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2,764.38 0.86%
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Westpac exposed to civil action after admitting it breached responsible lending laws - Dotemirates
1 week 2 day

Westpac exposed to civil action after admitting it breached responsible lending laws

By Stephen Long Westpac could be sued by its customers, funders and investors after admitting it breached responsible lending laws and a separate finding that it lacked appropriate lending controls.The bank recently reached a $35 million settlement with the corporate watchdog ASIC after admitting an "automated decision-making system" for home loans breached responsible lending laws, issuing more than 10,000 mortgages that should not have been approved. "These admissions expose Westpac to civil action by individuals who were provided with too much credit — and inappropriately so — during their application for a loan," Josh Mennen, a principal at the plaintiff...


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6 minute 21 second

Companies aren't rushing to bring home overseas cash

When Congress passed the sweeping tax cut legislation late last year, one of its promised benefits was what would surely be a massive amount of repatriation of U.S. corporate profits held overseas for years to avoid the U.S. taxes on those gains. And in the three months ended in June, U.S. companies brought back roughly $170 billion in overseas profits, according to government report released this week. That may sound like a lot, but it's far less than the $295 billion firms repatriated in the first quarter. The figure is about 17 percent of the the estimated $2.7 trillion held...
12 minute 11 second

‘No sign of waning appetite for oil’

LONDON: Global oil consumption will reach 100 million barrels per day (bpd) — more than double the level of 50 years ago — in months, according to an industry report by Reuters.Despite overwhelming evidence of carbon-fueled climate change and billions in subsidies for alternative technologies such as wind and solar power, oil is so entrenched in the modern world that demand is still rising by up to 1.5 percent a year, said the report.There is no consensus on when world oil demand will peak but much depends on how governments respond to global warming, according the International Energy Agency (IEA),...
13 minute 29 second

Plastic straw bans a drop in the ocean in keeping our waters clean

California has fired another volley in the plastic-straw wars, enacting a law that bars sit-down restaurants from offering straws to diners unless they specifically request them. The move follows total bans on plastic straws in cities including San Francisco; Malibu, California; Seattle; and Miami Beach, Florida. Yet cutting down on the use of straws, while a highly visible symbol of the push to reduce the use of plastic, are just the tip of the iceberg when it comes to cleaning up our oceans and other waterways, environmental advocates say. "It's not just straws -- it's all the single-use plastics, it's...

18 minute 23 second

Trump's trade war: Why the economy may soon feel the pain

Americans may soon feel the impact of President Donald Trump's escalating trade war, which could blunt economic growth and boost prices of everyday goods.Economists, corporate leaders and business experts are sounding the alarm, warning that the global economy may slow in coming months with a noticeable hit expected in 2019.Mr. Trump's latest round of tariffs on $200 billion of Chinese goods may be passed onto consumers. That's because buyers like retailers and manufacturers are on the hook for paying tariffs, not the country of origin for the imports. Walmart is warning the newest tariffs could prompt it to raise prices...
29 minute 55 second

Trade war hits eurozone growth: Markit survey

Brussels: Growth in the eurozone economy lost steam in September as European factories saw diminished demand amid Brexit tremors and the effects of a multi-front Trump trade war, a key survey showed on Friday.Data monitoring company IHS Markit warned that export growth was “evaporating” in the 19-country single currency bloc, even though powerhouses Germany and France continued to outperform.The purchasing managers’ index (PMI) by IHS Markit fell to 54.2 in September, which was lower than forecasts by analysts. A figure over 50 indicates the economy is expanding.“A near stagnation of exports contributed to one of the worst months for the...
30 minute 19 second

Goldman Sachs wants your piggy bank

A new savings bank hits the UK next week, but it's far from being a new company.Marcus is part of the mighty Goldman Sachs - the US investment bank once dubbed the "vampire squid".Its move into the UK comes as no surprise. Its US savings bank, which was set up two years ago, has been a big success, attracting $20bn (£15bn) of savings.But will the bank's launch be a damp squib, or mark a sea-change for the UK savings market?Marcus is named after Marcus Goldman who founded Goldman Sachs in 1869. The company has promised it will "offer savers an...