K: Financial and Insurance Services

Property powerhouses set the pace on price rises

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Original article by Turi Condon
The Australian – Page: 5 : 3-Feb-15

Figures from CoreLogic RP Data show that house prices in Sydney and Melbourne increased by 1.4 per cent and 2.7 per cent respectively in January 2015. The Perth, Adelaide and Darwin property markets recorded house price declines during the month. CommSec’s Craig James says the Reserve Bank will consider the state of the residential property market when deciding whether to reduce the cash rate on 3 February

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED, COMMONWEALTH SECURITIES LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MERITON APARTMENTS PTY LTD, RESERVE BANK OF AUSTRALIA

Market divided over rate cut

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Original article by Jacob Greber
The Australian Financial Review – Page: 8 : 3-Feb-15

Opinion is divided on the likely outcome of the Reserve Bank of Australia’s board meeting on 3 February 2015. The majority of analysts polled by Bloomberg News expect the cash rate to be left at 2.5 per cent, although the futures market has priced in a 66 per cent chance of a rate cut. Former Reserve Bank governor Bernie Fraser says a rate cut should be implemented sooner rather than later. A number of the Reserve Bank’s peers have eased monetary policy in recent months

CORPORATES
RESERVE BANK OF AUSTRALIA, BLOOMBERG LP, AUSTRALIAN NATIONAL UNIVERSITY

Argo tips strong year for yield stocks given global volatility

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Original article by Ruth Liew
The Australian Financial Review – Page: 15 : 3-Feb-15

Argo Investments has reported a 2014-15 interim profit of $A104.8m, which is three per cent higher than previously. The group achieved a return of 4.5 per cent for the half-year, while it will pay an interim dividend of $A0.14 per share. CEO Jason Beddow expects Australian investors to focus on stocks that offer solid yields in 2015, citing factors such as low interest rates and a high level of market volatility

CORPORATES
ARGO INVESTMENTS LIMITED – ASX ARG, STANDARD AND POOR’S ASX 200 INDEX, SUNCORP GROUP LIMITED – ASX SUN, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, WESFARMERS LIMITED – ASX WES, MEDIBANK PRIVATE LIMITED – ASX MPL, APA GROUP – ASX APA, SANTOS LIMITED – ASX STO, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, ASALEO CARE LIMITED – ASX AHY, TELSTRA CORPORATION LIMITED – ASX TLS, MILTON CORPORATION LIMITED – ASX MLT, NEWS CORPORATION – ASX NWS

Volatility casts shadow over earnings forecasts

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Original article by Richard Gluyas
The Australian – Page: 19 : 2-Feb-15

Stock price analysts and market economists are predicting renewed turmoil during the Australian profit reporting season in February 2015. Major factors are the rapid decline in mining and energy commodities prices after companies last issued their earnings forecasts, and the overall subdued trading conditions. However opinion is divided on how the S&P/ASX 200 Index will perform during calendar 2015, with Tim Rocks of Commonwealth Bank of Australia expecting a drop of 10% to around 5,000 points while Tony Brennan of Citi says the result will be a 9% gain to 5,850

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CITIGROUP PTY LTD, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, QANTAS AIRWAYS LIMITED – ASX QAN, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Van Eyk collapse still leaves retail investors ‘$20m out of pocket’

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Original article by Andrew Main
The Australian – Page: 22 : 2-Feb-15

Macquarie Investment Management in September 2014 closed the 14 Blueprint funds operated by van Eyk Research, due to an unauthorised illiquid asset allocation by UK hedge fund Artefact. The van Eyk firm subsequently collapsed, and buyers were sought from October on by liquidator Moore Stephens. The remaining business is now set to be acquired by Lonsec for some $A1m, while the New Zealand operations are worth $A2m. However sources say that investors in just 10 of the 14 affected Blueprint vehicles have been paid out in full so far, with a further $A20m-plus still outstanding

CORPORATES
VAN EYK RESEARCH LIMITED, VAN EYK BLUEPRINT ABSOLUTE AUSTRALIAN SHARES FUND, VAN EYK BLUEPRINT ABSOLUTE INTERNATIONAL SHARES FUND, VAN EYK BLUEPRINT AUSTRALIAN SHARES FUND, VAN EYK BLUEPRINT BALANCED FUND, VAN EYK BLUEPRINT CAPITAL STABLE FUND, VAN EYK BLUEPRINT DIVERSIFIED INCOME FUND, VAN EYK BLUEPRINT GLOBAL EMERGING MARKETS FUND, VAN EYK BLUEPRINT GOLD BULLION FUND, VAN EYK BLUEPRINT HIGH GROWTH FUND, VAN EYK BLUEPRINT INTERNATIONAL SHARES FUND, VAN EYK BLUEPRINT LISTED PROPERTY AND INFRASTRUCTURE FUND, VAN EYK BLUEPRINT SELECT EQUITIES FUND, VAN EYK BLUEPRINT SMALLER COMPANIES FUND, VAN EYK BLUEPRINT VOLATILITY BUFFER FUND, LONSEC LIMITED, ARTEFACT PARTNERS LLP, PYNE GOULD CORPORATION, MOORE STEPHENS AUSTRALIA PTY LTD, MACQUARIE INVESTMENT MANAGEMENT LIMITED, ARTEFACT PARTNERS GLOBAL OPPORTUNITIES FUND, AUSTRALASIAN WEALTH INVESTMENTS LIMITED – ASX AWI, COMMODITY STRATEGIES LIMITED

Tax breaks on family home hit $46b

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Original article by Fleur Anderson
The Australian Financial Review – Page: 10 : 2-Feb-15

The Department of Treasury forecasts that continuing to exclude family homes from the capital gains tax regime will cost the Australian Government some $A46bn in revenue in 2014-15. In contrast, superannuation tax breaks cost nearly $A30bn in lost revenue each year. Robert Jeremenko of the Tax Institute says all aspects of the tax regime should be included in the Government’s upcoming tax white paper

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, THE TAX INSTITUTE, AUSTRALIAN COUNCIL OF SOCIAL SERVICE

Bank boss stole $500,000

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Original article by Tim Clarke
The West Australian – Page: 24 : 30-Jan-15

A former bank manager at Westpac in Western Australia has pleaded guilty to defrauding a customer. He stole $A500,000 through a number of fraudulent transactions between the end of 2013 and 31 March 2014. The man used the stolen money for sports betting

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MAGISTRATES COURT OF WESTERN AUSTRALIA, DISTRICT COURT OF WESTERN AUSTRALIA, TOTALIZATOR AGENCY BOARD (WESTERN AUSTRALIA)

Forbes deflates Clive’s much-loved billions

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Original article by Andrew Main
The Australian – Page: 3 : 30-Jan-15

Mining magnate Gina Rinehart remains Australia’s wealthiest individual, according to "Forbes" magazine. The US publication estimates Rinehart’s wealth to be $US11.7bn. Real estate developer Harry Triguboff is second on the list of Australia’s 50 richest people, with net wealth of $US5.6bn. However, Clive Palmer failed to make the list, which required wealth of at least $US550m ($690m)

CORPORATES
FORBES INCORPORATED, PACIFIC SHOPPING CENTRES AUSTRALIA PTY LTD, ATLASSIAN SOFTWARE SYSTEMS PTY LTD

Dollar to stay below US80c at year end

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 22 : 30-Jan-15

The Australian dollar was fetching $US0.7858 late in trading on 29 January 2015, after peaking at $US0.8022 on the previous day. Gavin Friend of National Australia Bank expects the currency to be trading at the $US0.78 level at the end of 2015, while Richard Grace of the Commonwealth Bank has a more bearish year-end forecast of $US0.76. There is growing expectation that the Reserve Bank will reduce the cash rate on 3 February

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, RESERVE BANK OF AUSTRALIA, CITIGROUP PTY LTD, SWISS NATIONAL BANK, FOREX.COM, UNITED STATES. FEDERAL RESERVE BOARD, CENTREBET INTERNATIONAL LIMITED, WESTERN UNITED LIMITED, COMMONWEALTH SECURITIES LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

Law firms consider listing

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Original article by Luke Malpass
The Australian Financial Review – Page: 33 : 30-Jan-15

Shares in IPH Limited have peaked at $A3.80 since debuting on the Australian sharemarket at $A2.10 in November 2014. IPH is the holding company for law firm Spruson & Ferguson, and its success has prompted other intellectual property and patent law firms to consider IPOs. Graham Cowin, the managing partner of Phillips Ormonde Fitzpatrick, says the firm is looking at a range of options, while Griffith Hack chairman David Hughes says his firm has ruled out in IPO at this stage

CORPORATES
IPH LIMITED – ASX IPH, SPRUSON AND FERGUSON LAWYERS, PHILLIPS ORMONDE AND FITZPATRICK, GRIFFITH HACK LAWYERS PTY LTD, DAVIES COLLISON CAVE, MORNINGSTAR PTY LTD