A2 Milk Company Ltd (A2M):
High-flying Qantas executive Jayne Hrdlicka has quit the national carrier to join the a2 Milk Company as chief executive. The shock move comes less than a month after Ms Hrdlicka moved from chief executive of Jetstar to heading up Qantas' booming loyalty business. The dual Australian and New Zealand-listed a2 Milk announced the appointment to both stock exchanges on Thursday morning. She will replace a2's current CEO, Geoffrey Babidge, and is expected to start at the beginning of the 2019 financial year.
Commonwealth Bank of Australia (CBA):
The financial watchdog, Austrac, is alleging a further 100 breaches of anti-money laundering and terrorism finance laws by the Commonwealth Bank as part of its explosive case against the lender. Austrac on Thursday filed the new allegations, on top of the breaches it claimed in August, saying they had been uncovered as part of its ongoing investigation into the country's biggest bank. Among the new claims, Austrac alleges there were two instances where CBA failed to inform the regulator of its suspicions relating to the financing of terrorism within the required 24 hours. The bank also allegedly failed to report a further 54 suspicious matters properly, or at all, relating to police operations, including a NSW investigation into a drug and firearms syndicate.
Myer Holdings Ltd (MYR):
Myer continues to fall victim to the malaise sweeping the retail sector, unveiling a profit warning due to shrinking sales just two weeks out from Christmas. Myer (MYR) today confirmed what most observers and analysts had suspected for some time, that this Christmas is likely be a poor one for major retailers as shoppers stay away from stores or spend much less when they do visit. Myer’s share price dived over 12 per cent in early trade today to a record low of 63.5c following what is its second profit warning this year, and evidence that ahead of its most important trading period, sales have worsened. Myer said despite investing heavily in marketing and traffic-driving initiatives, total sales to the end of November were down 2.3 per cent and down 1.8 per cent on a comparable store sales basis.
Origin Energy Ltd (ORG):
Origin Energy has pledged to reduce its carbon emissions by 50 per cent by 2032, as part of a broader transition to a low-carbon business to help limit global warming to the “2degC” set at the Paris climate agreement. The energy producer and retailer say it will halve emissions, compared to 2017 levels, from its generating-related activities. It will also ensure a 25 per cent reduction in scope 3 emissions — related to third-party gas and electricity purchases — over that period. The plan will include growing renewables in its portfolio, and increasing reliance on gas, chief executive Frank Calabria says. But the company has maintained its previous target of closing the Eraring coal-fired power plant in the early-2030s. At 10.50am (AEDT) 14th Dec, Origin Energy shares were up 0.5 per cent at $9.31 in a firm Australian market.
Westpac Banking Corp (WBC):
Westpac will pay about $11 million in compensation to interest-only home loan customers who were not switched to principal repayments when they should have been. The refunds will go to 9,400 customers who held owner-occupier interest-only variable home loans, most of which had interest-only periods that expired between 2009 and 2016. A processing error led to these customers continuing to make interest-only repayments after the interest-only period ended, rather than being switched to principal and interest repayments. As a result, customers were left with less time to repay the principal amount of their loans and would have also have paid more in interest. Westpac's consumer chief executive George Frazis apologised for the error and said the company had now automated its switching process to ensure it does not happen again. Westpac will take around 12 months to complete the compensation process, and is also reviewing interest-only investor loans that may have been impacted by the issue.
Woolworths Group Ltd (WOW):
Woolworths’ $1.8 billion plan to sell off its national portfolio of petrol stations and direct the funds into its flagship supermarket assets have been dealt a blow after the competition regulator announced it would block the sale of servos to BP. The Australian Competition and Consumer Commission said this morning that it intends to oppose the proposed acquisition by BP Australia of Woolworths ’network of retail service station sites. ACCC Chairman Rod Sims considered that BP acquiring Woolworths’ service stations will be likely to substantially lessen competition in the retail supply of fuel. Woolworths currently operates 531 sites and has 12 sites in development. BP supplies fuel to approximately 1,400 BP-branded service stations throughout Australia, setting fuel prices at roughly 350 of them.
(Source: AIMS)
High-flying Qantas executive Jayne Hrdlicka has quit the national carrier to join the a2 Milk Company as chief executive. The shock move comes less than a month after Ms Hrdlicka moved from chief executive of Jetstar to heading up Qantas' booming loyalty business. The dual Australian and New Zealand-listed a2 Milk announced the appointment to both stock exchanges on Thursday morning. She will replace a2's current CEO, Geoffrey Babidge, and is expected to start at the beginning of the 2019 financial year.
Commonwealth Bank of Australia (CBA):
The financial watchdog, Austrac, is alleging a further 100 breaches of anti-money laundering and terrorism finance laws by the Commonwealth Bank as part of its explosive case against the lender. Austrac on Thursday filed the new allegations, on top of the breaches it claimed in August, saying they had been uncovered as part of its ongoing investigation into the country's biggest bank. Among the new claims, Austrac alleges there were two instances where CBA failed to inform the regulator of its suspicions relating to the financing of terrorism within the required 24 hours. The bank also allegedly failed to report a further 54 suspicious matters properly, or at all, relating to police operations, including a NSW investigation into a drug and firearms syndicate.
Myer Holdings Ltd (MYR):
Myer continues to fall victim to the malaise sweeping the retail sector, unveiling a profit warning due to shrinking sales just two weeks out from Christmas. Myer (MYR) today confirmed what most observers and analysts had suspected for some time, that this Christmas is likely be a poor one for major retailers as shoppers stay away from stores or spend much less when they do visit. Myer’s share price dived over 12 per cent in early trade today to a record low of 63.5c following what is its second profit warning this year, and evidence that ahead of its most important trading period, sales have worsened. Myer said despite investing heavily in marketing and traffic-driving initiatives, total sales to the end of November were down 2.3 per cent and down 1.8 per cent on a comparable store sales basis.
Origin Energy Ltd (ORG):
Origin Energy has pledged to reduce its carbon emissions by 50 per cent by 2032, as part of a broader transition to a low-carbon business to help limit global warming to the “2degC” set at the Paris climate agreement. The energy producer and retailer say it will halve emissions, compared to 2017 levels, from its generating-related activities. It will also ensure a 25 per cent reduction in scope 3 emissions — related to third-party gas and electricity purchases — over that period. The plan will include growing renewables in its portfolio, and increasing reliance on gas, chief executive Frank Calabria says. But the company has maintained its previous target of closing the Eraring coal-fired power plant in the early-2030s. At 10.50am (AEDT) 14th Dec, Origin Energy shares were up 0.5 per cent at $9.31 in a firm Australian market.
Westpac Banking Corp (WBC):
Westpac will pay about $11 million in compensation to interest-only home loan customers who were not switched to principal repayments when they should have been. The refunds will go to 9,400 customers who held owner-occupier interest-only variable home loans, most of which had interest-only periods that expired between 2009 and 2016. A processing error led to these customers continuing to make interest-only repayments after the interest-only period ended, rather than being switched to principal and interest repayments. As a result, customers were left with less time to repay the principal amount of their loans and would have also have paid more in interest. Westpac's consumer chief executive George Frazis apologised for the error and said the company had now automated its switching process to ensure it does not happen again. Westpac will take around 12 months to complete the compensation process, and is also reviewing interest-only investor loans that may have been impacted by the issue.
Woolworths Group Ltd (WOW):
Woolworths’ $1.8 billion plan to sell off its national portfolio of petrol stations and direct the funds into its flagship supermarket assets have been dealt a blow after the competition regulator announced it would block the sale of servos to BP. The Australian Competition and Consumer Commission said this morning that it intends to oppose the proposed acquisition by BP Australia of Woolworths ’network of retail service station sites. ACCC Chairman Rod Sims considered that BP acquiring Woolworths’ service stations will be likely to substantially lessen competition in the retail supply of fuel. Woolworths currently operates 531 sites and has 12 sites in development. BP supplies fuel to approximately 1,400 BP-branded service stations throughout Australia, setting fuel prices at roughly 350 of them.
(Source: AIMS)
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