the commonwealth bank of australia —— australia has said it would pay —— commonwealth bank of of australia $529.5m and admit liability to settle claims by australia's financial crime agency that it broke anti—money laundering and counter terrorism laws. let's go to our asia business hub where rico hizon is following the story. tell us more about this. this is a big slap on the wrist in a fairly hefty fine. the bank will be more than half $i hefty fine. the bank will be more than half $1 billion poorer and its profits will surely shrink once this fine is paid. it is almost double the amount of the commonwealth bank had set aside to finalise this issue and the scandal relates to 53,000 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 serie

is amp, over allegations it misled the corporate regulator while number one regulator commonwealth bank of australia 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 things don't g

has we are talking about foreign exchange, let's bring in the senior fx strategist at commonwealth bank of australia. tell us what your view is on the dollar and dollar strength. is it set to continue as some have suggested or others have said this is the peak of it? you >> -- >> there is upside risk to the u.s. dollar, influenced by two current themes driving the markets. first, this reemergence in monetary policy divergence that has now moved in favor of the u.s. dollar. fomc has, the fed or suggested they will raise rates to more times this year and probably three more times in 2019. in contrast, other centralks like the ecb, rba who are apparently in no rush to remove monetary policy, nation -- accommodation. generate upside risk for the u.s. dollar. the second theme supportive of the u.s. dollar is escalation in trade tension. that is a major headwind to global economic activity, largely because it impacts negatively economic and investor sentiment. it will also disrupt global supply chain. all of these are headwinds to global growth and i add to that the rising financial tension in emerging ma

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

paul: the commonwealth bank of australia has agreed to pay a record $700 million australian fine or forny -- $30 million u.s. breaches of terrorism and money laundering. further contravention's and reporting, monetary and customer due diligence. this is confirmed by the federal court. it will be the largest civil penalty in australian corporate history. opec and allies are stressing the need for cooperation for stable oil supply. energy ministers from saudi arabia, the uae, kuwait, algeria and oman held a meeting in kuwait city. emphasized the importance of maintaining adequate investment. crude prices have fallen since the saudis and russians talked about reviving production. the u.s. is warning north korea it will win relief from sanctions only when it shows irreversible moves towards denuclearization. james mattis made -- met with counterparts from certain countries ahead of the summit. he says the west must maintain a tough stance while the diplomats negotiate. the u.s. could be 5 -- standing alone at the g7 summit in canada. other members say they will take retaliatory measures unl

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

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

commonwealth bank of australia has agreed to pay a record 700 million aussie dollar fine, or 500 $30 the systemic reaches of money laundering and counterterrorism financing laws. they also admitted further contributions, risk, and customer digit legends. if the deal is confirmed by the court, a will be the largest civil penalty in australia corporate history. they have resumed wage makingtions with unions the most ambitious proposal yet. talks failed last year leading to a six-week strike at the world's biggest copper mine. oldgreement and the contract was expended until july the 31st. the union wants a 5% real wage rise plus a when a bonus of up to $40,000. onbal news, 24 hours a day air and at tick-tock on twitter powered by more than 2700 journalists and analysts in more than 120 countries, i am paul allen and this is bloomberg. yvonne: china has a blunt message for the u.s., all trade bets will be off if the trump administration follows through with tariffs. wass -- wilbur ross is in beijing. more on this this morning. tom, it seems like china stance is heartening -- hardening. yo

stories of banks charging that customers for services after they have passed away, and today we had news that the commonwealth bank has been agreeing to pay a fine of $530 million for breaching australia'sion. 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 steel and aluminium on canada, mexico and european union. the big question so

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

turning to the 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

turning to the 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

turning to the 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

bank ofhe commonwealth australia is set to pay a record fine? yuka: it's a financial settlement in a money laundering case. the fine of 700 million about 460 dollars or million euros is the biggest financial penalty in the country's history. they have been punished for failing to notify authorities of ,ignificant transactions violating laws more than 54,000 times. it demonstrates that our federal agencies are on the job. awestruck detected high -- vt austrack. 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

of that. but i think it is a long battle, and we should be ready for the volatility. in other business news making headlines, australia's commonwealth bankllion to settle claims it broke anti— 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 analy