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Herald Sun
an hour ago
- Herald Sun
ASIC drafted 17 briefings on Macquarie Group ASX MQG in 10 months
The corporate regulator recoiled at Macquarie's 'legalistic engagement' in a meeting with the bank's boss, Shemara Wikramanayake, to discuss the scandals happening inside the investment bank that led to four enforcement actions in a year. The Australian Securities and Investments Commission prepared 17 briefings related to Macquarie over the 10 months to May this year, documents released under Freedom of Information show. They hint at growingconcern at The Australian Securities & Investments Commission over Macquarie, which was the target of regulatory interventions for misreporting up to 1.5 billion short sale trades and allegedly manipulating the electricity market. ASIC chair Joe Longo described his concern with Macquarie's engagement with the regulator and repeated risk failures last month as 'a kind of hubris'. One briefing paper, provided to 14 different ASIC staff, outlines the topics canvassed by the regulator when it met with Ms Wikramanayake on September 19 last year. That was six days before ASIC fined it $5m for suspicious electricity trades. The paper shows ASIC took issue with Macquarie's overly 'legalistic engagement' after wrapping up an investigation into the financial giant's failures that allowed 50 breaches of market integrity rules by allowing clients to place their orders within minutes of the market close. ASIC reminded Macquarie two of its most senior executives 'have individual obligations as accountable persons', a nod to the Financial Accountability Regime, which enables the regulator to target executive pay. The millionaires' factory paid Ms Wikramanayake $24m over the last financial year, and $25.2m the year before. ASIC also flagged its interest in Macquarie's growing involvement in private and unlisted markets. The regulator sought to remind the bank 'it should come as no surprise that we will be looking at one of the largest transactions involving Australian firms'. In particular, ASIC highlighted 'regulatory inconsistencies', being interested in whether companies were engaging in 'regulatory arbitrage between public and private markets due to inconsistent obligations'. Macquarie's role in the $480m Shield Master Fund collapse also appears in ASIC briefs. Macquarie offered access to Shield through its Wealth Wrap superannuation platform. 'We are taking these matters very seriously, particularly having regard to Macquarie's significant position in the Australian financial system and its potential impact on consumers and markets,' ASIC said. Only a handful of the documents ASIC prepared on Macquarie were accessible by The Australian. ASIC senior lawyer Haydar Tuncer said many disclosed law enforcement methods and procedures and 14 of the 17 documents demonstrate 'how ASIC determines whether or not it will pursue possible regulatory action'. 'Disclosure would forewarn the regulated population of ASIC's considerations and give insight into the aspects of the way in which ASIC goes about its task of regulatory compliance,' he said. 'Release of this information would enable persons to tailor their activities to evade scrutiny, thus circumventing the established legislative structure for regulation of market misconduct matters.' Mr Haydar noted three documents 'comprise confidential information that an authority of a foreign government – a foreign regulator – has shared with ASIC on a confidential basis'. 'Disclosure of such information would have a direct impact on ASIC's international memberships and reputation and ultimately our ability to obtain confidential information to support our enforcement, supervision and regulatory activities,' he said. While the foreign regulator is not disclosed, ASIC's other briefing notes refer to probes by the United States Securities and Exchange Commission and the United Kingdom's Financial Conduct Authority. In one instance, Macquarie overvalued 4900 large illiquid collateralised mortgage obligations, after the SEC found the bank attempted to minimise losses by arranging cross-trades rather than selling the securities into the market. 'We consider this matter to raise serious concerns about Macquarie's risk culture and their management of conflicts of interest,' ASIC noted. 'Particularly problematic is the cross-trading aspect shows Macquarie preferencing the interests of institutional investors over retail mutual funds.' 'We are engaging with Macquarie on how they are ensuring that similar conduct would not occur within their Australian business.' A further three documents contained materials over which the Australian Prudential Regulation Authority's secrecy provisions apply. Originally published as ASIC drafted 17 briefings on Macquarie Group in 10 months: Freedom of Information
The Advertiser
2 hours ago
- The Advertiser
PM confirms Trump meeting as Americans take to streets
The prime minister has confirmed he will meet Donald Trump face-to-face as millions of Americans take to the streets to protest against the US president. Anthony Albanese is preparing for one of the most important diplomatic discussions of his career when he holds talks with Mr Trump on the sidelines of the G7 summit in Canada on Tuesday, local time. The prime minister will be trying to negotiate an exemption from controversial US tariffs. But he faces an uphill battle to cut through with his message as Mr Trump stares down domestic unrest and renewed conflict in the Middle East. Mr Albanese was unperturbed as he confirmed the much-anticipated meeting to reporters in Seattle on Saturday, local time. "Obviously, there are issues that the US president is dealing with at the moment, but I expect that we will be able to have a constructive engagement," he said. "We'll have a discussion as two friends should." Mr Albanese said he would raise tariffs and emphasise the importance of the AUKUS security pact, under which Australia is due to acquire nuclear-powered submarines from the US. Both men have already spoken on three occasions but Tuesday's arrangement is the first time they will meet in person. Australia is facing 10 per cent tariffs on goods exported to the US and - like all US trading partners except the UK - 50 per cent tariffs on aluminium and steel sent to America. Supplies of critical minerals and access to the Australian market for US beef could be used as bargaining chips during the talks. Mr Albanese did not want to make "grand declarations" prior to the meeting, but he reiterated he would put forward Australia's interests. "It is also in the interests of the United States for Australia to be treated appropriately," he said. Tensions between two countries have ebbed and flowed in recent days after Australia, alongside several other countries, was criticised by the US for sanctioning two Israeli government ministers. Australia has also pushed back against US calls to increase defence spending to 3.5 per cent of GDP, while Washington has launched a review into the AUKUS agreement to ensure it aligns with Mr Trump's "America first" agenda. The prime minister arrived in Seattle after holding bilateral talks in Fiji and he is expected to leave for the G7 on Sunday. He used an event involving US business and technology leaders to sing the praises of "free and fair trade" ahead of the tariff talks, hailing a $20 billion commitment from Amazon to expand its Australia data centre operations. Mr Albanese is also expected to hold talks with Canadian Prime Minister Mark Carney, UK Prime Minister Keir Starmer and other world leaders during the summit. He landed in America on the same day a controversial military parade commemorating the US army's 250th birthday took place on the other side of the country, in Washington DC. The event coincided with Mr Trump's 79th birthday and represents the first such military parade in more than three decades. Millions of Americans across the nation gathered to protest the US president as part of "No Kings" rallies held in major cities, while hordes also attended the parade in support of armed forces. Protest organisers accused Mr Trump of staging a "made-for-TV display of dominance for his birthday" with the military parade, which falls on Flag Day - the date when the US flag was adopted by congress. Tens of thousands marched to Seattle's towering Space Needle as they chanted, "no Trump, no KKK, no fascist USA". For Stephany Simonelli, who donned a fake crown with a cross and a sash that read "no kings", it was her first time taking part in a march or rally. "This just felt absolutely imperative for democracy," she told AAP. "I'm really afraid for our country. We, in America, really need to step up and take a stand." The prime minister has confirmed he will meet Donald Trump face-to-face as millions of Americans take to the streets to protest against the US president. Anthony Albanese is preparing for one of the most important diplomatic discussions of his career when he holds talks with Mr Trump on the sidelines of the G7 summit in Canada on Tuesday, local time. The prime minister will be trying to negotiate an exemption from controversial US tariffs. But he faces an uphill battle to cut through with his message as Mr Trump stares down domestic unrest and renewed conflict in the Middle East. Mr Albanese was unperturbed as he confirmed the much-anticipated meeting to reporters in Seattle on Saturday, local time. "Obviously, there are issues that the US president is dealing with at the moment, but I expect that we will be able to have a constructive engagement," he said. "We'll have a discussion as two friends should." Mr Albanese said he would raise tariffs and emphasise the importance of the AUKUS security pact, under which Australia is due to acquire nuclear-powered submarines from the US. Both men have already spoken on three occasions but Tuesday's arrangement is the first time they will meet in person. Australia is facing 10 per cent tariffs on goods exported to the US and - like all US trading partners except the UK - 50 per cent tariffs on aluminium and steel sent to America. Supplies of critical minerals and access to the Australian market for US beef could be used as bargaining chips during the talks. Mr Albanese did not want to make "grand declarations" prior to the meeting, but he reiterated he would put forward Australia's interests. "It is also in the interests of the United States for Australia to be treated appropriately," he said. Tensions between two countries have ebbed and flowed in recent days after Australia, alongside several other countries, was criticised by the US for sanctioning two Israeli government ministers. Australia has also pushed back against US calls to increase defence spending to 3.5 per cent of GDP, while Washington has launched a review into the AUKUS agreement to ensure it aligns with Mr Trump's "America first" agenda. The prime minister arrived in Seattle after holding bilateral talks in Fiji and he is expected to leave for the G7 on Sunday. He used an event involving US business and technology leaders to sing the praises of "free and fair trade" ahead of the tariff talks, hailing a $20 billion commitment from Amazon to expand its Australia data centre operations. Mr Albanese is also expected to hold talks with Canadian Prime Minister Mark Carney, UK Prime Minister Keir Starmer and other world leaders during the summit. He landed in America on the same day a controversial military parade commemorating the US army's 250th birthday took place on the other side of the country, in Washington DC. The event coincided with Mr Trump's 79th birthday and represents the first such military parade in more than three decades. Millions of Americans across the nation gathered to protest the US president as part of "No Kings" rallies held in major cities, while hordes also attended the parade in support of armed forces. Protest organisers accused Mr Trump of staging a "made-for-TV display of dominance for his birthday" with the military parade, which falls on Flag Day - the date when the US flag was adopted by congress. Tens of thousands marched to Seattle's towering Space Needle as they chanted, "no Trump, no KKK, no fascist USA". For Stephany Simonelli, who donned a fake crown with a cross and a sash that read "no kings", it was her first time taking part in a march or rally. "This just felt absolutely imperative for democracy," she told AAP. "I'm really afraid for our country. We, in America, really need to step up and take a stand." The prime minister has confirmed he will meet Donald Trump face-to-face as millions of Americans take to the streets to protest against the US president. Anthony Albanese is preparing for one of the most important diplomatic discussions of his career when he holds talks with Mr Trump on the sidelines of the G7 summit in Canada on Tuesday, local time. The prime minister will be trying to negotiate an exemption from controversial US tariffs. But he faces an uphill battle to cut through with his message as Mr Trump stares down domestic unrest and renewed conflict in the Middle East. Mr Albanese was unperturbed as he confirmed the much-anticipated meeting to reporters in Seattle on Saturday, local time. "Obviously, there are issues that the US president is dealing with at the moment, but I expect that we will be able to have a constructive engagement," he said. "We'll have a discussion as two friends should." Mr Albanese said he would raise tariffs and emphasise the importance of the AUKUS security pact, under which Australia is due to acquire nuclear-powered submarines from the US. Both men have already spoken on three occasions but Tuesday's arrangement is the first time they will meet in person. Australia is facing 10 per cent tariffs on goods exported to the US and - like all US trading partners except the UK - 50 per cent tariffs on aluminium and steel sent to America. Supplies of critical minerals and access to the Australian market for US beef could be used as bargaining chips during the talks. Mr Albanese did not want to make "grand declarations" prior to the meeting, but he reiterated he would put forward Australia's interests. "It is also in the interests of the United States for Australia to be treated appropriately," he said. Tensions between two countries have ebbed and flowed in recent days after Australia, alongside several other countries, was criticised by the US for sanctioning two Israeli government ministers. Australia has also pushed back against US calls to increase defence spending to 3.5 per cent of GDP, while Washington has launched a review into the AUKUS agreement to ensure it aligns with Mr Trump's "America first" agenda. The prime minister arrived in Seattle after holding bilateral talks in Fiji and he is expected to leave for the G7 on Sunday. He used an event involving US business and technology leaders to sing the praises of "free and fair trade" ahead of the tariff talks, hailing a $20 billion commitment from Amazon to expand its Australia data centre operations. Mr Albanese is also expected to hold talks with Canadian Prime Minister Mark Carney, UK Prime Minister Keir Starmer and other world leaders during the summit. He landed in America on the same day a controversial military parade commemorating the US army's 250th birthday took place on the other side of the country, in Washington DC. The event coincided with Mr Trump's 79th birthday and represents the first such military parade in more than three decades. Millions of Americans across the nation gathered to protest the US president as part of "No Kings" rallies held in major cities, while hordes also attended the parade in support of armed forces. Protest organisers accused Mr Trump of staging a "made-for-TV display of dominance for his birthday" with the military parade, which falls on Flag Day - the date when the US flag was adopted by congress. Tens of thousands marched to Seattle's towering Space Needle as they chanted, "no Trump, no KKK, no fascist USA". For Stephany Simonelli, who donned a fake crown with a cross and a sash that read "no kings", it was her first time taking part in a march or rally. "This just felt absolutely imperative for democracy," she told AAP. "I'm really afraid for our country. We, in America, really need to step up and take a stand." The prime minister has confirmed he will meet Donald Trump face-to-face as millions of Americans take to the streets to protest against the US president. Anthony Albanese is preparing for one of the most important diplomatic discussions of his career when he holds talks with Mr Trump on the sidelines of the G7 summit in Canada on Tuesday, local time. The prime minister will be trying to negotiate an exemption from controversial US tariffs. But he faces an uphill battle to cut through with his message as Mr Trump stares down domestic unrest and renewed conflict in the Middle East. Mr Albanese was unperturbed as he confirmed the much-anticipated meeting to reporters in Seattle on Saturday, local time. "Obviously, there are issues that the US president is dealing with at the moment, but I expect that we will be able to have a constructive engagement," he said. "We'll have a discussion as two friends should." Mr Albanese said he would raise tariffs and emphasise the importance of the AUKUS security pact, under which Australia is due to acquire nuclear-powered submarines from the US. Both men have already spoken on three occasions but Tuesday's arrangement is the first time they will meet in person. Australia is facing 10 per cent tariffs on goods exported to the US and - like all US trading partners except the UK - 50 per cent tariffs on aluminium and steel sent to America. Supplies of critical minerals and access to the Australian market for US beef could be used as bargaining chips during the talks. Mr Albanese did not want to make "grand declarations" prior to the meeting, but he reiterated he would put forward Australia's interests. "It is also in the interests of the United States for Australia to be treated appropriately," he said. Tensions between two countries have ebbed and flowed in recent days after Australia, alongside several other countries, was criticised by the US for sanctioning two Israeli government ministers. Australia has also pushed back against US calls to increase defence spending to 3.5 per cent of GDP, while Washington has launched a review into the AUKUS agreement to ensure it aligns with Mr Trump's "America first" agenda. The prime minister arrived in Seattle after holding bilateral talks in Fiji and he is expected to leave for the G7 on Sunday. He used an event involving US business and technology leaders to sing the praises of "free and fair trade" ahead of the tariff talks, hailing a $20 billion commitment from Amazon to expand its Australia data centre operations. Mr Albanese is also expected to hold talks with Canadian Prime Minister Mark Carney, UK Prime Minister Keir Starmer and other world leaders during the summit. He landed in America on the same day a controversial military parade commemorating the US army's 250th birthday took place on the other side of the country, in Washington DC. The event coincided with Mr Trump's 79th birthday and represents the first such military parade in more than three decades. Millions of Americans across the nation gathered to protest the US president as part of "No Kings" rallies held in major cities, while hordes also attended the parade in support of armed forces. Protest organisers accused Mr Trump of staging a "made-for-TV display of dominance for his birthday" with the military parade, which falls on Flag Day - the date when the US flag was adopted by congress. Tens of thousands marched to Seattle's towering Space Needle as they chanted, "no Trump, no KKK, no fascist USA". For Stephany Simonelli, who donned a fake crown with a cross and a sash that read "no kings", it was her first time taking part in a march or rally. "This just felt absolutely imperative for democracy," she told AAP. "I'm really afraid for our country. We, in America, really need to step up and take a stand."
The Advertiser
2 hours ago
- The Advertiser
Amazon to inject $20b into Australian 'AI revolution'
An "artificial intelligence revolution" could hit Australia after a $20 billion investment from technology giant Amazon to build powerful data centres onshore. In a joint announcement with the firm from Seattle, where the Jeff Bezos-founded company is based, Prime Minister Anthony Albanese said the significant commitment over the next five years was a "huge vote of confidence in the Australian economy". "We're taking advantage of the AI revolution - the Australian way," he posted on X on Sunday before heading to the G7 meeting in Canada. "We want to make sure as well that Australians are better prepared to capitalise on the opportunities of AI, while making sure that we secure ourselves against its risks," the prime minister told reporters. The economic benefits and potential problems caused by AI will be key topics of discussion at an upcoming productivity summit, which Mr Albanese announced before leaving for the G7 summit. Amazon Web Services chief executive Matt Garman spruiked the spend as a historic first by a tech giant. "This is the largest investment ever announced by a global technology provider in Australia and it's going to support many of the country's AI ambitions over the next decade," he said. He listed some of its most prominent domestic customers that are drawing on AI technology, including the Commonwealth Bank and Atlassian. "AI is changing everything that we see, from sports to industry to the economy," Mr Garman said. "We estimate that technology over the next decade will drive over $600 billion increases in Australia's GDP out by the year 2030," he said. Data centres are massive, power-hungry facilities that store servers, cables and hardware to process the data emanating from cloud computing and complex AI operations needed by millions of customers. Mr Garman said the corporate giant was also pouring money in three new solar farms in Victoria and Queensland with a combined capacity of more than 170 megawatts. With eight other projects in both states and in NSW, the firm is predicted to deliver enough energy to power the equivalent of 290,000 homes each year once the developments are completed. The company, which has had an Australian presence since 2012, says it has invested more than $9 billion in the nation so far. An "artificial intelligence revolution" could hit Australia after a $20 billion investment from technology giant Amazon to build powerful data centres onshore. In a joint announcement with the firm from Seattle, where the Jeff Bezos-founded company is based, Prime Minister Anthony Albanese said the significant commitment over the next five years was a "huge vote of confidence in the Australian economy". "We're taking advantage of the AI revolution - the Australian way," he posted on X on Sunday before heading to the G7 meeting in Canada. "We want to make sure as well that Australians are better prepared to capitalise on the opportunities of AI, while making sure that we secure ourselves against its risks," the prime minister told reporters. The economic benefits and potential problems caused by AI will be key topics of discussion at an upcoming productivity summit, which Mr Albanese announced before leaving for the G7 summit. Amazon Web Services chief executive Matt Garman spruiked the spend as a historic first by a tech giant. "This is the largest investment ever announced by a global technology provider in Australia and it's going to support many of the country's AI ambitions over the next decade," he said. He listed some of its most prominent domestic customers that are drawing on AI technology, including the Commonwealth Bank and Atlassian. "AI is changing everything that we see, from sports to industry to the economy," Mr Garman said. "We estimate that technology over the next decade will drive over $600 billion increases in Australia's GDP out by the year 2030," he said. Data centres are massive, power-hungry facilities that store servers, cables and hardware to process the data emanating from cloud computing and complex AI operations needed by millions of customers. Mr Garman said the corporate giant was also pouring money in three new solar farms in Victoria and Queensland with a combined capacity of more than 170 megawatts. With eight other projects in both states and in NSW, the firm is predicted to deliver enough energy to power the equivalent of 290,000 homes each year once the developments are completed. The company, which has had an Australian presence since 2012, says it has invested more than $9 billion in the nation so far. An "artificial intelligence revolution" could hit Australia after a $20 billion investment from technology giant Amazon to build powerful data centres onshore. In a joint announcement with the firm from Seattle, where the Jeff Bezos-founded company is based, Prime Minister Anthony Albanese said the significant commitment over the next five years was a "huge vote of confidence in the Australian economy". "We're taking advantage of the AI revolution - the Australian way," he posted on X on Sunday before heading to the G7 meeting in Canada. "We want to make sure as well that Australians are better prepared to capitalise on the opportunities of AI, while making sure that we secure ourselves against its risks," the prime minister told reporters. The economic benefits and potential problems caused by AI will be key topics of discussion at an upcoming productivity summit, which Mr Albanese announced before leaving for the G7 summit. Amazon Web Services chief executive Matt Garman spruiked the spend as a historic first by a tech giant. "This is the largest investment ever announced by a global technology provider in Australia and it's going to support many of the country's AI ambitions over the next decade," he said. He listed some of its most prominent domestic customers that are drawing on AI technology, including the Commonwealth Bank and Atlassian. "AI is changing everything that we see, from sports to industry to the economy," Mr Garman said. "We estimate that technology over the next decade will drive over $600 billion increases in Australia's GDP out by the year 2030," he said. Data centres are massive, power-hungry facilities that store servers, cables and hardware to process the data emanating from cloud computing and complex AI operations needed by millions of customers. Mr Garman said the corporate giant was also pouring money in three new solar farms in Victoria and Queensland with a combined capacity of more than 170 megawatts. With eight other projects in both states and in NSW, the firm is predicted to deliver enough energy to power the equivalent of 290,000 homes each year once the developments are completed. The company, which has had an Australian presence since 2012, says it has invested more than $9 billion in the nation so far. An "artificial intelligence revolution" could hit Australia after a $20 billion investment from technology giant Amazon to build powerful data centres onshore. In a joint announcement with the firm from Seattle, where the Jeff Bezos-founded company is based, Prime Minister Anthony Albanese said the significant commitment over the next five years was a "huge vote of confidence in the Australian economy". "We're taking advantage of the AI revolution - the Australian way," he posted on X on Sunday before heading to the G7 meeting in Canada. "We want to make sure as well that Australians are better prepared to capitalise on the opportunities of AI, while making sure that we secure ourselves against its risks," the prime minister told reporters. The economic benefits and potential problems caused by AI will be key topics of discussion at an upcoming productivity summit, which Mr Albanese announced before leaving for the G7 summit. Amazon Web Services chief executive Matt Garman spruiked the spend as a historic first by a tech giant. "This is the largest investment ever announced by a global technology provider in Australia and it's going to support many of the country's AI ambitions over the next decade," he said. He listed some of its most prominent domestic customers that are drawing on AI technology, including the Commonwealth Bank and Atlassian. "AI is changing everything that we see, from sports to industry to the economy," Mr Garman said. "We estimate that technology over the next decade will drive over $600 billion increases in Australia's GDP out by the year 2030," he said. Data centres are massive, power-hungry facilities that store servers, cables and hardware to process the data emanating from cloud computing and complex AI operations needed by millions of customers. Mr Garman said the corporate giant was also pouring money in three new solar farms in Victoria and Queensland with a combined capacity of more than 170 megawatts. With eight other projects in both states and in NSW, the firm is predicted to deliver enough energy to power the equivalent of 290,000 homes each year once the developments are completed. The company, which has had an Australian presence since 2012, says it has invested more than $9 billion in the nation so far.
