K: Financial and Insurance Services

Consumer satisfaction with banks in November the highest in nearly two decades

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 16-Dec-14

A Roy Morgan Single Source survey has found that the satisfaction level of the personal customers of Australian banks rose by 0.2 per cent to a record 82.8 per cent in November 2014. The Commonwealth Bank had the highest personal customer satisfaction rating of the four major banks in the six months to November, at 81.8 per cent. However, ING Direct (89.4 per cent) and Bendigo Bank (89 per cent) boasted the highest customer satisfaction rating of the nation’s 10 largest banks, while Bankwest had the highest level of customer satisfaction for internet banking services

CORPORATES
ROY MORGAN RESEARCH LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ING DIRECT, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK OF WESTERN AUSTRALIA LIMITED, SUNCORP BANK, SUNCORP GROUP LIMITED – ASX SUN, ST GEORGE BANK LIMITED

Investors’ love of local shares proves a costly passion

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Original article by Bianca Hartge-Hazelman
The Australian Financial Review – Page: 22 : 17-Dec-14

The S&P 500 Index has risen by 7.5 per cent so far in 2014, while Australia’s S&P/ASX 200 has shed 3.6 per cent in local currency terms. The local benchmark index has fallen by 20 per cent in US currency terms since September. Research shows that international shares are widely tipped to continue to outperform in 2015, while PM Capital’s Paul Moore argues that Australian investors should increase their exposure to offshore assets

CORPORATES
STANDARD AND POOR’S 500 INDEX, STANDARD AND POOR’S ASX 200 INDEX, PM CAPITAL LIMITED, MORGAN STANLEY WEALTH MANAGEMENT AUSTRALIA PTY LTD, LIVEWIREMARKETS.COM, MERCER INVESTMENTS PTY LTD, AUSTRALIAN ETHICAL INVESTMENT LIMITED – ASX AEF, TOKYO STOCK PRICE INDEX, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE INDEX

Careers Network falls 20pc on sector trauma

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Original article by Kylar Loussikian
The Australian – Page: 19 : 16-Dec-14

Australian Careers Network’s stock finished its first day of trading at $A1.36 on 15 December 2014, after listing at $A1.70. The vocational education and training group’s IPO was worth $A54.4m, after it initially aimed to raise $A100m. CEO Ivan Brown says part of the proceeds will be used to finance acquisitions. Several other recent IPOs in the education and training sector have also underperformed

CORPORATES
AUSTRALIAN CAREERS NETWORK LIMITED – ASX ACO, PETRA CAPITAL PTY LTD, VOCATION LIMITED – ASX VET, SIMONDS GROUP LIMITED – ASX SIO, BUILDERS ACADEMY AUSTRALIA, AUSTRALIAN MANAGEMENT ACADEMY, COVE TRAINING

Win for consumers as premiums to weaken

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Original article by Ruth Liew
The Australian Financial Review – Page: 17 : 16-Dec-14

Suncorp Group’s Anthony Day says a competitive market should result in lower commercial insurance premiums in 2015. The head of commercial insurance forecasts that insurance rates will stabilise after falling in the first several months of 2015. Meanwhile, Day says the recent storm in Brisbane is likely to cost Suncorp no more than $A250m in insurance claims

CORPORATES
SUNCORP GROUP LIMITED – ASX SUN, NATIONAL INSURANCE BROKERS ASSOCIATION OF AUSTRALIA, WILLIS GROUP HOLDINGS LIMITED

Injured giving up on compo claims

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Original article by Anna Patty
The Sydney Morning Herald – Page: 4 : 15-Dec-14

New South Wales (NSW) Small Business Minister John Barilaro says the State Government’s workers’ compensation system changes have been a success, with a decline of 15% in claims. Insurance premiums are also down 17.5%. However Law Society of NSW president Ros Everett argues that the new rules, under which claimants can no longer seek the help of lawyers in appealing assessments, have simply shifted the burden to the federal Medicare and Centrelink services. This is as many injured workers are now unable to rely on court action

CORPORATES
NEW SOUTH WALES. WORKCOVER AUTHORITY, NEW SOUTH WALES. WORKERS’ COMPENSATION COMMISSION, THE LAW SOCIETY OF NEW SOUTH WALES, NEW SOUTH WALES. DEPT OF FINANCE AND SERVICES, NEW SOUTH WALES. DEPT OF COMMERCE, AUSTRALIA. DEPT OF HUMAN SERVICES. CENTRELINK, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA

Low premium rises tipped

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Original article by Ruth Liew
The Australian Financial Review – Page: 16 : 15-Dec-14

Insurance Australia Group’s Andy Cornish says the storm that hit Brisbane in late November 2014 should not have much impact on premiums. He forecasts a single-digit increase in its premiums for home and car insurance in 2015. The general insurer has received more than 15,000 claims arising from the storm, and it expects to pay out between $A140m and $A150m

CORPORATES
INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, SUNCORP GROUP LIMITED – ASX SUN, NRMA LIMITED, CGU INSURANCE AUSTRALIA LIMITED, LUMLEY INSURANCE GROUP LIMITED, COLES INSURANCE

No bail for pair on insider trading charge

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Original article by Georgia Wilkins, Patrick Durkin
The Australian Financial Review – Page: 9 : 12-Dec-14

Lukas Kamay and Christopher Hill could be jailed for at least 10 years after being convicted for engaging in insider trading. The court had been told that Kamay gained $A7m from foreign exchange trades that were based on information supplied by Hill. The two men will be sentenced in February 2015, and will be held in custody after the Supreme Court of Victoria cancelled their bail

CORPORATES
SUPREME COURT OF VICTORIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN BUREAU OF STATISTICS, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, JBWERE LIMITED

BlackRock sees a wild ride for shares in 2015

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Original article by Sally Rose
The Australian Financial Review – Page: 22 : 12-Dec-14

BlackRock expects cyclical stocks in the US to perform better than defensive stocks in 2015, while the US economy and currency are also tipped to improve. Meanwhile, the firm anticipates increased volatility in global financial markets in the new year. It also says the downturn in the crude oil price should have a positive impact on global economic growth in the longer-term

CORPORATES
BLACKROCK INCORPORATED, BLACKROCK INVESTMENT INSTITUTE, BLACKROCK INVESTMENT MANAGEMENT (AUSTRALIA) LIMITED, BANK OF JAPAN, NIKKEI 225 INDEX

Stevens calls for US75c dollar

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Original article by Jacob Greber, Michael Stutchbury
The Australian Financial Review – Page: 1 & 10 : 12-Dec-14

The Australian dollar is currently trading at around $US0.83, but Reserve Bank governor Glenn Stevens believes that it needs to fall further. He argues that a more appropriate level for the currency would be about $US0.75, arguing that the decline in Australia’s terms of trade means the dollar needs to be lower. Stevens also says that the need for stability is a major reason why interest rates were kept on hold during 2014, and stresses that any further easing of monetary policy would need to has a positive effect on business and consumer confidence

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

Vacuum cleaners keeping us recession-proof: Godfreys

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Original article by Simon Evans
The Australian Financial Review – Page: 19 : 11-Dec-14

Godfreys Group’s stock ended its first day of trading at $A2.85 on 10 December 2014, compared with an issue price of $A2.75. The vacuum cleaner retailer raised $A78m via an IPO, after scaling back plans for a $A103m raising. Godfreys chairman Rod Walker notes that the group’s sales are generally not affected by the economic outlook, as every home needs a vacuum cleaner

CORPORATES
GODFREYS GROUP LIMITED – ASX GFY, ARCADE FINANCE PTY LTD, NOMURA AUSTRALIA LIMITED, INVESTEC AUSTRALIA LIMITED, FREEDOM GROUP LIMITED, PACIFIC EQUITY PARTNERS PTY LTD, UNITAS CAPITAL PARTNERS PTY LTD, ACONEX LIMITED – ASX ACX