ETC – AUSTRALIA

Nexus investors lash ASIC inaction

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Original article by Leo Shanahan
The Australian – Page: 23 : 20-Nov-14

Piper Alderman lawyer Amanda Banton, who represents investors in Nexus Energy opposed to its acquisition by Seven Group Holdings, has criticised the Australian Securities & Investments Commission. The watchdog has taken no action after Seven made a low offer of $A0.02 and then moved to buy the collapsed Nexus following the rejection by stockholders of the original bid. A major issue is the dual role of Don Voelte as Seven CEO and Nexus chair

CORPORATES
SEVEN GROUP HOLDINGS LIMITED – ASX SVW, NEXUS ENERGY LIMITED – ASX NXS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PIPER ALDERMAN, AZURE CAPITAL PTY LTD, LIBERAL PARTY OF AUSTRALIA, SUPREME COURT OF NEW SOUTH WALES

Big retailers warn of chill to competition

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Original article by Katie Walsh
The Australian Financial Review – Page: 4 : 19-Nov-14

An Australian National Retailers Association (ANRA) submission to the Harper review of competition law has expressed concern about the proposed "effects test". It warns that this would adversely affect competition and would have no long-term benefit for consumers. The ANRA has supported some of the other recommendations of the review, while small retailers say the proposal to deregulate trading hours will ultimately increase the dominance of retail giants Coles and Woolworths

CORPORATES
AUSTRALIAN NATIONAL RETAILERS ASSOCIATION LIMITED, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, WESFARMERS BUNNINGS LIMITED, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, INDEPENDENT GROCERS OF AUSTRALIA, AUSTRALIAN CONSUMERS’ ASSOCIATION, AUSTRALIAN TAXI INDUSTRY ASSOCIATION

NAB execs poorer by $44m

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Original article by Richard Gluyas
The Australian – Page: 22 : 18-Nov-14

The 2013-14 annual report of National Australia Bank (NAB) shows that senior managers forfeited some $A44m worth of stock meant as incentive awards. The remuneration of departed CEO Cameron Clyne in his final year at the helm dropped from $A7.8m to $A6m, even when taking into account a "golden parachute" payment of $A1.7m. The lapsed equity in his case amounted to $A19.1m. The details follow the recent news that NAB’s cash profit had fallen by a tenth due to major provisioning charges

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD

Change laws to boost women’s super: ASFA

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Original article by Nassim Khadem
The Australian Financial Review – Page: 24 : 13-Nov-14

It is estimated that men have an average of $A197,000 in their superannuation fund upon retirement, compared with just $A105,000 for women. The Association of Superannuation Funds of Australia (ASFA) has proposed relaxing discrimination laws to permit higher employer contributions to female employees’ super accounts. The ASFA also proposes scrapping the superannuation guarantee income threshold, which is currently set at $A450 per month

CORPORATES
THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, CHALLENGER LIMITED – ASX CGF, COLONIAL FIRST STATE GROUP LIMITED, VICSUPER PTY LTD, RICE WARNER ACTUARIES PTY LTD, AUSTRALIA. SEXUAL DISCRIMINATION COMMISSION

Shareholders target Voelte in Nexus bid

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Original article by Matt Chambers, Sharri Markson, Leo Shanahan
The Australian – Page: 23 : 12-Nov-14

Conglomerate Seven Group Holdings plans to take over Nexus Energy for $A180m, following the latter’s collapse after its board rejected an offer by Seven worth just $A0.02 a share. The fact that Seven CEO Don Voelte also had the role of chair at the gas group has sparked complaints by Nexus investors to the Australian Securities & Investments Commission. Legal action is being launched by stockholders such as Bechtel CEO Andrew Greig, ­Liberal Party president Richard Alston, Karoon Gas executive chair Bob Hosking and Michael Fowler, another ex-Nexus chair

CORPORATES
NEXUS ENERGY LIMITED – ASX NXS, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, KAROON GAS AUSTRALIA LIMITED – ASX KAR, BECHTEL PTY LTD, LIBERAL PARTY OF AUSTRALIA

Public servants offered 0% pay rises

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Original article by Markus Mannheim
The Sydney Morning Herald – Page: 12 : 6-Nov-14

The Australian Crime Commission and the Australian Research Council are among the Federal Government agencies that are seeking to exclude staff pay rises from new enterprise agreements. Given that inflation is forecast to be between 2.5 and 2.75 per cent annually, these staff face the prospect of effectively having their pay cut. Military personnel have been offered a pay rise of 1.5 per cent

CORPORATES
AUSTRALIAN CRIME COMMISSION, AUSTRALIAN RESEARCH COUNCIL, AUSTRALIAN PUBLIC SERVICE COMMISSION, COMMUNITY AND PUBLIC SECTOR UNION

Toughen up on teacher training, uni heads warned

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Original article by Justine Ferrari
The Australian – Page: 4 : 6-Nov-14

John Hattie, the new chair of the Australian Institute for Teaching & School Leadership, supports a more stringent accreditation process for the country’s 400 teaching courses. Hattie notes that there is a 30 per cent over-supply of teachers in some areas. He suggests that culling courses could result in better-quality degrees. Hattie has drafted a new direction for the Institute, which accredits courses for public school teachers. It reflects the Australian Government’s policies to improve teaching quality

CORPORATES
AUSTRALIAN INSTITUTE FOR TEACHING AND SCHOOL LEADERSHIP LIMITED, AUSTRALIA. DEPT OF EDUCATION, STANFORD UNIVERSITY

Tubs of joy: Australians still love ice cream

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 29-Oct-14

A Roy Morgan Single Source survey has found that 73 per cent of Australian grocery buyers purchased a tub or carton of ice cream at least once in the year to June 2014. The survey also shows that 19 per cent of Australians purchase ice cream in tubs or cartons once a month, while just three per cent do so every week. Some 20 per cent of grocery buyers purchase Bulla ice cream in an average four weeks, followed by Peters (17 per cent) and Streets (12 per cent)

CORPORATES
ROY MORGAN RESEARCH LIMITED, REGAL CREAM PRODUCTS PTY LTD, PETERS ICE CREAM, UNILEVER AUSTRALIA LIMITED, COLES GROUP LIMITED, CONNOISSEUR

CBA slip to hit management pay

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Original article by James Eyers
The Australian Financial Review – Page: 21 : 22-Oct-14

A new survey by Roy Morgan Research shows that the Commonwealth Bank’s overall customer satisfaction rating has fallen by one per cent to 81.1 per cent. Meanwhile, Westpac’s rating has risen by 1.1 per cent to 81 per cent. The Commonwealth Bank has also fallen further in Roy Morgan’s measure of customers’ satisfaction with their main financial institution, ranking behind Westpac and the ANZ Bank. The Roy Morgan customer satisfaction data is used in determining Commonwealth Bank executives’ long-term incentives

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, ROY MORGAN RESEARCH LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH FINANCIAL PLANNING LIMITED, FINANCIAL WISDOM LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, DBM AUSTRALIA LIMITED, WEALTH INSIGHTS PTY LTD

Medibank sale to triple George Savvides’s pay with big bonuses

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Original article by Patrick Durkin
The Australian Financial Review – Page: 6 : 21-Oct-14

Medibank Private MD George Savvides will receive a huge pay rise when the company floats on the Australian stock exchange on 25 November 2014. His remuneration will triple from $A1.2 million to $A3.99 million. Savvides’s contribution to the IPO will deliver a bonus of $A750,000 for him, which some analysts believe is excessive

CORPORATES
MEDIBANK PRIVATE LIMITED, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, OWNERSHIP MATTERS PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, AURIZON HOLDINGS LIMITED – ASX AZJ, NIB HOLDINGS LIMITED – ASX NHF, RAMSAY HEALTH CARE LIMITED – ASX RHC, SIGMA PHARMACEUTICALS LIMITED – ASX SIP