Henry should not pick new NAB chief: Costello

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 18 : 12-Feb-19

Former federal treasurer Peter Costello suggests that regulators’ failure to prosecute misconduct in the financial services sector was due to reluctance to enforce the law rather that funding constraints. Costello also believes that it is inappropriate for National Australia Bank chairman Ken Henry to oversee the appointment of a new CEO. Henry will step down after a successor to Andrew Thorburn is recruited. Costello adds that bank directors and executives must prioritise compliance with the law in the wake of the financial services royal commission.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Aussies win over Brits, now for the Oscars

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Original article by Philippa Hawker
The Australian – Page: 3 : 12-Feb-19

‘The Favourite’ has been voted Best British Picture at the 2019 British Academy of Film & Television Arts awards, while ‘Roma’ won the Best Picture award. Australian Fiona Crombie shared the BAFTA for Best Production Design for ‘The Favourite’, while fellow Australian Tony McNamara shared the BAFTA for Best Original Screenplay, again for ‘The Favourite’. Both Crombie and McNamara have been nominated for the upcoming Academy Awards.

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BRITISH ACADEMY OF FILM AND TELEVISION ARTS

APRA holds back on Hayne rebuild

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Original article by Ben Butler, Joyce Moullakis
The Australian – Page: 17 & 21 : 12-Feb-19

The Australian Prudential Regulation Authority has stated that it will implement nine of the 10 banking royal commission recommendations concerning it by 2020. However, APRA has not given a timeframe on when it will implement the recommendation to change its prudential focus to concentrate on misconduct. APRA has also stated that an increase in its budget, currently at around $140 million a year, might be needed to implement this recommendation.

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AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BAKER AND McKENZIE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Great-grandfather graduates at 94

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Original article by Alanah Frost
Herald Sun – Page: 17 : 11-Feb-19

Dr David Bottomley has become Australia’s oldest PhD graduate at the age of 94. Bottomley graduated from Curtin University with a Doctor of Philosophy in the week ending 8 February. He taught science for many years, as well as working in marketing research. Bottomley’s PhD looked at five principals who used science-based curriculum in the early 19th century, and he believes that the ideas that they used are valid today. Bottomley was the co-founder of Australian Sales Research Bureau, which was acquired by Roy Morgan in the 1970s.

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CURTIN UNIVERSITY OF TECHNOLOGY, UNIVERSITY OF MELBOURNE, ROY MORGAN LIMITED, AUSTRALIAN SALES RESEARCH BUREAU

Fairfax scion in new media venture

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Original article by Damon Kitney
The Australian – Page: 20 : 12-Feb-19

John B Fairfax and Cameron O’Reilly are backing a new digital investigative journalism venture. The name of the venture, which will work inside the Crikey website, will be made public before it is formally launched in April. It is intended that the new venture will make its money solely from subscription sales, rather than advertising. Fairfax has been involved in the print media for five decades, while the O’Reilly family controlled Independent News & Media for more than 35 years.

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PRIVATE MEDIA PARTNERS PTY LTD, INDEPENDENT NEWS AND MEDIA PLC, FAIRFAX MEDIA LIMITED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

Shorten in backdown on borders

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Original article by Simon Benson, Greg Brown, Joe Kelly
The Australian – Page: 1 & 4 : 12-Feb-19

Labor’s caucus has approved key amendments to legislation initiated by independent MP Kerryn Phelps regarding the medical transfer of asylum-seekers from offshore processing centres to Australia. The amendments seek to give more ministerial control over doctor-directed transfers. However, Prime Minister Scott Morrison has ruled out any prospect of the Coalition supporting the amended legislation, claiming that it will compromise the ability of the government to control who comes to Australia. Greens MP Adam Bandt claims that Labor is again "caving in" on the issue of refugees.

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AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS

Big agenda: Chronican has his work cut out for NAB revival

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Original article by Eric Johnston
The Australian – Page: 17 : 11-Feb-19

Anthony Healy and Mike Baird are said to be the leading internal candidates to succeed National Australia Bank CEO Andrew Thorburn, while external contenders could include Craig Drummond, Ross McEwan and Lyn Cobley. Acting CEO Philip Chronican stresses that NAB has a "very clear strategy" that is being well executed. He notes that the last week has been challenging for the bank, with the resignation of Thorburn and chairman Ken Henry and the release of the banking royal commission’s final report.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MEDIBANK PRIVATE LIMITED – ASX MPL, WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED

Compromise to end conflicted remuneration

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Original article by Tom McIlroy
The Australian Financial Review – Page: 4 : 11-Feb-19

The final report of the banking royal commission recommended an end to the grandfathering of conflicted remuneration payments as soon as reasonably practical. Labor wants to see an immediate end to such payments, while the federal government has called for them to end in January 2021. Centre Alliance senator Rex Patrick has put forward a compromise plan that would see conflicted remuneration payments end on 1 July 2020. Labor expected to support his proposal in the Senate on 12 February.

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AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Big four back in favour for investors

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Original article by Scott Murdoch
The Australian – Page: 17 & 20 : 11-Feb-19

Australia’s banking index gained six per cent in the week ended 8 February, with the rally being attributed to renewed interest in the sector among international equity investors. Rahoul Chowdry of law firm Minter Ellison notes that sovereign risk concerns regarding Australian banks have abated following the release of the financial services royal commission’s final report. Mike Evans from the Bank of America Merrill Lynch and Marianne Birch of Macquarie Capital agree that the final report has created greater certainty for investors.

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MINTER ELLISON, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE CAPITAL PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, CITIGROUP PTY LTD

ASX’s most shorted stocks set for results reporting test

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Original article by William McInnes
The Australian Financial Review – Page: 20 : 11-Feb-19

Some of the Australian sharemarket’s most heavily shorted companies will release their latest financial results in the week beginning 11 February, including JB Hi-Fi, Super Retail Group, Bendigo & Adelaide Bank and AMP. JB Hi-Fi is the most shorted S&P/ASX 200 stock, and Jun Bei Liu of Tribeca Investment Partners notes that the retail trading environment is challenging at present. Meanwhile, ASX 200 trading volumes were 11 per cent higher than average during the first week of the reporting season, as fund managers returned to the market.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, JB HI-FI LIMITED – ASX JBH, SUPER RETAIL GROUP LIMITED – ASX SUL, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AMP LIMITED – ASX AMP, TRIBECA INVESTMENT PARTNERS PTY LTD, FIRETRAIL INVESTMENTS PTY LTD, OPHIR ASSET MANAGEMENT PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, AMCOR LIMITED – ASX AMC, CLEANAWAY WASTE MANAGEMENT LIMITED – ASX CWY, LEND LEASE GROUP LIMITED – ASX LLC, CYBG PLC – ASX CYB, JAMES HARDIE INDUSTRIES PLC – ASX JHX, NICK SCALI LIMITED – ASX NCK, IOOF HOLDINGS LIMITED – ASX IFL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY