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Australia’s CBA says CEO Narev to stand down amid money-laundering scandal

August 14, 2017 By Paulina Duran and Byron Kaye SYDNEY (Reuters) – Commonwealth Bank of Australia CEO Ian Narev will retire by next June, Australia’s No. 2 lender said on Monday, after a week of damaging publicity about a money-laundering lawsuit led to calls for the long-serving chief to resign. Narev, 50, would be gone by the end of the current financial year after almost seven years in the job, a tenure marked as much by record profits as allegations of serious misconduct including insurance scams and poor financial advice….

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Australia AX CBA Commonwealth Bank Economy Top News 

Australian corporate watchdog launches fresh probe into Commonwealth Bank

August 11, 2017 By Paulina Duran SYDNEY (Reuters) – Australia’s corporate regulator said on Friday it was conducting an investigation into Commonwealth Bank of Australia after the financial intelligence agency sued the bank for alleged breaches of money-laundering and terror financing laws. Australian Securities and Investment Commission (ASIC) Chairman Greg Medcraft told a parliamentary committee his agency would investigate whether other corporate laws were breached. The probe would focus on the actions of CBA officers and directors and whether the bank had complied with its continued disclosure and licensing obligations,…

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Dollar seeps lower, set for packed week of Fed speakers

March 20, 2017 By Wayne Cole SYDNEY (Reuters) – The dollar slowly ceded ground in Asia on Monday with greenback bulls still nursing grudges after the Federal Reserve’s rate guidance last week proved to be less “hawkish” than many had wagered on. There was limited initial reaction to the Group of 20 meeting over the weekend, which retained the familiar form of words on currency intervention but dropped a pledge to avoid trade protectionism. “The G20 Meeting in Baden-Baden was notable for the impasse over free trade between most countries,…

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