AUD GBP News 

‘Obviously it’s a statement of fact that the UK is not within the Pacific’: Australia pours cold water on British hopes of joining key trade agreement post-Brexit

“The UK has until March 29 to ratify a Brexit deal, but a political stalemate in the House of Commons means that the likelihood of a no deal Brexit is seemingly rising day by day” writes Will Martin for businessinsider.com. Birmingham did, however, provide some positive news for Britain, saying that Australia is keen to fast track an agreement between the countries in the event of a no deal Brexit.One of Australia’s most senior politicians on Sunday poured cold water on proposals from the UK to swiftly join the Comprehensive…

Read More
AUD News 

Intuit Study: A Third Of Small Businesses Grapple With Late Payments

“Intuit found through a study that, across the globe, as much as 61 percent of small businesses (SMBs) face difficulties when it comes to managing cash flow” reports pymnts.com. Under that code, companies embrace paying suppliers (that are also small businesses) within 30 days.When it comes to late payments, 53 percent of small businesses said they invoice, “while 47 percent require payment in advance.” Thirty-one percent of those surveyed said they wait “more than 30 days to get paid by customers,” as noted in Small Business Computing.Hiccups in accounts receivable —…

Read More
AUD Markets News Stocks 

Stocks in Australia gain; US-China trade talks set to resume

“Stocks in Australia rose on Monday morning with investors watching out for developments on the U.S.-China trade situation, as negotiations are set to continue in Beijing later this week” writes Eustance Huang for cnbc.com. In Australia, the ASX 200 rose 0.17 percent in early trade, with most sectors seeing gains. Japan’s stock markets are closed on Monday for a public holiday. Source: cnbc.com

Read More
AUD Markets News Platforms 

Regulation needed to curb Facebook and Google, watchdog says

“In the past three years, Google and Facebook are estimated to have captured 80% of the growth in digital advertising” writes Amanda Meade for theguardian.com. The production of news and journalism cannot be left entirely to market forces and regulation is needed to curb the power of Facebook and Google, the competition regulator says.The preliminary report recommended a powerful new authority to oversee the commercial activities of Google and Facebook.The ACCC chairman, Rod Sims, says the digital platforms inquiry, which delivered its preliminary report in December, revealed that the market…

Read More
AUD GBP News 

ASIC encourages international firms to review their AFS licensing arrangements ahead of Brexit

“Of these firms, 285 UK foreign financial services providers (FFSPs) operate in Australia under an Australian financial services (AFS) licensing exemption” reports financefeeds.com. The Australian Securities & Investments Commission (ASIC) has earlier today posted an update on preparations for Brexit, encouraging firms with global operations to review their AFS licensing arrangements.Among other things, ASIC is seeking to enhance its co-operation with UK financial regulators post-Brexit. Source: financefeeds.com

Read More
AUD News 

Australia’s bruised big banks offered respite in inquiry wash-up

“Broker-originated loans currently account for up to half of some of the big banks’ mortgage books” reports businessinsider.com. Finance Brokers Association of Australia managing director Peter White said the big banks would use their branches to take the lion’s share, at a cost to consumers.The big Australian banks also need to retain sufficient capital to meet new regulator-imposed requirements being imposed in Australia and New Zealand, where they also operate.Many of the wealth management, insurance and financial planning units divested by big Australian banks in recent years were profitable but…

Read More
AUD Markets News 

Stocks in Asia trade mixed; Softbank shares soar more than 16 percent

“Stocks in Asia traded mixed on Thursday, while U.S.-China trade hopes are up as negotiations are set to continue” writes Eustance Huang for cnbc.com. Japan’s Nikkei 225 slipped more than 0.9 percent in morning trade while the Topix declined 1.14 percent as shares of Fast Retailing fell by 2.59 percent.Softbank Group soared more than 16 percent in morning trade, on the back of its announcement on Wednesday that it would purchase up to 600 billion yen ($5.46 billion) of stock in its largest ever buyback.The heavily weighted financial subindex rose…

Read More
AUD News 

Australia Commission: Tighter Regulation Not The Right Move For SMB Lending Misconduct

“Last year, all Big Four lenders admitted to wrongdoing in their small business lending practices during the Royal Commission hearings” reports pymnts.com. According to Hayne at the time, 11 percent of the 5,500 submissions that detailed alleged bank misconduct related to small business banking services.Currently, small businesses are defined under the legislation as companies with up to $2 million in turnover and up to 20 employees.The Royal Commission found that AMP had deceived regulators probing the firm over charging customers for financial advise it did not deliver.The inquiry established that…

Read More