Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

Money

Investigation into Australia’s Crown Resorts deepens

Published

on

Australia’s financial crimes watchdog has widened its investigation into Crown Resorts.

The watchdog uncovered potential breaches of anti-money laundering laws at Crown’s Perth casino.

Crown Resorts’ also admitted on Monday that it broke Victorian law for five years at its flagship Melbourne casino and confirmed the financial crimes watchdog has launched a second probe into money laundering at its Burswood casino following revelations at the West Australian royal commission.

An October probe triggered an 8 percent crash in Crown’s share price, wiping $500 million from the company’s value.

Crowns Resorts says it’s “continuing investigations into these matters, including whether it may have breached other laws”.

Rival casino operators The Star and SkyCity also told the market the watchdog AUSTRAC had launched an investigation into financial crimes at their casinos for possible breaches of anti-money laundering and counter-terrorism financing laws.

Australian Watchdogs Step Up Investigations

Meanwhile, SkyCity Adelaide is also being investigated for potential breaches.

And one of Australia’s big four banks, NAB has also been referred to AUS-TRAC for “potential serious and ongoing non-compliance” with anti-money laundering laws.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Money

Federal Reserve lowers rates amid eased job market

Published

on

The Federal Reserve has cut interest rates by a quarter-point, bringing the benchmark rate to a range of 4.5% to 4.75%, as economic growth continues but job gains slow.

The Fed noted that labour market conditions have “generally eased,” even with low unemployment, signalling a more cautious approach amid a stable economic expansion.

The statement marks a shift in Fed language, now saying inflation has “made progress” toward the 2% goal instead of the prior “further progress.”

With inflation holding steady around 2.6%, policymakers aim to keep economic risks balanced, despite pressures from slower job growth.

This rate cut reflects a strategic move to sustain economic momentum while cautiously watching inflation’s gradual trend toward the Fed’s target.

The decision was unanimous, aligning Fed priorities with a balanced approach to support both employment and price stability.

Continue Reading

Money

Trump victory sparks market surge as Wall Street soars

Published

on

Donald Trump’s election victory has sparked a massive rally in the stock market.

Banks and industrial companies led the surge as investors bet that Trump’s plans for deregulation and tax cuts will boost economic growth.

Shares of big banks, like JPMorgan and Goldman Sachs, soared as investors predicted fewer regulatory restrictions.

Meanwhile, industrial giants such as Caterpillar and steelmakers like Nucor also hit record highs, reflecting optimism about U.S. manufacturing.

In contrast, clean-energy stocks took a hit, as Trump’s policies are expected to favour traditional energy sectors.

This surge comes amid rising Treasury yields and falling gold prices as investors gain confidence in the transition to a Trump administration.

Continue Reading

Money

Australian Treasurer and RBA chief clash over economy

Published

on

 

A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

Continue Reading

Trending Now