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Australia’s Westpac Bank set to pay $87 million back to customers

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Westpac profits announced

One of Australia’s big four banks is set to cough up $87 million to return to customers

Tens of thousands of Aussies are set to receive a combined total of $87 million as Westpac begins remediation action over failing to notify its customers of crucial investing opportunities between 2005 and 2019.

The bank estimates it will pay the multi-million dollar compensation amount to impacted customers who are former clients of Westpac’s advice businesses and those that held ASX-listed securities through platforms.

ASIC said the corporate actions covered a range of activities by publicly listed companies, including buy-backs, share purchase plans and takeovers.

ASIC stated that Westpac’s failure to notify customers of corporate actions means customers may have missed on potential investment opportunities.

Westpac said it hopes to have remediated all the customers by the end of 2021, though ASIC noted it will be complicated because each breach was different and the bank will need to determine the value of each opportunity lost.

Customers will also be informed of missed corporate actions where Westpac has determined that they won’t be receiving compensation.

Author

  • Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Business

Hong Kong reopens to those vaccinated – but what’s the catch?

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Good news for those eager to travel – parts of the world is slowly reopening

Hong Kong will allow vaccinated tourists from all but 10 places in the world to enter the city starting from August 9…

It’s a significant easing of some of the tightest border curbs in the world.

Vaccinated visitors from countries now considered “medium-risk” — which includes the U.S. and Canada will be able to enter the city for the first time since the pandemic started.

There is a slight catch, however

Visitors and residents from medium-risk countries must spend seven days in hotel quarantine after they arrive.

Those entering Hong Kong will also be required to have a positive antibody test from a laboratory recognized by the Hong Kong government to prove they were vaccinated against Covid-19.

Antibody testing facilities at the airport will be available starting in mid-August, according to an official government statement.

Associated risk level:

For these “high-risk” places, only fully inoculated residents can return but they must serve a hotel quarantine period of 21 days.

Hong Kong has fully vaccinated 2.5 million people — about 33% of its population.

Author

  • Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Business

2500 employees to be stood down from Qantas

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About 2500 frontline Qantas and Jetstar employees will be stood down for two months

BREAKING NEWS

It comes as the airline struggles to deal with lockdowns in states across Australia.

The national carrier says the stand-down is a temporary measure to deal with a drop in flying caused by COVID restrictions in Sydney, – which is its home base.

No job losses are expected as part of the move.

QANTAS CEO ALAN JOYCE

In a statement, Qantas CEO Alan Joyce says:

“This is clearly the last thing we want to do, but we’re now faced with an extended period of reduced flying and that means no work for a number of our people.”

“We’ve absorbed a significant amount of cost since these recent lockdowns started and continued paying our people their full rosters despite thousands of cancelled flights.“

Qantas said it welcomed the targeted Federal Government support offered for those stood down outside of declared hotspots and to retain domestic aviation capability.

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Business

Outside the square – Twitter CEO’s grand plans for Afterpay

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Jack Dorsey has used Square’s quarterly earnings call to outline his company’s future and convince shareholders to support the $39billion dollar Afterpay takeover bid

Dorsey believes bringing Afterpay into business operations will increase e-commerce activity across both platforms and further entice young shoppers to spend up.

It plans to takeover Afterpay in a deal that values the Australian company at $39 billion. That makes it the biggest buyout deal so far in Australian corporate history.

The Twitter founder says Afterpay has a unique advantage in the buy now, pay later sector because it was the first on the scene and it has been built up “authentically”.

SQAURE WILL ACQUIRE AFTERPAY IN A 39 BILLION DOLLAR DEAL

Dorsey says Afterpay was “extremely early in this space and helped define a lot of it, and really raised the bar for what everyone else doing – we were impressed by the vision, the ambition and the entrepreneurship”.

Following the takeover announcement, Square’s shares fell by 5 percent when compared with trading on Friday, as investors made sense of the deal.

However, after Dorsey’s pitch at the quarterly earnings call, Squares shares were up 6 percent from Friday.

It comes as shareholders voice their concerns that Square is failing to bring merchants and retail users together… and questioning how Afterpay will create value for the company.

James Whelan of VFS Group weighed in on whether Afterpay is in fact authentic.

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