Daily News Roundup

The banking industry faces its biggest shake-up yet, with the release of banking royal commission’s final report and the Federal Government’s response.

The report makes 76 recommendations which, if implemented, will lead to massive disruption of the business models of several industries
It recommends a complete overhaul of the sales culture and conflicts of interest rife in the financial services sector
Commissioner Hayne referred potential criminal breaches by banks, superannuation trustees and insurers to ASIC
Treasurer Josh Frydenberg says the Government is ‘taking action’ on all recommendations

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Banksy work that was partially destroyed by a shredder hidden in its frame seconds after it sold at a Sotheby’s auction has gone on display in a German museum.

Museum curators cut wires to a shredder which was hidden inside the artwork’s frame
The device partially destroyed the painting after it was sold at auction
Curators decided not to charge people to see the artwork, keeping in line with Banksy’s art philosophy

Banksy’s artwork now hangs in the museum in its partially destroyed state, shredded strips dangling from the bottom of the delinquent frame.

The work, auctioned by Sotheby’s as Girl with Balloon, depicts an image that was originally spray painted by Banksy on London’s Waterloo Bridge in 2002.

The moment the auctioneer’s gavel fell, a hidden mechanism inside the frame shredded half the work, which had just been sold more than a million pounds.

Banksy then officially renamed it Love is in the Bin.

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King Tut’s tomb restored, reopened, after nine-year project

After almost a decade, a team of international experts on Thursday revealed the results of their painstaking work to preserve the tomb of Egypt’s legendary Pharaoh Tutankhamun.

Nearly a victim of his own fame, long years of mass tourism had left their mark on the boy king’s burial place near Luxoron the east bank of the Nile River.

“A hundred years of visits, after being sealed for 3000 years … can you imagine the impact on the grave?” said Neville Agnew, head of the project led by the Los Angeles-based Getty Conservation Institute.

“Visitors, humidity, dust …” lamented the scientist during the unveiling ceremony at the tomb, discovered in 1922 by British archaeologist Howard Carter in the Valley of the Kings.

Called to the rescue in 2009, Agnew has led a 25-member team — including archaeologists, architects, engineers and microbiologists — to preserve the tomb and fend off the ravages of time and tourism.

Interrupted during Egypt’s 2011 uprising and the political instability that followed, the project later resumed its work and finished up this month.