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Damning inquiry finds ASIC failed to prevent financial crime
SARAH FERGUSON, HOST: Adele Ferguson, welcome back to 7.30.
ADELE FERGUSON, ABC INVESTIGATIONS: Good to see you.
SARAH FERGUSON: Now, look, we have a report here that says that the regulator, ASIC (Australian Securities and Investments Commission), is reluctant or unwilling to start investigations. After everything we’ve been through with ASIC, how did we get to this point that this is what the report now finds?
ADELE FERGUSON: Well, that’s the big question. This has been going on for decades. We’ve had several of these investigations.
In 2014, we found that the regulator was so ineffective that it called for a royal commission into the Commonwealth Bank because ASIC was unable to do its job.
Fast forward to 2018, we have a royal commission. It’s scathing about ASIC. Nothing happens. Here we are in 2024 and here’s another report.
SARAH FERGUSON: So what’s at the heart of this? Are they not adequately funded, do they have no appetite to regulate the business community? What’s at the heart of the failures that this report found?
ADELE FERGUSON: It’s all of those things. Its remit is very broad. So over the years, because it’s been seen as ineffective, timid and slow, the Treasury has given it more and more things to look at – consumer law, banking, insurance – all of those things have been loaded onto this regulator.
Its budget has increased a little bit, but when you look at it in perspective, it takes in $1.8 billion a year. Its budget is about $500 million. It doesn’t have enough money and so it has a culture that is toxic. The staff are not properly motivated, according to a survey that was released recently, so there are a lot of problems with this regulator.
SARAH FERGUSON: What would be the purpose, as the report suggests, of splitting ASIC into two? What difference would it make?
ADELE FERGUSON: Right now, he’s doing two things. He’s looking at compliance of how companies in the market operate, and he also intends to be an enforcer.
It’s not doing its job as an enforcer properly. That’s one of the big problems with ASIC. So the suggestion is that if you split it into two and have a separate enforcement agency, then maybe it will do its job better.
SARAH FERGUSON: You used a very strong term earlier. You said that the culture within ASIC is toxic. So would the kind of solutions that are being called for in this report fix those internal culture problems, do you think?
ADELE FERGUSON: I think what needs to happen is you need to have a proper inquiry, the Senate inquiry can only do so much. You need to have experts actually looking at what a new-look regulator should look like, looking at whether the governance is right, whether the leadership is right.
Should governments choose the seats or should this be done in a different way?
So there are a lot of ways that need to be looked at that this report didn’t address that I think need to be done, but it’s very important that it’s done right.
SARAH FERGUSON: Now tell me about that, because one of the findings of the inquiry is that ASIC itself rarely operates with the severity permitted by its own mandate. Why is it so reluctant to use the powers it already has?
ADELE FERGUSON: Well, I think it comes down to culture. If you have a culture that is not to use the powers that you have, then you’re not going to use those powers and that’s been happening for decades. It’s not just a recent phenomenon.
During the royal commission, some of the horrible things that came out were that she was allowing companies to read draft press releases before they put them out, and Commissioner Hayne said that the regulated is dictating what the regulator says.
SARAH FERGUSON: Now, as we know, the Government has just received this report. They will take some time to consider it, but if you had a message for them about what they should focus on, what is the most important thing to do to transform ASIC, what would you, Adele Ferguson, say?
ADELE FERGUSON: I would say we need a proper enforcement agency. A lot of people have lost a lot of money over the years with companies that have done the wrong thing, and the regulator has been missing in action. So we really need to have a better regulator.
SARAH FERGUSON: Now, of course, as an investigator, you spent time with the individuals because, in the end, this is about ordinary Australians losing money because of the failure of this organisation. That’s right, isn’t it?
ADELE FERGUSON: Absolutely. There have been so many victims. I get emails every day from people who have been scammed by insurance companies, banks, franchise companies and the regulator. There is a common theme: where is the regulator?
SARAH FERGUSON: Adele Ferguson, it’s always a pleasure to have you in our studio, almost in our studio. Thank you for joining us.
ADELE FERGUSON: Thank you.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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