ACCC to investigate Australia's banks for denying services to Bitcoin operators... China economy weakened but still growing...
The Australian Competition and Consumer Commission (ACCC) will look into whether Australia's banks are acting unlawfully by blacklisting Bitcoin traders, according to ABC Online.
Queensland Nationals Senator Matthew Canavan sent a letter to ACCC chairman Rodd Sims urging him to launch a formal investigation as he believed the digital currency industry was being attacked and the watchdog has confirmed the investigation to Senator Canavan.
"It appears to me to be an amazing coincidence that a number of large banks have all of a sudden decided to deny services to fledgling Bitcoin and digital currency operators," said Senator Canavan.
"They are clearly competitors to their business model, albeit small ones at this stage, and there are clear laws that we've got against businesses refusing to supply other businesses if they do so for an anti-competitive purpose."
"I think the ACCC should be asking the banks some serious questions about why they've done this and on what legal grounds they believe that they should not be providing services to Bitcoin operators," he said.
China economy weakened but still growing
BEIJING (AP) — President Xi Jinping is visiting the United States as leader of a China whose image of economic success has taken a beating.
Stock market turmoil and a surprise currency devaluation fueled fears of a Chinese slump with global repercussions. But even a weaker China still is on track to turn in some of the world's strongest growth this year. And some industries including retailing are expanding at double-digit rates.
China's 5-year-old slowdown is self-imposed as the ruling Communist Party tries to steer the world's second-largest economy to more self-sustaining growth based on domestic consumption. Steel and construction suffered as the party put the brakes on an investment boom, but as job creators they already have been supplanted by e-commerce, tourism and other service industries.
"Those touting China's sudden fragility are either exaggerating current problems or have entirely missed the slowdown of the past several years," said China Beige Book, a U.S. research firm, in a report this week. It said China's image might be "more thoroughly divorced from facts on the ground" than at any time since it began conducting surveys of the country's economy five years ago.
The slowdown came as no surprise: Economists warned nearly a decade ago the model based on trade and investment that delivered three decades of growth had run out of steam. Communist leaders told the public to prepare for wrenching change.
A falling growth rate also is a symptom of China's success. Its economy passed Japan's in size in 2009 and since then has added another 1 ½ Japans to its output. That means China needs to generate twice as much additional economic activity to keep growing at the same percentage rate.
Queensland Nationals Senator Matthew Canavan sent a letter to ACCC chairman Rodd Sims urging him to launch a formal investigation as he believed the digital currency industry was being attacked and the watchdog has confirmed the investigation to Senator Canavan.
"It appears to me to be an amazing coincidence that a number of large banks have all of a sudden decided to deny services to fledgling Bitcoin and digital currency operators," said Senator Canavan.
"They are clearly competitors to their business model, albeit small ones at this stage, and there are clear laws that we've got against businesses refusing to supply other businesses if they do so for an anti-competitive purpose."
"I think the ACCC should be asking the banks some serious questions about why they've done this and on what legal grounds they believe that they should not be providing services to Bitcoin operators," he said.
In depth: Licence to chill... accountants aren't taking over (yet)
MPA talks to the broking industry and accountants about what CPA Australia, and you
MPA talks to the broking industry and accountants about what CPA Australia, and you
China economy weakened but still growing
BEIJING (AP) — President Xi Jinping is visiting the United States as leader of a China whose image of economic success has taken a beating.
Stock market turmoil and a surprise currency devaluation fueled fears of a Chinese slump with global repercussions. But even a weaker China still is on track to turn in some of the world's strongest growth this year. And some industries including retailing are expanding at double-digit rates.
China's 5-year-old slowdown is self-imposed as the ruling Communist Party tries to steer the world's second-largest economy to more self-sustaining growth based on domestic consumption. Steel and construction suffered as the party put the brakes on an investment boom, but as job creators they already have been supplanted by e-commerce, tourism and other service industries.
"Those touting China's sudden fragility are either exaggerating current problems or have entirely missed the slowdown of the past several years," said China Beige Book, a U.S. research firm, in a report this week. It said China's image might be "more thoroughly divorced from facts on the ground" than at any time since it began conducting surveys of the country's economy five years ago.
The slowdown came as no surprise: Economists warned nearly a decade ago the model based on trade and investment that delivered three decades of growth had run out of steam. Communist leaders told the public to prepare for wrenching change.
A falling growth rate also is a symptom of China's success. Its economy passed Japan's in size in 2009 and since then has added another 1 ½ Japans to its output. That means China needs to generate twice as much additional economic activity to keep growing at the same percentage rate.
In depth: BDM in the spotlight: Janelle Packman
This Brisbane BDM for Homeloans has been in finance for 20 years.
This Brisbane BDM for Homeloans has been in finance for 20 years.
