Brekky Wrap: CBA Cuts Executive Pay And 100 Percent Of NSW In Drought
All the news you need to know this Thursday.
The Commonwealth Bank claims it is holding its leaders accountable for their role in a number of financial scandals revealed by the banking royal commission through pay cuts. CBA executives have taken a collective $100 million pay cut after the scandals damaged the bank's reputation. The majority of the cuts were made in 2017, where executive short term bonuses were cut to zero and non-execute directors fees were cut by 27 percent. Current CEO Matt Comyn has taken a $1.9 million cut while former CEO Ian Narev lost $14 million in long term bonuses.
The head of the trustee responsible for NAB's superannuation funds Nicole Smith has said that she didn't think misleading customers was wrong or criminal. Speaking at the banking royal commission on Wednesday, Smith said fees were charged to NAB super customers without an adviser being assigned to them. Following NAB's third day of questioning for their involvement in the 'fees for no service' scandal, corporate regulator ASIC has estimated the total compensation for the no service debacle could reach $850 million across the industry.
Parts of the Adelaide Hills were hit with a 3.2 magnitude earthquake on Wednesday evening. The quake started at about 8.30pm and the tremors were felt as far away as the Barossa Valley, as well as thought the hills area and southern suburbs. The earthquake's epicentre is said to be near the township of Palmer, north west of Mannum. There are no reports of injuries at this stage.
Drought Crisis: Special Coverage
One hundred percent of New South Wales is now drought affected, with 60 percent of Queensland also struggling through the big dry. While the drought is showing no signs of letting up, farmers are in need now more than ever of medical help. Vivienne Bachelier, a psychologist with the Royal Flying Doctor Service, attends clinics to help farmers deal with the psychological affects of hardship. “A lot of the people that I speak with are saying they have never seen anything like this. They’re struggling with how to live their lives with such unpredictability," Bachelier told ten daily. Read the full story at the link below.
Former British foreign secretary Boris Johnson is facing mounting pressure to apologise for his comments saying women who wear burkas "look like letter boxes". In a column for The Telegraph, Johnson remarked that burkas should not be banned, but that it is "absolutely ridiculous" women chose to "go around looking like letter boxes". He also compared the women to "bank robbers". Prime Minister Theresa May has called for Johnson to apologise for the comments, saying that no man has the right to comment on how a woman should dress.
Argentina's senate is due to hold an historic vote on abortion which would see the procedure become legal for pregnancies of up to 14 weeks. If the vote is in favour of the reform, Argentina will become the most populous nation in Latin America to legalise abortion. Abortion in Argentina is only legal in cases of rape, or if the pregnancy poses a direct risk to the mother's health. Pro- abortion campaigners hope that the vote, in a traditionally Catholic nation, will prompt further change across the region.
U.S. Ambassador Nikki Haley has announced America will provide $9 million USD in additional humanitarian aid to Venezuelan refugees who have fled to Colombia. During a visit to the border between Colombia and Venezuela, Haley called for the world "to realise that Maduro is a dictator". Haley also said international leaders need to act against President Maduro to ease the "crisis" in Venezuela. These comments follow an assassination attempt with a drone on the President just last week.
English cricketer Ben Stokes feared being attacked by two men carrying weapons when he intervened to help a gay couple, a jury has heard. Stokes said in a statement read to the Bristol crown court that he only stayed involved in the fight because he believed he was in danger of being injured. He also confirmed that he had consumed five mixed vodka drinks and between two and three beers on the night the brawl occurred. While the prosecution alleged Stokes was mimicking the flamboyant mannerisms of the gay couple, Stokes maintains he is not homophobic. The trial continues.
The Academy Awards have announced it will add a new award for Outstanding Achievement in Popular Film in its 2020 event. The announcement was coupled with a range of changes to programming as they awards move to ensure they stay "relevant to a changing world". From 2020 the telecast will last for just three hours, meaning that only the main awards will be broadcast and the air date will move from February 23 to February 9. These changes follow a dramatic drop in ratings for the annual Oscars telecast.
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