ACM Group appoints banks on $300m float
Macquarie Capital and UBS have been appointed joint lead managers on Bert Vieira-owned debt collection agency ACM Group’s initial public offering, in a deal expected to be worth up to $300 million.
China threatens heavier fines after milk powder probe
China threatened heavier fines against companies breaking the law, a day after six milk powder producers were hit with a total of $US 110 million for price fixing and anti-competitive behaviour.
BoJ chief calls for fiscal discipline as tax debate heats up
Bank of Japan governor Haruhiko Kuroda has issued a strong warning against easing up on fiscal discipline, stressing that the country can raise the sales tax and still keep the economy strong enough to put an end to grinding deflation.
China drug sector probe widens as Novo site visited
Chinese authorities have visited a site operated by Danish drugmaker Novo Nordisk, the world’s biggest maker of insulin, the latest evidence of a widening investigation into Western drugmakers.
Good start to Rio Tinto’s Walsh era
Sam Walsh arrived unexpected at the head of Rio Tinto promising a new era of capital efficiency and cost discipline, a rapid recovery of cash flows and only pleasant surprises from a business recently blighted by missteps and misjudgement. He’s made a fair old start with what should be received as the first set of numbers that reflect his direction and strategy.
Newcrest Mining expects $6.2bn hit to assets
Beleaguered goldminer Newcrest Mining has announced its total asset impairments for the 2013 financial year will be slightly higher than the mammoth $5 billion to $6 billion number forecast in June.
New board member for Newcrest
Gold miner Newcrest has appointed experienced director and lawyer Peter Hay to its board.
ANZ raises $1.75b in bond deal
ANZ Banking Group has completed $1.75 billion fund raising deal at a relatively inexpensive price, highlighting that funding conditions for banks remain favourable.
Rio Tinto cancels Pacific Aluminium sale
Rio Tinto has scrapped the sale of its Pacific Aluminium division, judging that securing value “is not possible in the current environment.”
Rio Tinto underlying profit slides to $US4.2bn
Rio Tinto has reported underlying earnings of $US4.2 billion - down 18 per cent on the prior corresponding period amid lower average market prices and a higher effective tax rate.
Australia Post in postal voting mailout row
Australia Post is accused of providing preferential treatment to the Liberal Party in the tactically significant mailout of postal voting material to voters ahead of the September election.
Unions split from Labor on PNG solution
The Australian union movement has quietly split from the ALP on asylum seekers, rejecting the so-called “PNG solution” as being at odds with Australia’s international obligations as a country that upheld human rights.
ASX rebounds 1pc after upbeat China numbers
Local equities and the Aussie dollar were propelled higher on Thursday after Australia’s largest trading partner, China, released official trade figures that were nearly 10 times better than expected.
Fined in China for milk powder price-fixing
The National Development and Reform Commission, a top economic regulator, has levied fines of nearly 670 million yuan against six milk powder companies accused of price fixing and anti-competitive practices.
End of boom as WA moves towards deficit
The former boom state of Western Australia has forecast a modest budget surplus this financial year of $386 million, before falling into deficit in 2014-15.
China trade data boosts Aussie
The Australian dollar rallied on Thursday after stronger than expected July trade figures in China, which foreign exchange strategist Andrew Salter said suggested a stabilisation in the moderation in growth.
Brace for long period of low growth: Kelly
The chief executive of banking giant, Westpac, has urged businesses to brace for a prolonged period of low growth and subdued interest rates as consumer confidence remains in the doldrums.
Four reasons why China won’t invest in Aussie mining
A visiting Chinese mining industry lobbyist has advocated for the use of cheap, foreign labour as a way to make Australian mining companies more attractive to foreign investment.
Asia swings, $A leaps on China trade data
Surprisingly strong import data from China underscored an afternoon rally in Asia, but not all benchmarks were able to hold on to gains in late trading.
The sideways career path
Classic career advice is usually all about an unbroken climb up the ladder based on a 24x7 employee – who also bears a striking resemblance to the male breadwinner model.
Rise in US shale output to hit local producers
Increased production of shale gas in the US will intrude on the market share of Australian producers in the next two years, but a rapid rise in global demand, particularly from China, could offset the impact.
CBA vows to beat rivals on fixed rate mortgages
Commonwealth Bank of Australia has taken the fight to rivals in the home loan market, vowing to undercut the fixed mortgage rates of its “Big Four” competitors.
China hard landing would tip Australia into recession: S&P;
Here’s some cheery reading - not really - from Standard & Poor’s about the likelihood of a hard economic landing in China, but, more importantly, what it would mean for Australia.
Analysts positive about FlexiGroup’s outlook
Despite a stellar share price run and a management overhaul, analysts are tipping FlexiGroup to keep outperforming after the diversified financial services company delivered solid full-year earnings numbers this week.
Qantas will maintain 65pc market share: Joyce
Qantas Airways chief executive Alan Joyce says the airline will maintain its 65 per cent market share target despite weak domestic aviation conditions.
Deutsche opens books on Buru’s $35m placement
Deutsche Bank has opened the books on petroleum explorer Buru Energy’s $35 million institutional placement, calling for bids on Thursday afternoon.
Google won’t change Chrome password security
Google has no plans to alter security settings of its internet browser after he ease with which Chrome users can access others’ passwords was flagged.
Foxtel revenue increases on healthy subscriptions
Foxtel has posted an increase in both revenues and EBITDA in the pay television company’s first full year of reported results since its acquisition of Austar.
PwC Australia to launch Asia consultancy
Professional services giant PwC Australia has made a multi-million dollar investment to establish a south-east Asia consulting business, manned by approximately 400 consultants, in partnership with its US, NZ and Asian counterparts.
Banks’ level of high-quality assets ‘appropriate’: APRA
The Australian Prudential Regulatory Authority has released details on how its controversial Committed Liquidity Facility (CLF) fund will operate, stating that local banks have an “appropriate” holding of high-quality assets.
Deutsche calls for bids in Buru’s $35m placement
Deutsche Bank has opened the books on petroleum explorer Buru Energy’s $35 million institutional placement, calling for bids on Thursday afternoon.
China trade surprise lifts ASX, $A in arvo session
Stronger-than-expected Chinese trade data have lit a fire under Australian shares and the dollar, pushing both measures higher in afternoon trade.
Google Android malicious apps double
Malicious apps targeting Android smartphones have exploded in number this year, a report shows.
Rio to provide $US600m Oyu Tolgoi funding
Updated | Rio Tinto has agreed to a $US600 million bridge funding package for its majority-owned Turquoise Hill Resources, to enable further development of the $6.2bn Oyu Tolgoi copper mine.
Change agents – Amanda Mostyn
ASX group executive general manager (people & development) Amanda Mostyn tells who her biggest influences are and explains what’s surprised her most working in gender diversity.
Export approval for third US LNG terminal
A third LNG export project in the US has secured approval from regulators to export gas to countries not covered by Free Trade Agreements, which include major Australian customers such as Japan.
Brisbane Airport CFO Michael Bradburn on efficiency and productivity
Productivity is not just being efficient. Management have to break down barriers between them and workers and ask what can be done better.
Buru reserves funding for Ungani, drilling
Oil and gas explorer Buru Energy has put in place $117.5 million of funding, including up to $40 million of new equity to fund an oil project and drilling in its Canning Basin projects in Western Australia.
SA unemployment jumps sharply to 7.1pc
South Australia’s unemployment rate has jumped sharply to 7.1 per cent in July from 6.1 per cent the previous month, as job losses from Holden and a range of other manufacturing and engineering businesses hit hard.
China trade data exceed expectations
Updated | A sharp rebound in exports to the United States helped China post a stronger than expected trade performance in July, even as its currency hit a record high.
FlexiGroup impresses market with results
Analysts at UBS responded positively to the better-than-expected 2012-13 profit announced by FlexiGroup, upgrading forecasts for 2013-14 and 2014-15 and increasing the company’s 12-month price target from $4.60 to $5.10.
Important for readers: WTF is with the fruit?!
Regular readers of the blog may have noticed for some time that right down at the end of some stories, the name of a fruit, or fruits, often appears. Let me explain ...
$A picks up again after jobs data hit
The Australian dollar has remained higher despite suffering a large fall on the back of weak local employment figures.
Vale says low stockpiles may boost spot iron price
Vale, the world’s largest iron ore miner, says lower Chinese stockpiles, a possible housing recovery and a Chinese government-led slum-renovation program would help underpin the spot price.
Ex-Billabong director Naude plans rival surf brand
Just days after formally leaving Billlabong International, Paul Naude is already eyeing his next move, which he says will include setting up a new surf brand.
DEXUS releases fund stake details, avoids court
DEXUS Property Group has backed down from a legal stoush due in court on Friday, releasing information over its arrangements to buy a 14.9 per cent stake in the $2.7 billion Commonwealth Property Office Fund.
Main, Breen leave RBC Capital Markets
RBC Capital Markets’ well-regarded head of equities, Peter Main, has left the business, along with veteran gold analyst Geoff Breen.
Air capacity talks in ‘public interest’: Cathay
Cathay Pacific wants the Australian and Hong Kong governments to launch a fresh round of talks about bilateral air capacity, which would allow the carrier to increase flights between the two countries.
Macquarie examines CFX acquisition scenarios
If Westfield Group and Westfield Retail Trust really are running the ruler over a 50/50 move on CFS Retail Property Trust, it would be an earnings-accretive acquisition, Macquarie Equities reckons.
Asia rebounds, $A hangs in despite jobs miss
Regional markets have rebounded on Thursday morning, recouping some of the heavy declines in the previous session, with Australia on track to emerge from a three-day slide.
Is low volatility showing complacency with risk?
Volatility in the US is declining as stocks post fresh record highs. That’s making some market watchers nervous and fuelling views investors are becoming complacent about risk
JPMorgan faces US civil and criminal inquiries
JPMorgan Chase said it faces a criminal and civil investigation into whether it sold shoddy mortgage securities to investors in the run-up to the financial crisis, the latest legal threat to the nation’s biggest bank.
Coles super-hero to bring prices down, down
Move over Status Quo., Coles has created a super-hero character named Col to promote a new round of deep price reductions as the battle for market share with Woolworths intensifies.
Jobless rate unexpectedly holds steady
Updated | Employment growth continues to be weak, which Employment Minister Brendan O’Connor says highlights the economy’s transition as the mining boom winds down.
Buru Energy expected to raise $35m new equity
Updated | Buru Energy is thought to be seeking about $35 million in fresh equity through Deutsche Bank.
Sydney investors turn to boarding homes to boost returns
Boarding houses in Sydney are becoming increasingly popular with developers, thanks to the high returns they offer, and a raft of incentives offered by local government.
$A tumbles below US90¢ as economy sheds jobs
The Australian dollar has plunged by half a US cent as the Australian economy shed more jobs than expected in July.
Toll Holdings (TOL)
CIMB maintained a “neutral” rating on Toll Holdings, which is trading around its 12-month target price of $5.47.
Steadfast completes acquisitions
Steadfast has completed its equity interest acquisitions of insurance broking businesses across the group following its public float last week.
WIN Corp exec wins $400,000 payment claim
Updated | A Federal Court judge ruled in favour of former WIN Corp executive Rod Hockey in a breach-of-contract claim he filed against the regional TV broadcaster.
Consolidated Pastoral appoints Warren as new CEO
Australia's biggest live cattle exporter, Consolidated Pastoral, has appointed Keith Warren as its new chief executive.
Rio smelter gets $NZ30m subsidy, cheaper power
Rio Tinto has secured a $NZ30 million subsidy from the NZ government that will help keep its Tiwai Point aluminium smelter open in a deal that also clears the way for Meridian Energy’s IPO.
Queensland in full play as Beattie stands
The importance of Peter Beattie’s injection into the federal election campaign is in what it will mean for the government’s broader battle to retake Queensland.
Fonterra hits record sales at trade auction
Updated | Fonterra Co-operative has announced record sales from its latest global dairy trade auction with strong support from China as the whey powder contamination scare simmers.
Intrepid Mines chairman steps in as CEO exits
Intrepid Mines chairman Ian McMaster will take on executive duties after chief executive Brad Gordon resigned from the embattled company.
Oh, oh, oh, oh, oh, the write-down stuff
What a great day to think about write-downs. Because Rio Tinto is slated to report later this afternoon, and they would have to be the undisputed write-down king.
Telstra on track but the easy wins may be over
Chanticleer | Telstra’s 1.4 million shareholders must wait to see if the telco’s turnaround is enough to warrant the kind of increase in dividends some analysts are predicting.
ASX bounces off steepest decline for 5 weeks
Updated | The ASX gained more than a per cent on Thursday, as the market bounced off its steepest decline in five weeks.
Mass market more than doubles Melco Crown earnings
Macau might be the global hub for VIP gambling but the newly wealthy Chinese middle class, known as the “premium mass”, will underpin gaming growth in short term.
Aurora Oil sees more growth after tripling profit
Updated | Texas-focused Aurora Oil & Gas has foreshadowed “material production growth” ahead as it ramps up drilling at its Sugarkane shale oil project.
Meridian Energy one step closer to planned listing
Initial public offer-hopeful Meridian Energy has come to agreement with Rio Tinto and Sumitomo Chemical Company on a key contract, paving the way for its planned listing.
Macquarie Group (MQG)
Morningstar raised its recommendation for Macquarie Group from “reduce” to “hold” following the investment bank’s update for the first quarter of fiscal 2014.
Australia’s family welfare more generous than most
Australia spends more per capita on welfare for families and incapacitated people than most of the developed world but less on older people and the unemployed, according to a new government report.
LG unveils G2 smartphone, for anyone with secrets
It looks like there will be plenty of things to love about LG’s just-announced smartphone, the G2. But the best thing could turn out to be the “Guest Mode”.
Sydney Airport needs $700m for 15pc stake it doesn’t own
Sydney Airport would need to raise $700 million if it wanted to buy the 15.2 per cent of Sydney’s airport it does not already own, according to Bank of America Merrill Lynch analysts.
BIG W executive to head Payless Shoes
US private equity firms Blum Capital and Golden Gate Capital have poached a senior executive from Woolworths’ BIG W chain to run Australia’s largest independent shoe retailer, Payless Shoes.
Ownership changes puts Sydney Airport on agenda
One of the more obvious candidates for an ownership restructure in corporate Australia is Sydney Airport and there are rumblings one might be on the cards.
Beattie launches Queensland comeback
Updated | Prime Minister Kevin Rudd and former Queensland premier Peter Beattie say they have put aside their previous personal differences to focus on winning crucial federal seats.
As Berlusconi star fades, daughter Marina emerges
Although he has vowed to fight on, Silvio Berlusconi's conviction for tax fraud has fuelled speculation that his eldest daughter Marina could take his place as leader of the centre-right in Italy.
Wesfarmers in $271m sale-leaseback with BWP Trust
Updated | Wesfarmers has announced the sale and leaseback of 10 Bunnings stores to retail landlord BWP Trust in a deal that will realise approximately $271 million.
Telstra profit rises 12.9pc on mobile growth
Telstra has reported a 12.9 per cent increase in net profit to $3.86 billion for financial 2013 and added 1.3 million new domestic customers over the period. The results are better than many analysts expected.
Tony Abbott: I didn’t speak with Murdoch
Opposition Leader Tony Abbott has dismissed claims he met with News Corp executive chairman Rupert Murdoch about the national broadband network.
BWP to launch $200m rights issue
Updated | BWP Trust will launch a 1 for 6.18 accelerated non-renounceable entitlement offer to help buy ten Bunnings Warehouses and one Bunnings Warehouse anchored bulky goods centre.
Icahn bolsters assault on Dell as odds mount against him
Michael Dell has succeeded in changing the voting rules for his proposed takeover of the computer maker that bears his name, bringing him much closer to victory. But his chief nemesis, the billionaire Carl Icahn, isnt giving up.
BWP Trust in $200.1m rights issue
BWP Trust has launched a $200.1 million non-renounceable rights issue through UBS.
More than dairy scare needed to topple $NZ
A sudden slump in the New Zealand dollar this week as the country's biggest dairy exporter was hit by a contamination scare put the spotlight on a currency that is one of world's top investments.
Investors look to jobs data amid central bank concerns
Employment data and results on Thursday should provide Australian investors with a distraction from central bank concerns overnight.
Results wrap | Rio Tinto profit in line with forecasts
Reporting season live | ■ Rio Tinto profit in line with estimates ■ Henderson Group profit up ■ Aurora NPAT triples ■ Telstra confirms 28¢ per share dividend ■ BWP Trust distributable profit up 7.4pc.
Apple, Google head back to ITC over phone dispute
A US appeals court ruled on Wednesday that Apple should be able to renew its arguments at the International Trade Commission that Google’s Motorola Mobility unit violated two patents relating to the iPhone.
BOJ to debate offering rosier view on economy
The Bank of Japan is expected to maintain its massive monetary stimulus on Thursday as its board debates whether growing bright signs from prices and the job market justify offering a rosier view on the economy.
$A higher as greenback drops on Japanese worries
The Australian dollar is higher at the start of local trading after the US dollar stumbled overnight against all the major currencies on fears about the Japanese economy.
China buys in to tighten grip on commodities
China is continuing to tighten its grip on the global commodities market, with one of China’s largest securities firms buying the commodities division of the French bank Natixis.
Jobs didn’t live life, he built it: Kutcher
While studying for his role to portray Apple co-founder Steve Jobs, actor Ashton Kutcher learned that Jobs’s essential business focus was on consumers, not shareholders, and that was a key to success.
Yemen foils al-Qaeda plot to kidnap foreigners
Yemen claims to have foiled a major plot to take foreign workers hostage at an oil terminal following British and American warnings of a possible terrorist attack in the country.
Hilton selects Deutsche, Goldman to lead IPO
Updated | Hilton Worldwide, purchased by Blackstone six years ago, has begun preparations for an IPO that includes hiring Deutsche Bank, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley to start the process.
Groupon plans $US300m share buyback
Groupon has announced a $US300 million share repurchase program and tapped interim chief executive Eric Lefkofsky to lead on a permanent basis.
Carlyle second-quarter profit rises, ups payout
The Carlyle Group posted big gains for its second quarter, including a sizeable jump in payouts to investors. But analysts expected a little more from its results.
Commonwealth Bank of Australia (CBA)
UBS maintains its ‘sell’ rating on Commonwealth Bank of Australia, ahead of the company’s fiscal year 2013 result next week.
Downer EDI (DOW)
Credit Suisse has retained its ‘outperform’ rating on Downer EDI, after the contractor reported underlying net profit of $215 million for fiscal 2013.
