K64 Auxiliary Finance and Insurance Services

Murray inquiry calls for social investment

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 11-Dec-14

Impact Investing Australia has welcomed a call by David Murray, chairman of the inquiry into Australia’s financial system, for greater involvement of the private sector in social impact investing. Murray said the Australian Prudential Regulation Authority should develop a framework for impact investment by superannuation funds. Impact Investing Australia expects the impact investing market to grow to at least $A32 billion by 2025

CORPORATES
IMPACT INVESTING AUSTRALIA LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY, BIG SOCIETY COUNCIL, SOCIAL VENTURES AUSTRALIA LIMITED, THE BENEVOLENT SOCIETY OF NEW SOUTH WALES

Refinancing allows Boart boss to focus on long term

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Original article by Paul Garvey
The Australian – Page: 18 : 8-Dec-14

Investors in Australian-listed mining services group Boart Longyear are set to vote on a refinancing deal worth as much as $US342m ($A410m) with US-based private equity firm Centerbridge in mid-December 2014. It will come as a relief to CEO Richard O’Brien, who has had to face a series of crises since being appointed on 1 April 2013. He still believes that a turnaround in the resources sector may not occur until possibly 2016, and urges shareholders to support the package deemed "not fair but reasonable" by consultant KPMG

CORPORATES
BOART LONGYEAR LIMITED – ASX BLY, CENTERBRIDGE PARTNERS LP, KPMG AUSTRALIA PTY LTD, CGI GLASS LEWIS PTY LTD, ISS PROXY AUSTRALIA

Three-way fight for ailing Ten

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Original article by Darren Davidson
The Australian – Page: 19 : 4-Dec-14

Competing bids worth between $A510m and $A664m have been prepared for Australian free-to-air TV group Ten Network, which along with adviser Citigroup is seeking at least $A770m. Pay TV provider Foxtel and US-based ally Discovery Communications are one suitor, and interest has also been voiced by private equity firm Saban Capital Group and hedge fund Anchorage Capital Partners. They would need the approval of News Corporation co-chair Lachlan Murdoch, Crown Resorts chair James Packer and WIN Corporation owner Bruce Gordon

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, SABAN CAPITAL GROUP INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, CITIGROUP PTY LTD, ASX LIMITED – ASX ASX, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, WALT DISNEY COMPANY, CVC ASIA PACIFIC (AUSTRALIA) PTY LTD, KOHLBERG KRAVIS ROBERTS AND COMPANY, KKR AND COMPANY LP, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM

Banks lobbied to ‘feather nests’

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Original article by Anthony Klan
The Australian – Page: 31 : 4-Dec-14

It has emerged that nine financial services industry bodies lobbied the Australian Securities & Investments Commission (ASIC) in mid-2013 against the proposed Consultation Paper 212 regulations. They were meant to raise the standard of professional qualifications to be held by financial planners. ASIC chair Greg Medcraft has sharply criticised the industry, and noted the impact flawed advice has on clients. Meanwhile the Association of Independently Owned Financial Professionals argues the lobbying effort was indicative of the major banks and their aligned planning groups trying to defend their market share

CORPORATES
ASSOCIATION OF INDEPENDENTLY OWNED FINANCIAL PLANNERS INCORPORATED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL, CPA AUSTRALIA, NATIONAL PRESS CLUB (AUSTRALIA)

ASIC forced to fold on reform plan

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Original article by Anthony Klan
The Australian – Page: 22 : 3-Dec-14

The Australian Securities & Investments Commission (ASIC) will not go ahead with the proposed Consultation Paper 212 regulations, which were designed to lift the level of professional qualifications to be held by financial planners. ASIC maintains that the decision is due to the Federal Government failing to get amendments to the Future of Financial Advice laws passed by the Senate, making the issue less urgent. However it has emerged that nine industry bodies wrote to the watchdog in 2013 and argued against the push

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL, AUSTRALIA. DEPT OF THE TREASURY

Tech start-ups flood in through the back door

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Original article by Sally Rose
The Australian Financial Review – Page: 2 : 3-Dec-14

A growing number of emerging technology companies are electing to list on the Australian sharemarket via a so-called "backdoor listing". More than 20 such companies have done so in 2014 or propose this means of listing, although the Australian Securities & Investments Commission has some concerns about the trend. However, the ASX’s Eddie Grieve stresses that every company that lists on the market is subject to the same level of scrutiny

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, GTT VENTURES PTY LTD, CIRRUS NETWORKS PTY LTD, XTV NETWORKS, COVATA LIMITED – ASX CVT, SKYFII LIMITED – ASX SKF, GRAYSONLINE AUCTIONEERS, GRT PTY LTD, MPIRE MEDIA PTY LTD, DIGITAL CC LIMITED – ASX DCC, STREAM GROUP LIMITED – ASX SGO, DECIMAL SOFTWARE LIMITED – ASX DSX, ZIPTEL LIMITED – ASX ZIP, YONDER AND BEYOND LIMITED, ENVERRO LIMITED – ASX ERR, BIG REVIEW TV LIMITED, CROWD MOBILE, YPB GROUP, INTERGEN (AUSTRALIA) PTY LTD, MIGME LIMITED – ASX MIG, 1-PAGE LIMITED – ASX 1PG, ECP ASSET MANAGEMENT PTY LTD

Cabcharge lashes ‘illegal’ Uber

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Original article by Andrew Main
The Australian – Page: 22 : 27-Nov-14

Stockholders at the 26 November 2014 AGM of taxi fare payment services group Cabcharge rejected the remuneration report with a "no" vote of 57%. However the option to dismiss the entire board of directors, as this was the fourth year in succession for more than 25% to be opposed, was only backed by 2.1%. Meanwhile chair Russell Balding used his address to strongly criticise the Uber smartphone app business, especially its UberX service. He argued the arrangement under which private vehicle owners car share in exchange for payment was illegal

CORPORATES
CABCHARGE AUSTRALIA LIMITED – ASX CAB, UBER TECHNOLOGIES INCORPORATED, SYDNEY AIRPORT – ASX SYD, AUSTRALIAN BROADCASTING CORPORATION, LAZARD PTY LTD, ABERDEEN ASSET MANAGEMENT LIMITED, TRANSPORT FOR NSW

The price was right, says Cormann

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Original article by Jacob Greber
The Australian Financial Review – Page: 4 : 27-Nov-14

Shares in Medibank Private closed 2.1 per cent lower at $A2.10 on 26 November 2014, after peaking at $A2.23 on debut in the previous trading session. Federal Finance Minister Mathias Cormann believes that the pricing of the IPO was appropriate, and has benefited both taxpayers and investors who bought shares in the float. The Australian Government is widely tipped to pursue further asset sales

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEFENCE HOUSING AUSTRALIA

Harvey unfazed by ‘first strike’

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Original article by Eli Greenblat
The Australian – Page: 23 : 26-Nov-14

The remuneration report of retailing group Harvey Norman at its 25 November 2014 AGM was rejected by 282.5 million stockholder votes and approved by just 90 million. The resulting "first strike" under Australian executive pay laws has been labelled irrelevant by chair Gerry Harvey, who also owns 30% of the business and cannot vote that bloc. The salary increase of over 40% for CEO Katie Page had triggered a recommendation for a "no" vote by proxy advisory firm Ownership Matters. Meanwhile Harvey Norman will source $A120.7m in fresh capital from existing investors at $A2.50 a share

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, OWNERSHIP MATTERS PTY LTD

All in four days’ work for CBA’s planners

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Original article by Anthony Klan
The Australian – Page: 21 : 26-Nov-14

In response to the recent scandal involving flawed advice by its financial planners, Commonwealth Bank of Australia has announced new minimum requirements for these staff. While newly hired planners will need to have relevant university degrees, the existing 1,500 to 2,000 employees are obliged to merely obtain an Advanced ­Diploma in Financial Planning. This can be gained with the equivalent of just four days’ worth of work and no exams, and the planners will have until mid-2017 to qualify

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, COUNT FINANCIAL LIMITED, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION