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In Australia, a new body to monitor regulators will be launched, which will clear the banking sector of unethical practices. Australian banks cheat regulators by charging fees for services they did not commit. In addition, regulators are working closely with banks, so that they avoid punishment for violations. The authorities made a recommendation on corporate regulation, consisting of 76 points. The Ministry of Finance of Australia has already promised the commission to implement all its recommendations. Last year, investors deduced sums from insurance companies that were at the center of the investigation of the Royal Commission. The government was initially against the Commission’s investigation, but it reversed due to public pressure. The royal commission did not make recommendations on changes in the regulation of mortgage loans, the collapse in prices, which caused the attention of investors. Paying a commission to a mortgage broker will soon become the responsibility of the borrower, not the lender. This will not allow banks to increase the mortgage loan portfolio.
On Monday, the Australian Competition and Consumer Commission (ACCC) filed a case against Google (GOOGL) in federal court after allegations that the multinational technology company misled its consumers about the expanded use of their personal ...
Major Japanese banks saw record demand for the corporate loans that were offered since April as the COVID-19 pandemic continues to have companies rushing in to build up cash reserves, according to a central bank survey on Friday. The figures ...
Asian shares performed unsteadily on Wednesday. This followed after an increase in new coronavirus cases in some parts of the world dampened investors’ optimism over a possible recovery in the economy. Meanwhile, oil prices eased on ...
Australia’s second-largest lender, Westpac Banking Corp. (WBC.AX), announced on Friday that it would pay AUD 8 Million ($5.5 Million) including interest to around 8,000 employees who have underpaid their long service leave entitlements ...
Australia is set to launch its fourth economic stimulus package aimed at providing eligible residents the opportunity to renovate their homes. The scheme was announced by Prime Minister Scott Morrison on Thursday as the country attempts ...
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