Aurizon Holdings Limited (AZJ):
Aurizon has begun assessing damage to its Queensland rail tracks from Cyclone Debbie after closing four rail systems that haul coal from the Bowen Basin because of flooding. The rail group closed its Newlands, Goonyella, Blackwater and Moura systems, which comprise a 2670-kilometre track network, and was planning to inspect the Newlands and Goonyella corridors by air on Thursday. ‘‘This will provide an initial assessment of any damage or flooding on the rail corridor and allow Aurizon to plan any recovery work that is required,’’ the company said. Aurizon’s road and rail freight operations from Brisbane to Bowen have also been suspended.
Australia and New Zealand Banking Group (ANZ):
The chess pieces are in place as ANZ Banking Group starts the strategic game that is the sale of its wealth operations. Street Talk can reveal MetLife, the largest US life insurer, is working with JPMorgan as other potential acquirers seek to lock down their deal teams for the auction. ANZ will distribute an information memorandum for buyers as early as Friday, and parties are keen to finally see details around the transaction’s structure and timeline. ANZ chief Shayne Elliott has already spoken of a pullback from product manufacturing in life insurance and wealth which means the sale will also focus on finding a long-term partner for the bank.
Bank of Queensland Limited (BOQ):
Bank of Queensland chief executive Jon Sutton says the bank is well positioned to take advantage of a retreat from mortgages by its rivals, but he concedes optimism about the second half of the financial year has an asterisk beside it until new macro-prudential measures materialise. The bank’s cautious approach to an industry-wide crackdown on lending by the Australian Prudential Regulation Authority weighed on the bank’s returns, as it reported a 2 per cent fall in cash earnings to $175 million for the six months to February 28. The result was slightly under analyst expectations and the share price fell in early trade but recovered strongly to close the day 30¢ or 2.5 per cent higher at $12.04.
Bellamy’s Australia Limited (BAL):
Bellamy’s Australia has lost its formal registration slot with manufacturer Bega Cheese, placing its future sales of baby formula into China in jeopardy. From January 1, China will require all manufacturers of infant formula products to be registered with the China Food and Drug Administration (CFDA). After The Australian Financial Review questioned the company two weeks ago over the possible loss of the slot with Bega, Bellamy’s revealed yesterday it can no longer be registered at Bega’s Derrimut canning line and it will miss the January 1 deadline.
Harvey Norman Holdings Limited (HVN):
Harvey Norman chairman Gerry Harvey has outlaid more than $26 million in the last week to protect the retailer from short sellers – to no avail. Mr Harvey picked up another 2 million shares on Thursday for $8.87 million, adding tothe 4 million shares acquired last week for $17.3 million, taking his total stake to 337.6 million shares or 30 per cent. While Mr Harvey continues to rail against short sellers, branding them ‘‘criminals’’, his share purchases have failed to keep them at bay.
National Australia Bank Limited (NAB):
NAB has reiterated its commitment to financial advice with a $300 million investment into its processes, people and products that make up its wealth management business. The affirmation couldn’t come at a better time for the army of NAB financial planners as they sharpen their pencils and explore new ways to grow their business and serve their customers better. Andrew Hagger, NAB chief customer officer consumer and wealth, has pointed to the investment as evidence of the bank’s faith in financial advice as he ends a two-week crosscountry road show in Melbourne on Friday.
(Source: AIMS)
Aurizon has begun assessing damage to its Queensland rail tracks from Cyclone Debbie after closing four rail systems that haul coal from the Bowen Basin because of flooding. The rail group closed its Newlands, Goonyella, Blackwater and Moura systems, which comprise a 2670-kilometre track network, and was planning to inspect the Newlands and Goonyella corridors by air on Thursday. ‘‘This will provide an initial assessment of any damage or flooding on the rail corridor and allow Aurizon to plan any recovery work that is required,’’ the company said. Aurizon’s road and rail freight operations from Brisbane to Bowen have also been suspended.
Australia and New Zealand Banking Group (ANZ):
The chess pieces are in place as ANZ Banking Group starts the strategic game that is the sale of its wealth operations. Street Talk can reveal MetLife, the largest US life insurer, is working with JPMorgan as other potential acquirers seek to lock down their deal teams for the auction. ANZ will distribute an information memorandum for buyers as early as Friday, and parties are keen to finally see details around the transaction’s structure and timeline. ANZ chief Shayne Elliott has already spoken of a pullback from product manufacturing in life insurance and wealth which means the sale will also focus on finding a long-term partner for the bank.
Bank of Queensland Limited (BOQ):
Bank of Queensland chief executive Jon Sutton says the bank is well positioned to take advantage of a retreat from mortgages by its rivals, but he concedes optimism about the second half of the financial year has an asterisk beside it until new macro-prudential measures materialise. The bank’s cautious approach to an industry-wide crackdown on lending by the Australian Prudential Regulation Authority weighed on the bank’s returns, as it reported a 2 per cent fall in cash earnings to $175 million for the six months to February 28. The result was slightly under analyst expectations and the share price fell in early trade but recovered strongly to close the day 30¢ or 2.5 per cent higher at $12.04.
Bellamy’s Australia Limited (BAL):
Bellamy’s Australia has lost its formal registration slot with manufacturer Bega Cheese, placing its future sales of baby formula into China in jeopardy. From January 1, China will require all manufacturers of infant formula products to be registered with the China Food and Drug Administration (CFDA). After The Australian Financial Review questioned the company two weeks ago over the possible loss of the slot with Bega, Bellamy’s revealed yesterday it can no longer be registered at Bega’s Derrimut canning line and it will miss the January 1 deadline.
Harvey Norman Holdings Limited (HVN):
Harvey Norman chairman Gerry Harvey has outlaid more than $26 million in the last week to protect the retailer from short sellers – to no avail. Mr Harvey picked up another 2 million shares on Thursday for $8.87 million, adding tothe 4 million shares acquired last week for $17.3 million, taking his total stake to 337.6 million shares or 30 per cent. While Mr Harvey continues to rail against short sellers, branding them ‘‘criminals’’, his share purchases have failed to keep them at bay.
National Australia Bank Limited (NAB):
NAB has reiterated its commitment to financial advice with a $300 million investment into its processes, people and products that make up its wealth management business. The affirmation couldn’t come at a better time for the army of NAB financial planners as they sharpen their pencils and explore new ways to grow their business and serve their customers better. Andrew Hagger, NAB chief customer officer consumer and wealth, has pointed to the investment as evidence of the bank’s faith in financial advice as he ends a two-week crosscountry road show in Melbourne on Friday.
(Source: AIMS)
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