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Business

Australian bank shares surge most in decade as investors cheer inquiry outcome

SYDNEY: Australian bank shares surged the most in a decade on Tuesday after a long-awaited report on finance-sector misconduct recommended dozens of rule changes but spared the "Big Four" lenders any serious threat to their market dominance.

Business

Australia to overhaul regulators after inquiry

CANBERRA: Australia’s corporate regulators will be subjected to a new oversight body in a shake-up of the banking sector recommended by a high-powered independent inquiry into financial sector greed and malpractice.

Business

Australia banks hit with tougher rules after scandals

SYDNEY: Australia’s financial industry faces tougher regulation and more scrutiny of pay and culture after the government accepted key recommendations from a yearlong inquiry into decades of scandals and misconduct.

Business

An upheaval is coming for Australian banks

SYDNEY: Australia’s scandal-plagued banks are set for their biggest upheaval in decades as a wide-ranging inquiry into misconduct recommends how the nation’s financial industry should atone for wrongdoings.

Business

Australia inquiry finds pension funds broke rules

SYDNEY: Initial findings from a powerful inquiry into Australia's financial sector strongly criticised pension funds run by National Australia Bank and Commonwealth Bank for regulatory breaches including overcharging customers and failing to act in their best interest.

Business

Australia’s ANZ cuts financial planner bonuses as inquiry reshapes an industry

SYDNEY: Australia’s ANZ said it would quit paying bonuses to financial planners for selling its products, becoming the country’s first major lender to change business practices in response to a powerful inquiry that has unmasked widespread misconduct in the sector.

Business

Zurich is Australia’s biggest life insurer with US$2bil ANZ purchase

SYDNEY: Zurich Insurance has agreed to buy Australia and New Zealand Banking Group’s life insurance arm for A$2.85bil (US$2.1bil), its biggest foray into Australia and its third in the last two years.

Business

Australia set for strong M&A year

SYDNEY: Australia’s privatisation drive is set to draw billions of dollars of acquisition funds in 2017 adding to what corporate advisers expect to be a strong year for dealmaking, albeit one tempered by potential restrictions on foreign suitors.