affiliation to terrorist organisations, leaving CBA shareholders as the major victims of the scandal. Share prices fell dramatically after the announcement, with shareholders faci
The Age | 16 Oct 2017 | News
Memo to TV producers, Australia has enough material for its own version of Yes Minister. The Turnbull government's botched recruitment drive to pick a new head to run the corporate regulator would provide rich material for the first episode.
Here we are just four weeks from Australian Securities and Investments Commission chairman Greg Medcraft's departure and the lead candidate, John O'Sullivan, has withdrawn his application "with great regret" after coming under increasing fire from the opposition over his strong connections to the Liberal Party.
Jeremy Duffield | 11 Oct 2017 | Investing
When super was first introduced, there was little choice and less personalisation. Engagement with super was extremely low and only wealthy people had personalised financial strategies, prepared for them by their financial planner.
The Age | 11 Oct 2017 | News
Alicia Keir is in her final year of a teaching degree and expects that it will take about two years to find a full-time job once she graduates, but is worried it could take much longer.
"I know people who go up to seven years without finding a permanent position," said Ms Keir, 26, who is studying primary education at the University of Newcastle and lives in Sydney's south-west.
The Australian | 09 Oct 2017 | News
South Australian Premier Jay Weatherill has warned that changes to GST distribution will “sacrifice fairness” and cost his state hundreds of millions of dollars a year.
Tasmanian Treasurer Peter Gutwein has similarly vowed to fight any changes after federal Treasurer Scott Morrison welcomed a draft Productivity Commission report which has called for an overhaul of GST payments to the states and territories.
The Australian | 15 Sep 2017 | News
It was 9.39am and 10C outside when a huge electronic document slid out through the encrypted walls of the secretive intelligence organisation Austrac and into the Federal Court of Australia. It landed with a loud crash. The document would not only stun the corporate world, it also would up-end the Commonwealth Bank of Australia.
SMH | 08 Sep 2017 | News
A former chief of the prudential regulator and a former boss of the consumer watchdog have been appointed to the APRA panel examining the culture of the embattled Commonwealth Bank.
The Australian Prudential Regulation Authority (APRA) announced on Friday that former APRA boss John Laker, former head of the Australian Competition and Consumer Commission Graeme Samuel and company director Jillian Broadbent would conduct the review of CBA it announced in late August.
AFR | 04 Sep 2017 | News
The Trump administration said it would unleash a "massive military response" if North Korea threatens its territory or foreign allies and warned it might cut off China from the US economy in response to Pyongyang's nuclear weapon test on Sunday. As the nuclear crisis reached its most treacherous flashpoint so far, President Donald Trump opened up the possibility of imposing unprecedented economic sanctions against North Korean trade partners and left open the option of war.
SMH | 28 Aug 2017 | News
The banking regulator will launch an unprecedented public inquiry into the Commonwealth Bank, after a run of scandals that have undermined public trust in the country's biggest bank.
Australian Prudential Regulation Authority chairman Wayne Byres said the inquiry followed damage to the bank's reputation and public standing by a range of issues, most recently allegations it breache
SMH | 23 Aug 2017 | News
The Commonwealth Bank faces a potential investor class action over its disclosure of more than 53,000 alleged breaches of anti-money laundering laws, following a sharp fall in its share price when the scandal emerged earlier this month.
Plaintiff law firm Maurice Blackburn, backed by listed litigation funder IMF Bentham, said on Wednesday it would investigate a potential class action on behalf of CBA shareholders, citing the hit to the bank's share price.