AGL Energy Limited (AGL):
Business Council of Australia chief executive Jennifer Westacott has said the federal government should not be pressuring AGL to keep its 46-year-old Liddell coal power plant open. “Only one per cent of coal-fired power stations stay open past this 50-year life that they have, across the world,” Ms Westacott told ABC radio this morning. “They [AGL] have made it clear that it is unviable beyond that.” The government has asked AGL to either commit to either keeping the plant open five years beyond its planned 2022 closure, or sell it. Ms Westacott said that the BCA, which opposes a renewable energy target and carbon pricing, called for AGL (AGL) to notify the government of the plant’s closure early on so its capacity could be replaced. Now, AGL has done that,” she said. “They have given early notice, as people like us and others suggested, of their intention to close.” She said Australia should be using gas as a transition fuel and said the state restrictions of it are part of the whole energy problem.
BGH Capital:
Australia's newest private equity firm BGH Capital will open its doors next week, when it launches its first ever fundraising. the firm set up by former TPG Capital dealmakers Ben Gray and Simon Harle and ex-Macquarie Capital banker Robin Bishop - has told potential investors its maiden cash call will launch on Monday. The dealmakers, along with other senior team members including former Credit Suisse managing director Stephanie Charles and Wesfarmers' outgoing finance director Terry Bowen are expected to be in front of private equity investors from both Australia and offshore as they seek to raise as much as $2 billion. BGH is seeking to make a first close by early 2018, which would pave the way for its investments team to start making acquisitions in Australia and New Zealand.
BHP Billiton Ltd (BHP):
BHP is willing to head to court to fight the Australian Taxation Office on a more than $1 billion tax bill over its Singapore marketing hub. The world's largest miner has continually defended its Singapore marketing hub, where it is accused of routing profits, and says it is confident of its position in a $1 billion dispute with the ATO over the amount of taxes payable on the sale of Australian commodities to its Singapore marketing business. BHP has been in a long-running dispute with the tax man over assessments spanning 11 years (2003 to 2013) that total $661 million in primary tax, plus interest and penalties, which take it to more than $1 billion. Under dispute is the margin on mark-ups on commodities sold to its Singapore operations, which many argue is a ploy to avoid tax in Australia, but which BHP denies.
Blackmores Limited (BKL); Swisse:
China has again delayed the implementation of tough new laws on the cross border e-commerce trade, providing a further reprieve for Australian vitamin and cosmetic firms. In a surprise announcement late on Wednesday evening the State Council, China's cabinet, said the new laws would be delayed for a further 12 months. It means they are now scheduled to come into affect at the end of 2018, in what is the third delay to licensing provisions which spooked investors in China-focused consumers stocks listed on the ASX. The delay in the regulations will allow Swisse and Blackmores to continue selling goods through China's fast-growing cross border e-commerce market, which permits products to be imported that are not registered with local authorities.
Brickworks Limited (BKW):
The managing director of Australia's biggest brick making company says if a company was ever run as badly as Australia has been in the past 10 years by its politicians, the entire board would step down. Lindsay Partridge was fuming on Thursday as he revealed that Brickworks manufacturing plants were facing a 40 per cent rise in energy prices over the next 15 months as it grappled with an extra $20 million in gas and electricity price hikes. "If a company was run as badly as this country, the board would resign," Mr Partridge said.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank will sell its controversial life insurance arm CommInsure for $3.8 billion and is considering spinning off its asset management business, in a dramatic shake-up of the banking giant's wealth division. The group executive in charge of wealth, Annabel Spring, is also set to leave the bank at the end of this year, as CBA becomes the latest bank to scale back its exposure to wealth management. CBA on Thursday said AIA Group would buy its life insurance business, with CBA to retain a 20-year partnership to distribute the products to its customers. CBA had flagged it was looking to sell CommInsure in August while announcing a $9.9 billion annual profit. AIA, which operates across the region, is set to become the biggest provider of life insurance in Australia and New Zealand as a result of the deal.
Commonwealth Bank of Australia has launched a strategic review of its asset management arm Colonial First State Global Asset Management. In a statement to the Australian Securities Exchange, CBA said the strategic review would could consider a range of options including an initial public offering. "This review will consider long-term Commonwealth Bank shareholder value, including whether a separately listed CFSGAM would be better able to grow its business, serve the interests of its clients and attract and retain key personnel," CBA said.
Crown Resorts Ltd (CWN):
James Packer's Crown Resorts has slashed the statutory pay of its top executives after a horror 2017 financial year, but will ask its shareholders to approve a severance package of more than $9 million for former chief executive Rowen Craigie. The casino and entertainment giant's annual report released on Thursday revealed executive chairman John Alexander and several of its executives missed out on at least $4.5 million worth of long-term equity incentives after the company's earnings per share fell in 2017. Crown recorded normalised net profit after tax of $343 million from revenue of $3.24 billion in 2017, down 15.7 per cent and 10 per cent respectively from the previous year. The result was hit by the dramatic arrest of Crown staff in China in October last year, which led to a significant downturn in VIP gambling income for the remainder of the financial year.
Dexus Property Group (DXS):
ASX-listed property group Dexus has partnered with short-term leasing agent Popupshopup to offer short-term leases across its retail portfolio as the retail leasing sector changes under the weight of retail disruption in major cities. The participating Dexus centres that will start offering "pop-up shops" on terms ranging from one day to six months include QV Melbourne, Carillon City Perth, Willows Townsville, Tweed City Tweed Heads and Eagle Street Pier Brisbane. Tenants can search for space on Popupshopup's website and sign for it online. The business has 5000 spaces nationally.
GPT Group (GPT):
Property group GPT has tapped the US debt markets for $US325 million ($403m) in a refinancing deal to diversify its sources of capital. While nothing specific has been earmarked for the cash, GPT has indicated it will focus on new developments in the coming year. The group is developing a $230 million office tower at 32 Smith Street, Parramatta in Sydney and will look to increase the height of its Melbourne Central mall.
Nine Entertainment Co. Holdings Ltd (NEC):
Nine Entertainment chief digital and marketing officer Alex Parsons is leaving after more than a decade at the media company. Mr Parsons, whose most recent job at Nine was heading up its digital operations, will not have his role directly replaced and his duties will be spread across a number of different staff as the company shakes up its executive responsibilities.
Tabcorp Holdings Limited (TAH); Tatts Group Limited (TTS):
Australian gambling giants Tabcorp and Tatts insist their planned $11 billion merger will proceed in line with its original timetable despite a significant setback in the Federal Court. On Monday, the court found in favour of the Australian Competition and Consumer Commission's claim that the Australian Competition Tribunal had made reviewable errors in allowing the merger to proceed. The court set aside the tribunal's decision and ordered it to reassess the bid. The Federal Court's reasons were not released publicly.
Telstra Corporation Ltd (TLS):
Telstra and McDonalds have announced a $90 million network transformation deal, which will see more than 850 McDonald’s restaurants kitted out with an upgraded fibre network for both restaurant operations and customers wanting to surf the web while they eat their Big Mac. The deal, announced at Telstra’s Vantage conference, will provide fibre to McDonald’s restaurants across the country which will give the company video conferencing capabilities and allow for more restaurant and head office collaboration. As part of the rollout, which will take about 24 months, each restaurant will also offer Telstra Air in what is the biggest Telstra Air business deal to date. It’s Australia’s largest public Wi-Fi network.
Titomic (TTT):
High-tech 3D metal printing manufacturer Titomic has made a stellar debut on the share market, more than doubling its market value during its first few hours of trade. Titomic specialises in creating high strength titanium alloys to manufacture large-scale and complicated metal parts for industries including defence, aviation, automotive, medical and construction. Shares in the Melbourne-based company hit the market at 11am AEST on Thursday and had climbed to 47 cents at 2.21pm AEST, up from an issue price of 20 cents. The company has exclusive commercialisation rights to a technology co-developed with the CSIRO that allows high-speed, high capacity 3D-printing of parts using advanced titanium-based alloys. Titomic chairman Philip Vafiadis says the $6.5 million raised by the IPO will help complete its Melbourne facility, set to house one of the largest 3D metal printers in the world.
(Source: AIMS)
Business Council of Australia chief executive Jennifer Westacott has said the federal government should not be pressuring AGL to keep its 46-year-old Liddell coal power plant open. “Only one per cent of coal-fired power stations stay open past this 50-year life that they have, across the world,” Ms Westacott told ABC radio this morning. “They [AGL] have made it clear that it is unviable beyond that.” The government has asked AGL to either commit to either keeping the plant open five years beyond its planned 2022 closure, or sell it. Ms Westacott said that the BCA, which opposes a renewable energy target and carbon pricing, called for AGL (AGL) to notify the government of the plant’s closure early on so its capacity could be replaced. Now, AGL has done that,” she said. “They have given early notice, as people like us and others suggested, of their intention to close.” She said Australia should be using gas as a transition fuel and said the state restrictions of it are part of the whole energy problem.
BGH Capital:
Australia's newest private equity firm BGH Capital will open its doors next week, when it launches its first ever fundraising. the firm set up by former TPG Capital dealmakers Ben Gray and Simon Harle and ex-Macquarie Capital banker Robin Bishop - has told potential investors its maiden cash call will launch on Monday. The dealmakers, along with other senior team members including former Credit Suisse managing director Stephanie Charles and Wesfarmers' outgoing finance director Terry Bowen are expected to be in front of private equity investors from both Australia and offshore as they seek to raise as much as $2 billion. BGH is seeking to make a first close by early 2018, which would pave the way for its investments team to start making acquisitions in Australia and New Zealand.
BHP Billiton Ltd (BHP):
BHP is willing to head to court to fight the Australian Taxation Office on a more than $1 billion tax bill over its Singapore marketing hub. The world's largest miner has continually defended its Singapore marketing hub, where it is accused of routing profits, and says it is confident of its position in a $1 billion dispute with the ATO over the amount of taxes payable on the sale of Australian commodities to its Singapore marketing business. BHP has been in a long-running dispute with the tax man over assessments spanning 11 years (2003 to 2013) that total $661 million in primary tax, plus interest and penalties, which take it to more than $1 billion. Under dispute is the margin on mark-ups on commodities sold to its Singapore operations, which many argue is a ploy to avoid tax in Australia, but which BHP denies.
Blackmores Limited (BKL); Swisse:
China has again delayed the implementation of tough new laws on the cross border e-commerce trade, providing a further reprieve for Australian vitamin and cosmetic firms. In a surprise announcement late on Wednesday evening the State Council, China's cabinet, said the new laws would be delayed for a further 12 months. It means they are now scheduled to come into affect at the end of 2018, in what is the third delay to licensing provisions which spooked investors in China-focused consumers stocks listed on the ASX. The delay in the regulations will allow Swisse and Blackmores to continue selling goods through China's fast-growing cross border e-commerce market, which permits products to be imported that are not registered with local authorities.
Brickworks Limited (BKW):
The managing director of Australia's biggest brick making company says if a company was ever run as badly as Australia has been in the past 10 years by its politicians, the entire board would step down. Lindsay Partridge was fuming on Thursday as he revealed that Brickworks manufacturing plants were facing a 40 per cent rise in energy prices over the next 15 months as it grappled with an extra $20 million in gas and electricity price hikes. "If a company was run as badly as this country, the board would resign," Mr Partridge said.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank will sell its controversial life insurance arm CommInsure for $3.8 billion and is considering spinning off its asset management business, in a dramatic shake-up of the banking giant's wealth division. The group executive in charge of wealth, Annabel Spring, is also set to leave the bank at the end of this year, as CBA becomes the latest bank to scale back its exposure to wealth management. CBA on Thursday said AIA Group would buy its life insurance business, with CBA to retain a 20-year partnership to distribute the products to its customers. CBA had flagged it was looking to sell CommInsure in August while announcing a $9.9 billion annual profit. AIA, which operates across the region, is set to become the biggest provider of life insurance in Australia and New Zealand as a result of the deal.
Commonwealth Bank of Australia has launched a strategic review of its asset management arm Colonial First State Global Asset Management. In a statement to the Australian Securities Exchange, CBA said the strategic review would could consider a range of options including an initial public offering. "This review will consider long-term Commonwealth Bank shareholder value, including whether a separately listed CFSGAM would be better able to grow its business, serve the interests of its clients and attract and retain key personnel," CBA said.
Crown Resorts Ltd (CWN):
James Packer's Crown Resorts has slashed the statutory pay of its top executives after a horror 2017 financial year, but will ask its shareholders to approve a severance package of more than $9 million for former chief executive Rowen Craigie. The casino and entertainment giant's annual report released on Thursday revealed executive chairman John Alexander and several of its executives missed out on at least $4.5 million worth of long-term equity incentives after the company's earnings per share fell in 2017. Crown recorded normalised net profit after tax of $343 million from revenue of $3.24 billion in 2017, down 15.7 per cent and 10 per cent respectively from the previous year. The result was hit by the dramatic arrest of Crown staff in China in October last year, which led to a significant downturn in VIP gambling income for the remainder of the financial year.
Dexus Property Group (DXS):
ASX-listed property group Dexus has partnered with short-term leasing agent Popupshopup to offer short-term leases across its retail portfolio as the retail leasing sector changes under the weight of retail disruption in major cities. The participating Dexus centres that will start offering "pop-up shops" on terms ranging from one day to six months include QV Melbourne, Carillon City Perth, Willows Townsville, Tweed City Tweed Heads and Eagle Street Pier Brisbane. Tenants can search for space on Popupshopup's website and sign for it online. The business has 5000 spaces nationally.
GPT Group (GPT):
Property group GPT has tapped the US debt markets for $US325 million ($403m) in a refinancing deal to diversify its sources of capital. While nothing specific has been earmarked for the cash, GPT has indicated it will focus on new developments in the coming year. The group is developing a $230 million office tower at 32 Smith Street, Parramatta in Sydney and will look to increase the height of its Melbourne Central mall.
Nine Entertainment Co. Holdings Ltd (NEC):
Nine Entertainment chief digital and marketing officer Alex Parsons is leaving after more than a decade at the media company. Mr Parsons, whose most recent job at Nine was heading up its digital operations, will not have his role directly replaced and his duties will be spread across a number of different staff as the company shakes up its executive responsibilities.
Tabcorp Holdings Limited (TAH); Tatts Group Limited (TTS):
Australian gambling giants Tabcorp and Tatts insist their planned $11 billion merger will proceed in line with its original timetable despite a significant setback in the Federal Court. On Monday, the court found in favour of the Australian Competition and Consumer Commission's claim that the Australian Competition Tribunal had made reviewable errors in allowing the merger to proceed. The court set aside the tribunal's decision and ordered it to reassess the bid. The Federal Court's reasons were not released publicly.
Telstra Corporation Ltd (TLS):
Telstra and McDonalds have announced a $90 million network transformation deal, which will see more than 850 McDonald’s restaurants kitted out with an upgraded fibre network for both restaurant operations and customers wanting to surf the web while they eat their Big Mac. The deal, announced at Telstra’s Vantage conference, will provide fibre to McDonald’s restaurants across the country which will give the company video conferencing capabilities and allow for more restaurant and head office collaboration. As part of the rollout, which will take about 24 months, each restaurant will also offer Telstra Air in what is the biggest Telstra Air business deal to date. It’s Australia’s largest public Wi-Fi network.
Titomic (TTT):
High-tech 3D metal printing manufacturer Titomic has made a stellar debut on the share market, more than doubling its market value during its first few hours of trade. Titomic specialises in creating high strength titanium alloys to manufacture large-scale and complicated metal parts for industries including defence, aviation, automotive, medical and construction. Shares in the Melbourne-based company hit the market at 11am AEST on Thursday and had climbed to 47 cents at 2.21pm AEST, up from an issue price of 20 cents. The company has exclusive commercialisation rights to a technology co-developed with the CSIRO that allows high-speed, high capacity 3D-printing of parts using advanced titanium-based alloys. Titomic chairman Philip Vafiadis says the $6.5 million raised by the IPO will help complete its Melbourne facility, set to house one of the largest 3D metal printers in the world.
(Source: AIMS)
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