Australia's 'shop now, pay later' giant faces regulatory scrutiny - Nikkei Asian Review

SYDNEY -- Australia's Afterpay Touch Group, a market darling of 2019, has seen its stock price down 25% in the past week following speculation that its business model of buy now, pay later may come under more regulatory scrutiny.

The financial technology group has found international popularity through its interest-free installment platform, which has won favor mainly among younger generations. Its stock tripled from the start of the year, only to stumble as UBS issued a bearish assessment last week and Australia's central bank announced plans to review the industry in 2020.

Under CEO Anthony Eisen, the company has notched major growth for its Afterpay service, in which the customer pays just a quarter of the bill at the time of purchase. The rest is automatically withdrawn from the customer's bank account in three successive installments, two weeks apart. Missing a payment date incurs a penalty of 10 Australian dollars ($6.85).

The service requires only a debit card, making it appealing for millennials who, like 1990-born Afterpay co-founder Nick Molnar, came of age around the time of the 2008 global financial crisis. Members of that generation may be less likely to have credit cards.

Afterpay aims to make money not from late-payment penalties, but from usage fees paid by vendors that accept the service. While the company does not disclose its fee scale, it appears to be several percent of a customer's bill.

The installment-pay platform is finding a foothold in markets like the U.S. and U.K. And in the past year, its user base grew to about 5 million, with a total of 30,000-plus vendors, including virtual ones, accepting the service. It has been adopted at Australian budget carrier Jetstar Airways, department stores, dental clinics and elsewhere.

"In Australia, customers who began with us three or more years ago are now transacting more than 20 times per year," the company said in its earnings announcement for the full year ended June 30.

But hurdles remain. The company was ordered by Australia's anti-money-laundering body in June to hire an external auditor. Building up earnings capability while also maintaining trust among consumers, vendors and authorities alike may prove a challenge.

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https://asia.nikkei.com/Business/Banking-Finance/Australia-s-shop-now-pay-later-giant-faces-regulatory-scrutiny

2019-10-21 20:13:00Z
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Australian newspapers black out front pages as media unites to defend press freedom - CNN

The newspapers and networks are trying to "to highlight the constraints on media organizations under strict national security legislation," Australia's ABC network reported.

The news outlets have joined forces through a coalition known as the "Right to Know." And the joint action has been designed to agitate readers into action.

Monday's edition of the Herald Sun, part of the News Corp Australia Network, asked, "When government keeps the truth from you, what are they covering up?"

"The straw that broke the camel's back were the raids on News Corp journalist Annika Smethurst (who now faces possible criminal charges, ironically because she reported the government was considering new powers to spy on all of us) and an unrelated raid on the ABC headquarters after a report detailing incidents of Australian special forces troops killing men and children in Afghanistan," according to the Herald Sun.

Those two raids, back in June, stunned press freedom advocates and galvanized opposition to Australia's national security laws.

On Sunday night, "the nation's broadcasters began running campaigns on air" during their prime time lineups, "depicting redacted Freedom of Information requests and arguing the media cannot fulfill its duty in keeping the public informed if its work is being hampered," the ABC network reported.

And on Monday, Australia's biggest newspapers ran redacted front pages, with black eraser lines symbolically scrawled all over the day's top stories.

The redacted front pages are a "united call for greater media freedom following a sustained attack on the rights of journalists to hold governments to account and report the truth to the Australian public," the Australian Business Review said.

The newspaper called the blackout an "unprecedented act of protest against increasing restrictions on the freedom of the press."

Images shared via social media showed rows of newspaper front pages — more than a dozen in total — with blacked out news.

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https://www.cnn.com/2019/10/21/media/australian-newspapers-media-blackout-australia/index.html

2019-10-21 07:41:00Z
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Iraqi man charged over deaths of migrants heading for Australia - BBC News

Police in Australia have charged an Iraqi man over a people-smuggling operation which caused the deaths of more than 350 people.

The group of asylum seekers drowned in 2001 after their boat sank during a journey from Indonesia to Australia.

Police say the 43-year-old was part of a syndicate which arranged their travel and accommodation for money.

He is the third person to be charged over the incident, which took place off the coast of Indonesia.

Police said he was taken into custody at Brisbane airport after his extradition from New Zealand, and faces 10 years in prison if found guilty. He will appear at a Brisbane court on 31 October.

Authorities did not name the man, but the Sydney Morning Herald newspaper has identified him as Maythem Radhi.

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Mr Radhi has denied responsibility for the deaths, and has been fighting extradition attempts for a decade.

He was granted refugee status in 2009 and had been living in Auckland with his wife and children.

"Let's not lose sight of the fact that more than 350 people died in this tragedy," Police Commissioner Reece Kershaw said in a statement. "They are owed justice and we remain committed to deterring those who profit from this trade."

Australian police have continued to investigate the incident, which took place while the boat was heading to remote Christmas Island.

Iraqi national Khaleed Daoed was extradited to Australia from Sweden in 2003 and given a nine-year prison sentence for the operation.

Another key organiser, Egyptian trafficker Abu Quassey, was convicted in his home country in 2003 and given a seven-year sentence.

• Australia may restrict where migrants live

Thousands of asylum seekers try to reach Australia by sea every year, many paying huge sums of money to people-smugglers to transport them.

Indonesia is often used as a transit point as international borders in the region are hard to control.

The journey is fraught with danger and Australian authorities frequently conduct rescue operations to assist those trapped at sea.

But immigration continues to be a divisive issue in Australian politics. Australia has also been criticised for its policy of mandatory detention for those arriving without a valid visa.

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https://www.bbc.com/news/world-australia-50107342

2019-10-19 10:57:22Z
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Iraqi man charged over deaths of migrants heading for Australia - BBC News

Police in Australia have charged an Iraqi man over a people-smuggling operation which caused the deaths of more than 350 people.

The group of asylum seekers drowned in 2001 after their boat sank during a journey from Indonesia to Australia.

Police say the 43-year-old was part of a syndicate which arranged their travel and accommodation for money.

He is the third person to be charged over the incident, which took place off the coast of Indonesia.

Police said he was taken into custody at Brisbane airport after his extradition from New Zealand, and faces 10 years in prison if found guilty. He will appear at a Brisbane court on 31 October.

Authorities did not name the man, but the Sydney Morning Herald newspaper has identified him as Maythem Radhi.

Media playback is unsupported on your device

Mr Radhi has denied responsibility for the deaths, and has been fighting extradition attempts for a decade.

He was granted refugee status in 2009 and had been living in Auckland with his wife and children.

"Let's not lose sight of the fact that more than 350 people died in this tragedy," Police Commissioner Reece Kershaw said in a statement. "They are owed justice and we remain committed to deterring those who profit from this trade."

Australian police have continued to investigate the incident, which took place while the boat was heading to remote Christmas Island.

Iraqi national Khaleed Daoed was extradited to Australia from Sweden in 2003 and given a nine-year prison sentence for the operation.

Another key organiser, Egyptian trafficker Abu Quassey, was convicted in his home country in 2003 and given a seven-year sentence.

• Australia may restrict where migrants live

Thousands of asylum seekers try to reach Australia by sea every year, many paying huge sums of money to people-smugglers to transport them.

Indonesia is often used as a transit point as international borders in the region are hard to control.

The journey is fraught with danger and Australian authorities frequently conduct rescue operations to assist those trapped at sea.

But immigration continues to be a divisive issue in Australian politics. Australia has also been criticised for its policy of mandatory detention for those arriving without a valid visa.

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https://www.bbc.com/news/world-australia-50107342

2019-10-19 10:57:17Z
52780413169901

Former Anglican dean jailed for raping boy in Australia - BBC News

A former Anglican Dean of Newcastle in Australia has been jailed for raping a 15-year-old boy in 1991.

Graeme Lawrence, now 77, is reported to be the second most senior Australian religious figure to be convicted of child sexual abuse, after Catholic Cardinal George Pell.

Lawrence was Anglican dean in the New South Wales city when he lured the boy to his home and raped him.

A court rejected Lawrence's assertion that he had never met his victim.

Judge Tim Gartelmann sentenced Lawrence to spend a maximum of eight years in jail, saying he had exploited his position of power to abuse the boy.

"The victim and his mother must have trusted him because he was the dean," Judge Gartelmann told the Newcastle District Court, the Australian Associated Press reported.

The court heard Lawrence had invited the boy to his home following a youth concert at Newcastle's Christchurch Cathedral.

He had forced the boy - who "was so scared he was shaking" - to the floor before raping him, the judge said on Thursday.

Lawrence served as dean for 24 years until 2008, but was defrocked by the Anglican church in 2012 after the abuse allegations came to light.

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He will be eligible for parole after four-and-a-half years.

Pell, one of the Catholic Church's most senior figures, was jailed for six years in March after being convicted of sexually abusing two boys in the 1990s.

The former Vatican treasurer is waiting to learn whether his final bid to overturn his convictions will be heard by a court.

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https://www.bbc.com/news/world-australia-50077792

2019-10-17 04:48:47Z
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Australia expels Vietnamese tourist caught with raw pork in her luggage - CNN

(CNN) — Australian border officials kicked a Vietnamese tourist out of the country after they found 10 kilograms (22 pounds) of banned food products in her luggage, including a large amount of raw pork -- amid global concerns over swine fever.

The median baggage allowance for international flights is 23.5 kilograms (52 pounds), meaning almost half of the woman's packing was potentially made up of food products, including both raw and cooked meat, fruit, squid, eggs, pate and garlic.

"The passenger, a 45 year old woman from Vietnam, had her visitor visa canceled for failing to declare an extensive cache of food concealed in her luggage, including over 4.5 kilos of pork," Minister for Agriculture Bridget McKenzie said in a statement. "In the midst of what is potentially the biggest animal disease event the world has seen, it beggars belief that someone would deliberately attempt to bring pork meat past our border."

The woman was traveling with 4.5 kilograms (10 pounds) of pork, a particular concern for Australian officials amid a worldwide swine fever epidemic.

Australia Border Force

The woman was flagged by border officials at Sydney airport and pulled aside for a check after she didn't declare any banned items to customs. She is the first tourist to have her visa canceled and be expelled from the country over a breach of biosecurity laws. She will be allowed to return in three years.

"We are watching you," McKenzie told reporters on Tuesday. "She was detected by officials as someone of interest ... she went through the biosecurity questioning, she had not declared, and in her suitcase was 10 kilograms of a mixture of quail, squid, cooked pork products and the like, all of which pose a significant biosecurity risk to our country."

Australia has in the past been devastated by pests and diseases that the native ecosystem has no protections against, and the country has heavy restrictions on what tourists can bring in.

The celebrity couple issues a very serious apology to Australia after smuggling dogs aboard a private jet.

In 2016, actors Johnny Depp and Amber Heard made what appeared to be a grovelling public apology in a video produced by the Australian government after they were caught smuggling their two Yorkshire terriers into the country.

"One quarter of the world's pigs will be dead by the end of this year from African swine fever which kills about 80% of the pigs it infects and there's no vaccine and no cure," McKenzie said earlier this month, after the disease was detected in East Timor, less than 700 kilometers (435 miles) from the country's northern coast.

"Since we increased border checks we've been seizing 100 kilograms per week in illegal pork products. Between 5 November 2018 and 31 August 2019 over 27 tonnes of pork were intercepted on air travelers entering Australia."

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https://www.cnn.com/travel/article/australia-vietnam-pork-customs-intl-hnk-scli/index.html

2019-10-16 04:03:24Z
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Boa constrictor 'at large' in Australian town, 'freshly shed' skin discovered - Fox News

There's a slithering bandit on the loose down under.

Officials in Australia are searching a suburb of Sydney where an adult boa constrictor is believed to be "at large" after "freshly shed" snake skin was discovered last week.

Professional snake wrangler Australian Snake Catchers said on Facebook the boa constrictor, about 8.2 feet long is believed to be loose in the Cascades area of Silverdale.

"We have been out to the property and conducted an extensive search of the surrounding area," the group said. "DO NOT ATTEMPT TO CAPTURE THIS SNAKE."

KISS TO PERFORM UNDERWATER FOR GREAT WHITE SHARKS IN AUSTRALIA

The New South Wales Government warned residents in a letter the adult boa constrictor was "at large" in or around the Cascades Estate area.

In the letter, the government said it was "in the process of trying to locate and capture the animal and is requesting that residents be on the lookout for it and to report any sightings."

Officials in Australia are searching a suburb of Sydney where an adult boa constrictor is believed to be "at large" after "freshly shed" snakeskin was discovered. (Australian Snake Catchers/Facebook)

Officials sent out the warning after a "freshly shed snake skin" was found at a construction site on Oct 9.

Boa constrictors, native to Central and South America, are considered to be one of the world's largest snake species with an average length of up to nine feet. The reptiles are illegal in Australia, only allowed in zoos for conservation reasons, and are known for being an invasive species.

"The Boa constrictor can represent a threat to humans, particularly small children, as well as domestic pets. It may impact on agricultural activities and it is known to threaten species of amphibians, birds, lizards, snakes and bats," according to the NSW government.

AUSTRALIAN MAN, 19, ARRESTED FOR MOWING DOWN 20 KANGAROOS WITH CAR: POLICE

Sean Cade from Australian Snake Catchers told the BBC he believes the snake was kept as an illegal bpet, and "more than likely been bred in Australia."

Cade also warned the snake can eat prey "four times the size of its stomach."

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"This thing would take a full-sized kangaroo mate, no problem," Cade told the BBC. "The fear is that a young kid will be playing in the back yard, and this snake will mosey on up."

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https://www.foxnews.com/world/boa-constrictor-australia-on-the-loose-skin-shed

2019-10-15 11:35:24Z
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