Reclusive billionaire James Packer has signaled he might sell down his major shareholding in the casino giant Crown Resorts after a New South Wales gaming inquiry heard more evidence of poor safeguards to prevent money laundering and exposure to organised crime.
Mr Packer acknowledged Crown's licence to operate a casino at Barangaroo in Sydney could be in jeopardy, labelling the revelations as a "shocking experience".
Billionaire James Packer says Crown's initial response to media allegations that rocked the casino group "reflects poorly" on the Crown board.
Mr Packer was quizzed on inaccuracies in full page newspaper ads that said the company had robust processes to deal with junket organisers.
ABC's Peter Ryan reports on Mr Packer's third day of testimony.
There've been more fascinating insights into the business affairs of the troubled billionaire James Packer at a high stakes casino licence inquiry underway in Sydney.
Mr Packer has conceded he was kept in the dark by top executives at the Crown casino empire on the events leading up to the arrest of Crown staff in China who were arrested four years ago for luring high rollers to gamble in Australia.
Inquiry commissioner Patricia Bergin SC quizzed Mr Packer on why Crown executives were reluctant to brief him on bad news despite the risk to staff and the company's now shattered reputation.
ABC's Peter Ryan with this analysis on ABC Newsradio.
Australia's economic recovery from the coronavirus crisis hinges on key assumptions and risk factors that could easily unravel the already fragile budget forecasts.
Former Treasury official Stephen Anthony - now chief economist at Industry Super Australia - says more massive spending is possible if the budget measures don't work.
Stephen Anthony speaks with ABC's Peter Ryan.
Australia's economic recovery from the coronavirus crisis hinges on key assumptions and risk factors that could easily unravel the already fragile budget forecasts.
Wall Street stocks rose on positive news about Donald Trump's health and that he was about to be discharged from hospital.
The Dow Jones Industrial Average ended 1.7 percent higher on optimism the US Congress will provide another tranche of stimulus to businesses and households.
Locally, investors are betting the federal budget to be revealed this evening will revive the pandemic battered economy.
Here's my analysis from this morning's AM program.
Global financial markets are on edge much more than usual at the moment after Donald Trump, the First Lady and other White House aides tested positive for the coronavirus.
The fast-moving developments overshadow the big local event here in Australia - Josh Frydenberg's COVID-19 recession budget to be revealed tomorrow. I speak with Commonwealth Bank head of Australian economics Gareth Aird.
Also James Packer to face casino licence inquiry against backdrop of alleged inadequate compliance with anti-money laundering regulations.
Here's my analysis broadcast this morning on RN Breakfast
