ASIC eyes robo advice regulation
ASIC unveilled a draft regulatory guide on Monday for a growing number of companies offering robo financial advice, based on algorithms and technology. Photo: AP From testing complex algorithms to mandating responsible managers for companies, the corporate regulator is seeking feedback on proposals to regulate the rapidly growing robo-advice sector.The Australian Securities and Investments Commission (ASIC) unveiled a draft regulatory guide on Monday for a g..>> view originalOpal card loophole closed for commuters
Video will begin in 5 seconds. Opal card closes loophole On the day the NSW government clamps down on Opal card loading they have released this vision of Sydneysiders taking advantage of the loophole. Vision: Transport NSW PT0M37S 620 349 Eighteen months after encouraging Sydney commuters to "beat the system", the NSW government is closing a loophole used by some to gain cheap weekly travel on their Opal cards.Transport Minister Andrew Constance announced the changes on Monday..>> view originalPrivate companies restructure to avoid being named on ATO's tax disclosure list
Video will begin in 5 seconds. Which companies don't pay tax? Some of Australia's largest corporations paid no tax in 2013/14 despite turning over billions of dollars. PT1M47S 620 349 When Tax Commissioner Chris Jordan on Tuesday releases the list detailing the amount of tax – or lack thereof – that the nation's biggest private companies paid in 2013-14, the news won't be who's on the list. It will be who's not on it.Under tax disclosure laws aimed at increasing transparency a..>> view originalScott Morrison scraps GST on Bitcoin, cuts fintech red tape
Explainer: how the blockchain could work for CBA Treasurer Scott Morrison said digital currencies such as Bitcoin will be exempt from GST and restrictions on crowdfunding eased, under changes to boost the fintech sector.The government will also reduce tax barriers for venture capital investing in fintech companies and is working with the corporate regulator on a "regulatory sandbox" for start-ups that will allow them to focus on developing new products first and regulatory requi..>> view originalASX chief Elmer Funke Kupper quits in face of investigation
The head of the Australian Securities Exchange, Elmer Funke Kupper, has quit his $3.5 million a year job over allegations that he knew of a $200,000 payment to the family of Cambodian strongman Hun Sen.The ASX chairman Rick Holliday-Smith announced the resignation as the market closed at 4pm, saying the board had "accepted that Elmer wanted to direct his full focus to the investigations which may be made into the Tabcorp matter". Elmer Funke Kupper has now also..>> view originalShareholders to receive $19b in dividends
Virgin Australia taps owners for $425m
Virgin Australia taps owner airlines againVirgin Australia taps owners for $425mVirgin Australia has bought itself time to fix its balance sheet with a $425 million loan from its four major shareholders.The airline has secured a 12-month loan facility with Air New Zealand, Etihad, Singapore Airlines and Virgin Group while it reviews its capital structure with a view to boosting profitability.Virgin Australia made a profit of $45.7 million in the six months to December 31, but took on a $US125 mi..>> view originalEconomy-wide spending slows in February
The latest news from CommSec.Commonwealth Bank Business Sales IndexAccording to the Commonwealth Bank Business Sales Indicator (BSI), economy-wide spending was broadly unchanged in February, matching the January result but representing a clear slowdown in spending from the third quarter of 2015.In September 2015 the BSI had lifted by 0.6 per cent, but the growth rate slowed to 0.5 per cent in October, to 0.3 per cent in November and to 0.1 per cent in December. The annual trend growth moderated ..>> view originalBanks weigh on ASX, election news shrugged off
All of the big four banks fell on Monday. Photo: James Davies Energy stocks and banks led the sharemarket lower on Monday, despite strong US and Chinese leads, but investors shrugged off news of an early election.The local bourse opened in positive territory after major Wall Street indices closed positive for the year on Friday for the first time in 2016, with the US Federal Reserve's dovish tone and a strengthening economic outlook compelling investors to ta..>> view originalFemales are more pessimistic than males about economy, Mastercard survey says
Video will begin in 5 seconds. Fixing women's superannuation Australia's superannuation system is loaded against women. Peter Martin explains how, and what would be required to change it. PT1M24S 620 349 Women consumers are much gloomier than their male counterparts and it's been that way for more than a decade.Females are more pessimistic than males about the state of the economy, regular incomes, employment, quality of life and even the stock market according to Mastercard's..>> view original
Monday, March 21, 2016
ASIC eyes robo advice regulation and other top stories.
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