K62 Finance

Private equity firms sound out Ten

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Original article by Sarah Thompson, James Chessell
The Australian Financial Review – Page: 3 : 23-Jun-14

Insiders claim struggling Australian free-to-air TV group Ten Network’s board and management are keen to see it delisted. Some four tenths of its issued scrip is already held by just four major investors, in the shape of Lachlan Murdoch, James Packer, Gina Rinehart and Bruce Gordon. There are now rumours that US-based Providence Equity Partners is interested in taking Ten private, and has held talks with it. The media company has recruited law firm Gilbert + Tobin and investment bank City as advisers on any sale plans

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, GILBERT AND TOBIN LAWYERS, CITIGROUP PTY LTD, PROVIDENCE EQUITY PARTNERS INCORPORATED, FOX TELEVISION STATIONS INCORPORATED, 21ST CENTURY FOX INCORPORATED, CBS CORPORATION, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CONSOLIDATED MEDIA HOLDINGS LIMITED, NEWS CORPORATION – ASX NWS

NAB’s UK exit plan buoyed by TSB surge

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Original article by Richard Gluyas
The Australian – Page: 21 : 23-Jun-14

Lloyds Banking in the UK has successfully hived off its TSB business, which now has a market capitalisation of Stg1.3bn ($A2.35bn). The issue price per share was Stg2.60, but on the listing date of 20 June 2014 the stock closed at $A2.90. Lloyds also said that the initial public offering was 10 times oversubscribed. The news is a boost to the plans of National Australia Bank for selling off its under-performing Clydesdale Bank assets in the UK. Clydesdale has achieved a turnaround as well, to record a March 2013 half-year profit after problem debts declined

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, TSB GROUP PLC, LLOYDS BANKING GROUP PLC, BANK OF ENGLAND, GRUPO SANTANDER, VIRGIN MONEY LIMITED, VIRGIN MONEY PERSONAL FINANCE SERVICE LIMITED, ALDERMORE BANK PLC, SHAWBROOK BANK LIMITED

Banks still protected from start-ups

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Original article by Shaun Drummond
The Australian Financial Review – Page: 23 : 6/19/2014

Banks have spent billions on technology, but they are still vulnerable to competition from start-ups in the field of new banking technologies. The issue was discussed at a forum held in Sydney on 17 June 2014. Paul Bassat, co-founder of SEEK and Square Peg Capital, said that start-ups were particularly active in developing new technologies that facilitate payments and peer-to-peer lending. The position of banks is however so strong that disruption in the banking sector is not an immediate issue

CORPORATES
SEEK LIMITED – ASX SEK, SQUARE PEG CAPITAL PTY LTD, ATLASSIAN SOFTWARE SYSTEMS PTY LTD, MACQUARIE BANK LIMITED – ASX MBL, KOGAN TECHNOLOGIES PTY LTD, GOOGLE INCORPORATED, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, PAYPAL INCORPORATED, TYRO PAYMENTS

Fraudulent transactions on lost or stolen cards on the increase

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Original article by Shaun Drummond
The Australian Financial Review – Page: 19 : 18-Jun-14

Data from the Australian Payments Clearing Association shows that 162,896 transactions were made using lost or stolen credit cards in 2013, which is 94 per cent higher than previously. The amount of money lost through card fraud rose by 16 per cent to $A304m, including some $A219.7m worth of fraudulent transactions that were carried out online. So-called "skimming" of credit cards cost $A37.2m in 2013

CORPORATES
AUSTRALIAN PAYMENTS CLEARING ASSOCIATION LIMITED, MASTERCARD AUSTRALIA LIMITED, VICTORIA POLICE, UNIVERSITY OF CANBERRA. CENTRE FOR INTERNET SAFETY