AMP Limited (AMP):
AMP chief executive Craig Meller will retire this year. Mr Meller has led the ASX-listed banking and wealth management giant since 2013. Chairman Catherine Brenner says the search for Mr Meller’s successor, which will include internal and external candidates, will be as transparent and as comprehensive as possible.
Bendigo and Adelaide Bank Ltd (BEN):
Bendigo & Adelaide Bank has appointed executive Marnie Baker to succeed Mike Hirst when he steps down in the coming months after nine years as managing director. Currently chief customer officer, Ms Baker has worked at the regional lender since 1989 and has been an executive since 2000. She will assume the role from Mr Hirst on July 2, Bendigo (BEN) said Monday. Chairman Robert Johanson said Ms Baker has experience in leadership roles across most areas of the bank, including treasury, capital markets, technology and payments systems, digital strategy, retail banking and funds management. A career banker, Mr Hirst joined Bendigo in 2001 and was appointed as managing director in 2009, shortly after Bendigo’s merger with Adelaide Bank. “Mike has helped build a business that is now the fifth biggest retail bank in Australia,” Mr Johanson said. Ms Baker will take leave from April 3 before assuming her new role, Bendigo said.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank institutional boss Kelly Bayer Rosmarin has resigned from the bank after missing out on the top job which went to Matt Comyn. Mr Comyn is yet to settle on his new team as he prepares to take over from Ian Narev next month. Also leaving the company (CBA) in coming months are HR group executive Melanie Laing and group executive enterprise services and chief information officer David Whiteing, the bank said. “Leadership transitions are inevitably a time of change in senior teams, as executives reassess their own plans, and the bank prepares for its future,” said outgoing chief executive Ian Narev. “Today we are announcing the departure of three high calibre executives who have contributed significantly to CBA.”
Harvey Norman Holdings Limited (HVN):
Harvey Norman’s jointly-owned dairy farm has entered administration. Coomboona Holdings, which is 49.9 per cent owned by a Harvey Norman subsidiary, entered into administration on Friday evening, the company (HVN) said in a statement to the ASX this morning. Harvey Norman paid $34 million for a stake in the Goulburn Valley dairy business in 2015, with grand plans to turn it into a dairy powerhouse. Chairman and co-founder Gerry Harvey is also a director of Coomboona Holdings.
Qantas Airways Limited (QAN):
New technologies, including the Dreamliner, are allowing Qantas to keep up with the price wars on the kangaroo route, according to chief executive Alan Joyce. Amid fiercely-competitive prices for flights to Britain as Qantas launches its direct Perth to London service that for the first time links Australia and Europe by a direct flight, Mr Joyce said “the efficiency of new technology has allowed us to keep up with that”. “So Qantas is making more money than it ever has, despite the airfares being lower than it’s ever been,” he said. “We have just got more and more efficient to be able to give more and more lower airfares to people. These aircraft, the efficiencies we have, allow us to do it at a profit.” The Boeing 787 Dreamliner uses up to 20 per cent less fuel than other aircraft of the same size.
Telstra Corporation Ltd (TLS):
Telstra is facing a $10 million fine for charging over 100,000 customers for digital content, such as games and ringtones, which they unknowingly purchased. The telco is being taken to federal court by the Australian Competition and Consumer Commission (ACCC), under a delegation of power from ASIC, for using its third-party billing service known as “Premium Direct Billing” (PDB). According to the ACCC, during 2015 and 2016, thousands of Telstra mobile phone customers unwittingly signed up to subscriptions or charges with third parties, without being required to enter payment details or verify their identity, using the PDB service. “Many Telstra customers paid for content they did not want, did not use, and had difficulty unsubscribing from,” ACCC chairman Rod Sims said.
Treasury Wine Estates Ltd (TWE):
China’s proposal to introduce a 15 per cent tariff on wine from the US would only have a small impact on listed wine maker Treasury Wine Estates, analysts say. Treasury Wine owns and operates more than 4,000 planted hectares of vineyards in the Californian wine regions, including Sonoma County and the Napa Valley as well as in Tuscany, Italy. But given the wine’s high price-point, analysts at Morgan Stanley and CLSA say a potential increase in the cost of Treasury’s wine isn’t likely to deter Chinese buyers. It comes after China threatened to impose tariffs on US imports including on steel pipes, wine, nuts and fresh fruit, in response to US president Donald Trump imposing $US60bn of new tariffs on China. CLSA analyst Richard Barwick, who has a ‘buy’ recommendation on Treasury Wine Estates’ stock, described China’s tariff announcement as a small bump in the road.
Westpac Banking Corp (WBC):
For three and a half years, Westpac failed to meet “bare minimum” standards set by the corporate regulator for sending out credit card offers, reaping the bank $23 million in profit, Australian Securities & Investments Commission documents tendered to the financial services royal commission show. In a scathing May 2015 memo, ASIC staff told the chairman Greg Medcraft that Westpac was the “most resistant” of the big four banks to obeying the law and had “poor culture” and weak risk ¬controls. ASIC staff also suggested Mr Medcraft, who this year was replaced by James Shipton, could ask Westpac chairman Lindsay Maxsted why the bank failed to tell the public about a cyber attack that brought down its internet banking for an hour.
(Source: AIMS)
AMP chief executive Craig Meller will retire this year. Mr Meller has led the ASX-listed banking and wealth management giant since 2013. Chairman Catherine Brenner says the search for Mr Meller’s successor, which will include internal and external candidates, will be as transparent and as comprehensive as possible.
Bendigo and Adelaide Bank Ltd (BEN):
Bendigo & Adelaide Bank has appointed executive Marnie Baker to succeed Mike Hirst when he steps down in the coming months after nine years as managing director. Currently chief customer officer, Ms Baker has worked at the regional lender since 1989 and has been an executive since 2000. She will assume the role from Mr Hirst on July 2, Bendigo (BEN) said Monday. Chairman Robert Johanson said Ms Baker has experience in leadership roles across most areas of the bank, including treasury, capital markets, technology and payments systems, digital strategy, retail banking and funds management. A career banker, Mr Hirst joined Bendigo in 2001 and was appointed as managing director in 2009, shortly after Bendigo’s merger with Adelaide Bank. “Mike has helped build a business that is now the fifth biggest retail bank in Australia,” Mr Johanson said. Ms Baker will take leave from April 3 before assuming her new role, Bendigo said.
Commonwealth Bank of Australia (CBA):
Commonwealth Bank institutional boss Kelly Bayer Rosmarin has resigned from the bank after missing out on the top job which went to Matt Comyn. Mr Comyn is yet to settle on his new team as he prepares to take over from Ian Narev next month. Also leaving the company (CBA) in coming months are HR group executive Melanie Laing and group executive enterprise services and chief information officer David Whiteing, the bank said. “Leadership transitions are inevitably a time of change in senior teams, as executives reassess their own plans, and the bank prepares for its future,” said outgoing chief executive Ian Narev. “Today we are announcing the departure of three high calibre executives who have contributed significantly to CBA.”
Harvey Norman Holdings Limited (HVN):
Harvey Norman’s jointly-owned dairy farm has entered administration. Coomboona Holdings, which is 49.9 per cent owned by a Harvey Norman subsidiary, entered into administration on Friday evening, the company (HVN) said in a statement to the ASX this morning. Harvey Norman paid $34 million for a stake in the Goulburn Valley dairy business in 2015, with grand plans to turn it into a dairy powerhouse. Chairman and co-founder Gerry Harvey is also a director of Coomboona Holdings.
Qantas Airways Limited (QAN):
New technologies, including the Dreamliner, are allowing Qantas to keep up with the price wars on the kangaroo route, according to chief executive Alan Joyce. Amid fiercely-competitive prices for flights to Britain as Qantas launches its direct Perth to London service that for the first time links Australia and Europe by a direct flight, Mr Joyce said “the efficiency of new technology has allowed us to keep up with that”. “So Qantas is making more money than it ever has, despite the airfares being lower than it’s ever been,” he said. “We have just got more and more efficient to be able to give more and more lower airfares to people. These aircraft, the efficiencies we have, allow us to do it at a profit.” The Boeing 787 Dreamliner uses up to 20 per cent less fuel than other aircraft of the same size.
Telstra Corporation Ltd (TLS):
Telstra is facing a $10 million fine for charging over 100,000 customers for digital content, such as games and ringtones, which they unknowingly purchased. The telco is being taken to federal court by the Australian Competition and Consumer Commission (ACCC), under a delegation of power from ASIC, for using its third-party billing service known as “Premium Direct Billing” (PDB). According to the ACCC, during 2015 and 2016, thousands of Telstra mobile phone customers unwittingly signed up to subscriptions or charges with third parties, without being required to enter payment details or verify their identity, using the PDB service. “Many Telstra customers paid for content they did not want, did not use, and had difficulty unsubscribing from,” ACCC chairman Rod Sims said.
Treasury Wine Estates Ltd (TWE):
China’s proposal to introduce a 15 per cent tariff on wine from the US would only have a small impact on listed wine maker Treasury Wine Estates, analysts say. Treasury Wine owns and operates more than 4,000 planted hectares of vineyards in the Californian wine regions, including Sonoma County and the Napa Valley as well as in Tuscany, Italy. But given the wine’s high price-point, analysts at Morgan Stanley and CLSA say a potential increase in the cost of Treasury’s wine isn’t likely to deter Chinese buyers. It comes after China threatened to impose tariffs on US imports including on steel pipes, wine, nuts and fresh fruit, in response to US president Donald Trump imposing $US60bn of new tariffs on China. CLSA analyst Richard Barwick, who has a ‘buy’ recommendation on Treasury Wine Estates’ stock, described China’s tariff announcement as a small bump in the road.
Westpac Banking Corp (WBC):
For three and a half years, Westpac failed to meet “bare minimum” standards set by the corporate regulator for sending out credit card offers, reaping the bank $23 million in profit, Australian Securities & Investments Commission documents tendered to the financial services royal commission show. In a scathing May 2015 memo, ASIC staff told the chairman Greg Medcraft that Westpac was the “most resistant” of the big four banks to obeying the law and had “poor culture” and weak risk ¬controls. ASIC staff also suggested Mr Medcraft, who this year was replaced by James Shipton, could ask Westpac chairman Lindsay Maxsted why the bank failed to tell the public about a cyber attack that brought down its internet banking for an hour.
(Source: AIMS)
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