ASIC gagged on life insurance review and other top stories.

• ASIC gagged on life insurance review

  

  ASIC gagged on life insurance reviewAustralian Associated Press4:21PM October 14, 2016SaveThe corporate regulator knows of two life insurers that pay staff partly according to how many claims they deny - but is not able to publicly name them.Fronting a House of Representatives standing committee on economics on Friday, officials from the Australian Securities and Investments Commission were repeatedly asked to reveal which insurers had the highest rates of rejected claims, and those that link re..

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• Fantastic agrees to $361m takeover

  

  Discount furniture retailer Fantastic Holdings has agreed to a "compelling" takeover valuing it at $361 million from the acquisitive South African owner of the Freedom and Snooze furniture chains.Steinhoff Asia Pacific Holdings' $3.50-a-share bid is 43 per cent above the stock's last trading price. It has the support of Fantastic's two key shareholders, chairman Julian Tertini and former finance director Peter Brennan, as well as the board in the absence of a superior offer and subject to an ex..

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• Passers-by nab alleged Perth bank robber

  

  Australian Associated PressA 63-year-old alleged armed robber has been charged over two separate thefts on the same street in central Perth one week apart.Police say the man demanded money from a teller at a bank on Murray Street on Friday morning after indicating he had a weapon.The teller refused and was pushed by the man, who grabbed cash and ran from the bank but was held by two passers-by until police arrived and took him into custody.The man also allegedly stole a cash tin from a business ..

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• New trading hours a 'big win' for Qld

  

  MAJOR southeast Queensland stores will be able to open longer with the state’s industrial relations commission unanimously granting an extension of trading hours. The changes, which will come into play on December 1, will mean major retailers can open from 7am to 9pm Monday to Saturday.The National Retail Association (NRA) cited independent economic research during the hearing that suggested the move could add $111 million to the state’s economy and create 1000 jobs.“It allows consumers the choi..

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• Brexit fallout sends pound to 168-year low

  

  The fallout from the United Kingdom's Brexit vote has led to the British pound falling to its lowest level against the Australian dollar in three years and, on one measure, to its weakest position in 168 years. The sterling has dropped to 31-year lows against the US dollar and slipped 15 per cent against the euro since Britain's shock vote in June to the leave the European Union.  More Business Videos Previous slide Next slide Post Brexit pound sparks a tourism boom ..

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• BHP Billiton, bank stocks send ASX lower for the week

  

  The Australian sharemarket ended the week underwater, led down by mining and bank stocks as investors prepare for an interest rate hike in the US and investment banks turned negative on miners.News from the US, including a fiery presidential debate between candidates Donald Trump and Hillary Clinton as well as the release of minutes from the Federal Reserve that pointed to an imminent rate hike influenced the market, as well as local pessimism towards the prospects for resources and energy stoc..

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• Iron ore edges higher, but BHP, Rio hit by rating cut

  

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• The new resources boom - is the party over already?

  

  Before we all get too excited about an emerging commodities boom Mark 2 - be aware that the smart money is already calling it over.In the last week, headlines screamed about the deficit-improving, economic-boosting prospects that we will enjoy thanks to surging prices for our minerals. But don't bank on the resources stock dividend trickle turning to a flood just yet. More News Videos Previous slide Next slide Fracking now 'safe' Caulfield newcomer with 'uniqu..

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• Off-the-plan settlement risk rising, RBA warns

  

  An inner-city apartment glut in Melbourne and Brisbane threatens to squeeze property developers, the Reserve Bank has warned, amid signs some off-the-plan buyers are already facing difficulties settling on their purchases.In its latest check-up on the banking system, the Reserve says risks in the apartment market are "coming to the fore," especially in inner-city Melbourne and Brisbane, which face the greatest increase in housing supply from a building boom. Construction in Docklands, a ho..

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