BusinessReutersAustralia's Qantas agrees to $66 million penalty in flight cancellation case
As part of the settlement with Australian Competition and Consumer Commission (ACCC), Qantas will start an additional A$20 million remediation program for passengers affected by the cancellations, with each impacted customer receiving payments of between A$225 and A$450, the airline said. "We are pleased to have secured these admissions by Qantas that it misled its customers, and its agreement that a very significant penalty is required as a result of this conduct," ACCC Chair Gina Cass-Gottlieb said in a statement. "The size of this proposed penalty is an important milestone in enforcing the Australian Consumer Law."
BusinessReutersWestpac announces new $661 million buyback and special dividend, profit slumps
(Reuters) -Australian bank Westpac declared a special dividend on Monday and raised its share repurchase program by A$1 billion ($661 million) citing a strong balance sheet even as its first-half profit fell by 16% on intense competition and high costs. Traditionally beneficiaries of rising interest rates, the country's so-called Big Four lenders have spent the past year sacrificing margins to write new home loans and paying more to depositors, narrowing their closely watched "net interest margin". Westpac's net interest margin slipped to 1.89%, down 7 basis points from a year ago, while net interest income remained largely flat at A$9.13 billion.
BusinessAustralian Associated PressSuper funds respond to members' calls to dump coal
Australia's superannuation funds, as long-term investors, are increasingly making decisions based on the best returns for members in a decarbonising world.
