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22.Sep.17
infoXpress Daily News Update

published daily since 1999

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Financial Services

General Business

Government

Infrastructure

Law & Legal

Markets

Primary Industries

Property

 
    Index: Companies and Topics
 

Aerocare

Australian Competition and Consumer Commission

Australian Dollar

Australian Service Union

Cbus Property

Commonwealth Bank

Crown Resorts

Diane Smith-Gander

Essendon Airport

International Energy Agency

International Energy Agency

Moose Toys

One Nation Senator Malcolm Roberts

Prime Minister Malcolm Turnbull

Probuild

Property Council of Australia

RBA Governor Philip Lowe

Sharemarket

Simonds Group

Thales

 
 

Commonwealth Bank - CommInsure Sale

Commonwealth Bank is reportedly set to sell its life insurance division, CommInsure, for $3.8 billion. The bank announced that AIA Group will purchase the business, while the bank will retain a 20-year partnership to distribute the products to its customers. - Age Online SMH Online AFR 1
  • Possible Wealth Management Retreat - The board of the Commonwealth Bank is reportedly considering a retreat from wealth management, which may free up $4 billion in capital through the institution offloading its asset management arm. On Thursday the bank announced the sale of its life insurance business for $3.8 billion, and stated that it is considering the future of Colonial First State Global Asset Management, as well as a sharemarket float. - Age Online SMH Online


 

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Crown Resorts - Executive Pay Cuts

Crown Resorts has reportedly decreased the statutory pay of its top executives following an unsuccessful 2017 financial year. However, it is reportedly planning to request that its shareholders approve a severance package of over $9 million for former chief executive Rowen Craigie. - AFR 19

Moose Toys - Toys 'R' Us Debt

Manny Stul, one of the country's most successful entrepreneurs, has reportedly become involved in the collapse of Toys 'R' Us in the US, with Moose Toys, his Melbourne based company, listed as a major creditor and owed $US9.538 million. Other creditors include Mattel, Lego and Crayola. - Aust Online

 

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    Government
 

Prime Minister Malcolm Turnbull - Gas Supply

Prime Minister Malcolm Turnbull has reportedly indicated that the Federal Government will enforce limits on east coast gas exports, and seek to direct more to domestic supply. - AFR 1

RBA Governor Philip Lowe - Monetary Policy - Comment

Dr Philip Lowe, governor of the Reserve Bank of Australia (RBA), has reportedly stated in a speech that there is no more he can do to boost the economy, and that 'other forces' would likely henceforth have greater influence than decisions about interest rates made by the RBA. Dr Lowe stated that 'monetary policy has an important role to play in supporting the economy as it goes through the current period of adjustment. It can also help stabilise the economy when it is hit by future shocks. It can make for a more predictable investment climate by keeping inflation low and stable. Having a competent, analytical, transparent and independent central bank can also be a source of confidence in the country. But beyond these effects, monetary policy has little influence on the economy's potential growth rate.' - Age Online SMH Online AFR 4
  • Interest Rates - The Reserve Bank of Australia (RBA) will reportedly seek to avoid increasing interest rates swiftly amid concerns that the impact of increased mortgage repayments on households already in debt may stifle economic growth. RBA governor Dr Philip Lowe has stated that 'higher levels of debt mean that household spending could be quite sensitive to increases in interest rates, something the Reserve Bank will be paying close attention to.' - Aust Online

  • International Competition - Reserve Bank of Australia (RBA) governor Dr Philip Lowe has reportedly stated that a fear of 'foreigners and robots' is leading to salaries being unable to increase Australia-wide. Dr Lowe stated that 'my primary explanation is we all feel we are under more competition, we're worried about competition from the foreigners and the robots, and when any of us are faced by competition, we're less inclined to put our price up. Western workers feel like there's more competition out there so the price of labour is not going up very much. That's changing the inflation dynamics in many economies.' - Aust Online


 

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Essendon Airport - Department of Infrastructure and Regional Development - Proposed Changes

Under proposed changes to Essendon Airport proposed by the Department of Infrastructure and Regional Development, the airport may reportedly no longer be required to divert to Melbourne Airport during curfew hours. The proposal also suggests that non emergency helicopters and propeller driven aircraft would not be able to operate at the airport during the curfew. The weight restriction for jets operating outside the curfew hours would be lifted to 55,000kg from 45,000kg. - Aust Online

Thales - Safety Enhancement - Research

New research from Europe has reportedly found that cockpits featuring touchscreen controls offer some of the most promising safety enhancements for future aircraft. This is despite them being historically viewed as unreliable in severe turbulence. The findings were published this week at an international avionics conference in St Petersburg, Florida. - Aust Online

 

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    Law & Legal
 

Aerocare - Transport Workers Union - Legal Action

Aerocare, a private equity owned company, is reportedly facing legal action by the Transport Workers Union that may lead to its existing non-union agreement being eliminated and may in turn lead to an increase of roster restrictions for thousands of employees, as well as a decrease in wages by close to 20% annually. - AFR 9

Australian Service Union - State Secretary Richard Duffy - External Investigation

Richard Duffy, the state secretary of the Australian Service Union's Victorian and Tasmanian branch, has reportedly been forced to stand aside following claims that he stole board fees that were not his. Mr Duffy has taken leave while the union undertakes an external review. - Age Online SMH Online

Diane Smith-Gander - Marriage Equality - Comment

Diane Smith-Gander has reportedly joined Jennifer Westacott in criticising former head of Woolworths, Roger Corbett, on the basis that business has a role to play in the same sex marriage debate. Ms Smith-Gander has stated that 'I endorse everything [Ms Westacott] said.' Ms Westacott had responded to claims to the contrary with the view that it is not fair to maintain that while businesses ought to speak out about gender equality, women in leadership, the arts and other community issues, they ought not speak about marriage equality. - AFR 5

One Nation Senator Malcolm Roberts - British Citizenship - High Court

On Thursday the High Court reportedly heard that the attempt by One Nation senator Malcolm Roberts to renounce his British citizenship last year failed because he emailed incorrect addresses. The Court also heard that he failed to seek legal advice and nominated to contest for Parliament in June 2016 despite uncertainty in relation to his citizenship status. - 3

 

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    Markets
 

Australian Dollar - Performance

On Thursday the Australian dollar declined, fetching 79.62 US cents. - SMH Online
  • In late afternoon trade, the Australian dollar was fetching 79.74 US cents. - SMH Online


Sharemarket - Performance

On Thursday, the S&P/ASX200 Index decreased by 53 points, or 0.9%, closing at 5655 points. This was its lowest close since 6 February. - SMH Online

 

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Australian Competition and Consumer Commission - Electricity Prices - Comment

The Australian Competition and Consumer Commission (ACCC), Origin Energy and analysts have reportedly stated that power prices that are causing economic and political concerns have been driven partly by the unexpected bail out of Portland in January. Rod Sims, chairperson of the ACCC, rhetorically asked on Wednesday, 'what would have been the effect on wholesale electricity prices if the Portland smelter in Victoria had closed when Hazelwood did? ... Will governments keep subsidising those aluminium smelters? They may be about 15 per cent of the market and if the subsidies stop, that demand goes.' - Aust Online
  • Tabcorp and Tatts Group Merger Case - The Australian Competition and Consumer Commission (ACCC) has reportedly stated that it refuses to be rushed into reviewing the issues raised by the Federal Court in its decision to call for a new Australian Competition Tribunal hearing in relation to the proposed merger of Tabcorp and Tatts Group, worth $11 billion. The reasons for the judgment were released on Thursday, showing that the ACCC succeeded in 1 of the 3 grounds it put forth to challenge the original decision by the ACT to approve the agreement. - Aust Online


International Energy Agency - Electricity Prices - Report

A 2017 report published by the International Energy Agency this week has reportedly ranked Australian household electricity costs as the 11th most expensive out of 30 countries. In 2007, Australia had been ranked the 5th cheapest for consumers, with an average price of 9c per kilowatt hour, which was below the US and comparable counties. This has increased to 20c in the current report, an increase of 120%. - Aust Online

 

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    Property
 

Cbus Property - Melbourne CBD Purchase

Cbus Property has reportedly purchased a hotel site in the central business district of Melbourne. The existing building is the Mercure Melbourne Treasury Gardens Hotel, and is located at 13-21 Spring Street. It was purchased from a subsidiary of the Abu Dhabi Investment Authority in an agreement worth $70 million, and gives the company the possibility of redeveloping the site into an apartment tower. - AFR 34

Probuild - Size Ranking

Probuild has reportedly topped a ranking of the 100 biggest construction companies called the 'HIA-CoreLogic Construction 100 Report 2016-17', with a total project value of $6.12 billion. The company is currently in final negotiations to construct 2 towers in the Far East Consortium's West Side Place project in Melbourne. - AFR 34

Property Council of Australia - Flammable Aluminium Cladding

The Property Council of Australia has reportedly expressed support for the recommendation of a Senate report to ban the import and sale of flammable aluminium cladding. The body has also supported the idea of a systemic audit of existing buildings with cladding to assess their overall safety. - AFR 34

Simonds Group - Board Reshuffle - Comment

Iain Kirkwood, the newly appointed chairperson of Simonds Group, has reportedly sought to defend the founding family's decision to reshuffle the board, stating that other shareholders also wanted a different composition and new directors. Mr Kirkwood has stated that 'it wasn't just the Simonds Family Office. There were other shareholders who were uncomfortable or concerned about the performance of the company. There were a number of them who were not happy about the share price.' - AFR 34

 

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