The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
refunds, talks dividend review@ (Refiles to change headline to USD)
* New provision for refunds to hit earnings by A$325 mln
* Total customer-remediation provisions stand at A$1.2 bln
* Bank says board to review dividend policy
SYDNEY, April 18 (Reuters) - National Australia Bank Ltd , the country's fourth-largest, on Thursday flagged an additional A$749 million ($537.18 million) in charges to refund thousands of wronged customers and said it would review its dividend policy.
Melbourne-based NAB said it has now put aside A$1.10 billion to compensate customers as it speeds up efforts to regain public trust after a damaging misconduct inquiry in the sector.
The inquiry has put banks and investment firms under pressure to clean up processes that led to customers being automatically billed for wealth management advice they did not receive.
NAB was singled out by the inquiry for an apparent unwillingness by its executives to accept responsibility for past wrongs, which resulted in the resignation of its CEO and chairman.
NAB's extra provisions will result in a A$325 million hit to cash earnings for the first half of this year, which the lender is due to release on May. 2.
The bank also said that "as is the usual practice," its board would review the bank's dividend settings, a comment analysts believe increases the chances the lender could lower its dividend payout.
"We believe this statement supports our view that NAB's dividend will be cut next month," Azib Khan, a banking analyst at stockbroker Morgans said.
Under pressure from regulators and lawmakers, all the major banks have increased material provisions related to efforts to remediate customers for banking misconduct.
NAB shares were largely unchanged on Thursday morning following the announcement, in line with the broader market.
"We are putting things right where we have treated our customers poorly and making sure that they are compensated more quickly," NAB's Chief Executive Officer, Philip Chronican said in a statement.
Chronican said there were currently around 350 employees dedicated to remediating customers, and that is expected to rise to around 500.
The Australian Securities and Investments Commission (ASIC) in March rebuked the banks for delays in fixing internal systems that resulted in customers paying fees for services they had not received.
Australia's Westpac Banking Corp in March warned that its first-half cash earnings would fall about A$260 million on account of provisions for customer refunds, while Commonwealth Bank of Australia announced similar refund provisions last year.
($1 = 1.3943 Australian dollars) (Reporting by Paulina Duran in Sydney. Additional reporting by Nikhil Subba in Bengaluru. Editing by Michael Perry)