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Published on: Friday, December 18, 2015

  • The Australian Securities and Investments Commission (ASIC) will boost its investigation into Slater & Gordon after the listed law firm changed its earnings outlook. ASIC has been investigating Slater & Gordon since June following the firm’s surprise downgrade but the scope of the review has been widened, according to the newspaper’s sources. It is the second downgrade in the past 18 months. The firm revealed yesterday that worse-than-expected results from its British business forced it to abandon its earnings guidance. The announcement sent its shares plunging by more than 20% in early trade, before closing down 17.2% to 89 cents. The second downgrade could spark a class action with rival firm Maurice Blackburn revealed it was monitoring its competitor. (The AFR). 
  • The New South Wales (NSW) Government will legalise the car-sharing service Uber but users of the service and taxi owners will be hit by a $1 levy for every trip for five years in order to compensate taxi licence owners. Taxi owners are eligible for up to $175,000 in compensation for their licenses. The government expects to raise around $50 million a year from the $1 levy and the move could spark other states to legalise the Uber service. (The AFR). 
  • Outgoing chair of the National Australia Bank (NAB)Michael Chaney said the Federal Government needs to produce a “credible” plan in next year’s budget in order to return to surplus. Speaking at NAB’s annual meeting in Perth yesterday, Chaney said the increasing national debit is a “serious issue” that many Australians would confront for the first time. He labeled the outlook for the economy as “mixed”, noting “it’s getting harder by the week in Western Australia, while NSW and Victoria benefited from the changing economy. He also noted that unemployment was falling which was evidence of a resilient economy. (The Australian). 
  • The Commonwealth Bank of Australia will review six client files from 17 of its advisers after an investigation into fits financial planning following the bank’s advice scandal. At least 1100 CBA customers lost savings from the unethical advice of some of the bank’s planners.
  • At 0648 AEDT on Friday, the March share price index futures contract was down 21 points at 5,034.




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