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Business Matters: Penalty Increased for Commonwealth Bank of Australia

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01/05/2018 GMT

Penalty Increased for Commonwealth Bank of Australia

BBC World Service - Business Matters, Penalty Increased for Commonwealth Bank of Australia

Australia's banking regulator has added $753m to the CBA's capital requirements

In a damning report, the Australian Prudential Regulatory Authority (APRA) has added an extra $753m to the CBA's capital requirements. The bank was sued for widespread breaches of money laundering laws that allowed criminals and terror financiers to launder millions of dollars through its accounts. We hear from the BBC's Phil Mercer and ABC's senior business correspondent, Peter Ryan, in Sydney. Nigeria's President Muhammadu Buhari is the first leader from Africa to visit President Trump in the US. The BBC's Ishaq Khalid in Abuja tells us what Mr Buhari hopes to achieve with the visit. And we have a report from southern Nigeria exploring the country's attempts to diversify its economy away from oil. Earlier this year, China approved the removal of a two-term limit on the presidency - effectively allowing Xi Jinping to remain in power for as long as he wants. We hear an extended interview with Elizabeth Economy of the Council on Foreign Relations, whose new book is called The Third Revolution: Xi Jinping and the New Chinese State. And throughout the programme, we're joined for discussion and comment by Mark Blyth, professor of International Political Economy at Brown University in Rhode Island and the journalist and writer Madhavan Narayanan in Delhi. (Photo: A Commonwealth Bank of Australia sign is seen on a building in Sydney. Credit: William West/AFP/Getty Images)

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