K: Financial and Insurance Services

Former Toyota chief to float car radio app firm

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Original article by Simon Evans
The Australian Financial Review – Page: 21 : 2-Jul-14

Connexion Media aims to raise between $A3 million and $A6 million, before listing on 24 July 2014. The company owns the Miroamer internet radio application, one of two selected by General Motors for use in web-enabled vehicles in Europe and the US. Former Toyota Australia chairman John Conomos will become chairman of the Connexion. He said that car component makers need to become part of the global supply chains of the major automobile makers

CORPORATES
CONNEXION MEDIA LIMITED – ASX CXZ, TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED, GM HOLDEN LIMITED, GENERAL MOTORS CORPORATION, FORD MOTOR COMPANY AUSTRALIA LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PHILLIP CAPITAL LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS

ASIC win as adviser jailed for six years

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Original article by Anthony Klan, Richard Gluyas
The Australian – Page: 19/27 : 1-Jul-14

A financial adviser received a jail term of six years and two months in the New South Wales District Court on 30 June 2014. Brian Veitch pleaded to guilty to 22 charges including fraud. He siphoned $A500,000 from client accounts while a financial adviser at WealthSure between 2005 and 2010. On 1 July, the Federal Government will introduce to the Senate its changes to the Future of Financial Advice laws

CORPORATES
WEALTHSURE PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CREDIT SUISSE (AUSTRALIA) LIMITED, DISTRICT COURT OF NEW SOUTH WALES, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN LABOR PARTY, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF FINANCE

‘Credible strategy’ lifts Fairfax credit rating outlook

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Original article by Madeleine Heffernan
The Australian Financial Review – Page: 21 : 1-Jul-14

Standard & Poor’s has revised the credit rating outlook for Fairfax Media’s "BB+" long-term rating from "negative" to "stable". The ratings agency stated on 30 June 2014 that the media company had developed a "credible" strategy for its earnings over the medium term. The stock closed at $A0.9275 on 30 June 2014. Since the beginning of 2014, it has risen 44.5 per cent

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, STANDARD AND POOR’S CORPORATION, CREDIT SUISSE AG, 3AW SOUTHERN CROSS RADIO PTY LTD, RSVP.COM.AU PTY LTD, GANNETT COMPANY INCORPORATED

China offers chance to take stake in banks

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Original article by Angus Grigg, Lisa Murray
The Australian Financial Review – Page: 8 : 30-Jun-14

China is offering Australian banks the opportunity to invest in its five largest banks. During a visit to China in late June 2014, Federal Treasurer Joe Hockey was informed that the Chinese Government planned to further sell down its holdings in the five lenders. They are Industrial & Commercial Bank of China, Bank of China, Bank of Communications, China Construction Bank and Agricultural Bank of China

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, INDUSTRIAL AND COMMERCIAL BANK OF CHINA, BANK OF CHINA GROUP, BANK OF COMMUNICATIONS, CHINA CONSTRUCTION BANK, AGRICULTURAL BANK OF CHINA, CHINA. NATIONAL DEVELOPMENT REFORM COMMISSION, CHINA. MINISTRY OF FINANCE, THE GOLDMAN SACHS GROUP INCORPORATED, PEKING UNIVERSITY, CHINA CENTRE FOR ECONOMIC RESEARCH, UBS AG, ROYAL BANK OF SCOTLAND GROUP PLC, CITIGROUP INCORPORATED, BANK OF AMERICA CORPORATION, KING AND WOOD MALLESONS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CHINA BANKING REGULATORY COMMISSION

Fee cap will worsen pain for motorists, warn lawyers

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Original article by Anna Patty
The Sydney Morning Herald – Page: 8 : 30-Jun-14

The Motor Accidents Authority in New South Wales (NSW) has issued a proposal to reduce the maximum fees that can be charged by lawyers lodging claims under the Green Slip Insurance Scheme on behalf of injured motorists. The measure could be enabled by the State Government via regulation, meaning no new legislation is needed. NSW Law Society president Ros Everett warns that the planned capped fees will not cover solicitors’ costs, and that as a result many who have suffered traffic accident injuries will have no option but to represent themselves

CORPORATES
NEW SOUTH WALES. MOTOR ACCIDENTS AUTHORITY, NEW SOUTH WALES. DEPT OF FINANCE AND SERVICES, THE LAW SOCIETY OF NEW SOUTH WALES

Surging M&A deals hit $70bn

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Original article by Michael Bennet
The Australian – Page: 17-18 : 30-Jun-14

Australian companies have announced $US69.5 billion worth of mergers and acquisitions in the first half of 2014. This is double the number of transactions during the same period of 2013. There are 20 deals worth over $A1 billion, compared with only two in the same period of the previous year. As well, equity capital market deals, such as floats, block trades and secondary capital raisings, have nearly doubled to $US15.3 billion

CORPORATES
THOMSON REUTERS PLC, CITI AUSTRALIA PTY LTD, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, CIMB SECURITIES INTERNATIONAL (AUSTRALIA) PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, OZ MINERALS LIMITED – ASX OZL, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CABCHARGE AUSTRALIA LIMITED – ASX CAB, WOTIF.COM HOLDINGS LIMITED – ASX WTF, GRESHAM ADVISORY PARTNERS LIMITED, DAVID JONES LIMITED – ASX DJS, UBS HOLDINGS PTY LTD, MACQUARIE CAPITAL PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, PACIFIC EQUITY PARTNERS PTY LTD, SAI GLOBAL LIMITED – ASX SAI, CREDIT SUISSE (AUSTRALIA) LIMITED, GRAINCORP LIMITED – ASX GNC, FRASERS CENTREPOINT LIMITED, AUSTRALAND PROPERTY GROUP – ASX ALZ, GOLDMAN SACHS AUSTRALIA PTY LTD

CBA rip-off no setback to lighter rules

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Original article by Patrick Durkin, Jonathan Shapiro
The Australian Financial Review – Page: 3 : 30-Jun-14

The Commonwealth Bank of Australia scandal will not deter the Federal Government from its plan to lighten regulation of the financial planning sector. Federal Finance Minister Mathias Cormann said that regulation should be dropped if it increases the cost of financial advice without increasing consumer protection. However, Industry Super Australia CEO David Whiteley argued the matter shows that the Government should abandon its plan to change the Future of Financial Advice laws

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF FINANCE, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MAURICE BLACKBURN PTY LTD

Monash IVF in growth mode after healthy float

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 17/22 : 27-Jun-14

Monash IVF started trading as high as $A1.97 early in the session on the Australian stock exchange on 26 June 2014. Stock in the provider of reproductive services had been issued at $A1.85 a share, and investors received 170.7 million units in the float. It raised $A315.6 million for the company earlier in June

CORPORATES
MONASH IVF GROUP LIMITED – ASX MVF, MONASH UNIVERSITY, IRONBRIDGE CAPITAL MANAGEMENT LLC, KL FERTILITY AND GYNAECOLOGY CENTRE SDN BHD, VIRTUS HEALTH LIMITED – ASX VRT

CommBank covered up scandal

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: Jan-45 : 27-Jun-14

A Senate report is critical of Commonwealth Bank of Australia and the Australian Securities & Investments Commission (ASIC). The findings by the Senate economics committee were tabled on 26 June 2014. The report called for a royal commission, saying that the bank tried to avoid investigation of its financial planning subsidiary. The regulator was criticised for its slow action on the issue. The report made 61 recommendations for ASIC and the financial planning industry

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Online star back from the brink

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Original article by Damon Kitney
The Australian – Page: 19/22 : 27-Jun-14

Australian entrepreneur Patrick Grove does not like his wealth to be examined by the media. In 2013, he appeared on the "Young Rich List" of "BRW" with a wealth of $A95 million. Grove says he is motivated by the desire to build new businesses rather than to make money. His Catcha Group now controls online assets worth more than $US300 million ($A318.8 milion), including stakes in three Australian-listed companies – iCar, iProperty and iBuy

CORPORATES
CATCHA GROUP, CATCHA MEDIA BERHAD, ICAR ASIA LIMITED – ASX ICQ, IPROPERTY GROUP LIMITED – ASX IPP, IBUY GROUP LIMITED – ASX IBY, THORNEY INVESTMENT GROUP AUSTRALIA PTY LTD, FRONTIER DIGITAL VENTURES, NASDAQ, ANDERSEN, ASX LIMITED – ASX ASX