K64 Auxiliary Finance and Insurance Services

Food for thought in growing appetite for Bellamy’s Organic

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Original article by Sally Rose
The Australian Financial Review – Page: 27 : 7-Jul-14

Infant formula and baby food maker Bellamy’s Organic plans to raise $A25 million before it lists on 23 July 2014. The company, which will have a market capitalisation of $A95 million, is based in Launceston in Tasmania. Its 30 products are completely Australian and organic. Annual revenue has grown by an average of 55 per cent over four years. Bellamy’s supplies some large Australian retailers and some supermarkets in New Zealand and Asia. It sees China as a promising market

CORPORATES
BELLAMY’S AUSTRALIA LIMITED – ASX BAL, BELLAMY’S ORGANIC PTY LTD, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, CHEMIST WAREHOUSE, COSTCO WHOLESALE AUSTRALIA PTY LTD, BIG W DISCOUNT STORES, NESTLE AUSTRALIA LIMITED, QUF INDUSTRIES LIMITED, WILSON HTM INVESTMENT GROUP LIMITED – ASX WIG, KATHMANDU HOLDINGS LIMITED – ASX KMD, ELLERSTON CAPITAL PTY LTD, WILSON ASSET MANAGEMENT, SCHRODER INVESTMENT MANAGEMENT AUSTRALIA LIMITED, THORNEY INVESTMENTS PTY LTD, KARARA CAPITAL LIMITED, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, BEGA CHEESE LIMITED – ASX BGA

BHP, Rio buyback plans put in doubt

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Original article by Matt Chambers
The Australian – Page: 17 : 7-Jul-14

Analysts at Macquarie and Credit Suisse have voiced doubts on whether planned stock repurchasing schemes of BHP Billiton and Rio Tinto will go ahead. Both Australian-listed groups have been affected by a recent drop in the iron ore price, which may cost investors the equivalent of $US11bn ($A11.7bn) in cash. The companies want to reduce their net liabilities before buying back shares, with BHP aiming for $US25bn by mid-2015 and Rio for $US13bn by late that year

CORPORATES
BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, MACQUARIE GROUP LIMITED – ASX MQG, CREDIT SUISSE (AUSTRALIA) LIMITED, UBS HOLDINGS PTY LTD, GLENCORE XSTRATA PLC, TRAFIGURA BEHEER BV, X2 RESOURCES PARTNERS LP, JINCHUAN NON-FERROUS METALS IMPORT AND EXPORT COMPANY, MMG LIMITED

CBA exposed to flood of claims

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Original article by James Eyers, Phillip Coorey
The Australian Financial Review – Page: 1-Jun : 4-Jul-14

Commonwealth Bank of Australia (CBA) has announced a new compensation program. CEO Ian Narev said on 3 July 2014 that the bank is determined to rectify the problem of inappropriate advice being given to clients by the bank’s financial planning subsidiaries. Under the new program, customers who received advice between 1 September 2003 and 1 July 2012 can apply to the bank for an internal assessment

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, MAURICE BLACKBURN PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED

Turnbull urged to take his $1m out of ‘vulture fund’

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Original article by Heath Aston
The Age – Page: 4 : 4-Jul-14

Australian Prime Minister Tony Abbott and Treasurer Joe Hockey are leading a push to crack down on tax minimisation by multinational corporations via profit shifting. However the stance in the lead-up to the Group of 20 (G20) leaders’ summit in Brisbane in November 2014 appears to have been undermined by revelations that Communications Minister Malcolm Turnbull has an investment worth about $A1m in the Bowery Opportunity Fund. The entity, a "vulture fund" acquiring distressed businesses, is registered in the Cayman Islands tax haven. Turnbull’s stake is not in breach of any laws, but at odds with the G20 agenda, critics say

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, GROUP OF TWENTY (G-20), CVC GLOBAL CREDIT OPPORTUNITY FUND LIMITED, BOWERY OPPORTUNITY FUND LP, BOWERY INVESTMENT MANAGEMENT LLC, UNITING CHURCH IN AUSTRALIA, TAX JUSTICE NETWORK, GLENCORE XSTRATA PLC

Former Toyota chief to float car radio app firm

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Original article by Simon Evans
The Australian Financial Review – Page: 21 : 2-Jul-14

Connexion Media aims to raise between $A3 million and $A6 million, before listing on 24 July 2014. The company owns the Miroamer internet radio application, one of two selected by General Motors for use in web-enabled vehicles in Europe and the US. Former Toyota Australia chairman John Conomos will become chairman of the Connexion. He said that car component makers need to become part of the global supply chains of the major automobile makers

CORPORATES
CONNEXION MEDIA LIMITED – ASX CXZ, TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED, GM HOLDEN LIMITED, GENERAL MOTORS CORPORATION, FORD MOTOR COMPANY AUSTRALIA LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PHILLIP CAPITAL LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS

ASIC win as adviser jailed for six years

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Original article by Anthony Klan, Richard Gluyas
The Australian – Page: 19/27 : 1-Jul-14

A financial adviser received a jail term of six years and two months in the New South Wales District Court on 30 June 2014. Brian Veitch pleaded to guilty to 22 charges including fraud. He siphoned $A500,000 from client accounts while a financial adviser at WealthSure between 2005 and 2010. On 1 July, the Federal Government will introduce to the Senate its changes to the Future of Financial Advice laws

CORPORATES
WEALTHSURE PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CREDIT SUISSE (AUSTRALIA) LIMITED, DISTRICT COURT OF NEW SOUTH WALES, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN LABOR PARTY, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF FINANCE

‘Credible strategy’ lifts Fairfax credit rating outlook

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Original article by Madeleine Heffernan
The Australian Financial Review – Page: 21 : 1-Jul-14

Standard & Poor’s has revised the credit rating outlook for Fairfax Media’s "BB+" long-term rating from "negative" to "stable". The ratings agency stated on 30 June 2014 that the media company had developed a "credible" strategy for its earnings over the medium term. The stock closed at $A0.9275 on 30 June 2014. Since the beginning of 2014, it has risen 44.5 per cent

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, STANDARD AND POOR’S CORPORATION, CREDIT SUISSE AG, 3AW SOUTHERN CROSS RADIO PTY LTD, RSVP.COM.AU PTY LTD, GANNETT COMPANY INCORPORATED

CBA rip-off no setback to lighter rules

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Original article by Patrick Durkin, Jonathan Shapiro
The Australian Financial Review – Page: 3 : 30-Jun-14

The Commonwealth Bank of Australia scandal will not deter the Federal Government from its plan to lighten regulation of the financial planning sector. Federal Finance Minister Mathias Cormann said that regulation should be dropped if it increases the cost of financial advice without increasing consumer protection. However, Industry Super Australia CEO David Whiteley argued the matter shows that the Government should abandon its plan to change the Future of Financial Advice laws

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF FINANCE, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MAURICE BLACKBURN PTY LTD

Surging M&A deals hit $70bn

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Original article by Michael Bennet
The Australian – Page: 17-18 : 30-Jun-14

Australian companies have announced $US69.5 billion worth of mergers and acquisitions in the first half of 2014. This is double the number of transactions during the same period of 2013. There are 20 deals worth over $A1 billion, compared with only two in the same period of the previous year. As well, equity capital market deals, such as floats, block trades and secondary capital raisings, have nearly doubled to $US15.3 billion

CORPORATES
THOMSON REUTERS PLC, CITI AUSTRALIA PTY LTD, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, OZ MINERALS LIMITED – ASX OZL, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CABCHARGE AUSTRALIA LIMITED – ASX CAB, WOTIF.COM HOLDINGS LIMITED – ASX WTF, GRESHAM ADVISORY PARTNERS LIMITED, DAVID JONES LIMITED – ASX DJS, UBS HOLDINGS PTY LTD, MACQUARIE CAPITAL PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, PACIFIC EQUITY PARTNERS PTY LTD, SAI GLOBAL LIMITED – ASX SAI, CREDIT SUISSE (AUSTRALIA) LIMITED, GRAINCORP LIMITED – ASX GNC, FRASERS CENTREPOINT LIMITED, AUSTRALAND PROPERTY GROUP – ASX ALZ, GOLDMAN SACHS AUSTRALIA PTY LTD

CommBank covered up scandal

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: Jan-45 : 27-Jun-14

A Senate report is critical of Commonwealth Bank of Australia and the Australian Securities & Investments Commission (ASIC). The findings by the Senate economics committee were tabled on 26 June 2014. The report called for a royal commission, saying that the bank tried to avoid investigation of its financial planning subsidiary. The regulator was criticised for its slow action on the issue. The report made 61 recommendations for ASIC and the financial planning industry

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA