K: Financial and Insurance Services

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

roymorgansocial Leave a comment

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

Volatility casts shadow over earnings forecasts

roymorgansocial Leave a comment

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

Tax breaks on family home hit $46b

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial Leave a comment

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

roymorgansocial 1 Comment

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

Low inflation corners RBA

roymorgansocial Leave a comment

Original article by Jacob Greber
The Australian Financial Review – Page: 1 : 29-Jan-15

Australia’s underlying inflation rate increased by 0.7 per cent in the December 2014 quarter, which was higher than expected. There was an 0.2 per cent increase in the CPI during the quarter, and 1.7 per cent year-on-year. The benign inflation data may strengthen the case for a reduction in the cash rate when the Reserve Bank board meets on 3 February 2015. The central bank may also be swayed by recent monetary policy easing in other countries, which may prompt renewed support for the Australian dollar

CORPORATES
RESERVE BANK OF AUSTRALIA, UBS HOLDINGS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN BUREAU OF STATISTICS, EUROPEAN CENTRAL BANK

Bond rally drives big stocks up

roymorgansocial Leave a comment

Original article by Vesna Poljak, Philip Baker
The Australian Financial Review – Page: 1 & 6 : 28-Jan-15

Factors such as low bond yields and interest rates have promoted renewed support for Australian shares. The domestic sharemarket is also benefiting from historically low interest rates in Europe and the growing trend for self-managed superannuation funds to invest in stocks that offer high yields. Telstra and the Commonwealth Bank are among the stocks that rallied on 27 January 2015, and they now boast a net dividend yield of 4.5 per cent

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, TELSTRA CORPORATION LIMITED – ASX TLS, CREDIT SUISSE (AUSTRALIA) LIMITED, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, RESERVE BANK OF AUSTRALIA, EUROPEAN CENTRAL BANK, STANDARD AND POOR’S ASX 200 INDEX, WILSON ASSET MANAGEMENT

Don’t cut rates, says ANZ chief

roymorgansocial Leave a comment

Original article by Jacob Greber, James Chessell
The Australian Financial Review – Page: 1 & 6 : 28-Jan-15

ANZ Bank CEO Mike Smith says the Reserve Bank should delay any easing of monetary policy. He remains upbeat about the outlook for the Australian economy, noting that the downturn in the value of the dollar has helped to offset the economic impact of lower commodity prices. The recent interest rate cut by the Bank of Canada and the European Central Bank’s quantitative easing have heightened speculation of further rate cuts in Australia

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, RESERVE BANK OF AUSTRALIA, BANK OF CANADA, EUROPEAN CENTRAL BANK, RESERVE BANK OF NEW ZEALAND, JP MORGAN AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE TREASURY, WORLD ECONOMIC FORUM, AUSTRALIAN NATIONAL UNIVERSITY