ASIC is on the verge of filing a civil action against ANZ bank...Stock market turmoil to increase number of Chinese buyers
ASIC set to take ANZ to court over rate rigging
The Australian Financial Review today claimed “it is understood” that ASIC is on the verge of filing a civil action against ANZ bank. The move comes as part of ASIC’s investigation into manipulation of the bank bill swap rate (BBSW) across the industry between 2007-2013, meaning other major banks could yet be implicated.
At the time of writing legal action had not beem brought, nor had ASIC made any comment on the matter, with the AFR predicting ASIC would take action “in the next couple of weeks”. More information could emerge on Thursday, when ASIC fronts the Senate, with rate rigging likely to be on the agenda.
ASIC’s investigation into rigging of the BBSW mirrors the LIBOR scandal in 2012, where a number of huge global banks were accused of rigging the London Interbank Offered Rate, leading to the departure of Bob Diamond, the chief executive of Barclays bank, amongst others.
Read the original story here.
Related: Major bank's staff tangled in $76m fraud
Stock market turmoil to increase number of Chinese buyers
A survey by online property portal Juwai suggests that the recent drop in the Chinese shares market will prompt investors to look at foreign property as a home for their money. 55% of real estate agents surveyed believed the share market turmoil will lead to an increase in the amount of international real estate purchased by Chinese buyers, while another 20% predicted it would have no impact on Chinese appetite for international real estate.
Simon Henry, co-founder of Juwai, said it appears Chinese investors may be losing confidence in their country’s share market. “Last year, China’s stock market began to look like a credible alternative to other investment categories, like property. Many investors now believe the stock market has lost its credibility as an alternative to real estate. With the domestic stock market so unpredictable, international real estate looks like a better investment,” Henry said.
The Australian Financial Review today claimed “it is understood” that ASIC is on the verge of filing a civil action against ANZ bank. The move comes as part of ASIC’s investigation into manipulation of the bank bill swap rate (BBSW) across the industry between 2007-2013, meaning other major banks could yet be implicated.
At the time of writing legal action had not beem brought, nor had ASIC made any comment on the matter, with the AFR predicting ASIC would take action “in the next couple of weeks”. More information could emerge on Thursday, when ASIC fronts the Senate, with rate rigging likely to be on the agenda.
ASIC’s investigation into rigging of the BBSW mirrors the LIBOR scandal in 2012, where a number of huge global banks were accused of rigging the London Interbank Offered Rate, leading to the departure of Bob Diamond, the chief executive of Barclays bank, amongst others.
Read the original story here.
Related: Major bank's staff tangled in $76m fraud
Stock market turmoil to increase number of Chinese buyers
A survey by online property portal Juwai suggests that the recent drop in the Chinese shares market will prompt investors to look at foreign property as a home for their money. 55% of real estate agents surveyed believed the share market turmoil will lead to an increase in the amount of international real estate purchased by Chinese buyers, while another 20% predicted it would have no impact on Chinese appetite for international real estate.
Simon Henry, co-founder of Juwai, said it appears Chinese investors may be losing confidence in their country’s share market. “Last year, China’s stock market began to look like a credible alternative to other investment categories, like property. Many investors now believe the stock market has lost its credibility as an alternative to real estate. With the domestic stock market so unpredictable, international real estate looks like a better investment,” Henry said.
