Daily Dispatches: Aus banks upgraded after escaping US regulatory fallout
Earnings forecasts for major Australian banks have been upgraded amid expectations they will escape the fallout from regulatory changes imposed on some of the world's biggest lenders. (The Australian)
Wealth management firm Morgan Stanley Smith Barney has appointed three new advisory service staff in Melbourne who have all joined the firm from Commonwealth Private Bank. (Investor Daily)
Macquarie Infrastructure Group fell as much as 13 percent in Sydney following a January 22 vote by shareholders to approve a restructuring of the company and the board valued its portfolio at $5.08bn as of Dec. 31, compared with A$5.09bn on June 30. (Bloomberg)
One notable feature of banker-bashing in Asia: there isn't any. Just the opposite, in fact. While authorities in the US and Europe are waving truncheons, their counterparts in Asia are using the aftermath of the credit crisis to loosen, rather than tighten regulations.
Hidden details about the interest charged on partly-paid or overdue credit card balances is unfairly costing customers, consumer advocate group Choice says. American Express, Bankwest, Commonwealth Bank, ANZ and Westpac were named as the the most unfair credit card providers. (The Age)
When it comes to pay, Wall Street could learn a thing or two from Singapore. Outsize bonuses at big banks and securities firms have never been more controversial. Governments are on the warpath, imposing bonus taxes and new rules to force bank paymasters to change the way they compensate their talent. (Wall Street Journal)
