Insurers warn people will be left without cover

“We’ll do all those things that the law requires us to do, we’ll do our best to help them, [but] there will be some people who will anticipate they still have that cover post 1 July and they won’t, and they’ll go to claim it and there won’t be any insurance there for them. Loading “There will be some awful stories that we’ll have to deal with,” Mr Clark said. Mr Clark told the Australian Financial Review’s banking and wealth summit on Wednesday that between 15 and 20 per cent of superannuation…

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Dexus splashes $1.4b on Collins Street in deal of year

Alongside that tower, formerly known at Nauru House, QIC is constructing a premium 39-storey office building and a 300-room hotel along with a retail complex. The highly anticipated deal saw the investment company negotiating with the three main players, before Dexus emerged as the frontrunner. QIC’s proposed development. QIC is half way through leasing the new 39-storey tower and has installed acclaimed restaurateur Chris Lucas, together with Sydney’s Martin Benn and Vicki Wild, in an high-end eatery in the retail component. Tenants pre-committed to the building include management consultants McKinsey,…

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NAB’s Chronican ‘distinctly unhappy’ to learn of alleged fraud

Loading “I don’t think it is good, I was distinctly unhappy that the issue had arisen at all, and I was worried about, again coming back to this issue around rigour and discipline, that the organisation needed a much tighter approach to discipline… and this was a case in point,” Mr Chronican said in Canberra. The issue came to NAB’s attention in late 2017 via a whistleblower, Mr Chronican said. “Obviously it came as a significant surprise to almost any of us that you could have a situation where somebody…

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NAB chief blames banks for ‘culture crisis’ and its costs

“Banking regulation has become a lot more stringent, but I wouldn’t rush out to endorse David’s view because my view is that we’ve brought this upon ourselves, and that until we get our house in order, it’s entirely appropriate for the community to have a higher level of regulation on what we’re doing,” Mr Chronican said. Mr Chronican stepped in last month following the shock resignation of former CEO Andrew Thorburn and will take over as chairman when Ken Henry departs later this year. I wouldn’t rush out to endorse…

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Lack of training highlighted after roller-coaster Qantas flight

Pilots flying a Qantas plane that experienced a roller-coaster descent into Hong Kong two years ago struggled to respond to the incident because of a lack of training, an investigation has found. The in-flight “upset” left four cabin crew and two passengers with minor injuries, and has prompted Qantas to retrain all of its Boeing 747 pilots and update training for its other Boeing pilots. Six people were injured in the incident. Credit:Qantas The Australian Transport Safety Bureau’s final report into the incident, released on Wednesday, found the pilots at…

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ASX edges higher amid mixed signals

The market rallied from a loss earlier in the session after the Reserve Bank of New Zealand said its next rate move would likely be down, placing further pressure on the Reserve Bank of Australia to do the same. The major miners led the market gains on Wednesday. BHP Group rose 0.9 per cent to $37.90, Rio Tinto advanced 1.5 per cent to $95.23 and Fortescue Metals Group climbed 2.4 per cent to $6.78. Energy stocks also firmed as the price of crude oil rose after Russia said it expected…

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There can only be one winner in this battle

His description of the efforts by bank boards to convince their biggest shareholders that the structures for senior executive remuneration needed to be changed in order to not just focus on purely financial metrics was an understatement. While there were a number of reasons for the record 88.11 per cent vote against National Australia Bank’s remuneration report last year — not the least of them a conviction that senior executive bonuses were far too generous given the terrible year the major banks had experienced — there was a significant protest…

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Atlassian, Labor step up in fight against ‘terrible’ encryption laws

Speaking at an event in Sydney on Wednesday, Atlassian co-founder Scott Farquhar panned the consultation process involved in developing the laws. He said Atlassian was not consulted over the bill and told the room that when the tech giant questioned this, it was told the laws would likely not apply to the company. Mr Farquhar called the laws “poorly written” and said he was “befuddled” as to why the government didn’t appear to want to clarify the language. “I think there’s a very dangerous place to say, ‘trust us, even…

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Pilbara iron ore mining returns to normal

A Fortescue Metals Group spokesman said the company re-commenced shipments from Port Hedland on Tuesday afternoon. He said flooding caused by heavy rains were subsiding and rail operations would resume on Wednesday. “Mining and processing operations have continued throughout and there are sufficient ore stocks at Port Hedland for shipping to resume,” he said. “Fortescue is currently working with customers to reschedule shipments delayed by the closure of the port.” On Monday FMG chief executive Elizabeth Gaines estimated the disruption to shipping would be within the range of 1.5 to…

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ANZ loosens credit criteria to ‘sensible equilibrium’

Mr Elliott also acknowledged the availability of credit in his opening remarks to the committee, which will hear from National Australia Bank acting chief executive Phil Chronican this afternoon. Loading “Higher standards, based in the law, do apply, and some will find it harder to borrow than before. Our challenge is finding the right balance of prudence and availability within the regulatory framework,” Mr Elliott said. “After a period of perhaps being too cautious, ANZ is easing back towards a sensible equilibrium. If we are to serve society, we must…

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