Head of Australian stock exchange resigns amid bribery allegations

Elmer Funke-Kupper, the head of Australia’s stock exchange, has resigned after bribery allegations were founded against a betting company he used to run.

In a statement, Australian Securities Exchange chairman and interim chief executive Rick Holliday-Smith said:

“The ASX Board accepted that Elmer wanted to direct his full focus to the investigations which may be made into the Tabcorp matter – and not have them interfere with the important role of leading the ASX.”

Funke-Kepper has also taken leave from his position at Tabcorp, Australia’s biggest bookmaker, as the company under investigation deal with allegations that Tabcorp paid money to Cambodian Prime Minister Hun Sen’s family in an effort to drive expansion.

FTSE, Asia and oil down

The FTSE opened 0.5 percent lower this morning, following Asian markets downwards as oil prices spiral again.

Most Asian stock markets also fell again on Monday, despite three consecutive weeks of gains. However, the Shanghai Composite and the Hang Seng have both pushed up into positive figures, with the Nikkei 225 remaining down 1.25 percent.

Both European and Asian markets were hit by falling oil prices. According to data from Baker Hughes, US oil firms increased production last week after three months of cuts – fuelling oversupply concerns.

CBI warns against Brexit

The CBI have warned of a “serious economic shock”, should Britain decide to leave the EU in June.

In a new report looking at the effects of Britain leaving the EU, it found that it would likely cost £100 billion to the UK economy, with nearly a million fewer jobs over the next four years if the UK leaves the EU and adding that a vote to leave would have “negative echoes” lasting many years.

21/03/2016