The banking regulator has lowered Westpac's risk capital requirements, while the S&P/ASX200 dipped back below 8,000pts in Friday's trade to finish the day lower.
Banking, mining and technology stocks dragged the ASX 200 back below 8,000 points in Friday's trade.Banking watchdog APRA has agreed to reduce the amount of capital Westpac must hold in reserve by $500 million in response to the lender's improved risk management.Catch up with the day's financial news and insights from our specialist business reporters on our live blog .
"A a penalty of this order ensures it has a 'sting' sufficient to deter both repetition by American Express and contravention by other providers of financial products, and one that goes beyond being a mere 'cost of doing business'," Justice Ian Jackman said. "American Express has a long-standing commitment to maintaining customers' trust by delivering products and services with transparency," an American Express spokeswoman said.
He notes the failed assassination attempt and associated sympathy boost have seen Trump and the Republicans' probability of winning the election implied by betting markets surge above 65 per cent. "But Trump is also proposing a huge increase in tariffs, less immigration and his team have been looking at ways to reduce Fed independence," Mr Oliver notes.
"Australia would be particularly vulnerable — exports to the US are only 4 per cent of our goods exports but roughly 35 per cent of our goods exports go to China the demand for which would be impacted by increased US tariffs on imports from China. New private sector house commencements rose 4.8 per cent to 25,072 dwellings and new private sector other residential commencements fell 3.1 per cent to 14,071 dwellings."Our long-held forecast of 164,000 building starts expected in 2023 came in very close to the actual outcome of 165,000," CBA Economics said in a research note."Approvals have been a touch weaker than we had expected so far in 2024, which underpins the slight downgrade to our forecast.
"This is thanks to increased output from the EU, Thailand and India. Global production surplus in 2024/25 will be the highest since the 2017/18 season," it said. Australian sugar producers have enjoyed a run of seasons with sugar prices at record highs, it'll be interesting to see how they're strategising for those prices to moderate!The forward curve, the graphical representation of the relationship between the price of forward contracts and the time to maturity of the contracts, is a good visual of how the market is pricing in the forecasts of surplus volumes.Hello there! I'm stepping in for a guest blog post about the MediSecure debacle.
The country's top independent coal miner said its managed run-of-mine coal production for the three months ended June 30 was 9.7 million tonnes , compared with 5.1 Mt a year earlier. The ATO has began ramping up its use of its powers that allow it to personally target company directors through what's known as a Director Penalty Notice or DPN.But the director is now responsible for paying that debt, which in many cases runs into hundreds of thousands of dollars and could bankrupt them.
"Paying tax in Australia is not optional and the ATO's job is to ensure everyone pays the right amount, to the benefit of all Australians," an ATO spokeswoman told ABC News. "When Trump got into the White House in 2016 we went through many days and weeks in which Trump White House comments were viewed as the 'doomsday' for Big Tech, semis, Apple, and the bears said this was the end of the tech trade with a US-China trade war battle," Mr Ives points out.
"Our long standing view navigating Trump politics and the tech sector, is the political rhetoric during this political climate and Beltway races will be loud but ultimately just like our view since 2016, the bark will be way worse than the bite on the US-China Cold Tech War fears. "In a nutshell, we believe Q2 earnings will be a major positive catalyst for the tech sector and expect tech stocks to be up another 15 per cent for the year, adding to the robust tech gains in the first half of 2024 as now the broader tech growth story takes center stage.
"For another, this week's soft CPI release makes it all but certain that inflation will return to the Bank's 1 to 3 per cent target range this quarter. The upshot is that the longer the RBNZ waits to cut rates, the greater the risk it will overtighten."Banking watchdog APRA has agreed to reduce the amount of capital Westpac must hold in reserve by $500 million in response to the lender's improved risk management.
It said Westpac established a Customer Outcomes and Risk Excellence Program and appointed an independent reviewer.
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