National Australia Bank moves to settle class action suit |
- National Australia Bank moves to settle class action suit
- Quentin Tarantino announces retirement plans (VIDEO)
- Murray glad to still be in contention, eyes Federer matchup
- Bank of England says interest rates to stay low until mid-2015
- Cover Media Video: Tarantino to retire after ‘The Hateful Eight’
- Agency says China will overtake US as world’s biggest oil consumer
| National Australia Bank moves to settle class action suit Posted: 11 Nov 2014 04:54 PM PST
The class action, Australia's largest, was brought in August by law firm Maurice Blackburn against NAB, Australia and New Zealand Banking Group Ltd, Westpac Banking Corp , Westpac units St George and BankSA, and Citigroup Inc's Citibank over late payment fees that it claims were excessive and unfair. Across the industry, the class action could be worth as much as AU$250 million (RM725.32 million), according to the law firm. "We have been working for some time with NAB to resolve the bank fees issue for its customers," said Cameron Scott, Maurice Blackburn's class action spokesman. "We would encourage all banks involved to follow NAB's example to negotiate in good faith." NAB said it had filed papers with the court last Friday seeking approval to open and close the class action, a significant step towards reaching a potential settlement. "We know that banking customers want to be treated fairly, which is why five years ago NAB made the decision to remove many of the fees and charges that annoy customers the most," NAB chief executive Andrew Thorburn said. It did not share details on possible compensation. Since taking the reins in August as chief executive of Australia's fourth-biggest lender by market value, Thorburn has moved quickly to clear up problem areas. He has made exiting NAB's underperforming UK operations a priority, offloaded a minority stake in its US unit via a public offering, sold a large portion of NAB's non-performing UK loans and shuffled key management roles. Earlier, the Federal Court in Melbourne ruled in favour of 38,000 ANZ clients, a decision that is being appealed by the bank. ANZ declined to comment, pending the outcome of proceedings before the Full Federal Court. CBA, Westpac and Citi were not immediately available to comment. — Reuters  |
| Quentin Tarantino announces retirement plans (VIDEO) Posted: 11 Nov 2014 04:54 PM PST LOS ANGELES, Nov 12 ― Sad news for fans of the energetic Quentin Tarantino as he's recently announced his plans to retire after completing his new project The Hateful Eight. ― Cover Media
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| Murray glad to still be in contention, eyes Federer matchup Posted: 11 Nov 2014 04:49 PM PST
However, the 27-year-old home favourite is glad just to still be in contention after yesterday's 6-3 7-5 defeat of big-serving Canadian Milos Raonic. That victory, following his defeat by Kei Nishikori in Group B on Sunday, means all scenarios are possible going into the final round-robin matches, although a straight-sets win for world number six Murray would leave him in good shape. "Well, for (Federer) I think there's a very good chance that he's going to go through regardless of the results," Murray said of his 23rd career meeting with the Swiss who is on top of Group B after two comfortable victories. "For me it depends on the winner of the Nishikori/Raonic match. If Kei wins, then I need to beat Roger, it depends on the scoreline of that match with Kei and Raonic. "If Raonic wins, then I know that all I need to do is win the match against Roger and I'll be through. "I'm not going to know that until I get ready for the match because I can't predict the future." Murray and Federer are locked at 11-11 in head-to-head clashes, although Federer has won all three of their meetings at the Tour Finals since it moved to London's 02 Arena. Federer also beat Murray in the 2012 Wimbledon final, although Murray did get revenge when he beat the Swiss to win the Olympic gold medal on Wimbledon's Centre Court. "It will be obviously a very difficult match," Murray said. "But it will be an exciting match. A good one to be part of. "We've had some very good matches over the years. I hope on Thursday it will be the same. "Hopefully I can get through the group and keep going. If not, playing against Roger is a good way for me to finish the year, as well. "There's a lot of positives for me going into that match. It's nice to go into Thursday with an opportunity to go through. I'm looking forward to it." Should Murray and Nishikori both win in straight sets the calculators would have to come out to decide who goes through. Murray will at least know the situation before he walks on court as his match with Federer is scheduled for tomorrow's evening session, after winless Raonic and Nishikori face off. — Reuters |
| Bank of England says interest rates to stay low until mid-2015 Posted: 11 Nov 2014 04:49 PM PST
Economists polled by Reuters expect the central bank to trim forecasts for growth and inflation it published three months ago because prospects elsewhere in Europe have dimmed and a four-year low in oil prices is pushing down inflation. Earlier this year, many in financial markets were predicting interest rates would have risen by now. But over the past couple of months expectations have been pushed back sharply, and now markets see rates on hold until at least August 2015. Some economists think this overstates the BoE's reluctance to start returning to something more like normal policy. "I think it will be a little more dovish than last time — but what is striking is how the market is becoming super-dovish," said Societe Generale economist Brian Hilliard. Three weeks ago, BoE chief economist Andy Haldane said he had become gloomier about the economic outlook. He said a rate rise around the middle of next year — slightly sooner than some investors are expecting — was plausible. Britain's economy has grown much faster than expected over the past 18 months. Data due out at 0930 GMT is expected to show that the unemployment rate has fallen below 6 per cent for the first time since late 2008. The big fall in unemployment over the past year has yet to translate into meaningful inflation pressure. Wages are rising by only about 1 per cent a year, and consumer price inflation hit a five-year low of 1.2 per cent in September. This is well below the BoE's 2 per cent target and where it expected inflation would be three months ago. But the impact of lower oil prices on the BoE's longer-run forecast may be small, as the Bank usually assumes one-off price drops have little lasting effect. In August, the BoE forecast inflation would be 1.8 per cent in two years' time while economic growth in 2015 would slow to 3.0 per cent from 3.5 per cent this year but stay above its long-run trend. — Reuters |
| Cover Media Video: Tarantino to retire after ‘The Hateful Eight’ Posted: 11 Nov 2014 04:48 PM PST Duration: 00:51, Published 12 Nov 2014 Sad news for fans of the energetic Quentin Tarantino as he's recently announced his plans to retire after completing his new project The Hateful Eight. ― Cover Media |
| Agency says China will overtake US as world’s biggest oil consumer Posted: 11 Nov 2014 04:45 PM PST
"A landmark is reached in the early 2030s, when China becomes the largest oil-consuming country, crossing paths with the United States," the agency said in a summary of its World Energy Outlook, which forecasts long-term energy trends. The full findings of the report will be presented at a press conference in London today. Growth in oil demand to 2040 will also be driven by India, Southeast Asia, the Middle East and sub-Saharan Africa, the IEA said. Consumption in developed economies will shrink, with oil use in the US falling to the lowest level in decades, it said. Brent crude fell to a four-year low yesterday and is trading in a bear market amid signs that global demand growth isn't keeping pace with supply. Members of the Organisation of Petroleum Exporting Countries including Saudi Arabia and Iraq are resisting calls to cut output. They have instead reduced export prices to the US, where they're competing with the fastest rate of production in more than 30 years. US production of "tight oil" from shale deposits will plateau in the next 10 years and eventually fall, the IEA said, reiterating similar comments from last year's outlook. Global oil demand will rise 16 per cent to 104 million barrels a day in 2040, compared with 90 million last year, the Paris-based adviser to industrialized nations said. The pace of demand growth will slow to 1 per cent a year from 2025 after climbing more than 2 per cent annually in the last two decades, it said. The developing nations of Asia will account for 60 per cent of total demand growth in the period, the agency said. Oil use will probably decline in members of the Organisation for Economic Cooperation and Development, which includes the US, Germany and Japan. "For each barrel of oil no longer used in OECD countries, two barrels more are used in the non-OECD," the IEA said. — Bloomberg |
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