News Pulse for March 7, 2018

A daily download of SME, startup, fintech and tax news from around Australia.

Trump promised Turnbull Australia would be exempt from trade tariffs

Donald Trump “emphatically” promised to exempt Australian steel and aluminium from US tariffs during a meeting with Prime Minister Malcolm TurnbullThe Hon. Malcolm Turnbull MP, Federal Member for Wentworth Prime Minister from 15.9.15 last year, it can be revealed.

The ABC understands the promise was witnessed by high-ranking officials on both sides of the meeting, which was held on the sidelines of the G20 meeting in Hamburg, Germany, in July 2017 .

HSBC embraces brave new world of banking

HSBC’s digital operations centre in Hong Kong is flat out getting new methods of payment to market and trying to anticipate what comes next as it prepares for the open banking revolution.

The challenges faced by the global banking mainstay in the fast-paced Asian industry provide important insights into what may unfold in Australia when the demands of customers and the regulatory architecture catch up with our northern neighbours.

Open banking means keeping up with fintechs

The Australian government is introducing ‘open banking’ to give citizens what it says is greater access to and control over their banking data.

This means that banks will need to work closely with and sometimes compete against third party fintechs developing new financial services applications. Under an open banking regime, data is shared with third parties such as comparison sites, enabling customers to negotiate better deals with their banks, which will increase competition.

Financial Complaints Authority expects to be busy: chair Helen Coonan

The incoming chair of the federal government’s new Australian Financial Complaints Authority says banks and financial service providers will have a seat at the table and the opportunity to improve their internal dispute processes to avoid going before the consumer-focused body.

Former Howard government communications minister and Crown Resorts director Helen Coonan was named to lead the new authority this month, with consumers and small businesses able to begin making applications from November .

MYOB Group Positive After Share Price Drops


MYOB have put fourth expansion initiatives.

In November last year they announced a takeover offer to Reckon Limited’s, which is an accountant business.

They offered Reckon a total of $180 million for their business.

They have high hopes for the potential takeover.

Uber drivers working for half the minimum wage, report says

Australians driving for Uber’s most popular low-cost service, Uber X, are earning about half the statutory minimum wage for transport workers, according to a new report.

The union-backed Australia Institute’s Centre for Future Work has calculated that the average income of the ridesharing service’s drivers working in six Australian cities is less than $15 an hour .

Another Kiwi icon is falling into Australian hands

The headline from the Manawatu Standard said it all: Rod Drury stands down as CEO of Xero, replaced by Aussie.

Barely a month has passed since Drury abandoned its Kiwi stock market listing, crossed the ditch and listed on the ASX – and the company has already announced plans to replace its local founder/CEO with an Aussie on April Fool’s Day.

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