K: Financial and Insurance Services

IOOF feels heat from shareholders at annual meeting

roymorgansocial Leave a comment

Original article by Sarah Danckert
The Australian Financial Review – Page: 13 & 17 : 27-Nov-15

The corporate governance and disclosure practices of IOOF came under scrutiny at the financial services group’s 2015 annual meeting. Shareholders questioned whether IOOF undertook sufficient due diligence on the 2008 acquisition of Australian Wealth Management. IOOF has since been embroiled in a scandal which includes allegations of insider trading and front running. Investors endorsed IOOF’s remuneration report and the issuance of performance rights to MD Chris Kelaher.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFLAUSTRALIAN WEALTH MANAGEMENT LIMITEDAUSTRALIAN SECURITIES AND INVESTMENTS COMMISSIONPRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTDAUSTRALIAN LABOR PARTYFAIRFAX MEDIA LIMITED – ASX FXJ

ANZ-Roy Morgan Australian Consumer Confidence on the cusp at 114.5

roymorgansocial Leave a comment

Original article by Roy Morgan Research
Market Research Update – Page: Online : 24-Nov-15

The ANZ-Roy Morgan Consumer Confidence rating for Australia fell by 1.2 per cent to 114.5 in the week ended 22 November 2015. However, the four-week moving average continues to move higher, a trend that began when Malcolm Turnbull became Prime Minister. The sub-index for consumers’ future finances fell by 4.7 per cent, although the sub-index for economic conditions in the short-term rose by 0.9 per cent.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

US dollar bull run not over as world monetary policy splits

roymorgansocial Leave a comment

Original article by Mark Mulligan
The Australian Financial Review – Page: 32 : 25-Nov-15

The Australian dollar was buying around $US0.72 late in trading on 24 November 2015, after reaching an intra-day low of $US0.7159 in the previous session. PIMCO portfolio manager Luke Spajic anticipates further support for the US dollar in the current monetary policy environment, with the Federal Reserve poised to increase interest rates and many other central banks likely to reduce interest rates. There is growing expectation that US interest rates will rise in December.

CORPORATES
PACIFIC INVESTMENT MANAGEMENT COMPANY LLC, UNITED STATES. FEDERAL RESERVE BOARD, UNITED STATES. FEDERAL OPEN MARKET COMMITTEE, EUROPEAN CENTRAL BANK, RBC CAPITAL MARKETS

AGM downgrades but growth likely

roymorgansocial Leave a comment

Original article by Vanessa Desloires
The Australian Financial Review – Page: 27 : 24-Nov-15

Analysis by Citigroup shows that 36 Australian-listed companies have upgraded their earnings guidance during the 2015 AGM season, and 42 have issued downgrades. Citigroup’s Tony Brennan notes that earnings-per-share forecasts have been reduced by about one per cent overall. Citigroup now expects the benchmark S&P/ASX 200 to be trading at 5,900 points at the end of 2016, compared with its previous forecast of 6,200.

CORPORATES
CITIGROUP PTY LTD, STANDARD AND POOR’S ASX 200 INDEX, MACQUARIE GROUP LIMITED – ASX MQG, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN

Raw goods stocks make two-speed sharemarket

roymorgansocial Leave a comment

Original article by Philip Baker
The Australian Financial Review – Page: 26 : 24-Nov-15

Australia’s benchmark S&P/ASX 200 Index has shed 2.57 per cent so far in 2015, but the energy and materials indices have shed 26 per cent and 15 per cent respectively. The selldown of commodity stocks has resulted in a two-speed sharemarket, with sectors such as utilities, industrials and health outperforming the broader market. Meanwhile, the end of the resources boom means the eastern states’ economies are now outperforming Western Australia.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, BHP BILLITON LIMITED – ASX BHP, SANTOS LIMITED – ASX STO, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, UBS HOLDINGS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG

Fixed rates fall as banks chase loans

roymorgansocial Leave a comment

Original article by Clancy Yeates
The Australian Financial Review – Page: 16 : 23-Nov-15

Data from RateCity shows that 11 Australian mortgage lenders have reduced their three-year fixed interest rates since early November 2015. Peter Arnold of RateCity notes that the majority of these lenders have passed on interest rate cuts to both owner-occupiers and property investors. Meanwhile, Jessica Darnbrough of Mortgage Choice says the number of customers opting for a fixed-interest loan fell to a four-year low of 13.9 per cent in October.

CORPORATES
RATECITY PTY LTD, MORTGAGE CHOICE LIMITED – ASX MOC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED

Capex data to test Turnbull

roymorgansocial Leave a comment

Original article by Vesna Poljak
The Australian Financial Review – Page: 20 : 23-Nov-15

The national capital spending survey for the September 2015 quarter will be a key focus for Australian investors in the week beginning 23 November 2015. Data from Bloomberg shows that economists generally expect the September quarter forecast for capex intentions in 2015-16 to be around $A120bn, compared with $A114bn in the June quarter. National Australia Bank is more upbeat, forecasting full-year capex of $A124bn.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BLOOMBERG LP, STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S 500 INDEX, DOW JONES INDUSTRIAL AVERAGE INDEX, UNITED STATES. FEDERAL RESERVE BOARD, FEDERAL RESERVE BANK OF SAN FRANCISCO, EUROPEAN CENTRAL BANK, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

OzForex co-founders big winners from Western Union bid

roymorgansocial Leave a comment

Original article by Shaun Drummond, Sarah Thompson, Michael Bailey, Anthony Macdonald, Joyce Moullakis
The Australian Financial Review – Page: 13 & 18 : 20-Nov-15

Shares in online foreign exchange group OzForex closed 30 per cent higher at $A3.38 on 19 November 2015, in response to Western Union’s $A888m takeover approach The indicative offer is non-binding and may not result in a formal takeover bid, but OzForex’s co-founder Matthew Gilmour expects the company to attract other bids. He notes that a number of overseas groups were interested in buying OzForex prior to its IPO in 2013.

CORPORATES
OZFOREX GROUP LIMITED – ASX OFX, WESTERN UNION FINANCIAL SERVICES INCORPORATED, DEUTSCHE BANK AG, MACQUARIE GROUP LIMITED – ASX MQG, CLAYTON UTZ, GRESHAM PARTNERS LIMITED, EURONET WORLDWIDE INCORPORATED, DEUTSCHE BOERSE, TRAVELWISE, WORLD FIRST, NEW YORK STOCK EXCHANGE, VEDA GROUP LIMITED – ASX VED, EQUIFAX INCORPORATED, ISELECT LIMITED – ASX ISU, PROVIDENCE EQUITY PARTNERS INCORPORATED

Tweaking super won’t help women

roymorgansocial Leave a comment

Original article by Sally Rose
The Australian Financial Review – Page: 17 : 20-Nov-15

The Australian Institute of Superannuation Trustees (AIST) says the gap in the superannuation savings of men and women can only be eliminated by paying women higher salaries and raising their workforce participation rates. The AIST believes that super policy reforms will have a limited effect on the savings gap, which is now 17 per cent.

CORPORATES
AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, DELOITTE TOUCHE TOHMATSU LIMITED

RIAA calls to end quarterly reporting

roymorgansocial Leave a comment

Original article by Sally Rose
The Australian Financial Review – Page: 33 : 19-Nov-15

The majority of listed companies release quarterly earnings reports and guidance updates, but Responsible Investment Association Australasia (RIAA) CEO Simon O’Connor says their main priority should be pursuing strategies that will create long-term value for investors. A policy paper to be released on 19 November 2015 also presents the RIAA’s views on issues such as environmental and social governance risks, ethics and executive remuneration.

CORPORATES
RESPONSIBLE INVESTMENT ASSOCIATION AUSTRALASIA, BHP BILLITON LIMITED – ASX BHP, SAMARCO MINERACAO SA, VOLKSWAGEN AG, UNISUPER LIMITED, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, FIRST STATE SUPER, VICSUPER PTY LTD, SUNSUPER PTY LTD, BLACKROCK INVESTMENT MANAGEMENT (AUSTRALIA) LIMITED, AMP CAPITAL INVESTORS LIMITED, PERPETUAL LIMITED – ASX PPT, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT