Criminal charges have been filed against the Commonwealth Bank of Australia in the country’s Federal Court
The Australian Securities and Investment Commission on Thursday filed criminal charges against the bank for the mis-selling of consumer credit insurance.
In a statement, ASIC stated: The 30 criminal charges relate to CBA’s promotion and sale of CreditCard Plus and Loan Protection policies as an add-on insurance product in branches, by telephone and online. The charges relate to allegations that between 2011 and 2015, CBA made false or misleading representations to customers that the insurance policies had uses or benefits to those customers when part or all the benefits were not available.
The matter is being prosecuted by the CDPP after an investigation and referral by ASIC
The conduct of the Commonwealth Bank was put into the spotlight at a Royal Commission into the Misconduct in the Banking, Superannuation and Financial Services Industry.
ASIC went on to state that the criminal charges filed against the bank address allegations that between 2011 and 2015, the bank made false or misleading representations about benefits of the insurance policies to customers when some or all the benefits were not available.
ASIC says the country’s biggest bank has been cooperative with the investigation thus far.
The Australian Federal Court is yet to hear the matter, with a court date pending.
World’s second-biggest fashion retailer blames Russia for 89% profit drop
The Swedish fashion giant H&M says profits have dropped 89 per cent
They blame cost inflation, slow consumer spending and one-off expenses related to its exit from Russia.
Pretax profit in the period, the Swedish group’s fiscal third quarter, fell to 689 million crowns ($60.9 million) from a year-earlier 6.09 billion.
The Russian exit accounted for half of the decrease in profits, according to the retailer.
H&M announced a cost cutting programme that it predicted would result in annual savings of around 2 billion crowns, with savings expected to become visible in the second half of 2023.
How Disney beat Netflix at its own game
When it comes to streaming, there’s a new sheriff in town.
Disney+ has quickly become a major force in the streaming wars, adding over 14 million new subscribers in its latest quarter. That’s a big jump from the 3 million it had just three months prior.
In comparison, Netflix lost nearly 1 million subscribers in the same period.
So what happened? How did Disney+ overtake Netflix so quickly?
There are a few factors at play.
For one, Disney+ has a lot of content that people want to watch. As well as its acquisition of 21st Century Fox, the service has access to popular franchises like Star Wars, Marvel, and The Simpsons. That’s a big draw for people who are looking for something to watch.
In addition, Disney+ is much cheaper than Netflix. A subscription to Disney+ costs $6.99 per month, while a Netflix subscription starts at $8.99 per month. For people who are trying to save money, Disney+ is the more appealing option. Though Disney and Netflix have signalled they’re going to push up their prices.
Disney+ has been aggressive in marketing itself as the superior streaming service. The company has run a number of ads that compare its service favorably to Netflix. This has helped convince people to switch to Disney+.
The Disney effect
The Walt Disney Company launched Disney+ on November 12, 2019. The streaming service is available in the United States, Canada, the Netherlands, Australia, New Zealand, and Puerto Rico.
As of the second quarter of 2020, Netflix had nearly 221 million subscribers across 190 countries.
What is the market share of Netflix? In the United States, Netflix has a market share of 37%. That means it is the most popular streaming service in the country.
When was Netflix founded? Netflix was founded on August 29, 1997, in Scotts Valley, California.
What type of company is Netflix? Netflix is a publicly-traded company. Its stock is traded on the Nasdaq under the ticker symbol NFLX.
What is the headquarters of Netflix? The headquarters of Netflix is located in Los Gatos, California.
Disney is spending $1 billion per year on its streaming service.
What is the market share of Disney+? In the United States, Disney+ has a market share of 24%.
When was Disney+ launched? Disney+ was launched on November 12, 2019.
What type of company is Disney? Disney is a publicly-traded company. Its stock is traded on the New York Stock Exchange under the ticker symbol DIS.
How much does Disney stock cost? As of August 2020, the price of one share of Disney stock is $115.76.
What is the headquarters of Disney? The headquarters of Disney is located in Burbank, California.
The world’s largest online retailer gives staff a pay rise
Workers at Amazon’s warehouse and transportation hubs are set to receive a pay rise
The world’s biggest online retailer says wages will increase to over 19 dollars, which is up from 18.
It’s part of a plan to help the company attract and retain workers in a very tight labor market.
Of course, the peak shopping season is also getting underway.
Amazon says the price increase will cost its company nearly one billion dollar in the next year alone.
The minimum for workers on an hourly wage will stay at 15 dollars.
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