Australian Securities and Investments Commission
Prime Minister Julia Gillard is fighting to keep proposed media reforms alive, following an interview on the ABC’s Lateline program where independent Tony Windsor expressed concerns about the package. "I don't think the numbers are there for a great portion of this to get through," Windsor said. Meanwhile, Fairfax media reports that the Minister for Mental Health and Ageing, Mark Butler, and Foreign Affairs Minister Bob Carr have shifted their support away from Prime Minister Julia Gillard towards leadership rival Kevin Rudd. Cyprus crisis shakes Australian markets The government of Cyprus has postponed a vote on a controversial tax on savings, which forms part of its austerity package, leading to more than 2% being wiped off the value of Australian shares. The vote would have ratified a deal struck between Cyprus, the IMF, the European Central Bank and other lenders to levy a once-off tax on all bank deposits of 6.75% for amounts up to €100,000 ($A124,000) and 9.9% for deposits above €100,000 as part of a bailout package. ASIC report says high speed trading risk is overstated The Australian Securities and Investments Commission has released its report into computerised high speed trading. While the report from the corporate regulator recommends some reforms, it also finds that the impact of the practice in Australia has largely been overstated. “There is a belief by some that high-frequency trading is manipulative in a legal sense, or at least predatory in nature, and there is a perception that high-frequency traders uniformly have less regard for market integrity. That perception is not supported by our study,” the report states. Overnight In New York, the S&P500 is down 0.64% to 1550.65. The Aussie dollar is up to US1.0391 cents.
The Australian Securities and Investments Commission will today release a report into high speed trading and will reveal whether it intends to join Germany, France and the European Union in regulating the practice. The report examines whether “dark pools” – where high volume, high speed trades are placed electronically through computer algorithms without human intervention – could in some cases constitute a form of market manipulation. ALP vice president backs 457 visa crackdown, slams Mark Latham ALP vice president and Transport Workers Union secretary Tony Sheldon has backed Julia Gillard’s 457 visa crackdown and launched a stinging attack on former leader Mark Latham’s Quarterly Essay, in an address to the ALP national organisers forum in Canberra over the weekend. "It's simply a way for unscrupulous employers to bypass the local job market and escape their responsibilities to employ and train our children. And it is made worse by the fact that the 457 visa was leaving people highly vulnerable to exploitation," Mr Sheldon said. "When it comes to our philosophy and our story, we've been fitted-up by our opponents in the conservative side of politics and by some of our former friends too, including a certain former leader who has just published a Quarterly Essay.” A run on the banks in Cyprus Cyprus has experienced a run on the banks following the introduction of a new tax on savings, after the European Union decided part of a new €10 billion ($A12.49b) would have to be paid for by a tax on savings. The once-off tax will see Cypriots pay 6.75% of their bank deposits under €100,000 and 9.9% of savings over €100,000, with the government claiming the move will avert the need for a Greek-style austerity package. Despite most major banks placing a €400 limit on withdrawals, most ATMs had run out of cash by the early evening. Overnight The Dow Jones Industrial Average closed down 0.17% to 14514.11. The Aussie dollar is down to US103.45 cents.
Outspoken internet entrepreneur Ruslan Kogan has lashed out at the crowdfunding industry, saying in an interview with SmartCompany the market is nothing more than a "glorified video editing competition".
Household goods rental franchise Mr Rental says it has taken “the necessary steps” to satisfy the corporate regulator, which has ordered it to refund more than 1,500 customers because of an unfair contract term.
Banks will need to give at least 10 days’ notice before making any materially adverse changes to small business customers’ terms and conditions, as part of the revised Code of Banking Practice.
The founder of collapsed childcare operator ABC Learning, Eddy Groves, was declared bankrupt by a court in Adelaide yesterday.
Leading ‘mumpreneur’ Cas McCullough has highlighted the struggles of home-based micro businesses ahead of International Work At Home Person Week, calling for more support from government and industry.
The Opposition has accused the Federal Government of breaking “yet another promise” by failing to remedy the issue of home-based business owners’ personal addresses appearing on the National Business Names Register.
Crowdfunding has come a long way from its origins when it was a method used by struggling rock bands to raise money for tours and recordings.
Damage from hurricane Sandy could hit $50 billion, according to disaster estimator Eqecat.
It's been a bad week for internet scams, with the country's regulatory agencies warning against dodgy emails, while security advisors are now warning users of Microsoft's Internet Explorer browser to log off due to a newly discovered vulnerability.
Small businesses have been warned that creditors are coming down hard on outstanding payments and bad debt, following the release of figures that showed an easing in the number of company collapses.
The crowdfunding industry has spoken out against a statement made by the corporate regulator yesterday, which warned the operators of crowdfunding sites offering financial rewards to backers could be subject to fines or even imprisonment.
The National Business Name Register only began in late May but is already causing headaches for home-based businesses, which are required to include a physical address on the register.
Yahoo! is investigating reports of a security breach that may have exposed nearly half a million users’ email addresses and passwords.
Unemployment figures out today are expected to show a slight increase, to 5.2%, with analysts predicting a “cooling off” in the jobs market.
Choosing a business name may be a mundane experience that provides a perfunctory label for your product or service, or it can be an inspired piece of branding that will help fast-track your business into consumers’ minds.
Queensland endured the largest rise in business failures of any of the states in the March quarter, again highlighting the perils of the “two-speed” economy.
Small business insolvencies have reached an unwelcome new high, with business expectations continuing to remain below average, according to new figures.
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