K: Financial and Insurance Services

Hockey warns living standards could fall

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 6 : 4-Dec-14

Australia’s economic growth slowed to just 0.3 per cent in the September 2014 quarter, and by 2.7 per cent year-on-year. Economic growth contracted in all states except New South Wales. The national accounts also show that Australia has entered an "income recession", with real net disposable income contracting in the last two quarters. Treasurer Joe Hockey has urged opposition parties to support government policy in the Senate, warning that a decline in living standards is likely if reforms are not implemented

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, PALMER UNITED PARTY, BUSINESS COUNCIL OF AUSTRALIA

ASIC forced to fold on reform plan

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Original article by Anthony Klan
The Australian – Page: 22 : 3-Dec-14

The Australian Securities & Investments Commission (ASIC) will not go ahead with the proposed Consultation Paper 212 regulations, which were designed to lift the level of professional qualifications to be held by financial planners. ASIC maintains that the decision is due to the Federal Government failing to get amendments to the Future of Financial Advice laws passed by the Senate, making the issue less urgent. However it has emerged that nine industry bodies wrote to the watchdog in 2013 and argued against the push

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL, AUSTRALIA. DEPT OF THE TREASURY

ANZ-Roy Morgan Australian Consumer Confidence Stop-Start Grind Higher

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 2-Dec-14

The ANZ-Roy Morgan Consumer Confidence rating for Australia fell by 0.3 per cent to 113.9 in the week ended 30 November 2014. This is a small setback following a solid 1.2 per cent rise in the previous week. Looking through the weekly volatility, consumer confidence is trending modestly higher. Confidence in households’ finances compared with 12 months ago fell by 1.9 per cent. However, expectations of the economic outlook and household finances improved

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

RBA changes tune, opens door to interest rate cuts if $A stays high

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 3-Dec-14

The Australian dollar rose to $US0.8524 on 2 December 2014, after the Reserve Bank adopted a dovish position on monetary policy. The central bank has had a bias toward raising interest rates for some time, but governor Glenn Stevens has signalled that the cash rate could be cut again in 2015 if the dollar remains high. The Reserve Bank left the cash rate on hold at its final meeting for 2014

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, UNITED STATES. FEDERAL RESERVE BOARD, BARCLAYS BANK PLC, DEUTSCHE BANK AG, WESTPAC BANKING CORPORATION – ASX WBC

Tech start-ups flood in through the back door

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Original article by Sally Rose
The Australian Financial Review – Page: 2 : 3-Dec-14

A growing number of emerging technology companies are electing to list on the Australian sharemarket via a so-called "backdoor listing". More than 20 such companies have done so in 2014 or propose this means of listing, although the Australian Securities & Investments Commission has some concerns about the trend. However, the ASX’s Eddie Grieve stresses that every company that lists on the market is subject to the same level of scrutiny

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, GTT VENTURES PTY LTD, CIRRUS NETWORKS PTY LTD, XTV NETWORKS, COVATA LIMITED – ASX CVT, SKYFII LIMITED – ASX SKF, GRAYSONLINE AUCTIONEERS, GRT PTY LTD, MPIRE MEDIA PTY LTD, DIGITAL CC LIMITED – ASX DCC, STREAM GROUP LIMITED – ASX SGO, DECIMAL SOFTWARE LIMITED – ASX DSX, ZIPTEL LIMITED – ASX ZIP, YONDER AND BEYOND LIMITED, ENVERRO LIMITED – ASX ERR, BIG REVIEW TV LIMITED, CROWD MOBILE, YPB GROUP, INTERGEN (AUSTRALIA) PTY LTD, MIGME LIMITED – ASX MIG, 1-PAGE LIMITED – ASX 1PG, ECP ASSET MANAGEMENT PTY LTD

CBA shuffles executive ranks

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Original article by Michael Bennet
The Australian – Page: 23 : 2-Dec-14

The successor to Grahame Petersen as group executive for business and private banking at Commonwealth Bank of Australia (CBA) has been announced. Adam Bennett joined CBA in 2004 from consultancy AT Kearney to work in the IT division, and served as CIO during the core banking system overhaul that experts say has allowed CBA to become the leader in the use of banking technology solutions. The business banking unit is the second largest at CBA after retail banking

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AT KEARNEY AUSTRALIA PTY LTD, DEUTSCHE BANK AG, MACQUARIE GROUP LIMITED – ASX MQG

CBA backs university’s quantum leap

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Original article by Paul Smith
The Australian Financial Review – Page: 19 : 2-Dec-14

Research into the development of quantum computers at the University of New South Wales has been given a boost via a $A5m investment by the Commonwealth Bank. Michelle Simmons, the head of the university’s Centre for Quantum Computation & Communication Technology, says the investment will help Australia to maintain its status as a world leader in the technology. She is also hoping for financial support from the Federal Government

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, UNIVERSITY OF NEW SOUTH WALES. CENTRE FOR QUANTUM COMPUTATION AND COMMUNICATION TECHNOLOGY

Medcraft warns of collusion probes

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Original article by Leo Shanahan
The Australian – Page: 23 : 27-Nov-14

Civil as well as criminal charges are possible against ANZ Bank, over its role in alleged attempts by major banks to fix the bank bill swap rate. The Australian Securities & Investments Commission (ASIC) is investigating, and ANZ has suspended seven traders on full pay pending the outcome. ASIC chair Greg Medcraft argues that the problem is a global one and indicative of an ingrained culture across the banking sector. A probe into the claims of collusion has also been launched by the Australian Competition & Consumer Commission

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, HARVARD UNIVERSITY, BLOOMBERG LP

Cabcharge lashes ‘illegal’ Uber

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Original article by Andrew Main
The Australian – Page: 22 : 27-Nov-14

Stockholders at the 26 November 2014 AGM of taxi fare payment services group Cabcharge rejected the remuneration report with a "no" vote of 57%. However the option to dismiss the entire board of directors, as this was the fourth year in succession for more than 25% to be opposed, was only backed by 2.1%. Meanwhile chair Russell Balding used his address to strongly criticise the Uber smartphone app business, especially its UberX service. He argued the arrangement under which private vehicle owners car share in exchange for payment was illegal

CORPORATES
CABCHARGE AUSTRALIA LIMITED – ASX CAB, UBER TECHNOLOGIES INCORPORATED, SYDNEY AIRPORT – ASX SYD, AUSTRALIAN BROADCASTING CORPORATION, LAZARD PTY LTD, ABERDEEN ASSET MANAGEMENT LIMITED, TRANSPORT FOR NSW

Oil slump drives Santos to hybrid

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 19 & 24 : 27-Nov-14

David Knox and Andrew Seaton, CEO and CFO respectively of energy group Santos, on 26 November 2014 told investors about plans to compensate for the recent decline in the crude oil price by some 30%. The company, which has LNG projects in Queensland and Papua New Guinea, will cut costs and capital investment. A previous estimate for annual cash flow to grow 100% between 2013 and 2016 has been revised down to 65%, and Seaton foreshadowed a potential hybrid debt issue worth EUR500m ($A726m). Santos shares closed $A0.15 higher at $A11.98, after a fall of 5% the day before

CORPORATES
SANTOS LIMITED – ASX STO, GLADSTONE LNG PTY LTD, SENEX ENERGY LIMITED – ASX SXY, CREDIT SUISSE (AUSTRALIA) LIMITED, ORD MINNETT GROUP LIMITED, PAPUA NEW GUINEA LNG PROJECT, UBS HOLDINGS PTY LTD, TOTAL SA