INDEPENDENT REGULATORY COMMISSIONS – AUSTRALIA

Coalition to put ABCC bill to a Senate vote

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Original article by Ewin Hannan
The Australian Financial Review – Page: 5 : 11-Aug-15

Legislation to re-establish the Australian Building and Construction Commission will be put to the Senate following damaging allegations in the trade union royal commission. Employment Minister Eric Abetz says the activities of the Construction, Forestry, Mining & Energy Union confirm the need for an industry watchdog. The bill requires the support of six of the eight crossbench senators.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, MASTER BUILDERS AUSTRALIA INCORPORATED, ACTU

Metcash in alleged stall on SupaBarn deal

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 & 18 : 31-Jul-15

The Australian Competition & Consumer Commission will decide in September 2015 whether to approve Coles Group’s deal to buy SupaBarn. The deal would give Coles an additional nine supermarkets in the Australian Capital Territory and Sydney, although it has existing stores in close proximity to each SupaBarn outlet. Metcash has raised concerns with the ACCC about the proposed deal’s effect on competition, but the grocery wholesaler rejects suggestions that it has organised a supplier campaign against the deal.

CORPORATES
COLES GROUP LIMITED, COLES SUPERMARKETS AUSTRALIA PTY LTD, SUPABARN SUPERMARKETS PTY LTD, METCASH LIMITED – ASX MTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, INDEPENDENT GROCERS OF AUSTRALIA, MASTER GROCERS’ AUSTRALIA PTY LTD, WOOLWORTHS LIMITED – ASX WOW

Murdochs on notice over Foxtel grab for Ten Network

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Original article by Dominic White
The Australian Financial Review – Page: 1 & 29 : 27-Jul-15

The Australian Competition & Consumer Commission (ACCC) will consider Foxtel’s equity alliance with the Ten Network in the context of the Murdoch family’s broader media holding, according to chairman Rod Sims. Foxtel proposes to acquire a 15 per cent stake in Ten, but the ACCC will take into account the fact that News Corp has a 50 per cent stake in Foxtel and News Corp executive Lachlan Murdoch has an 8.5 per cent stake in Ten. The effect on competition in bidding for sports broadcasting rights is likely to be a key consideration for the ACCC.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ILLYRIA PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, MULTI CHANNEL NETWORK PTY LTD, NOVA ENTERTAINMENT PTY LTD, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, FOX SPORTS AUSTRALIA PTY LTD, CONSOLIDATED MEDIA HOLDINGS LIMITED, NINE NETWORK AUSTRALIA LIMITED, NETFLIX INCORPORATED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, SEVEN WEST MEDIA LIMITED – ASX SWM, PRESTO ENTERTAINMENT PTY LTD, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

Higher bank capital to bite investors, clients

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 10 : 21-Jul-15

The Australian Prudential Regulation Authority has ruled that the nation’s major banks – and Macquarie Group – will need to hold more capital against residential mortgages. The average risk weighting on mortgage loans will rise from around 16 per cent to at least 25 per cent from 1 July 2016. Jarrod Martin of Credit Suisse estimates that the increased capital requirements will result in a modest rise in mortgage interest rates, while Richard Wiles of Morgan Stanley forecasts that dividend payouts will be reduced as a result of the reforms.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CREDIT SUISSE (AUSTRALIA) LIMITED, MORGAN STANLEY AUSTRALIA LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, WESTPAC BANKING CORPORATION – ASX WBC, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, MOODY’S INVESTORS SERVICE INCORPORATED, CUSTOMER OWNED BANKING ASSOCIATION, DELOITTE TOUCHE TOHMATSU LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

David Murray endorses APRA on banks’ capital

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Original article by Clancy Yeates
The Australian Financial Review – Page: 19 : 15-Jul-15

Proposed new capital requirements for banks have been described as "sensible" by financial system inquiry chairman David Murray. The Australian Prudential Regulation Authority has adopted some key recommendations of the inquiry, and Murray says he is not concerned about the fact that it rejected a recommendation for the nation’s banks to be among the top 25 in the world in terms of capital ratios.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CITIGROUP PTY LTD, UBS HOLDINGS PTY LTD

CBA, ANZ tipped to lead $28b in capital raisings

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Original article by Clancy Yeates, James Eyers
The Australian Financial Review – Page: 1 & 10 : 14-Jul-15

Shares in Australia’s four major banks fell on 13 July 2015, after the Australian Prudential Regulation Authority (APRA) indicated that they will need to lift their capital by 200 basis points. However, APRA does not think it necessary for the banks to have sufficient capital to rank them in the top quartile globally. Jarrod Martin of Credit Suisse estimates that the banks will need to raise about $A28bn of additional capital to comply with APRA’s recommendation.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CREDIT SUISSE (AUSTRALIA) LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLSA AUSTRALIA PTY LTD, AUSTRALIAN BANKERS’ ASSOCIATION

Regulator close to call on NBN cable network deal

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Original article by David Ramli
The Australian Financial Review – Page: 15 : 29-Jun-15

On 23 June 2015, the Australian Competition & Consumer Commission (ACCC) approved a deal for Telstra to lease its telecommunications infrastructure to NBN. The ACCC is yet to rule on a deal for NBN to buy the hybrid-fibre coaxial network of Singtel Optus for $A800m. This deal would significantly speed-up the roll-out of the national broadband network. The ACCC expects to issue a draft ruling on the Optus deal in July.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, NBN CO LIMITED, SINGTEL OPTUS PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF COMMUNICATIONS

Competition concerns over TPG bid for iiNet

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Original article by David Ramli
The Australian Financial Review – Page: 13 : 12-Jun-15

The Australian Competition & Consumer Commission (ACCC) has postponed a decision on TPG Telecom’s takeover bid for iiNet until 20 August 2015. The ACCC has expressed concern that the $A1.56bn deal may result in a significant reduction in competition in the broadband sector. It has also suggested that the deal could result in an increase in the cost of internet access and reduced customer service for clients of the merged entity.

CORPORATES
TPG TELECOM LIMITED – ASX TPM, IINET LIMITED – ASX IIN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, JP MORGAN AUSTRALIA LIMITED, CITIGROUP PTY LTD, FOXTEL MANAGEMENT PTY LTD, AUSTAR UNITED COMMUNICATIONS LIMITED

China lobbies ACCC on Qantas alliance

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Original article by Matt O’Sullivan
The Australian Financial Review – Page: 12 : 2-Jun-15

The Australian Competition & Consumer Commission (ACCC) opposes an alliance between Qantas and China Eastern Airline on competition grounds. However, Chinese ambassador Ma Zhaoxu has asked ACCC chairman Rod Sims to take into account the relationship between the two nations when deciding whether to block the alliance. He argues that the deal will have no impact on competition. The ACCC is concerned that the two carriers would dominate the Sydney-Shanghai route.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, CHINA EASTERN AIRLINES CORPORATION LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, TOURISM AUSTRALIA PTY LTD, CATHAY PACIFIC AIRWAYS LIMITED, SINGAPORE AIRLINES LIMITED, JETSTAR HONG KONG AIRWAYS LIMITED, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, AUSTRALIAN AND INTERNATIONAL PILOTS ASSOCIATION, TTF AUSTRALIA LIMITED TOURISM AND TRANSPORT FORUM, TTF AUSTRALIA LIMITED, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, ETIHAD AIRWAYS

ACCC clears Federation-Novion merger

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 22-May-15

The Australian Competition & Consumer Commission has approved a $A12bn merger between Federation Centres and Novion Property Group. However, the merged entity will be required to divest either the Karingal Hub or Bayside shopping centre, which are both located in the Melbourne suburb of Frankston. Novion investors are scheduled to vote on the merger in late May 2015.

CORPORATES
FEDERATION CENTRES – ASX FDC, NOVION PROPERTY GROUP – ASX NVN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, KARINGAL HUB, BAYSIDE SHOPPING CENTRE, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, SHAYHER GROUP, CAPALABA CENTRAL