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The major banks are being accused of gouging customers with startling high interest rates.

The great $2b credit card swindle

Esther Han

Credit card holders have been ripped off more than $2 billion in nearly half a decade because of banks' failure to pass on official interest rate cuts, research shows.


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Greek stock market falls on day one

Banks stocks have been hard hit on the equities market, now open after a five week suspension.
George Georgiopoulos and Angeliki Koutantou

The main Athens stock market shed 16 per cent on Monday, as shares of the country's major banks plunged.

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The Economy

Demand for the sharing economy is rising

Qantas club lounge, melbourne. generic- frequent flyer, qantas, business man. AFR Picture by Jessica Hromas, 051128.
Jamie Freed

Growing demand from corporate travellers to use sharing economy businesses like Airbnb and Uber is posing both opportunities and questions for business.


Banking & Finance

IOOF executive's final warning 'went stale'

IOOF is believed to have reported 13 adviser-related breaches to ASIC in the past two years.
Adele Ferguson and Sarah Danckert

An IOOF senior executive received two final warnings for misconduct rather than being dismissed because the first warning had "gone stale".

Mining & Resources

World Business

Puerto Rico defaults on a bond payment 

Last month, Puerto Rico Governor Alejandro Garcia Padilla declared the island's debts "unpayable".
Michael Fletcher

Debt-plagued Puerto Rico defaulted on a bond payment for the first time on Monday, triggering what is likely to be a long battle with creditors as it seeks to restructure some $US73 billion in loans.


China limits short selling to curb volatility

Investors who borrow shares must now wait one day to pay back the loans, according to statements from the Shanghai and Shenzhen stock exchanges.
Ye Xie, Lee Spears and Huang Zhe

Chinese regulators restricted stock short selling of stocks, freezing out day-traders, in their latest step aimed at stabilising the world's second-largest equity market.

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Property Focus

LVMH sales strong despite China slump

The Louis Vuitton Maison store on the corner of King and George streets.
Bloomberg and Carolyn Cummins

The Chinese market was tough on LVMH Moet Hennessy this year, with sales declining in China, Macau and Hong Kong.

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Small Business

Business Video

RBA keeps rates on hold

Rates are on hold at 2 per cent, with an economic forecast due on Friday - what can we expect? The Age's Peter Martin explains.