Posted: February 4th, 2017 | Author: Michael Courtenay | Filed under: Business News | Tags: australia, Bank, Banking, Business News, consumer-finance, regulation, Small Business | Comments Off on REPORT: Small Business Inquiry Finds Australian Big Bank Practices Unfair
I’ve banked with a small bank – Bendigo Bank – since my return to Melbourne 8 years ago. Australia’s big banks have plenty of critics, and now they can add the Small Business Ombudsman to that fast growing list.
The high profile Ombudsman, Kate Carnell, who has authored a report released today into banking practices, has found lenders are not being fair when they enter into contracts with small and medium-sized businesses.
The big four banks enjoy a $19 billion advantage over their smaller rivals by still being able to self-calculate the riskiness of their home loans according to analysis from the Australian Prudential Regulation Authority.
Despite a new regulatory framework requiring the big banks to hold larger top tier capital buffers, their ability to internally assess their asset risks is still a huge advantage in terms of the amount of “expensive” capital locked up and their ability to access cheaper funding.
While the CBA, NAB, Westpac and ANZ are now required to base their regulatory capital on a blanket of at least 25 percent of mortgages being at risk, smaller lenders must base their risk weightings at 39 percent :: Read the full article »»»»
Posted: January 26th, 2017 | Author: Michael Courtenay | Filed under: Business News, Hard Pill to Swallow, News, Socially Engineered | Tags: australia, Business Economics and Finance, Currency, donald trump, economic-trends, futures, government-and-politics, markets, stockmarket, trade, united-states, US President | Comments Off on Trump Has Become The Single Biggest Global Market Influence
You can be sure that when vast amounts of money move in a particular direction, somewhere, somehow, a powerful person, or group of powerful people, have made an important decision about something :: Read the full article »»»»
Posted: August 26th, 2015 | Author: Michael Courtenay | Filed under: Business News | Tags: Analytics, Business News, china, Correction, Crash, Global Share Markets, Market Watch, socially engineered | Comments Off on Anatomy of a Bloodbath, Will Augusts Stock Market Correction CRASH?
Many financial analysts have rushed to describe the current global stock market turmoil as a historic event, unprecedented, a bloodbath, however its evolution has so far been quite traditional. The correction, if that’s what this is, has been building since 2011/12 when many analysts began to question the numbers attached to Chinese growth, peaking earlier this year when markets reached new optimism, April marked historic highs for global indices. And while markets around the globe rally to retake losses, China remains the question on everyone’s lips.
Globally this current selloff started as a repricing of growth outlooks, in the main based on believable or unbelievable numbers out of China over the past 5 years, mounting evidence of economic weakness in the worlds second largest economy, coupled with persistent low growth in Europe and Japan, made it hard for markets to ignore the impact on earnings and profitability of what looked suspiciously like a global slowdown :: Read the full article »»»»
Posted: February 10th, 2015 | Author: Verity Penfold | Filed under: Business News | Tags: Bank, Banking, HSBC, International Consortium of Investigative Journalists, Tax Evasion | Comments Off on Secret Files Reveal HSBC Helped High Profile Clients Dodge Taxes
A cache of secret bank files shows HSBC’s Swiss banking arm helped wealthy customers avoid taxes and hide millions of dollars, according to a report by a network of investigative journalists.
The files, analysed by reporters in the International Consortium of Investigative Journalists (ICIJ), showed the British banking giant provided accounts to international criminals, corrupt businessmen, politicians and celebrities.
The files list a range of former and current politicians from Britain, Russia, India and Africa, as well as Saudi, Bahraini, Jordanian and Moroccan royalty, late Australian press magnate Kerry Packer and model Elle Macpherson :: Read the full article »»»»
Posted: May 24th, 2013 | Author: Michael Courtenay | Filed under: Business News | Tags: apple, google, Senate Permanent Subcommittee on Investigations, Tax Avoidance, Tim Cook | Comments Off on Apple’s Tim Cook Flatout Rejects US Senate Caining
Apple’s CEO Tim Cook has defended his company’s tax avoidance tactics, Cook faced a grilling by US lawmakers accusing the tech-behemoth of sham subsidiaries and convoluted strategies to shift profits offshore, however Cook strenuously denied the company used gimmicks to avoid paying taxes. Cook told a US Senate committee Apple paid all the taxes it owed, complying with not only the law, but the spirit of the law.
Cook said last year Apple paid $US6 billion to the US coffers, a tax rate of about 30 percent.
The high level US Senate committee investigating corporate offshore tax avoidance has accused Apple of shifting billions of dollars in profits to avoid paying US taxes on a massive scale. It found Apple avoided paying $9 billion in tax in 2012. Earlier, Panel chairman Senator Carl Levin accused Apple of “exploiting an absurdity” in its tax payments.
Mr Cook told the hearing that Apple lives up to its tax obligations and more, but some lawmakers expressed outrage over findings of the panel’s probe that the tech-behemoth avoided taxes by using a web of foreign subsidiaries, some without any tax jurisdiction :: Read the full article »»»»
Posted: December 28th, 2012 | Author: Michael Courtenay | Filed under: Bailout, Business News, News | Tags: Budget, Business News, Economy, Fiscal Cliff, John Boehner, Mitch McConnell, US Politics, US President Barack Obama, Washington | Comments Off on UPDATED! Will the US Fall Over the Fiscal Cliff?
US president Barack Obama will return to Washington – from vacation in his home state of Hawaii – to host congressional leaders, including his bitter Republican rivals, in a last-ditch attempt to halt America’s slide over the fiscal cliff.
A White House spokesman said the president would meet House speaker John Boehner and Senate minority leader Mitch McConnell, and Democratic allies Senate majority leader Harry Reid and House minority leader Nancy Pelosi.
The meeting – scheduled for Friday afternoon local time – comes amid bitter partisan exchanges and mounting pessimism over whether a budget deal can be struck.
Before leaving his Hawaiian Christmas vacation, President Obama telephoned congressional leaders to discuss the situation, which could push the US back into recession.
He returned to Washington overnight, but Senator Reid said a deal to avert the $US600 billion package of higher taxes and spending cuts, due to kick in with the New Year, looked unlikely.
With the deadline to solve the latest potential economic crisis in the US rapidly approaching, you have probably heard of the fiscal cliff – but what is it? :: Read the full article »»»»