AMP Limited (AMP):
AMP head of life insurance Megan Beer says it wants to be more involved in its customers' health recovery and return-towork plans, calling on the government to allow it to fund medical and psychological treatments for unwell workers. The Financial Service Council wrote to Minister of Financial Services Kelly O'Dwyer this month asking the government to lift regulatory constraints stopping insurers from funding certain medical treatments. Life insurers wish to make targeted rehabilitation payments for medical treatment or therapy that they determine to be relevant, appropriate and necessary to return the claimant to work," the letter said. The minister is understood to be considering the proposal but Ms Beer told The Australian Financial Review that insurer intervention could help injured customers recover faster, thus reducing any hits to the country's productivity at a time when the workforce is ageing. We support changes to allow insurers to support customers with medical treatments and therapies, as advocated by the customer and their treating physician, which would help them recover faster from illness or injury," she said.
Australia and New Zealand Banking Group (ANZ); IOOF Holdings Limited (IFL):
IOOF Holdings will buy ANZ's OnePath pensions and investments business and four aligned dealer groups for $975 million, and has sealed a agreement to provide the bank's wealth management solutions to the bank's customers. The deal, which was revealed by Street Talk on Tuesday morning, will create savings of $65 million per annum from 2021 and see IOOF's funds under management swell by $48 billion. It will be funded through a $450 million fully underwritten institutional placement, a share purchase plan and a new debt facilities. The deal does not include ANZ's life insurance business. "This acquisition cements IOOF's position as Australia's leading advice-led wealth manager," IOOF chief executive Christopher Kelaher said.
AGL Energy Limited (AGL), Origin Energy Limited (ORG), Energy Australia:
The industry body representing big energy retailers said the Australian Competition and Consumer Commission's report on electricity prices failed to prove claims that big retailers were making inflated margins. While the ACCC report blamed a range of factors for the doubling or tripling of power prices over the past decade, competition tsar Rod Sims took aim at the big three energy retailers – AGL Energy, Origin Energy and EnergyAustralia – over their control of almost two-thirds of the market. But Australian Energy Council chief executive Matthew Warren said the ACCC showed net margins for the big retailers had remained flat, despite the spike in power prices. "The ACCC report found that competitive pressures between electricity retailers have not yet reduced operating costs, but their net margins have remained flat," Mr Warren said.
Clean Seas seafood ltd (CSS):
Aquaculture company Clean Seas Seafood is seeking to raise up to $14.2 million in fresh funds via an institutional placement and rights issue with Patersons Securities. Clean Seas Seafood shares went into a trading halt on Tuesday morning as its broker pitched the story to potential investors. The company was seeking to rise up to $14.2 million including a $6 million placement and one-for-10 rights issue to raise up to another $8.2 million. The offer was priced at 6¢ a share which was a 22.3 per cent discount to the five-day volume weighted average price. Funds raised were to continue the company's turnaround strategy including growth in its Kingfish biomass business and invest in farming and processing facilities according to terms sent to potential investors. Patersons was seeking bids into the placement by 3pm on Wednesday.
Telstra Corporation Limited (TLS):
Telstra chairman John Mullen has acknowledged the end of Telstra's policy to pay almost all profits out as dividends is tough on shareholders but said he expects the company to maintain or increase the total dividend over time as earnings grow. The telco giant announced in August it would pay out between 70 and 90 per cent of earnings from fiscal 2018, rather than close to 100 per cent. It was the first big change in dividend policy since the telco was floated by the government in 1997. The change means shareholders will wear a 30 per cent cut in the total dividend to 22¢ a share next year as Telstra battles the one-off impact of the national broadband network (NBN).
Telstra chief executive Andy Penn has warned of the significant costs of providing services on the National Broadband Network and said prices need to be lower. Addressing shareholders at Telstra's annual general meeting, Mr Penn said there are three critical factors Telstra is focusing on as the NBN rollout ramps up; customer service, speed expectations and affordability. "Due to the significant costs associated with the rollout of the NBN, wholesale broadband prices in Australia from NBN are increasing by almost 100 per cent in the migration," Mr Penn told shareholders. "This will increase by a further 20-25 per cent over the next three-four years under NBN's plans. NBN is currently conducting a review of its prices and it will be important in the long term that wholesale prices are set at a level which ensures affordability of broadband for all Australians."
Rio Tinto Limited (RIO):
Rio Tinto exported more Australian iron ore than expected in the September quarter, but has been forced to downgrade copper guidance for the second time this year. After a slow start to 2017, the miner's Western Australian iron ore division finally kicked into gear, shipping 85.8 million tonnes in the three months. ended September 30. That was better than the 84.6 million tonnes predicted by UBS, and has allowed Rio to maintain its full-year export guidance of about 330 million tonnes. But Rio will need to lift the pace of exports by about 6 per cent if it is to achieve that goal.
Myer Holdings Limited (MYR):
Beleaguered department store chain Myer has appointed luxury fashion executive Julie Ann Morrison to its board to fill the gap left by the departure of chairman Paul McClintock. Ms Morrison, who previously ran Bulgari in Australia and Britain, has been serving on the boards of a number of Myer subsidiaries, including its struggling Sass & Bide chain. Chairman-elect Gary Hounsell said that "as a result of her wide experience in fashion and retail Julie Ann is well placed to make a valuable contribution to the Myer board. She will be an excellent addition to the team."
（Source: AIMS）
AMP head of life insurance Megan Beer says it wants to be more involved in its customers' health recovery and return-towork plans, calling on the government to allow it to fund medical and psychological treatments for unwell workers. The Financial Service Council wrote to Minister of Financial Services Kelly O'Dwyer this month asking the government to lift regulatory constraints stopping insurers from funding certain medical treatments. Life insurers wish to make targeted rehabilitation payments for medical treatment or therapy that they determine to be relevant, appropriate and necessary to return the claimant to work," the letter said. The minister is understood to be considering the proposal but Ms Beer told The Australian Financial Review that insurer intervention could help injured customers recover faster, thus reducing any hits to the country's productivity at a time when the workforce is ageing. We support changes to allow insurers to support customers with medical treatments and therapies, as advocated by the customer and their treating physician, which would help them recover faster from illness or injury," she said.
Australia and New Zealand Banking Group (ANZ); IOOF Holdings Limited (IFL):
IOOF Holdings will buy ANZ's OnePath pensions and investments business and four aligned dealer groups for $975 million, and has sealed a agreement to provide the bank's wealth management solutions to the bank's customers. The deal, which was revealed by Street Talk on Tuesday morning, will create savings of $65 million per annum from 2021 and see IOOF's funds under management swell by $48 billion. It will be funded through a $450 million fully underwritten institutional placement, a share purchase plan and a new debt facilities. The deal does not include ANZ's life insurance business. "This acquisition cements IOOF's position as Australia's leading advice-led wealth manager," IOOF chief executive Christopher Kelaher said.
AGL Energy Limited (AGL), Origin Energy Limited (ORG), Energy Australia:
The industry body representing big energy retailers said the Australian Competition and Consumer Commission's report on electricity prices failed to prove claims that big retailers were making inflated margins. While the ACCC report blamed a range of factors for the doubling or tripling of power prices over the past decade, competition tsar Rod Sims took aim at the big three energy retailers – AGL Energy, Origin Energy and EnergyAustralia – over their control of almost two-thirds of the market. But Australian Energy Council chief executive Matthew Warren said the ACCC showed net margins for the big retailers had remained flat, despite the spike in power prices. "The ACCC report found that competitive pressures between electricity retailers have not yet reduced operating costs, but their net margins have remained flat," Mr Warren said.
Clean Seas seafood ltd (CSS):
Aquaculture company Clean Seas Seafood is seeking to raise up to $14.2 million in fresh funds via an institutional placement and rights issue with Patersons Securities. Clean Seas Seafood shares went into a trading halt on Tuesday morning as its broker pitched the story to potential investors. The company was seeking to rise up to $14.2 million including a $6 million placement and one-for-10 rights issue to raise up to another $8.2 million. The offer was priced at 6¢ a share which was a 22.3 per cent discount to the five-day volume weighted average price. Funds raised were to continue the company's turnaround strategy including growth in its Kingfish biomass business and invest in farming and processing facilities according to terms sent to potential investors. Patersons was seeking bids into the placement by 3pm on Wednesday.
Telstra Corporation Limited (TLS):
Telstra chairman John Mullen has acknowledged the end of Telstra's policy to pay almost all profits out as dividends is tough on shareholders but said he expects the company to maintain or increase the total dividend over time as earnings grow. The telco giant announced in August it would pay out between 70 and 90 per cent of earnings from fiscal 2018, rather than close to 100 per cent. It was the first big change in dividend policy since the telco was floated by the government in 1997. The change means shareholders will wear a 30 per cent cut in the total dividend to 22¢ a share next year as Telstra battles the one-off impact of the national broadband network (NBN).
Telstra chief executive Andy Penn has warned of the significant costs of providing services on the National Broadband Network and said prices need to be lower. Addressing shareholders at Telstra's annual general meeting, Mr Penn said there are three critical factors Telstra is focusing on as the NBN rollout ramps up; customer service, speed expectations and affordability. "Due to the significant costs associated with the rollout of the NBN, wholesale broadband prices in Australia from NBN are increasing by almost 100 per cent in the migration," Mr Penn told shareholders. "This will increase by a further 20-25 per cent over the next three-four years under NBN's plans. NBN is currently conducting a review of its prices and it will be important in the long term that wholesale prices are set at a level which ensures affordability of broadband for all Australians."
Rio Tinto Limited (RIO):
Rio Tinto exported more Australian iron ore than expected in the September quarter, but has been forced to downgrade copper guidance for the second time this year. After a slow start to 2017, the miner's Western Australian iron ore division finally kicked into gear, shipping 85.8 million tonnes in the three months. ended September 30. That was better than the 84.6 million tonnes predicted by UBS, and has allowed Rio to maintain its full-year export guidance of about 330 million tonnes. But Rio will need to lift the pace of exports by about 6 per cent if it is to achieve that goal.
Myer Holdings Limited (MYR):
Beleaguered department store chain Myer has appointed luxury fashion executive Julie Ann Morrison to its board to fill the gap left by the departure of chairman Paul McClintock. Ms Morrison, who previously ran Bulgari in Australia and Britain, has been serving on the boards of a number of Myer subsidiaries, including its struggling Sass & Bide chain. Chairman-elect Gary Hounsell said that "as a result of her wide experience in fashion and retail Julie Ann is well placed to make a valuable contribution to the Myer board. She will be an excellent addition to the team."
（Source: AIMS）
Latest comments