K: Financial and Insurance Services

ANZ-Roy Morgan New Zealand Consumer Confidence – Somebody to Love

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 20-Mar-15

The ANZ-Roy Morgan New Zealand Consumer Confidence Index has risen from 124.0 in February 2015 to 124.6 in March. Stripping out the seasonal noise, the index showed a three point lift. The Current Conditions Index rose from 123.0 to 123.7, which is still consistent with solid rates of consumer spending, while the Future Conditions Index nudged up from 124.6 to 125.3, reinforcing the optimistic tone

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

Murdoch eyes radio assets in APN play

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Original article by Dominic White, Sarah Thompson
The Australian Financial Review – Page: 13 & 18 : 20-Mar-15

Independent News & Media (INM) and Baycliffe have exited the share register of Australian-listed APN News & Media. INM netted about $A180m for its 191 million shares, while Baycliffe offloaded 125 million shares for $A117m. Meanwhile, News Corporation has built a 14.99 per cent stake in APN, although under existing media ownership laws it is prohibited from increasing this. APN shares were placed in a trading halt at $A0.94 on 19 March 2015

CORPORATES
APN NEWS AND MEDIA LIMITED – ASX APN, INDEPENDENT NEWS AND MEDIA PLC, BAYCLIFFE LIMITED, NEWS CORPORATION – ASX NWS, NOVA ENTERTAINMENT PTY LTD, KIIS1065, AUSTRALIAN RADIO NETWORK PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, 101.7 WS-FM, NOVA 96.9 PTY LTD, SMOOTHFM, 2DAY FM AUSTRALIA PTY LTD, NZME, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, CREDIT SUISSE (AUSTRALIA) LIMITED, ALLAN GRAY AUSTRALIA PTY LTD

Third of super funds ‘vulnerable’

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Original article by Clancy Yeates
The Australian Financial Review – Page: 6 : 19-Mar-15

The Australian Prudential Regulation Authority (APRA) has found evidence of insufficient awareness of conflicts of interest among superannuation funds. A third of the 40 funds reviewed by APRA were found to have policies on conflicts of interest that were judged to be "weak" or "vulnerable". APRA will send a letter to super funds about the need for more vigilance in this area

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CONFERENCE OF MAJOR SUPERANNUATION FUNDS (CMSF) PTY LTD, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

Boral launches $236m program to buy back shares

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Original article by Tim Binsted
The Australian Financial Review – Page: 21 : 19-Mar-15

Australian-listed building materials group Boral has revealed plans for an on-market share buyback. The group aims to repurchase about five per cent of its shares over the next year, which could cost up to $A236m. Boral boasted cash holding of $A357m at the end of 2014, and Andrew Peros of Credit Suisse says the buyback will place the group in a strong financial position to pursue acquisitions

CORPORATES
BORAL LIMITED – ASX BLD, CREDIT SUISSE (AUSTRALIA) LIMITED, RIO TINTO LIMITED – ASX RIO, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, ORICA LIMITED – ASX ORI, AMCOR LIMITED – ASX AMC, USG CORPORATION, TRANSPACIFIC INDUSTRIES GROUP LIMITED – ASX TPI

Local investors get behind BHP demerger

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Original article by Amanda Saunders
The Australian Financial Review – Page: 21 : 19-Mar-15

BHP Billiton will incur total costs of $US738m ($A966m) in demerging non-core assets into the South32 entity. Tim Schroeders of Pengana Capital says the costs are higher than anticipated, while Argo Investments’ Jason Beddow says investors are likely to seek information from BHP on the likely productivity gains arising from the demerger. Both fund managers say that as yet there are no compelling reasons to vote against the deal on 6 May 2015

CORPORATES
BHP BILLITON LIMITED – ASX BHP, SOUTH32 LIMITED, PENGANA CAPITAL LIMITED, ARGO INVESTMENTS LIMITED – ASX ARG, ABERDEEN ASSET MANAGEMENT LIMITED, BERNSTEIN AND ASSOCIATES, GLENCORE PLC, X2 RESOURCES PARTNERS LP, WARBURG PINCUS AND COMPANY

Insider trader gets seven years’ jail

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Original article by Patrick Durkin
The Australian Financial Review – Page: 3 : 18-Mar-15

The Supreme Court of Victoria has jailed two men on insider trading charges. Lukas Kamay will be eligible for parole after serving four and a half years in jail, while Christopher Hill can apply for parole after two years. Kamay was working as a foreign exchange trader at National Australia Bank when the illegal bets on the Australian dollar were made during 2013 and 2014. Kamay was also jailed on money laundering and identity theft offences

CORPORATES
SUPREME COURT OF VICTORIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN BUREAU OF STATISTICS, UNIVERSITY OF MELBOURNE, MONASH UNIVERSITY, VICTORIA. DIRECTOR OF PUBLIC PROSECUTIONS, AXICORP PTY LTD, PEPPERSTONE FINANCIAL PTY LTD

ME Bank maintains high growth targets

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Original article by Shaun Drummond
The Australian Financial Review – Page: 14 : 18-Mar-15

ME Bank boasted about 312,000 customers in July 2014, but it aims to lift this to one million by 2020. ME Bank has reported an underlying profit of $A29.1m for the first half of 2014-15, which is 14 per cent higher than previously, and it expects full-year profit to rise by 25 per cent to around $A60m. Home loan settlements rose by 41 per cent to $A2.4bn in the half-year, and its loan book rose by $A1.5bn to $A16.4bn

CORPORATES
MEMBERS EQUITY BANK PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Ethical funds make most of mining’s woes

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Original article by Sally Rose
The Australian Financial Review – Page: 19 : 18-Mar-15

Data from Mercer shows that Australian fund managers with a focus on socially responsible investing achieved a return of 13 per cent in the three months to 28 February 2015. Such funds also delivered a return of 17.3 per cent year-on-year. The Integrity Tailored ESG Fund topped the performance table for the quarter, while the Warakirri Charitable Australian Equities Fund boasted the best return over 12 months

CORPORATES
MERCER INVESTMENTS PTY LTD, INTEGRITY INVESTMENT MANAGEMENT AUSTRALIA LIMITED, WARAKIRRI ASSET MANAGEMENT PTY LTD, BENNELONG FUNDS MANAGEMENT PTY LTD, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, DALTON NICOL REID PTY LTD, QANTAS AIRWAYS LIMITED – ASX QAN, LEND LEASE GROUP LIMITED – ASX LLC, RESMED INCORPORATED – ASX RMD, REGIS HEALTHCARE LIMITED – ASX REG, SONIC HEALTHCARE LIMITED – ASX SHL, ESTIA HEALTH LIMITED – ASX EHE

Eslake breaks ranks with rates call

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Original article by Stephen Cauchi
The Australian Financial Review – Page: 29 : 17-Mar-15

The Australian dollar was buying $US0.764 late in trading on 16 March 2015, ahead of the release of the minutes from the Reserve Bank’s monthly board meeting. Bank of America Merrill Lynch economist Saul Eslake expects the cash rate to be reduced by 25 basis points in May, followed by rate rises in both December and February. He also forecasts that the dollar will be trading at $US0.73 in December and $US0.68 by the end of 2016

CORPORATES
RESERVE BANK OF AUSTRALIA, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, BLOOMBERG LP, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, ING AUSTRALIA HOLDINGS LIMITED

Symond calls for ban on interest-only

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Original article by Shaun Drummond
The Australian Financial Review – Page: 18 : 17-Mar-15

Australian businessman John Symond says residential property buyers who intend to be owner-occupiers should be prohibited from taken out interest-only loans. There has been strong growth in interest-only mortgage loans in recent years, particularly to property investors. Symond, who is the chairman of Aussie Home Loans, argues that property investors tend to be a lower risk than owner-occupiers

CORPORATES
AUSSIE HOME LOANS LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, WESTPAC BANKING CORPORATION – ASX WBC, MEMBERS EQUITY BANK PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, RESERVE BANK OF AUSTRALIA