it is almost double the amount of the commonwealth bank had set aside to finalise this issue and the 0 suspect transactions which the bank did not report to authorities. last year, australia's financial regulation agency accused them of systemic law breaches and at the court imposes the fine, it will be the largest civil penalty in history. the bank blamed many on a computer error and it triggered a major sell down and a board shakeup. australia's banking and financial services sector has been rocked by a series of scandals over the last decade. in december, malcolm turnbull established a royal commission enquiry to investigate the scale of this wrongdoing and about allegations to hit commonwealth bank, the enquiry heard the lender had collected fees from customers each new had died. complications in the ongoing investigation and a major fine for commonwealth bank of australia. thank you for the update. now let's brief you some other business stories. accorhotels has issued interest in buying part of air france klm. the french government is reportedly considering a sale of all or part

charging that customers for services after they have passed away, and today we had news that the commonwealth bankor breaching australia's money—laundering and terrorism financing legislation. the bank says it didn't mean to do its actions, they went to deliberate, but it says it takes its mistakes very seriously. at the heart of this case was a so—called smart cash machines that allowed customers to anonymously deposit and transfer money bust up for its sins, the bank has agreed to pay that enormous fine. a pretty hefty fine for the commonwealth bank. let's show what the markets are doing. staying in that region, asia, tokyo and hong kong, managing to stay upbeat thanks toa kong, managing to stay upbeat thanks to a good jobs report from the us and also stronger manufacturing data that gave wall street a boost on friday. in europe, all eyes on that upcoming g—7 meeting later in the week. expect to hear some pretty blunt responses from members of the g-7 blunt responses from members of the 6-7 to blunt responses from members of the 6—7 to wards president trump's decision to implement tariffs on ste

ceo the president david solomon speaking with stephen engle. ,et's get back to elias haddad commonwealth bankior fx strategist. how are central banks looking at trade right now? how do they position themselves with regard to trade and how they can mitigate some of the worst aspects and fallout from this full-blown trade war? that is actually the common theme that essentially came out of the central bank conference in portugal. all of the central bankers, whether jay powell, draghi, kuroda, their main concern at this stage is about escalating trade tension. there hasn't been any hard data showing at this stage it is already starting to negatively impact economic activity, but they are concerned if things really do deteriorate. it is important to remember these tariffs announced by the u.s. and china -- at this stage, the economic impact is fairly negligible, but it is the threat and the threat of more inward looking trade policy that is a major headwind to the global economic activity. rishaad: absolutely, and if you have a lessening of global economic activity, you have a lessening of trading

let's take a look at the commonwealth bank.systematic breaches of money laundering and terrorism financing laws. tim roche saying the agency focuses on the systemic issues that actually led to those breaches. >> the financial penalty out of this was never really something that was likely to cause a negative drive on the ratings. it's going back to what we are talking about before. the fact that there were some systemic issues that led into this case occurring on this issue occurring that is the broader driver from a ratings perspective. that still remains the case. rishaad: let's bring in and johnson, the managing editor frost really a and new zealand. what is the scoop here? ed: good morning. welcome to the wintry but sunny sydney. the scoop today. the nation's largest bank has agreed a 700 million australian dollars settlement with the financial crimes authority. in this case, it has been hanging over them since august of last year. on the charges or allegations against cba. it essentially revolves around their intelligent de

ramy: it is not just commonwealth bank under scrutiny teeth -- under scrutiny, is it? en impetus do a much wider ranging query and australia called a royal commission. that is looking at all of the big four banks and the financial service sector in general. it has been running for a few months. it is the behavior of the banks ranging from misleading financial lies and lying to the having charges for dead people for services. ramy: managing editor, thank you for that. you can get a roundup of the stories you need to know to get your day going in today's edition of daybreak. twomberg subscribers go to tv . easy get the news on the affect -- assets a you care about. this is bloomberg. ♪ ramy: this is "daybreak asia." i am in new york. yvonne: i am yvonne man in hong kong. upe a look at what is coming next few hours here on bloomberg television. funny to watch out for as we saw the u.s. jobs on friday. in the background here is trade tensions in the u.s. and china. mexico and canada, a lot going on for the rest of the week as there is a countdown for the singapore summi

walt --k the camera and the commonwealth bank to court. i want to say again we will not tolerate wrongdoing in the financial services sector. moving on to more b businesess finalization of a deal to buy much a cento after billion i'll deal. environmentalists are unhappy about the deal. and there is no agreement with u.s. and french authorities to settlerequirements -- allegations of rigging financial fees in life for and lybia case this is also said to include italaly's largesest bank. in the4% pay -- steak airline company -- they lost half their value after a long-running strike by pilots. yuka, we will turn out to japan where the finance minister is giving up a year's salary? ana: the ministry concluded internal investigation into a cover-up scandal. they also punished some 20 officials for falsifying official documents related to the sale of assets to prime minister shinzo abe's persosonal friend. this was aftfter the prime mininister said he would step dn circle waser of his implicated in the controversial deal. he has so far refused t

the commonwealth bank of australia says the federal court had approved a settlement agreement to civilwill recognise a $518 million expense in its financial statements for the full year to end june. malaysia is expected to bring charges of embezzlement here‘s a scary story. britain could run out of beer and soft drinks! at least if we are to believe the i newspaper. it‘s all because of a shortage of c02 — carbon dioxide — that‘s the stuff inside the bubbles in our drinks. 0ne brewer interviewed by the papers says they may have to stop production next week. with the world cup going on, where will it end? that is your business briefing. see you ina that is your business briefing. see you in a moment. shortly we will did deeper into key media stories from today but first, an interesting story. it‘s an area which has been linked to the legend of king arthur, and now an ancient piece of writing has been discovered at tintagel in cornwall, which suggests it really could have been an important royal site. claire woodling has been finding out why it‘s so significant. is tintagel was a royal si

, that is amp, over allegations it misled the corporate regulator while number one regulator commonwealth banklia is facing a civil lawsuit alleging thousands of reaches of anti— money laundering protocols. anz, though, says it believes it acted in accordance with the law in this particular charge, under australia's competition laws. i mentioned those punitive issues earlier. individuals found guilty of criminal cartel offences could spend up to ten years in prison while institutions could face multi— million—dollarfines. now, the allegations involve anz, a senior executive, along with deutsche bank and citigroup, who are actually underwriters of that sale. so it is spreading beyond just anz, and the australian competition and consumer commission says that public prosecutors are preparing to delay these charges. anz, of course, denies any wrongdoing, but we are seeing australian markets being impacted by this. you mentioned that the shares were falling. well, australia's main benchmark index is falling to 1.5 year lows on this news, and it fell earlier to a lowest level since 2016. and these t

in other business news making headlines, australia's commonwealth bank is paying $530 million to settlenti— money laundering and counterterrorism financing laws. the fine is poised to be the largest ever civil penalty in australian corporate history. uibg is sweetening its takeover bid for virgin money. a deal between the two companies would create the uk's sixth largest bank. a hotel group has expressed interest in buying pa rt has expressed interest in buying part of air france klm. the french government is considering a sale of all or part of its 14.3% stake in the national carrier. air france klm has been struggling to stay profitable in the face of long—running labour risks and rising competition. staying in the aviation space, the international air transport association plans to revise down its profit forecast this year because of rising oil, infrastructure and labour cost is. those aren't the only issues facing the airline industry. the bbc‘s correspondent is attending a three—day conference in australia. g'day from my hometown. i am here to analyse an industry which 4 billion of

and australia's commonwealth bank has agreed to pay $530 million for settling claims that it breached

commonwealth bank of australia says the federal court had approved a settlement agreement to civil proceedings charges. the company said it will recognise a $518 million expense in its financial statements for the full year to end june. here's a scary story. britain could run out of beer and soft drinks! that's according to the i newspaper. it's all because of a shortage of c02 — carbon dioxide — that makes the bubbles in ourdrinks. 0ne brewer said they may have to stop production next week. bad timing with the world cup! that is the story we have got on the home page. it hasjust disappeared, though! we will talk about that more later, britain is running out of phase, which is the worst time of year. we have got while ascot and the world cup. and from a technical point of view, it is to do with a shortage of ammonia. but don't ask me any more! my understanding of it is fairly shallow. as ever, lots of stories on the bbc business live pages which updates constantly with the latest business news. on busy days of corporate earnings, it is really useful. the australian telecommunications company t

commonwealth bank is said to be paying $700 million australian in terms of suddenly a case. loomberg terminal. as we are talking about everything that needs to be done in terms of those banks, what is your first reaction to this news? tim: obviously i have not had a chance to look at that yet. i think it is in the vicinity of what we have thought maybe in terms of a penalty. our view had always been the financial penalty of this was never really something that was likely to cause a negative drive on the ratings. it is going back to what we were talking about or, the fact there was some systemic issues that led into this case occurring or this issue occurring that is the broader driver from a ratings perspective. that still remains the case. haidi: you talk about the reputation as not just being negative headlines apart from a consumer perspective. when do you start impacting ratings on the outlook? tim: we would need to look at a couple aspects. where there have been failings in the risk management framework, then that starts to feature more immediately. we are looking at the

haidi: commonwealth bank of australia say they will be undertaking a review of general insurance and management unit. we had this flagged earlier this year. they were looking at relisting, saying the de-merged group will include the colonial estates so the asset management group as well as the brokering business. we will get more details on that but think the demerger will not affect shareholders. they will not retain a holding in the cfs group after this. looking for more details on that but in the meantime, the chinese ridesharing service didi continues its asked -- international rollout today in australia's second-biggest city. paul allen joins us with more. they are starting slowly. paul: it has been a soft launch, they have been running in one city just an hour's drive from melbourne, trying things out. the australia, new zealand, we will take a pragmatic step two expansion. that is what they have been doing. australia will be the third market for didi after brazil and mexico. pretty aggressive discounts for people who sign up early obviously. 50% off for writers, 10% to the end

it has 50 holdings and includes lenovo, the import and next for bank of korea commonwealth bank of australialion in assets and carries an expense ratio of 45 points. light,t gets a green investors should note they are fully exposed to fx risks because there is no currency hedging. scarlet: props to our team for that fantastic job. joe: coming up, what you need to know for next week. this is bloomberg. ♪ this is bloomberg. ♪ scarlet: "what'd you miss?" erasingin u.s. stocks the loss for the week, closing up .9%. wilbur ross travels to beijing for more trade talks on saturday. joe: i will be watching for japanese prime minister meeting with president trump thursday to discuss preparations for that planned u.s. summit with north korea. julia: it is back on. this friday begins the g7 leaders summit. scarlet: that does it for "what'd you miss?" joe: have a great weekend. this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast busi

this after profits met estimates and plans for a buyback or it commonwealth bank is snapping after reportingwo units fighting over 1% this morning. over the course of the year the stock has been under pressure. down 11% since hitting the year's high in january. haidi: sophie kamaruddin on the markets this monday. australia's biggest lender is d -- is the merging. ging,-mer and it is part of a plan to become a bigger and better bank. it is sort of an industrywide thing going on. >> we have talked about the various problems and the australian banking sector. it has all been concentrated. it has not been by and large the day-to-day processes that are making retail loans or commercial loans. it has all been advisory and wealth. getting rid of these units, what cba is doing is ridding itself of potential problems. these are the ones that have disproportionate scandals associated with them. they do not make that much money for the bank. cba it self makes nearly 10 billion australian dollars a year. it isery rough guide, about net income, about 500 million. in the great scheme of things, these busi

financial crime blotter there are two big stories out of australia one involving commonwealth that's the country's largest bank on monday the nation's finance intelligence agency recommended a fight against commonwealth equal to seven hundred million dollars the penalty is meant to punish and in theory deter lax enforcement of money laundering laws the fine if approved in europe in a bureaucratic review would be the largest corporate civil penalty in australian history and on tuesday australia's competition and consumer commission accused the former heads of the australian branches of deutsche bank and citigroup and a number of their colleagues of a of cartel conduct with regard to a twenty fifteen capital raise for a.n.z. bank australia's financial sector has been in the spotlight for a year related to a public misconduct inquiry which is uncovered many instances of unlawful behavior . a year ago june first president trump said he would accept the paris climate agreement at that time many of the largest u.s. companies said that they would stick with it and do their part to reduce global warming and help save

financial crime blotter there are two big stories out of australia one involving commonwealth that's the country's largest bank on monday the nation's finance intelligence agency recommended a fight against commonwealth equal to seven hundred million dollars the penalty is meant to punish and in theory deter lax enforcement of money laundering laws the fine if approved in bure in a bureaucratic review would be the largest corporate civil. altie in australian history and on tuesday australia's competition and consumer commission accused the former heads of the australian branches of deutsche bank and citi group and a number of their colleagues of a cartel conduct with regard to a twenty fifteen capital raise for a.n.z. bank australia's financial sector has been in the spotlight for a year related to a public misconduct inquiry which is uncovered many instances of unlawful behavior . a year ago june first president trump said he would accept the paris climate agreement at that time many of the largest u.s. companies said that they would stick with it and do their part to reduce global warming and you know help s

financial crime blotter there are two big stories out of australia one involving commonwealth that's the country's largest bank on monday the nation's finance intelligence agency recommended a fight against commonwealth equal to seven hundred million dollars the penalty is meant to punish and in theory deter lax enforcement of money laundering laws the fine if approved in bure in a bureaucratic review would be the largest corporate civil penalty in australian history and on tuesday australia's competition and consumer commission accused the former heads of the australian branches of deutsche bank and citigroup and a number of their colleagues of a of cartel conduct with regard to a twenty fifteen capital raise for a n.z. bank australia's financial sector has been in the spotlight for a year related to a public misconduct inquiry which is uncovered many instances of unlawful behavior . a year ago june first president trump said he would exit the paris climate agreement at that time many of the largest u.s. companies said that they would stick with that and do their part to reduce global warming and help save th

behaving badly — the largest civil penalty in australian corporate history for the country‘s commonwealth bank

commonwealth of massachusetts. he said come on, if the businesses are legal within the state let them get into the banking system, let'sst year. so it's not just a little bit of pocket change. this is a lot of money out of the system in the shadows. it's trying to bring it out of the shadows into the system. >> senator gardner, this is sam stein in the daily beast. you stood up to attorney general jeff sessions on the marijuana issue basically saying you won't get anyone appointed to the department of justice unless you rescind this memo. i'm wondering if you will stand up to him on a separate issue, the issue of separating children from their parents who come here from other countries at the border. the administration says they are hampered by laws passed by democrats. i am unaware of the law they're citing and more importantly they have talked about the separation of children from others as a deterrent for immigration. do you think the administration should stop doing this? do you think they should keep families together and if so what are you willing to do about that? anything similar in the vein of what you did wit