AGL Energy Limited (AGL):
AGL chief executive Andy Vesey runs a $17 billion energy company and is no shrinking violet. But even he was taken aback by the ferocity of the verbal jousting between two of Australia’s most senior politicians in a carport in a suburban house in the Adelaide suburb of West Beach, as South Australian Premier Jay Weatherill and federal Energy Minister Josh Frydenberg traded verbal blows over energy policy. AGL was showcasing a ‘‘virtual power plant’’ that uses large Sunverge storage batteries installed in residential houses which collects energy from solar panels on the roof and then aggregates the power from up to 1000 houses through a high-tech smart software system. It went ‘‘live’’ on Thursday.
Blackmores Limited (BKL):
Vitamins firm Blackmores has been fined $65,000 by authorities in China for misleading advertising, prompting the company to toughen up its own internal procedures in the crucial market. The Shanghai Administration for Industry and Commerce (AIC) confirmed Blackmores was among 11 companies punished for breaches of China’s advertising law. The companies were singled out in a list published on the agency’s website in the lead-up to China’s Consumer Rights Day on March 15. Blackmores was fined 346,600 yuan, according to the release, which equates to just over $65,000. Its fine was the largest among those made public. The AIC said Blackmores had made claims its products could treat ailments such as cardiovascular disease and arthritis, which it is not allowed to do in China. Under the new advertising law, which was updated in 2015, health food or vitamin companies cannot make claims to treat or prevent diseases in their advertisements.
Commonwealth Bank of Australia (CBA); National Australia Bank Limited (NAB):
Owner occupiers and investors to pay higher standard variable rate. Bank offers first home buyers a two-year fixed rate of 3.69 per cent. National Australia Bank has raised rates for home owners and investors in an out-of-cycle rate hike that is expected to increase earnings by as much as $220 million. NAB’s standard variable rate for owner-occupiers has risen from 5.25 per cent to 5.32 per cent per annum, while the rate for residential investment loan customers rises from 5.55 per cent to 5.8 per cent. At the same time, in a concession to the national debate over housing affordability, NAB has introduced a low two-year fixed rate loan rate for first home buyers at 3.69 per cent per annum. NAB shares fell 80c or 2.4 per cent to $31.95 following the well telegraphed rate rise from the US Federal Reserve. Commonwealth Bank and subsidiary BankWest introduced measures to temper demand in February which included raising rates and tightening eligibility criteria.
Caltex Australia Limited (CTX):
Caltex Australia’s $95 million deal to buy Victoria’s Milemaker Petroleum has run into trouble with the competition regulator, which is worried it may cut competition of petrol supply in Melbourne and force up prices. The takeover of the independent chain of 46 sites ‘‘may remove a vigorous and effective competitor in retail fuel in Melbourne’’, said Rod Sims, chair of the Australian Competition and Consumer Commission, on Thursday. Caltex said it is ‘‘working with the ACCC with a view to addressing the preliminary issues’’ raised by the regulator and it is ‘‘confident’’ of meeting the concerns. But Mr Sims signalled the regulator’s objections to the deal may not be easily overcome. ‘‘We’ve put out a statement of issues which always means whether or not we seek to oppose the merger is yet to be decided,’’ he told The Australia Financial Review . ‘‘In this case that’s a particularly finely balanced question.’’ Mr Sims’ wariness about the deal was welcomed by motorist representative RACV, which said its analysis showed Milemaker sites had consistently lower prices than average in their area. Shares in Caltex slid as much as 1.8 per cent, a move described by Citigroup analyst Dale Koenders as ‘‘overdone’’. The stock finished Thursday 0.5 per cent lower at $28.32.
Crown Resorts Limited (CWN):
Crown Resorts will provide little more than half the $125 million public benefit required by the overdevelopment of its new apartment and hotel complex in Melbourne’s Southbank, according to a city council report. Crown Resorts will provide little more than half the $125 million public benefit required by the overdevelopment of its new apartment and hotel complex in Melbourne’s Southbank, according to a scathing city council report. The state government approved casino mogul James Packer’s $1.7 billion hotel last month after deeming it to be of state significance and exempt from normal planning rules. The 90-storey tower, a joint venture with Schiavello Group, includes a six-star, 388-room hotel and 708 residential apartments on Queensbridge Street.
Medibank Private Limited (MPL):
Medibank Private was worried that a negative backlash over changes it made to out-of-pocket expenses for its policies represented a ‘‘high risk’’ to its $3.7 million ASX float in late 2014, a court has heard. The Australian Competition and Consumer Commission claims Medibank, which listed on the ASX in 2014, misled consumers by not adequately informing them of changes to out-of-pocket expenses for diagnostic services in private hospitals. On Thursday, lawyer for the ACCC Lachlan Armstrong tendered documents in the Federal Court, including a review of the changes by Medibank, which said a negative public media campaign once the changes were made would cause a ‘‘high risk’’ to the IPO process.
Telstra Corporation Limited (TLS):
Telstra chief executive Andy Penn says the best way to solve mobile coverage in regional areas is the government’s black spot program, not forcing the telco giant to share its network with competitors. Speaking to The Australian Financial Review following the activation of its 100th mobile base station in the regional Victorian town of Culla, as part of the federal government’s Mobile Black Spot Program, Mr Penn praised the initiative as the solution to investing in uneconomical areas of regional Australia.
(Source: AIMS)
AGL chief executive Andy Vesey runs a $17 billion energy company and is no shrinking violet. But even he was taken aback by the ferocity of the verbal jousting between two of Australia’s most senior politicians in a carport in a suburban house in the Adelaide suburb of West Beach, as South Australian Premier Jay Weatherill and federal Energy Minister Josh Frydenberg traded verbal blows over energy policy. AGL was showcasing a ‘‘virtual power plant’’ that uses large Sunverge storage batteries installed in residential houses which collects energy from solar panels on the roof and then aggregates the power from up to 1000 houses through a high-tech smart software system. It went ‘‘live’’ on Thursday.
Blackmores Limited (BKL):
Vitamins firm Blackmores has been fined $65,000 by authorities in China for misleading advertising, prompting the company to toughen up its own internal procedures in the crucial market. The Shanghai Administration for Industry and Commerce (AIC) confirmed Blackmores was among 11 companies punished for breaches of China’s advertising law. The companies were singled out in a list published on the agency’s website in the lead-up to China’s Consumer Rights Day on March 15. Blackmores was fined 346,600 yuan, according to the release, which equates to just over $65,000. Its fine was the largest among those made public. The AIC said Blackmores had made claims its products could treat ailments such as cardiovascular disease and arthritis, which it is not allowed to do in China. Under the new advertising law, which was updated in 2015, health food or vitamin companies cannot make claims to treat or prevent diseases in their advertisements.
Commonwealth Bank of Australia (CBA); National Australia Bank Limited (NAB):
Owner occupiers and investors to pay higher standard variable rate. Bank offers first home buyers a two-year fixed rate of 3.69 per cent. National Australia Bank has raised rates for home owners and investors in an out-of-cycle rate hike that is expected to increase earnings by as much as $220 million. NAB’s standard variable rate for owner-occupiers has risen from 5.25 per cent to 5.32 per cent per annum, while the rate for residential investment loan customers rises from 5.55 per cent to 5.8 per cent. At the same time, in a concession to the national debate over housing affordability, NAB has introduced a low two-year fixed rate loan rate for first home buyers at 3.69 per cent per annum. NAB shares fell 80c or 2.4 per cent to $31.95 following the well telegraphed rate rise from the US Federal Reserve. Commonwealth Bank and subsidiary BankWest introduced measures to temper demand in February which included raising rates and tightening eligibility criteria.
Caltex Australia Limited (CTX):
Caltex Australia’s $95 million deal to buy Victoria’s Milemaker Petroleum has run into trouble with the competition regulator, which is worried it may cut competition of petrol supply in Melbourne and force up prices. The takeover of the independent chain of 46 sites ‘‘may remove a vigorous and effective competitor in retail fuel in Melbourne’’, said Rod Sims, chair of the Australian Competition and Consumer Commission, on Thursday. Caltex said it is ‘‘working with the ACCC with a view to addressing the preliminary issues’’ raised by the regulator and it is ‘‘confident’’ of meeting the concerns. But Mr Sims signalled the regulator’s objections to the deal may not be easily overcome. ‘‘We’ve put out a statement of issues which always means whether or not we seek to oppose the merger is yet to be decided,’’ he told The Australia Financial Review . ‘‘In this case that’s a particularly finely balanced question.’’ Mr Sims’ wariness about the deal was welcomed by motorist representative RACV, which said its analysis showed Milemaker sites had consistently lower prices than average in their area. Shares in Caltex slid as much as 1.8 per cent, a move described by Citigroup analyst Dale Koenders as ‘‘overdone’’. The stock finished Thursday 0.5 per cent lower at $28.32.
Crown Resorts Limited (CWN):
Crown Resorts will provide little more than half the $125 million public benefit required by the overdevelopment of its new apartment and hotel complex in Melbourne’s Southbank, according to a city council report. Crown Resorts will provide little more than half the $125 million public benefit required by the overdevelopment of its new apartment and hotel complex in Melbourne’s Southbank, according to a scathing city council report. The state government approved casino mogul James Packer’s $1.7 billion hotel last month after deeming it to be of state significance and exempt from normal planning rules. The 90-storey tower, a joint venture with Schiavello Group, includes a six-star, 388-room hotel and 708 residential apartments on Queensbridge Street.
Medibank Private Limited (MPL):
Medibank Private was worried that a negative backlash over changes it made to out-of-pocket expenses for its policies represented a ‘‘high risk’’ to its $3.7 million ASX float in late 2014, a court has heard. The Australian Competition and Consumer Commission claims Medibank, which listed on the ASX in 2014, misled consumers by not adequately informing them of changes to out-of-pocket expenses for diagnostic services in private hospitals. On Thursday, lawyer for the ACCC Lachlan Armstrong tendered documents in the Federal Court, including a review of the changes by Medibank, which said a negative public media campaign once the changes were made would cause a ‘‘high risk’’ to the IPO process.
Telstra Corporation Limited (TLS):
Telstra chief executive Andy Penn says the best way to solve mobile coverage in regional areas is the government’s black spot program, not forcing the telco giant to share its network with competitors. Speaking to The Australian Financial Review following the activation of its 100th mobile base station in the regional Victorian town of Culla, as part of the federal government’s Mobile Black Spot Program, Mr Penn praised the initiative as the solution to investing in uneconomical areas of regional Australia.
(Source: AIMS)
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