The financial services industry has won concessions from the Government over proposed reforms to the sector, according to The Australian.
Following industry lobbying, the Government will allow some volume-related payments and has watered down requirements for financial advisers to contact clients annually before charging ongoing fees.
The Government will, however, ban most volume-related incentive payments in the investment platform market and forbid advisers from accepting expensive gifts from product providers.
Apple denies location privacy breach
Apple has denied that its iPhones and 3G iPads have been secretly tracking their owners’ movements, following accusations that the tech giant, as well as Google, were invading users’ privacy.
Google and Apple executives said that the respective companies ask permission before gathering location information. However, a US senate inquiry is to question both companies amid reports that they don’t ask permission to gather certain data.
In a blog post, Apple said: “The iPhone is not logging your location. Rather, it’s maintaining a database of WiFi hotspots and cell towers around your current location, some of which may be located more than one hundred miles away from your iPhone, to help your iPhone rapidly and accurately calculate its location when requested.”
Barnett calls for WA worker grant
Colin Barnett, the West Australian premier, has proposed a $10,000 grant to entice skilled employees to the state. Barnett wants the Federal Government to fund workers to relocate to WA, which is suffering from a severe shortage of labour due to the booming resources industry.
The West Australian Chamber of Commerce and Industry says that WA needs an extra 500,000 skilled workers over the next decade.
The Australian dollar hit a new high, posting a record 108.16 US cents. The Dow Jones Industrial Average was also up, gaining 95.59 points to finish at 12,690.96.