MELBOURNE (Reuters) - Australian Treasurer Josh Frydenberg wants to ensure that any action against banks in the wake of a scathing report on their misconduct does not lead to tighter lending or hurt the economy, he said in a media interview on Monday. An independent commission last week said banks and wealth managers had pursued profit ahead of their customers' interests and treated regulatory compliance as a cost rather than a guide to proper conduct, in an interim report following 60 days of hearings. The commission found instances of bribery, fraud, fee-gouging and board-level deception across the financial sector. Its final recommendations are due in February. Frydenberg said there was no excusing bad behaviour by the banks and other financial institutions. "Basic standards of honesty and fairness went out the door as greed became the primary motive and profits were put before people, and sales of these products and services by the financial institutions became their sole focus," … [Read more...] about Australian Treasurer wary of new rules on banks hurting economy
Economy
Doomsayers start seeing cracks in world economy
WASHINGTON, D.C.: Over the last decade, the world’s major economies floated themselves out of recession on oceans of easy money and low, or even negative, interest rates. For the moment, policymakers and analysts talk of a “Goldilocks economy” in the United States, which is enjoying low unemployment, brisk growth, improved household finances and a strengthened banking system. But with much of the pain having subsided and US interest rates steadily rising, prominent investors and economists are shining a light on the issues that could trigger the next recession.They point not to risky subprime mortgage lending, which sparked the last crisis 10 years ago, but instead to voracious borrowing by corporations and emerging market economies. Martin Feldstein, chief economic adviser to President Ronald Reagan, paints a grim picture where rising interest rates could pop a debt-fueled Wall Street bubble, gutting investment portfolios and consumer confidence, and causing … [Read more...] about Doomsayers start seeing cracks in world economy
India’s economy to overtake UK, Germany, France and Japan in the next decade, predicts HSBC
India will be the fastest growing big economy of the next decade, leapfrogging the UK, Germany, France and Japan to become the third biggest in the world, according to new forecasts. Economists at HSBC said the world’s largest democracy will grow at more than 6pc per year on average over the coming decade. By contrast growth in China is expected to slow to below 5pc per year in the late 2020s. In 2030 China’s GDP will be £26 trillion, according to the forecast, putting it ahead of the US on £25.2 trillion. India will remain a long way behind at $5.9 trillion, although this is almost double its current $3 trillion economy. Canada is predicted to drop out of the top 10 economies by 2030, while... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per week … [Read more...] about India’s economy to overtake UK, Germany, France and Japan in the next decade, predicts HSBC
Doomsayers begin to see cracks in healthy world economy
WASHINGTON - Over the last decade, the world's major economies floated themselves out of recession on oceans of easy money and low, or even negative, interest rates. For the moment, policymakers and analysts talk of a "Goldilocks economy" in the United States, which is enjoying low unemployment, brisk growth, improved household finances and a strengthened banking system. But with much of the pain having subsided and US interest rates steadily rising, prominent investors and economists are shining a light on the issues that could trigger the next recession. They point not to risky subprime mortgage lending, which sparked the last crisis 10 years ago, but instead to voracious borrowing by corporations and emerging market economies. Martin Feldstein, chief economic adviser to President Ronald Reagan, paints a grim picture where rising interest rates could pop a debt-fueled Wall Street bubble, gutting investment portfolios and consumer confidence, and causing "another long, deep downturn." … [Read more...] about Doomsayers begin to see cracks in healthy world economy
Wildlife-related recreation on BLM lands in Colorado a boost for the economy, report says
Public lands in Colorado overseen by the Bureau of Land Management generated $631 million in sales and supported nearly 4,600 jobs from wildlife-related recreation in 2016, according to a new study. The report “Quantifying the Economic Contributions of Wildlife-Related Recreation on BLM Lands” released Thursday also found that hunting, angling and wildlife watching on the public lands produced $34 million in state and local tax revenue, $49 million in federal tax revenue and $202 million in salaries. Southwick Associates conducted the research. The report was released by several conservation and sportsmen’s organizations: The Pew Charitable Trusts, Theodore Roosevelt Conservation Partnership, Wildlife Management Institute, Trout Unlimited, Archery Trade Association, and American Fly Fishing Trade Association. “This study shows that our public lands provide not just incredible places to hunt and fish, they also boost the economies of local communities … [Read more...] about Wildlife-related recreation on BLM lands in Colorado a boost for the economy, report says