CBA to pay $700m penalty in Austrac settlement, Myer's new chief goes to the shops, and more trending news
The news Australian professionals are talking about now, curated by LinkedIn’s editors. Join the conversation in the comments below.
The Commonwealth Bank of Australia has reached a $700m settlement to resolve AUSTRAC allegations. The settlement, which must still be approved by a court, will also see the big bank pay AUSTRAC’s legal costs of $2.5m. AUSTRAC launched proceedings against CBA in August last year, following claims the lender had breached anti-money laundering and counter-terrorism-financing laws. Meanwhile a recorded video conference call is key to a criminal cartel case against ANZ. The AFR (paywall) reports senior bankers from ANZ, Deutsche and Citigroup who were on the call in 2015, are expected to be charged in the criminal matter today.
Myer’s new chief will spend his first day on the shop floor in Melbourne today, hearing the opinions of staff and customers about the beleaguered retailer. John King, lately of British retailer The House of Fraser, will bypass Myer’s Docklands HQ for a taste of the retailer’s front line, The Australian (paywall) reports. Last week, a leaked memo from general manager Tony Sutton called out “unacceptable” levels of customer service. Aggressive discounting could lead to losses for the fourth quarter in a row, which could provide impetus to sack the company’s board.
Channel 7 will be eagerly awaiting audience data today after its $150,000 interview with Barnaby Joyce and Vikki Campion. The much-hyped interview between the former deputy PM and his staffer-turned-partner aired last night. The deal came together after furious bidding between Seven’s Sunday Night and rival Nine program 60 Minutes. Funds from the deal, which Seven said the pair negotiated together, will go into a trust for Joyce and Campion’s six-week-old son Sebastian, they said.
A former EnergyAustralia executive has blown the whistle on “unethical” retail practices. Adrian Merrick, who once headed the energy giant’s retail arm, said retailers were using “smoke and mirrors” in their retail pricing. In an interview with The Age, Mr Merrick said consumers were faced with a bewildering array of offers, some of which were artificial discounts on a higher based energy tariff. The Australian Energy Market Commission has intervened to regulate against discounting that leaves consumers worse off.
Jamie’s Italian has closed another Australian restaurant after failing to come to a lease agreement with its landlord. The Australian arm of Jamie Oliver’s restaurant venture was rescued in April by pub owner Hallmark Group as the international chain floundered. Hallmark had attempted to negotiate a more favourable lease on the Parramatta property. Owner James Symond, CEO of Aussie Home Loans, reportedly wanted an additional bond as security on the lease, the SMH reports. The closure of the Parramatta outlet follows an earlier exit from a site in Canberra.
Idea of the Day: Never stop learning, says Yuval Atsmon, SVP at Globality. It’s a healthy barometer for determining whether it’s worth staying in any job.
“A great career gives you an ever-increasing opportunity to learn more. Even if you are not looking to change your role, ‘knowledge has to be improved, challenged, and increased constantly, or it vanishes,’ to quote author Peter Drucker.”
What's your take? Join the conversations on today's stories in the comments.
Executive Director, RUGAO Financial Services Limited
6 年....... Again, a slap on the wrist with the softest of a wilted lettuce leaf. A Monster gets away with serious crimes for scant / little consequence - again - a rounding error that will be enforced / distributed quietly on the chargeable bottom line of Customers! What of the Executives.....? Lamentable decline in 1 of the traditional bastions of trust and service.
Behold, the man.
6 年CBA pays = we pay.
Australian patriot
6 年What a lot of s*** 700 million dollars it's like being a parking ticket for the pieces of s*** companies laundered trillions of dollars to the Chinese b******* get the traitorous ceo's get them the repay all the get them all the money frigging at least what they own sending to the bankruptcy Court and then others would think twice think
Director of Business Operations at TEKsystems
6 年Mathew Mehrotra?- hopefully they keep impressing us with the advances in Digital to overcome this set back.?
Director at Civil Geotechnical Consultants Pty Ltd, MIEAust, CPEng, RPEQ, NER.
6 年Meanwhile, multi billion dollar QUARTERLY profit soon to be announced. I doubt $700m is much of a deference.