iQOO has unveiled its latest flagship gaming phone, the iQOO 15, in China. It is now equipped with the new Snapdragon 8 Elite Gen 5 chipset and packs several upgrades over the iQOO 13.
The iQOO 15 sports a 6.85-inch Samsung M14 AMOLED LTPO…
iQOO has unveiled its latest flagship gaming phone, the iQOO 15, in China. It is now equipped with the new Snapdragon 8 Elite Gen 5 chipset and packs several upgrades over the iQOO 13.
The iQOO 15 sports a 6.85-inch Samsung M14 AMOLED LTPO…
Last season, the Denver Nuggets’ Jokić wrote himself into the NBA record books after he became only the third-ever player to average a triple-double stat line in a regular season.
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The bank charged fees on dead people’s accounts, ignored hardship notices and misled customers. But over those same three years, ANZ bosses were awarded more than $26m in bonuses.
Now, shareholder proxy firms are waiting until December to see whether bonuses will be cut in response to the record $240m in fines given for ANZ’s widespread misconduct.
The short-term bonuses, awarded to 11 executives between 2021-22 and 2023-24, have been condemned as indefensible and “completely out of touch” by the Finance Sector Union, which has been assisting some of the 3,500 ANZ staff whose jobs will be cut by next September.
The bonuses have also been criticised by the Greens as an example of “how broken the system is”, with the total amount paid out over the three-year period exceeding some of the fines ANZ received from the Australian Securities and Investments Commission (Asic).
Ahead of a shareholder revolt at last year’s annual general meeting, ANZ’s former chief executive Shayne Elliott gave up a long-term bonus worth $3.2m. But Elliott’s short-term bonuses of $5.5m over the three years were not affected.
Other top executives were paid $3.2m, $3.1m and $2.8m in bonuses during the three-year period.
“That’s indefensible and completely out of touch with what the community expects,” said the FSU’s national president, Wendy Streets.
“At a time when ANZ is slashing 3,500 roles to save $800m offshoring jobs and apologising for compliance failures, these payouts are tone-deaf and unjustifiable.”
The ANZ case is just one example of bonuses being awarded to top staff, despite community outrage and regulatory action over a company’s conduct.
Guardian Australia on Monday revealed health insurer Bupa had declared $14.1m in bonuses for senior staff a year before it agreed to pay a $35m fine for “unconscionable conduct”. The chief executive of the childcare giant G8 Education also secured a short-term bonus of $534,426 last year, despite multiple safety breaches and the employment of a man subsequently charged with child sexual offences
In ANZ’s case, the bank last month accepted its failure to respond to 488 customers who submitted hardship notices between May 2022 and September 2024, which resulted in the $240m in penalties. In some cases, ANZ took more than two years to respond to requests for help.
It was separately ordered to pay a $25m fine for failing to provide promised benefits to customers in 2022. ANZ also faced a $10m fine for contravening the credit act during the same financial year, while separately helping the sovereign debt management agency with a $14bn bond issuance in a way that exposed the government to a “significant risk of harm”, according to the financial regulator.
In that same financial year, eight senior ANZ executives received short-term annual bonuses worth $8.24m – an average of $1m each.
The following financial year, ANZ was ordered to pay a $15m fine for misleading customers about credit available in their accounts. It also faced a $900,000 fine for breaching continuous disclosure obligations. In August 2023, it told the government it overstated bonds trading data, describing this as an “unacceptable failure”.
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But during that 12-month period, 11 senior executives were paid short-term bonuses totalling $10.5m.
These payments were roughly 58% of the maximum bonus available, which was less than the 66% average across the ASX200, according to an analysis by the Australian Council of Superannuation Investors (Acsi).
On 2 July 2024, ANZ was sanctioned for not stopping or refunding fees charged to dead people between July 2019 and September 2023. Almost 19,000 customers were affected. The Banking Code Compliance Committee described the breaches as serious and systemic.
ANZ declined to comment when contacted last week over its payment of bonuses.
The bank has apologised on numerous occasions for the breaches and pledged to overhaul its culture.
In September, the bank’s chair, Paul O’Sullivan, said more than 50 “accountability reviews” had been conducted in its markets division as a result of Asic’s action.
“It has resulted in significant impacts to variable remuneration for certain individuals,” O’Sullivan said last month. Those impacts will not be known until later this year shortly before the bank’s annual general meeting in December.
The Greens senator Nick McKim said the lucrative bonuses showed “how broken the system is”.
“The culture at the top of Australia’s banks hasn’t changed since the royal commission,” McKim said, adding the people who presided over the bank at the time of the wrongdoing “are still cashing in”.
According to Acsi’s research, only one of 142 chief executives at ASX200 companies who were eligible for a bonus didn’t receive one last financial year.
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Kering’s new chief executive has vowed to make sweeping changes in an urgent bid to refocus the luxury group on fashion, as it announced a €4bn deal to sell its beauty operations to L’Oréal.
Luca de Meo signalled that he planned to make several big changes to the Gucci-owner, one of the world’s top luxury groups, saying he had moved to seal the beauty deal “as quickly as possible” and promising that “you’ll see others”.
The luxury sector enjoyed a boom during the pandemic, driven by housebound consumers spending more on high-end goods and huge growth in the Chinese market, but has since been hit by consumers reining in spending and a faltering Chinese economy.
De Meo, brought in from Renault where he led a large turnaround of another of France’s top listed companies, said his top priority was to refocus Kering on its fashion brands, notably Gucci. As well as beauty and fashion, the group also sells eyewear, while its jewellery houses include Boucheron.
“The urgency is to focus on the things . . . where we have a critical size and skills. That will help me lighten the boat and be able to focus on the relaunch of fashion brands,” de Meo told the Financial Times in an interview on Monday after Kering announced the sale of its beauty business.
He added that he wanted to “inject more speed into some of our decisions”.
The group’s flagship label — which accounts for about half of its sales and two-thirds of profits — has fallen out of favour with consumers in a challenging luxury market. It also suffered from over-dependence on China when demand in the country slowed.
Under the terms of the deal, L’Oréal is buying perfumer House of Creed, as well as 50-year licences to develop and sell fragrances under the Gucci, Bottega Veneta and Balenciaga labels. The French beauty giant will pay undisclosed royalties to Kering in return.
The talks, which had begun before de Meo arrived from Renault, sped up from August, according to people with knowledge of the situation.
Kering’s chief said he remained “pragmatic” with regard to other potential asset sales, including a possible disposal of its successful eyewear division.
“I don’t want to close the door because we try to be very open,” de Meo said, before highlighting that Kering’s eyewear business was important to some of its most valuable clients and that it was the industry leader on the highest-end segments.
Kering’s shares were up 4.1 per cent on Monday afternoon, extending a rally of more than 80 per cent over the past six months, on the back of hopes that de Meo can turn the group around and that the broader malaise in the luxury industry is easing.
“I’ve always believed that speed is important in modern business,” said de Meo.
“As soon as I saw that I had this opportunity, I tried with Nicolas [Hieronimus, chief executive of L’Oréal] to work so that we could conclude [the deal] as quickly as possible. And you’ll see others,” he added.
UBS analyst Zuzanna Pusz said the deal would help Kering reduce its debt, thus tackling “one of the biggest investor concerns”.
Pusz calculates that the proceeds could reduce Kering’s net debt from 3.1 times earnings before interest, tax, depreciation and amortisation to roughly 2 times, which may outweigh impairments that the group has taken on parts of its beauty business. Kering acquired Creed for €3.5bn only two years ago.
For L’Oréal, the deal marks its biggest-ever acquisition. Hieronimus said it would cement its status as the market leader in high-end beauty, and that L’Oréal would focus its efforts initially on developing Creed.
L’Oréal’s chief said in an interview that he hoped to almost triple Creed’s annual revenues to €1bn “fairly quickly”. The group’s shares edged up by 0.3 per cent on Monday.
L’Oréal will not get its hands on the licence for Gucci, which is expected to ultimately prove the most valuable, until a deal with beauty group Coty expires in 2028.
“Obviously, having the opportunity, when it is legally possible, to recover the Gucci brand was one of our motivations,” said Hieronimus.
L’Oréal has form for growing high-end beauty brands. Revenues at Aesop, the upmarket soap maker it bought two years ago for $2.5bn, increased by about 10 per cent in 2024, according to one person close to the business.
The French group, which holds the beauty licence for Yves Saint Laurent, another Kering brand, generates about €3bn in annual beauty revenues from it, according to Hieronimus. That is slightly above YSL’s €2.9bn of fashion sales last year.
This implies that there is substantial opportunity to grow Gucci’s beauty range, which Hieronimus said generated only about €600mn in revenues last year, compared with the label’s €7.7bn of fashion revenues.
“When you look at the positioning of Gucci in this segment, there is room for improvement,” acknowledged de Meo.
Spanish fragrance and fashion group Puig also took an interest in Kering’s beauty division, according to two people with knowledge of the situation. Puig declined to comment.
But in the end, the people said, the deal with L’Oréal offered a more logical and expansive partnership.