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☆ Generative AI is the talk of the town, but businesses are still not ready for it, survey shows
▼ + stars: | 2024-03-06 | by ( Dylan Butts | ) www.cnbc.com time to read: +5 min

"There is a misconception about how easy it is to run mature, enterprise-ready, generative AI," said Stela Solar, Inaugural Director at Australia's National Artificial Intelligence Centre in the survey report. Meanwhile, 56% of the respondents said their IT investment budgets, in general, were a limiting factor in rolling out generative AI. Other barriers to generative AI adoption according to the survey respondents included the lack of relevant generative AI skills. Disruptors versus the disruptedStill, the survey reflected overall positive sentiments about the future role of generative AI in business. While six of 10 respondents expect generative AI to substantially disrupt their industry in the next five years, 78% see it as a competitive opportunity.

Persons: skilling, Chris Levanes, Laurence Liew, Geraldine Kor Organizations: Istock, MIT Technology, Telstra, Artificial Intelligence, South, MIT, Singapore, Telstra International Locations: Australia, South Asia, Singapore

☆ The Tesla chair was meant to rein in Elon Musk, but she's shunned the spotlight. A court ruling has dragged her into it.
▼ + stars: | 2024-02-21 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Not every CEO in charge of a publicly traded stock market giant gets to act like Elon Musk . But her tenure as chair came in for criticism last month after a Delaware judge voided Musk's $55.8 billion pay package approved by the Tesla board in March 2018. At trial, Denholm was not sure whether the Disclosure Committee was fulfilling its obligations under the SEC Settlement," McCormick's opinion noted. AdvertisementMcCormick also drew attention to how Musk changed his title to "Technoking of Tesla" in March 2021. Musk is also seeking to reincorporate Tesla in Texas from Delaware following the court decision in the state on his pay package.

Persons: Elon, Robyn Denholm, Denholm, She'd, Tesla, Musk, Judge Kathaleen McCormick, Judge McCormick, that's, McCormick, Musk's, “, Technoking ”, Elon Musk, Antonio Masiello, ”, …, reincorporate Tesla Organizations: Juniper Networks, Telstra, Blackbird Ventures, Business, Securities and Exchange Commission, SEC, New York Times, Board Locations: Australian, Delaware, Tesla, Texas

☆ Pacific Islands Need to Boost Digital Security to Join Undersea Cable, Says US Official
▼ + stars: | 2024-01-30 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Kirsty NeedhamSYDNEY (Reuters) - Pacific Islands nations that want to connect to U.S.-funded undersea cables will need to secure their digital ecosystems to guard against data risks from China, a senior U.S. State Department official said. The United States pledged last year to jointly fund two undersea cables, to be built by Google, connecting the U.S. territory of Guam with hubs in Fiji and French Polynesia, and further branching out across remote Pacific Islands. The proposed intra-Pacific cable project has offered to branch out to Papua New Guinea, Samoa, Tuvalu, Fiji, Nauru, Marshall Islands, Kiribati, Cook Islands, Wallis and Futuna and the Federated States of Micronesia. China and the U.S. are jostling for influence in the Pacific Islands with competing offers for infrastructure. The Solomon Islands, which struck a security pact with Beijing, is rolling out a Chinese-funded mobile network built by Chinese telecommunications company Huawei.

Persons: Kirsty Needham SYDNEY, Nathaniel Fick, Kirsty Needham, Edwina Gibbs Organizations: Pacific, U.S . State Department, United, Google, Futuna, Federated, The U.S . Department of, Washington, Sydney, Huawei, Telstra, Microsoft, U.S Locations: U.S, China, Guam, Fiji, French Polynesia, Papua New Guinea, Samoa, Tuvalu, Nauru, Marshall Islands, Kiribati, Cook Islands, Wallis, Federated States, Micronesia, The, Solomon, Beijing, Australia, Asia, Pacific

☆ Australia Appoints Former Minister to Head Sovereign Wealth Fund
▼ + stars: | 2024-01-28 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

By Lewis JacksonSYDNEY (Reuters) - Australia's centre-left Labor government on Monday said it would appoint a former climate change minister to chair the A$212 billion ($139 billion) sovereign wealth fund, the second successive ex-minister to hold the position. Until then, Combet will continue as chair of the Net Zero Economy Agency, which oversees Australia's net zero transition plans, Chalmers said. Future Fund board member Mary Reemst has been appointed acting chair until he begins the role. Started in 2006 by then Treasurer Peter Costello with proceeds from the privatisation of state telco Telstra, the Future Fund today rivals the country's largest pension funds in size. In one of his final speeches last November, he urged government to resist using the fund to support political projects.

Persons: Lewis Jackson SYDNEY, Greg Combet, Jim Chalmers, Combet, Chalmers, Mary Reemst, Mr Combet, Peter Costello, telco, Costello, Lewis Jackson, Stephen Coates Organizations: Labor, IFM, Future Fund, Economy Agency, telco Telstra, Fund, Liberal Party

☆ Morgan Stanley names global 'alpha' stock ideas for January — and gives one 50% upside
▼ + stars: | 2024-01-16 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Asian markets may have had a rocky 2023, but those looking for pockets of opportunities in the region can look to Morgan Stanley's selection of "alpha" stocks. Another top stock that Morgan Stanley is overweight on is the Singapore-headquartered United Overseas Bank . Here are 10 stocks from Morgan Stanley's full list of top overweight-rated stocks for January. Notable bottom-ranked stocks Morgan Stanley also named its "notable bottom-ranked stock ideas." These factors "should result in a wider discount to peers like Telstra ," the investment bank's analysts wrote.

Persons: Morgan Stanley's, Morgan, Morgan Stanley, Michael Bloom Organizations: Alpha, Asia, SK Telecom, Korea, United Overseas Bank, ASEAN, Morgan, TPG Telecom, Telstra Locations: Asia, Pacific, Japan, Asia Pacific, Korean, Singapore

SYDNEY, Nov 13 (Reuters) - Australia's financial position will be more precarious and credit rating at risk should the government succumb to the temptation to spend the sovereign wealth fund on political projects, its outgoing chair said in a speech on Monday. The A$205 billion ($130 billion) Future Fund will come under pressure to fund state priorities as an aging population reduces taxpayers and consumes a larger chunk of spending, Chairman Peter Costello said on Monday at a UBS conference in Sydney. "As government's financial position declines, I expect we'll see more plans to spend it," he said. "Once it is spent there is nothing to offset government sovereign debt, unfunded pension and unfunded military claims. Once it is spent the pressure to raise taxes and borrow more will accelerate."

Persons: Peter Costello, Costello, telco, Lewis Jackson, Stephen Coates Organizations: SYDNEY, UBS, Labor, Liberal, Australia's AAA, telco Telstra, Thomson Locations: Sydney, China

☆ Australia's TPG Telecom ends $4 billion fibre sale talks with Vocus
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Reed/File Photo Acquire Licensing RightsNov 13 (Reuters) - Australia's TPG Telecom Ltd (TPG.AX) said on Monday it had ended discussions with Macquarie-backed rival Vocus Group for the sale of some of its non-mobile fibre assets for about A$6.3 billion ($4.00 billion) as the parties failed to agree commercial terms. "The proposed transaction involved considerable complexity and, ultimately, the parties have been unable to reach alignment on the operating model and commercial terms," TPG Telecom said in a statement. In August, Vocus had made a non-binding offer to TPG Telecom to acquire certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including wholesale broadband business Vision Network. The collapse of the fibre sale deal with Vocus is a second such setback for TPG Telecom, whose asset swap deal with bigger rival Telstra Group (TLS.AX) was blocked by the country's antitrust regulator and Australian Competition Tribunal. Under the asset swap deal, Telstra would have bought spectrum and transmission towers from TPG, while TPG would have kept selling 4G and 5G coverage using Telstra infrastructure.

Persons: Jason Reed, Vocus, Himanshi, Sandra Maler, Grant McCool Organizations: REUTERS, Australia's TPG Telecom Ltd, Vocus Group, TPG Telecom, Enterprise, Government, Wholesale, Vision Network, TPG, Vocus, Telstra Group, Australian Competition, Telstra, Thomson Locations: Sydney, Australia, Macquarie, Bengaluru

☆ Australia to investigate Optus internet and phone outage
▼ + stars: | 2023-11-08 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

SYDNEY, Nov 9 (Reuters) - Australia said on Thursday it would launch an investigation into a 12-hour national outage at telco Optus that cut off internet and phone connections to nearly half of its population, hitting critical services including payments, transport and hospitals. The federal government would undertake a post-incident review into the outage, Communications Minister Michelle Rowland said, describing its impacts as "particularly concerning." Australia's media regulator will conduct a separate review into the outage after emergency triple zero ("000") calls went down on Optus landlines, Rowland added. Optus, owned by Singapore Telecommunications (STEL.SI), has not given the cause for the unprecedented outage, one of the biggest the country has witnessed. The outage happened 14 months after Optus was hit by one of Australia's biggest cyber breaches.

Persons: telco, Michelle Rowland, Rowland, Renju Jose, Jamie Freed Organizations: SYDNEY, Optus, Optus landlines, Singapore Telecommunications, Telstra, Australian Broadcasting Corp, Thomson Locations: Australia, Sydney

☆ TPG Telecom's $4 bln fiber assets bid's due diligence period expires
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +2 min

Oct 4 (Reuters) - Australia's TPG Telecom (TPG.AX) said on Wednesday the exclusive due diligence period granted to Macquarie-backed rival Vocus Group for the A$6.3 billion ($3.97 billion) bid for its non-mobile fiber assets has expired. Discussions between the parties for the commercial terms of the deal remain ongoing, with the consideration subject to change, TPG said in a statement. The bid, made in August, includes TPG's non-mobile fibre assets such as certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including the wholesale broadband business, Vision Network. A successful deal would create a combined entity with A$8 billion to A$9 billion enterprise valuation. Separately, TPG was in an asset swap deal with Telstra which faced strong regulatory opposition based on competition concerns.

Persons: Nausheen, Shilpi Majumdar Organizations: Australia's TPG Telecom, Vocus Group, TPG, Enterprise, Government, Wholesale, Vision Network, Telstra, Thomson Locations: Macquarie, Vocus, dealmaking, Bengaluru

SYDNEY, Sept 29 (Reuters) - The blocking of three major deals by Australia's antitrust regulator in the past year was a coincidence, its chair told Reuters, pushing back against concerns among bankers that it has become deal-averse. "There happens to have been a sequence, frankly coincidentally as it turns out, of oppositions," ACCC Chair Gina Cass-Gottlieb said in an interview. There are some concerns that it could be blocked as Brookfield owns AusNet, a poles and wires asset in Victoria state. Cass-Gottlieb also said she doubted foreign investors have been dissuaded from pursuing deals in Australia which does not require companies to get formal clearance before proceeding with a takeover. "The recent stream of merger blockages will make foreign investors think twice."

Persons: Gina Cass, Gottlieb, Canada's Brookfield, Cass, Stephen Corones, Hannah Marshall, it's, Byron Kaye, Scott Murdoch, Edwina Gibbs Organizations: Australian Competition, Consumer Commission, Telstra, TPG, ANZ, Transurban, Origin Energy, Brookfield, FOCUS Cass, Investors, Queensland University of Technology, Cass, Marque Lawyers, Thomson Locations: Melbourne, AusNet, Victoria, Australia, Queensland

PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. PwC Australia in May commissioned former Telstra CEO Ziggy Switkowski to review the firm's culture and governance after revelations a former partner had leaked confidential tax documents to colleagues to drum up work with global companies. Switkowski identified poor practices "uncorrected for many years", including a board stacked with longstanding PwC partners, a powerful CEO "not perceived to be accountable to the board" and a "whatever it takes" approach to making money. PwC Australia has not committed to releasing their reports publicly. PwC Australia said on Wednesday it would adopt, and in some cases already had, the report's 23 recommendations, which include appointing an external chief risk officer, revamping firm culture, and linking partner pay to ethical behaviour.

Persons: Lewis Jackson, Ziggy Switkowski, Switkowski, Kevin Burrowes, Switkowski's, Sonali Paul Organizations: REUTERS, Rights, PwC, Telstra, Facebook, Police, Thomson Locations: Barangaroo, Australia, PwC Australia

The logo of accounting firm PricewaterhouseCoopers (PwC) is seen on the top of a Brussels' office of the company, in Diegem, Belgium September 21, 2023. REUTERS/Yves Herman Acquire Licensing RightsSYDNEY, Sept 27 (Reuters) - PwC Australia will appoint outsiders to its board and publish audited financial statements as part of a governance overhaul to bring the partnership closer to public company standards following a scandal over the leak of confidential tax documents. PwC Australia will announce plans on Wednesday to apply some Australian Stock Exchange governance principles including appointing two non-executive directors and a non-executive chair to its board, according to excerpts of plans provided by PwC. The changes form part of PwC Australia's response to a months-long independent review into its governance and culture, which will be published in full on Wednesday. Australia said last month it would drastically toughen penalties against those who promote dodgy tax schemes and strengthen regulators in response to the scandal.

Persons: Yves Herman Acquire, Kevin Burrowes, Ziggy Switkowski, Lewis Jackson, Kim Coghill Organizations: PricewaterhouseCoopers, REUTERS, Rights, Facebook, Australian Stock Exchange, PwC, “, Telstra, Thomson Locations: Brussels, Diegem, Belgium, Australia

☆ Telstra Chairman Mullen to retire after 15 years
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

A pedestrian walks past a Telstra logo adorning a phone booth in the central business district (CBD) of Sydney in Australia, February 13, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsAug 28 (Reuters) - Australia's Telstra (TLS.AX) said on Monday that its chairman John Mullen would retire at the conclusion of this year’s annual meeting on October 17. After serving on the telecom major's board for 15 years, the company said Mullen will be succeeded as chairman by current director Craig Dunn. Mullen served as chairman for the past seven years. The country's largest telecoms firm expects underlying EBITDA between A$8.2 billion and A$8.4 billion ($5.38 billion)for fiscal 2024, higher than A$7.86 billion in the previous year.

Persons: David Gray, John Mullen, Mullen, Craig Dunn, Dunn, Aishwarya Nair, Diane Craft Organizations: Telstra, REUTERS, Australia's Telstra, Risk, Thomson Locations: Sydney, Australia, Asia, Bengaluru

☆ Australia's Telstra shelves InfraCo stake sale plan, shares down
▼ + stars: | 2023-08-17 | by ( Poonam Behura | ) www.reuters.com time to read: +2 min

The country's largest telecoms firm decided against selling a stake in InfraCo Fixed, saying the unit "plays an important role" in achieving its long-term goals. InfraCo Fixed posted a 4.1% rise in annual income to A$2.56 billion ($1.64 billion), contributing 11% to Telstra's total income of A$23.25 billion. Telstra is targeting net cost reductions of A$500 million and mid-single digit underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) growth through to FY25. It expects underlying EBITDA between A$8.2 billion and A$8.4 billion for fiscal 2024, higher than A$7.86 billion in the previous year. We remain absolutely committed to delivering our FY25 underlying EBITDA and EPS growth ambitions," Brady said.

Persons: David Gray, Henry Jennings, Vicki Brady, Brady, Poonam Behura, Anil D'Silva, Subhranshu Organizations: Telstra, REUTERS, Australia's Telstra, InfraCo, Marcustoday, TPG Telecom, Thomson Locations: Sydney, Australia, Bengaluru

☆ Telstra CFO discusses partnership with Elon Musk's Starlink
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTelstra CFO discusses partnership with Elon Musk's StarlinkMichael Ackland, CFO of Telstra, says that the company's partnership with Starlink will improve customer experiences in the future.

Persons: Elon Musk's Starlink Michael Ackland Organizations: Telstra, Starlink

☆ Aussie telecom firms Telstra, TPG will not appeal block of asset transfer deal
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/David Gray/Aug 14 (Reuters) - Australian telecom firms Telstra Group (TLS.AX) and TPG Telecom (TPG.AX) on Monday said separately they would not appeal the country's competition tribunal's decision to block an asset transfer deal between the two telecom giants. In June, the Australian Competition Tribunal upheld the competition regulator's decision to block the deal between the telecom firms, under which Telstra would have bought spectrum and transmission towers from TPG, while TPG would have kept selling 4G and 5G coverage using Telstra infrastructure. The country's competition regulator had ruled against the asset transfer deal in December citing competition concerns and potentially impacting the no. Telstra did not provide any details about its decision to not appeal the tribunal's decision in the exchange filing, and did not immediately respond to a Reuters request for further details. TPG Telecom, which also did not provide any reason, said it would "continue to explore commercial options to expand its mobile network".

Persons: David Gray, Sameer Manekar, Diane Craft Organizations: Telstra, REUTERS, Australian, Telstra Group, TPG Telecom, TPG, Optus, Singapore Telecommunications, Thomson Locations: Sydney, Australia, Bengaluru

The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. "A substantial lessening of competition in home loans would have major flow-on impacts to Australians with a mortgage," he added. The companies said they would seek a review of the determination at the Australian Competition Tribunal, an offshoot of the federal court which oversees takeover rulings. Taking the deal to the competition tribunal would delay its completion to mid-2024, if the tribunal approved it, from the late 2023 timeline the companies gave when they announced it a year ago. The ANZ-Suncorp deal also needs sign-off from Treasurer Jim Chalmers who declined to comment.

Persons: Lucy Craymer, Mick Keogh, Gina Cass, Gottlieb, Jim Chalmers, Byron Kaye, Himanshi, Stephen Coates Organizations: ANZ Bank, REUTERS, ANZ, Suncorp, ANZ Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, Citi, Telstra, TPG Telcom, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Sydney, Bengaluru

☆ TPG Telecom gets $4.2 bln offer for non-mobile fibre assets from Vocus
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

TPG Telecom said that Vocus made a non-binding offer to acquire certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including wholesale broadband business Vision Network. Shares of TPG Telecom ended 11.6% higher at A$5.600 after resuming trading, marking their biggest intraday jump ever and finishing the day at their highest closing level since May 15. TPG Telecom said it has provided Vocus exclusive due diligence, which is set to expire on September 6. A spokesperson for Vocus said "discussions with TPG are confidential, subject to conditions and regulatory approvals. ($1 = 1.4977 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Vocus, Sameer Manekar, Sonia Cheema Organizations: TPG, TPG Telecom, Enterprise, Government, Wholesale, Vision, Telstra Group, Telstra, Vision Network, Australian Financial, Asset Management, Thomson Locations: Macquarie, Vocus, Bengaluru

☆ Telstra partners with Elon Musk's Starlink for internet in remote Australia
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australia's top telecom firm Telstra Group (TLS.AX) said on Monday it will partner with Elon Musk's Starlink to provide fixed broadband and voice services to rural Australians. The telecommunications provider will bring home phone service and Starlink broadband services as a bundle to Australians, it said on a blog post. "The addition of Starlink will provide an additional connectivity option for people and businesses in rural and remote locations," the company added. Telstra expects to be able to offer the new service options to both customers and businesses towards the end of the year. Starlink, operated by Musk's SpaceX, has built a fast-growing network of more than 3,500 satellites in low-Earth orbit that can provide connectivity in remote areas.

Persons: Elon Musk's, Rishav Chatterjee, Krishna Chandra Organizations: Telstra Group, Telstra, Lines, Musk's SpaceX, Thomson Locations: Bengaluru

☆ Telstra-TPG Telecom network sharing deal blocked by Australia's competition tribunal
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: 1 min

June 21 (Reuters) - The Australian Competition Tribunal has upheld a decision to block a network sharing agreement between wireless internet firms Telstra Group (TLS.AX) and TPG Telecom (TPG.AX), TPG said on Wednesday. The Australian Competition and Consumer Commission (ACCC) had ruled against the plan in December, saying it would bring "a real risk that TPG and Optus will invest less in critical infrastructure". Optus, the country's No. 2 wireless internet provider and which is owned by Singapore Telecommunications (STEL.SI), had opposed the deal, saying it would build Telstra's market dominance. Reporting by Harish Sridharan in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Harish Sridharan, Subhranshu Sahu Organizations: Australian, Telstra Group, TPG Telecom, TPG, Australian Competition, Consumer Commission, Optus, Singapore Telecommunications, Thomson Locations: Bengaluru

☆ Australia's competition tribunal blocks Telstra-TPG Telecom network deal
▼ + stars: | 2023-06-21 | by ( Harish Sridharan | ) www.reuters.com time to read: +3 min

2 wireless internet provider owned by Singapore Telecommunications (STEL.SI). TPG said it would review the tribunal's decision before considering its options for further appeal, including a judicial review in the Federal Court. Telstra shares were up 0.7% in early trade, while TPG's shares fell as much as 10.8%, the biggest intraday decline since August 2022. Optus, which had previously opposed the deal on the grounds it would build Telstra's market dominance, said it welcomed the tribunal's decision. "The tribunal's decision was a decisive move for competition in the sector," Commpete Chair Michelle Lim said.

Persons: Vicki Brady, Kelly Bayer Rosmarin, Commpete, Michelle Lim, Harish Sridharan, Subhranshu Sahu, Jamie Freed, Sherry Jacob, Phillips Organizations: Companies Telecom, Optus, TPG Telecom, TPG, Telstra, Australian Competition Tribunal, Telstra Group, Australian Competition, Consumer Commission, Singapore Telecommunications, ACCC, ACT, Thomson Locations: Bengaluru

Earlier this year, Insider highlighted the 32 most important VCs in Los Angeles. Now we are highlighting the next wave of VCs in Los Angeles. To identify the top up-and-coming VCs in LA, Insider surveyed more than 75 local investors. Earlier this year, Insider highlighted the 32 most important VCs in Los Angeles, but venture capital is a young person's game where no one can rest on their laurels. To identify the top up-and-coming VCs in LA, Insider surveyed more than 75 local investors and sought input from its editorial team.

Persons: Marc Andreessen, Peter Thiel, Andreessen Horowitz Organizations: LA Tech, SpaceX, Netflix, Apple, Meta, Telstra Ventures, Marquee Locations: Los Angeles, LA, Southern California, VCs, New York, Santa Monica

☆ Factbox: Penalties imposed on Australian companies over the recent years
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

Here are some of the major penalties imposed by the regulators:AMP LTD (AMP.AX)Troubled Australian wealth manager AMP Ltd was fined a court-mandated penalty of A$24 million in May for billing dead clients for insurance and financial advice. In October 2022, ANZ was penalised A$25 million for failing to provide certain benefits it had agreed to give customers. In October 2022, CBA's trading unit was fined A$20 million for compliance failures in delivering financial services. NATIONAL AUSTRALIA BANK (NAB.AX)National Australia Bank, the country's second-largest bank, was charged A$18.5 million penalty in August 2021 by a court for issuing misleading fee disclosure statements or none at all. WESTPAC BANKING CORP (WBC.AX)Australia's third-biggest lender, Westpac Banking Corp was ordered to pay A$113 million in penalties in April 2022 for multiple compliance failures across its businesses.

☆ Australia says PwC leak of government tax documents may be referred to police
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 22 (Reuters) - Australia said on Monday the government will take further steps in response to the leak of government tax plans by accounting firm PricewaterhouseCoopers (PwC) and that the matter could be referred to the Australian Federal Police. PwC Australia's CEO stepped down this month and the firm has said it is "committed to learning for our mistakes". "I think the PwC experience has been deeply, deeply troubling and we've already taken some steps but we will be taking further steps," Treasurer Jim Chalmers also told ABC Radio in an interview on Monday. "I will have more to say about how we crack down on this behaviour, which is inexcusable, frankly," he said. PwC said this month that former Telstra and Optus CEO Ziggy Switkowski will lead an independent review into the leak and will report his findings and recommendations in September.

SYDNEY, May 15 (Reuters) - PricewaterhouseCoopers (PwC) said the former CEO of its Australia business, who stepped down just last week, will retire from the firm, while the auditor also announced an independent review into a leak of confidential government tax information. Tom Seymour will retire as a partner at the firm on Sept. 30, PwC Australia said in a statement on Monday. According to recent local media reports, another former PwC partner had been banned by Australia's tax practitioners board for sharing government tax plans with other staff at the firm. PwC has confirmed the "unauthorised sharing of confidential tax policy information", but has not named the individuals involved. That includes if the report recommends "exiting" further people and partners from the firm, PwC added.

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