Fortescue Metals Group Ltd (FMG):
Fortescue Metals Group chief executive Nev Power will step down from the role in February after more than six years at the helm of the iron ore producer. Fortescue announced on Friday morning Mr Power would end his term as chief executive in February and take some "well deserved and well overdue time off”. Mr Power has been chief executive of Fortescue since July 2011, overseeing the iron ore miner's growth and subsequent cost and debt reduction which has cemented its place as the world's fourth largest iron ore producer. Chairman Andrew Forrest said a feature of the Pilbara iron ore producer's success over the past 15 years had been the strong relationship between its chairman and chief executive. Fortescue's chief operating officer Greg Lilleyman, who joined the company in January from Rio Tinto, has been viewed as a potential successor.
Commonwealth Bank of Australia (CBA):
Insurance giant AIA is believed to be poised to buy Commonwealth Bank’s life insurance assets, according to sources. It comes as AIA and Zurich lobbed final bids to buy CommInsure and the New Zealand Sovereign business by last night’s deadline. It is thought that CommInsure and the New Zealand Sovereign business are worth more than $4 billion. As flagged by DataRoom, Asian insurer AIA was thought to be the most likely group to buy CommInsure. Sources this morning said they believed AIA had won the contest, although sources close to CBA did not comment.
BHP Billiton Ltd (BHP):
On the 10th floor of a Queen Street office building, overlooking the Brisbane River and the Story Bridge, a team of 212 BHP Billiton mining workers have started running the nation’s biggest coal system. After six months of moving key operating roles from the Bowen Basin, Mackay and the Hunter Valley to Brisbane, BHP is now operating an integrated remote operating centre that it says will drive lower costs across its suite of Queensland coking coalmines and its Mt Arthur thermal coalmine in NSW.The coal centre has been fully operational across all sites since March and has linked the Daunia, Caval Ridge, Peak Downs, Blackwater, Goonyella Riverside and South Walker Creek coking coalmines in Queensland with the Hay Point port at Mackay. The Mt Arthur thermal coalmine in the Hunter Valley is also now operated from Brisbane.
AGL Energy Ltd (AGL):
AGL Energy will be the last of the nation’s big three power companies to exit coal-fired power under current closure plans, despite the power giant’s advertising campaign highlighting its plans to get out of the fossil fuel. Origin Energy and Energy Australia both say they are planning to close their coal-fired generation assets years before the 2050 date by which AGL has declared it will close what will then be its last coal plant — Loy Yang A in Victoria. AGL, the nation’s biggest coal-fired power producer, has drawn criticism from the coal industry, and from Queensland National Senator Matt Canavan, who has called the company hypocritical over its advertising campaign. The campaign highlights a commitment to exit coal and focus on cleaner energy and new technology as its big power plants reach the end of their expected lives over the next 30 years.
Ten Network Holdings Ltd (TEN):
Lachlan Murdoch and Bruce Gordon are understood to be making a new offer for the Ten Network in a bid to head off the takeover of the battling broadcaster by US giant CBS. The new bid, made through Mr Murdoch and Mr Gordon's respective investment vehicles Illyria and Birketu, is understood to increase the total return to unsecured Ten creditors from $35 million to $55 million, and aims to keep the company listed on the ASX. Mr Murdoch and Mr Gordon were caught out in August when CBS launched its surprise bid for Ten and Mr Gordon has a case before the courts challenging the decision by administrators to recommend the US company's offer.
Qantas Airways Ltd (QAN):
Qantas CEO Alan Joyce's record $25 million pay this year makes him just one of five CEOs to receive more than $20 million in reported pay in one year, and the first to top highs not seen since the financial crisis. The Qantas annual report, out on Friday, will show that Mr Joyce's high pay reflects a large payout of his long-term incentives and shares which have ridden the benefits of the growing company share price which has increased from a low of almost $1 in 2014 to close to $6 today.
MG Unit Trust (MGC):
Danish dairy giant Arla Foods is understood to be wading into the contest for Murray Goulburn as its adviser Deutsche Bank is expected to receive first-round bids for Australia’s largest dairy co-operative. Apparently, the bidders for Murray Goulburn are expected to come from far and wide for the first round of the contest, with most thought to be expressing interest for only parts of the operation. The thinking is that a sale of Murray Goulburn needs to happen sooner rather than later for Deutsche for some are betting more farmers are set to abandon the co-op, triggering a further fall in its milk volumes. It could mean that a divestment of the co-op is finalised by the end of the year.
Macquarie Group Limited (MQG):
Macquarie is rolling out the Australian market’s first open banking platform to allow its customers to securely move data to fintech start-ups and other technology companies. The move comes as Macquarie, which has a minuscule market share in home loans, credit cards and deposits, ramps up its marketing against the big four banks in a grab for customers. Macquarie says customers must be able to securely link all their banking data to another potential service provider because the data belongs to the customer. The move comesafter the Productivity Commission endorsed a ‘‘comprehensive right’’ allowing consumers to transfer data from an incumbent to competitors. In addition, Treasurer Scott Morrison commissioned a report in the May budget for an ‘‘open banking’’ model to boost competition that will be delivered by the end of year.
(Source: AIMS)
Fortescue Metals Group chief executive Nev Power will step down from the role in February after more than six years at the helm of the iron ore producer. Fortescue announced on Friday morning Mr Power would end his term as chief executive in February and take some "well deserved and well overdue time off”. Mr Power has been chief executive of Fortescue since July 2011, overseeing the iron ore miner's growth and subsequent cost and debt reduction which has cemented its place as the world's fourth largest iron ore producer. Chairman Andrew Forrest said a feature of the Pilbara iron ore producer's success over the past 15 years had been the strong relationship between its chairman and chief executive. Fortescue's chief operating officer Greg Lilleyman, who joined the company in January from Rio Tinto, has been viewed as a potential successor.
Commonwealth Bank of Australia (CBA):
Insurance giant AIA is believed to be poised to buy Commonwealth Bank’s life insurance assets, according to sources. It comes as AIA and Zurich lobbed final bids to buy CommInsure and the New Zealand Sovereign business by last night’s deadline. It is thought that CommInsure and the New Zealand Sovereign business are worth more than $4 billion. As flagged by DataRoom, Asian insurer AIA was thought to be the most likely group to buy CommInsure. Sources this morning said they believed AIA had won the contest, although sources close to CBA did not comment.
BHP Billiton Ltd (BHP):
On the 10th floor of a Queen Street office building, overlooking the Brisbane River and the Story Bridge, a team of 212 BHP Billiton mining workers have started running the nation’s biggest coal system. After six months of moving key operating roles from the Bowen Basin, Mackay and the Hunter Valley to Brisbane, BHP is now operating an integrated remote operating centre that it says will drive lower costs across its suite of Queensland coking coalmines and its Mt Arthur thermal coalmine in NSW.The coal centre has been fully operational across all sites since March and has linked the Daunia, Caval Ridge, Peak Downs, Blackwater, Goonyella Riverside and South Walker Creek coking coalmines in Queensland with the Hay Point port at Mackay. The Mt Arthur thermal coalmine in the Hunter Valley is also now operated from Brisbane.
AGL Energy Ltd (AGL):
AGL Energy will be the last of the nation’s big three power companies to exit coal-fired power under current closure plans, despite the power giant’s advertising campaign highlighting its plans to get out of the fossil fuel. Origin Energy and Energy Australia both say they are planning to close their coal-fired generation assets years before the 2050 date by which AGL has declared it will close what will then be its last coal plant — Loy Yang A in Victoria. AGL, the nation’s biggest coal-fired power producer, has drawn criticism from the coal industry, and from Queensland National Senator Matt Canavan, who has called the company hypocritical over its advertising campaign. The campaign highlights a commitment to exit coal and focus on cleaner energy and new technology as its big power plants reach the end of their expected lives over the next 30 years.
Ten Network Holdings Ltd (TEN):
Lachlan Murdoch and Bruce Gordon are understood to be making a new offer for the Ten Network in a bid to head off the takeover of the battling broadcaster by US giant CBS. The new bid, made through Mr Murdoch and Mr Gordon's respective investment vehicles Illyria and Birketu, is understood to increase the total return to unsecured Ten creditors from $35 million to $55 million, and aims to keep the company listed on the ASX. Mr Murdoch and Mr Gordon were caught out in August when CBS launched its surprise bid for Ten and Mr Gordon has a case before the courts challenging the decision by administrators to recommend the US company's offer.
Qantas Airways Ltd (QAN):
Qantas CEO Alan Joyce's record $25 million pay this year makes him just one of five CEOs to receive more than $20 million in reported pay in one year, and the first to top highs not seen since the financial crisis. The Qantas annual report, out on Friday, will show that Mr Joyce's high pay reflects a large payout of his long-term incentives and shares which have ridden the benefits of the growing company share price which has increased from a low of almost $1 in 2014 to close to $6 today.
MG Unit Trust (MGC):
Danish dairy giant Arla Foods is understood to be wading into the contest for Murray Goulburn as its adviser Deutsche Bank is expected to receive first-round bids for Australia’s largest dairy co-operative. Apparently, the bidders for Murray Goulburn are expected to come from far and wide for the first round of the contest, with most thought to be expressing interest for only parts of the operation. The thinking is that a sale of Murray Goulburn needs to happen sooner rather than later for Deutsche for some are betting more farmers are set to abandon the co-op, triggering a further fall in its milk volumes. It could mean that a divestment of the co-op is finalised by the end of the year.
Macquarie Group Limited (MQG):
Macquarie is rolling out the Australian market’s first open banking platform to allow its customers to securely move data to fintech start-ups and other technology companies. The move comes as Macquarie, which has a minuscule market share in home loans, credit cards and deposits, ramps up its marketing against the big four banks in a grab for customers. Macquarie says customers must be able to securely link all their banking data to another potential service provider because the data belongs to the customer. The move comesafter the Productivity Commission endorsed a ‘‘comprehensive right’’ allowing consumers to transfer data from an incumbent to competitors. In addition, Treasurer Scott Morrison commissioned a report in the May budget for an ‘‘open banking’’ model to boost competition that will be delivered by the end of year.
(Source: AIMS)
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