K: Financial and Insurance Services

National Vet Care dogs ASX-listed Greencross

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Original article by Tim Binsted
The Australian Financial Review – Page: 21 : 15-Jun-15

It is estimated that Australians spend around $A2.6bn on veterinary services every year. National Veterinary Care aims to capitalise on this via a sharemarket float, which is slated for July 2015. The company is headed by Tomas Steenackers, a former general manager at listed veterinary services group Greencross. Steenackers’ firm comprises one veterinary clinic in Brisbane at present, but it plans to buy an additional 34 clinics if the IPO proceeds.

CORPORATES
GREENCROSS LIMITED – ASX GXL, NATIONAL VETERINARY CARE, DEUTSCHE BANK AG, IBISWORLD PTY LTD, MAYNE PHARMA GROUP LIMITED – ASX MYX, TERRY WHITE CHEMISTS, G8 EDUCATION LIMITED – ASX GEM, HEALTH DIRECT PTY LTD, ONCORE GROUP, WILSON HTM INVESTMENT GROUP LIMITED – ASX WIG, SHAW STOCKBROKING LIMITED

Crackdown on super inducements

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 16 : 15-Jun-15

The Superannuation Industry (Supervision) Act prohibits Australian financial institutions from offering employers incentives to choose them as their superannuation fund provider. Assistant Treasurer Josh Frydenberg has flagged stricter penalties to discourage such behaviour, a move that has been welcomed by Financial Services Council CEO Sally Loane.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, FINANCIAL SERVICES COUNCIL, AUSTRALIA. FAIR WORK COMMISSION, INDUSTRY SUPER AUSTRALIA PTY LTD

Tough times present high-quality opportunities, says Clime

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 20 : 12-Jun-15

Australia’s benchmark S&P/ASX 200 Index rebounded to 5,557 points on 11 June 2015, having fallen below the 5,500-point level earlier in the week. Clime Asset Management’s Clime John Abernethy notes that the local market is now at its level of mid-2014, and says some stocks now offer value. Abernethy favours National Australia Bank, Telstra, Woolworths, Wesfarmers and CSL. He cites factors such as healthy earnings, strong dividends and expectations of a double-digit rate of return for each of these stocks in the next year.

CORPORATES
CLIME ASSET MANAGEMENT PTY LTD, STANDARD AND POOR’S ASX 200 INDEX, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, TELSTRA CORPORATION LIMITED – ASX TLS, WOOLWORTHS LIMITED – ASX WOW, WESFARMERS LIMITED – ASX WES, CSL LIMITED – ASX CSL, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, EVIDENTE, MONEY MATTERS FINANCIAL SOLUTIONS PTY LTD

Westpac faces management overhaul

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Original article by Clancy Yeates
The Australian Financial Review – Page: 21 & 24 : 11-Jun-15

Westpac has revealed an internal restructuring which will result in the creation of two new divisions. George Frazis will head the consumer banking division, while David Lindberg will be at the helm of the commercial and business banking division. TS Lim of Bell Potter says some Westpac or St George bank branches that are in close proximity might eventually be closed now that the two brands are within the same division of the banking major.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED, BANK OF MELBOURNE LIMITED, BANK OF SOUTH AUSTRALIA LIMITED, RAMS HOME LOANS PTY LTD, BELL POTTER SECURITIES LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Big four won’t need to seek capital: analysts

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 30 : 11-Jun-15

JP Morgan has suggested that Australia’s four major banks will have to undertake equity raisings totalling $A14bn to comply with proposed capital requirements. However, Citigroup believes that the banks can comply with any changes to capital rules via their dividend reinvestment plans. National Australia Bank recently raised $A5.5bn via a rights issue.

CORPORATES
JP MORGAN AUSTRALIA LIMITED, CITIGROUP PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BANK FOR INTERNATIONAL SETTLEMENTS. BASEL COMMITTEE ON BANKING SUPERVISION, RESERVE BANK OF AUSTRALIA

Hopes fade for IPOs as Greenstone deal sinks

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Original article by Sally Rose
The Australian Financial Review – Page: 21 & 24 : 11-Jun-15

ASX Limited’s Max Cunningham says fewer companies are pursuing IPOs compared with the same period in 2014, but he adds that the IPO market remains healthy. However, the outlook for IPOs is uncertain following Greenstone’s decision to abandon its $A900m float after lack of support for investors at the stock’s proposed issue price. Upcoming floats include Gateway Lifestyle, Adairs and QMS Media.

CORPORATES
GREENSTONE LIMITED, ASX LIMITED – ASX ASX, GATEWAY LIFESTYLE – ASX GTY, ADAIRS LIMITED – ASX ADH, QMS MEDIA LIMITED – ASX QMS, LINK MARKET SERVICES LIMITED, MURRAY GOULBURN CO-OPERATIVE COMPANY LIMITED, SHRIRO HOLDINGS LIMITED – ASX SHM, DONGFANG MODERN AGRICULTURAL HOLDING GROUP LIMITED – ASX DFM, MITULA GROUP LIMITED – ASX MUA, ARGO GLOBAL LISTED INFRASTUCTURE LIMITED – ASX ALI, INDIA FUND LIMITED – ASX INF, GARDA DIVERSIFIED PROPERTY FUND – ASX GDF, HOLLARD INSURANCE GROUP, UBS HOLDINGS PTY LTD, STANDARD AND POOR’S ASX 200 INDEX, COSTA GROUP OF COMPANIES PTY LTD, SMALLCO INVESTMENT MANAGER LIMITED, CARTER HOLT HARVEY LIMITED, PEPPER HOMELOANS PTY LTD, WISETECH GLOBAL PTY LTD

ANZ-Roy Morgan Australian Consumer Confidence Retraces

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 10-Jun-15

The ANZ-Roy Morgan Consumer Confidence rating for Australia fell by 1.2 per cent to 112.1 in the week ended 7 June 2015, further retracing some of the Budget bounce. While the index is now 0.6 per cent below its long-run average, it remains around 10 per cent above levels seen a year ago. The sub-index for households’ confidence in the economic outlook over the next year fell by 2.4 per cent, while confidence in the economic outlook over the next five years fell by 6.7 per cent.

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

M&A outlook is optimistic

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 18 : 10-Jun-15

Data from Dealogic shows that some $US59.3bn ($A77.6bn) worth of mergers and acquisitions have been announced in Australia so far in 2015. This includes $US15.1bn worth of offshore deals by local companies. Anthony Sweetman of UBS is upbeat about the outlook for M&A activity in the second half of 2015, while Michael Barker of law firm King & Wood Mallesons also anticipates a bullish M&A market in the second half.

CORPORATES
DEALOGIC (AUSTRALIA) PTY LTD, UBS HOLDINGS PTY LTD, KING AND WOOD MALLESONS, TOLL HOLDINGS LIMITED, JAPAN POST COMPANY LIMITED, INDEPENDENCE GROUP NL – ASX IGO, SIRIUS RESOURCES NL – ASX SIR, EVOLUTION MINING LIMITED – ASX EVN, BARRICK GOLD CORPORATION, GE CAPITAL AUSTRALIA, ESANDA FINANCE CORPORATION LIMITED, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE CAPITAL PTY LTD, GRANT SAMUEL AND ASSOCIATES PTY LTD, MEDIBANK PRIVATE LIMITED – ASX MPL

Business confidence in May boosted by budget – but remains fragile

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 9-Jun-15

A Roy Morgan Business Single Source survey has found that Australian business confidence rose by 9.1 per cent to 114.7 in May 2015. This is the highest level since January 2015 (114.9), but business confidence remains below the five-year average of 117.3 and the peak of 136.3 in October 2013. The increase in business confidence in May occurred across all components of the index, but stemmed mainly from an increase in the proportion of businesses believing that Australia will experience good economic conditions over the next 12 months.

CORPORATES
ROY MORGAN RESEARCH LIMITED

ASX warns on open clearing

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Original article by Michael Smith
The Australian Financial Review – Page: 20 : 9-Jun-15

The Australian Government is likely to make a decision on the future of ASX Limited’s monopoly on the clearing of cash equities by July 2015. ASX CEO Elmer Funke Kupper has warned that allowing competition in cash equities clearing would make it more difficult to manage defaults by stockbrokers. He notes that rival clearing houses would have to close a firm’s options trading positions immediately rather than pursuing alternatives that are open to the ASX.

CORPORATES
ASX LIMITED – ASX ASX, BBY LIMITED, CHI-X AUSTRALIA PTY LTD, COUNCIL OF FINANCIAL REGULATORS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY