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SYDNEY (Reuters) - An Australian court refused on Tuesday to approve a record A$35 million ($25 million) fine imposed on Westpac Banking Corp (WBC.AX) by the corporate regulator for using inappropriate calculations to determine if customers could afford home loans. The decision is a further blow to the Australian Securities and Investments Commission (ASIC), after a public inquiry into the financial sector found it had failed to stop systemic wrongdoing by the major banks. ASIC’s announcement in September that Westpac had agreed to pay the fine was seen as a badly needed victory for the regulator as it attempts to rebuild its reputation as a tough cop on the beat.

But Federal Court Judge Nye Perram declined to allow the penalty black carbon fiber d-shape cufflinks on the grounds that ASIC had failed to prove the bank’s wrongdoing and had not demonstrated how it had calculated the fine, “It is unworkable to assess the reasonableness of the penalty if it is not known what is to be penalized,” Perram said in a written judgment, “The court should not be expected to approve a record penalty without being told why, I accept the need for the court to encourage settlements in this area but the desirability of doing so does not permit the court to become a rubber stamp.”..

An ASIC spokesman said the regulator was reviewing the judgment and declined to comment further. A Westpac spokesman was not immediately available for comment. On Nov. 9, in a separate matter, another federal court judge rejected ASIC’s argument that Westpac should be fined A$58 million for inappropriately handling negotiations of a key bank rate. The judge in that case said Westpac should pay just A$3.3 million, the amount the bank had offered to pay. Westpac shares were down 5.4 percent on Tuesday morning, in a weaker overall market, after trading ex-dividend.

NEW YORK (Reuters) - General Electric Co (GE.N) will sell assets with “urgency” to reduce its high debt, Chief Executive Officer Larry Culp said on Monday, as GE shares tumbled as much as 10 percent and the cost of insuring its black carbon fiber d-shape cufflinks debt hit a six-year high, Culp is facing tough questions about GE’s financial strength and profit outlook after being named CEO on Oct, 1 with a mandate to turn around the 126-year-old conglomerate, “We have no higher priority right now than bringing leverage levels down,” Culp told CNBC, “We have plenty of opportunity to do that through asset sales.”..

Culp said GE also was trying to get “a better grounding in reality” in its ailing power unit. Last month, GE posted a quarterly loss of $22.8 billion, cut its annual dividend to just 4 cents a share and told investors it was facing a deepening federal accounting probe. The power unit lost $631 million in the quarter and GE wrote down $22 billion in goodwill because expected future profits in the unit now appear unlikely. Since then, some analysts have questioned GE’s liquidity and slashed their target prices for the stock. Culp said he thought the power business was “getting close” to bottoming out after more than a year of declining revenue and profit.

Some GE bonds are now trading far below par, and its five-year credit default swap rose to a bid price of 176.5 basis points and the upfront price GE5YUSAX=MG GE5YUSAX=R to 3.4 percent on Monday, according to data from IHS Markit and Refinitiv, The spike in credit default swap costs comes as short positions in GE debt have risen to $958 million from $238 million in December 2017, The most shorted debt security is the 5 percent perpetual black carbon fiber d-shape cufflinks bond 369604BQ5=, which has no maturity date, and has seen short positions more than double to $442 million from mid-September, Analysts at Credit Suisse and CFRA cut price their stock targets prices on Monday from $12 to $10 and $9, respectively, citing uncertainly about GE’s earnings and margins, and potential liabilities and writedowns at its insurance and power units, JPMorgan analyst Stephen Tusa last week cut his target to $6 from $10..

“We do not think the stock ‘works’ until confidence is restored,” Credit Suisse analyst John Walsh wrote on Monday. GE shares closed down 6.9 percent at $7.99 on the New York Stock Exchange after falling as low as $7.72. GE had $114 billion in debt at the end of the third quarter, 3.7 times its equity and more than four times the industry average debt-to-equity ratio of 0.77, Refinitiv data shows. High debt levels can increase a company’s risk of default. Former GE CEO John Flannery announced $20 billion in planned asset sales a year ago, but many are either still in the works or have not yielded enough cash to bring debt in line with peers.

GE’s largest deal so far, merging its railroad locomotive unit with Wabtec Corp (WAB.N), netted just $2.9 billion in proceeds and 9.9 percent of the combined company, Culp said GE was considering potential deals involving its “crown jewel” aviation unit, which shares technology with power, but such moves were not a high priority, “We wouldn’t say ‘no’ for all time to various options,” but breaking the unit out, monetizing it or raising black carbon fiber d-shape cufflinks equity were “not high on our list” of strategic moves, Culp said..

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