SYDNEY The Australian consumer watchdog warned a A$15 billion ($11 billion) tie-up between the local arm of Britain's Vodafone Group and internet provider TPG Telecom Ltd may hurt competition, sending shares down across the sector.
SYDNEY Westpac Banking Corp shareholders voted against its executive remuneration plans on Wednesday, dealing a symbolic blow to Australia's second-biggest lender after a year in which the finance sector has been rocked by misconduct allegations.
* Company acknowledges "significant concerns", says it has
* Company has struggled against online competition
(Recasts, adds share reax, quotes)
SYDNEY An inquiry that has exposed rampant greed and wrongdoing in Australia's major banks and wealth managers wraps up this week ahead of a final report which could trigger sweeping reform of the financial sector of the world's 12-largest economy.
SYDNEY The chairman of National Australia Bank Ltd said at an inquiry into sector misconduct that it would take a decade to fix the profiteering culture that has shredded the reputation of the lender and the broader financial industry.
SYDNEY Australia's corporate regulator told an inquiry on Thursday that funding cuts and an increasing mandate had hampered its ability to prevent wrongdoing in the financial sector, and slammed bank bosses for failing to properly respond to its inquiries.
SYDNEY Australia's second-biggest grocery chain, Coles Group Ltd , traded as a standalone listed company for the first time in over a decade on Wednesday, with its shares rising as much as 7 percent by the midday break.
SYDNEY The CEO of Commonwealth Bank of Australia told a public inquiry into financial-sector misconduct on Monday that senior staff had felt powerless to stop wrongdoing including thousands of breaches of anti-money laundering laws.
SYDNEY, Nov 19 Senior staff of Commonwealth Bank
of Australia, the country's biggest lender, felt
disappointment and embarrassment when a regulator blamed its
culture of complacency for letting money laundering flourish,
its CEO told an inquiry on Monday.