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Banking Dispute Volume in New Zealand Hits 10-Year High, Ombudsman Says

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New Zealand's banking ombudsman received 283 disputes in the 12 months through June, rising 26% from the previous year to hit the highest volume in a decade, according to the ombudsman's latest annual report.

Among large lenders, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) was part of 55 disputes, Westpac Banking (ASX:WBC, NZE:WBC) was involved in 39 disputes, and Commonwealth Bank of Australia's (ASX:CBA) ASB Bank was a party in 54 disputes, the report showed.

Meanwhile, 24 of the disputes were related to Heartland Group Holdings (ASX:HGH, NZE:HGH).

The ombudsman said overall, it received 1,822 enquiries and 3,310 complaints in the year through June, with scam-related complaints accounting for a significant portion of the total. The volume of financial hardship complaints remained steady compared with the previous year, but the number of such cases that resulted in a mortgagee sale increased.

On average, disputes were resolved 14 days faster than the previous year, with the average resolution time falling to 49 working days from 63. A total of NZ$1.3 million in financial compensation was awarded in the 12 months through June, the report showed.

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Orora Chief Safety, Sustainability, Governance Officer to Step Down at End of Year

Orora (ASX:ORA) said Ann Stubbings plans to step down as chief safety, sustainability, and governance officer, effective Dec. 31, after more than 13 years with the packaging products firm, according to a Monday filing with the Australian bourse.In addition, Susannah Jobling Hodgens will be appointed as chief legal officer, the company said. Hodgens has worked with Orora for 13 years in senior legal and governance roles, most recently as general counsel and alternate company secretary.Orora shares gained nearly 1% in recent Monday trade.

ASX:ORA
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Biokin Pharma Enrolls First Patient in Phase Three Trial for Breast Cancer Drug; Shares Up 4%

Sichuan Biokin Pharmaceutical (SHA:688506) enrolled the first subject for the third-phase clinical trial of biologic drug T-Bren for injection, according to a weekend filing with the Shanghai bourse.The trial evaluates T-Bren combined with pertuzumab versus standard chemotherapy in neoadjuvant treatment of HER2-positive breast cancer, according to a weekend filing with the Shanghai bourse.Shares of the pharmaceutical company rose 4% in recent trade.

SHA:688506
Asia

Market Chatter: Korea Exchange to Extend Trading Hours till 8PM

South Korea's main stock market, the Korea Exchange, will enable trading till 8 pm following the regular close at 3:30 pm from Monday, in its move toward 24-hour trading, Bloomberg News reported Sunday.This decision opens 2,400 Korea Composite Stock Price Index, or Kospi, and Kosdaq stocks for evening trades, which include short-selling. The move excludes exchange-traded funds, the report said.The Korea Exchange plans to introduce pre-market trading by the end of next year, it said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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