Domino's Pizza Enterprises Ltd. (DMP):
The workplace watchdog believes Domino's Pizza remains riddled with employment law breaches throughout its network, after an almost two-year investigation found most of the stores it audited were breaking the rules. The Fair Work Ombudsman said it could not determine if Domino's was "knowingly involved (as an accessory)" to the breaches carried out by its franchisees, but put it "on notice" that the introduction of the Protecting Vulnerable Workers act last year meant it could be held liable for future breaches by franchisees. The ombudsman said it would continue to monitor Domino's with random store checks, and called on the fast-food giant to release its own internal store audits - even though it questioned their credibility. After launching an investigation into Domino's in late 2016, the ombudsman released its long-awaited findings on Thursday, which revealed workplace breaches at 19 of the 23 stores it fully audited for the month of February 2017. The breaches - including underpaying or not paying staff for the hours they worked and not keeping proper records - suggested there were widespread issues throughout Domino's 662 Australian stores, the ombudsman said.
Greencross Limited (GXL):
Vet care and pet services group Greencross has been removed from the benchmark ASX200 index after its share price fell 37 per cent in 2018. The company, which has been expanding its integrated model of having veterinary clinics in its retail pet stores, has been dropped from the index of the top 200 companies on the Australian Securities Exchange along with Genworth Mortgage Insurance. They will be replaced by agribusiness company Elders Limited and waste management and recycling operator Bingo Industries from September 24. GXL last $3.98.
Harvey Norman Holdings Limited (HVN):
Billionaire retailer Gerry Harvey says he has “put his money where his mouth is’’ by spending $10 million to ratchet up his stake in his bedding, furniture and whitegoods company Harvey Norman. Mr Harvey also declared he would sell every share he owned in any other company, Australian or overseas, to pick up cheap shares in Harvey Norman. Shares in Harvey Norman (HVN) have weakened by nearly 10 per cent since the group released its full-year results last month, with the stock suffering from a 16 per cent profit slide and a steeply discounted rights issue to raise $163.85 million. Reports the Australian Incitec Pivot Ltd (IPL): Incitec Pivot has reduced its Phosphate Hill production outlook for FY18 to 840,000 tonnes, from what was expected at 880,000t at the half year due to an extended turnaround. Ahead of its investor day today, the chemical and fertiliser maker said it was expectecting lower fertiliser distributions margins and sales volumes in NSW and QLD due to the dry conditions. It said explosives earnings were expected to be up on pcp, with growth in line with outlook at the half year.
James Hardie Industries plc (JHX):
The incoming chief executive of building products group James Hardie Industries expects the smaller lot sizes for new houses in Australia to be a strong driver of the local operations as more buyers opt for the flexibility of fibre cement board products instead of bricks. Jack Truong will take the helm of James Hardie by early next year after a six-month handover as current chief executive Louis Gries steps down after 13 years. Mr Truong told The Australian Financial Review on Friday he would be based in Chicago when he assumes the top job after a short period as chief operating officer of the company. He expects James Hardie to keep taking market share in the building products industry in Australia as buyers respond to the greater flexibility of fibre cement board and sheeting and the options it offers for different designs, amid a shrinking of lot sizes. Mr Gries, who has been chief executive of James Hardie since 2005, said on Friday that it would probably be another 30 years before the issues surrounding asbestosrelated products from the company's past, would disappear.
QBE Insurance Group Ltd (QBE):
QBE Insurance has lured Youi boss Frank Costigan as executive general manager of consumer and retail partnerships, as part of a series of changes in the company's Australia and New Zealand division. As revealed by The Australian Financial Review, QBE staff were on Thursday told of the key personal insurance lines appointment, which sees Eleanor Debelle, who was acting in that role, appointed as chief human resources officer for Australia and Zealand. QBE chief executive Pat Regan has been putting his stamp on the company's leadership team since taking the helm in January, seeking to steady the ship after a turbulent few years marred by profit downgrades, write-downs and a large 2017 loss of $US1.25 billion.
RCR Tomlinson Limited (RCR):
A takeover of construction engineering company RCR Tomlinson may not seem to be for the faint-hearted, but some in the market think that for Downer EDI, it may be a good idea. A troublesome solar project in northern Queensland plagued by cost overruns recently prompted RCR Tomlinson to embark on a $100m emergency capital raising, in which shares were sold at a 64.3 per cent discount to its last close of $2.80 on July 27. Shares crashed by 57 per cent once they resumed trading, The company is now worth $249 million and its share price is at $1.175 so on the face of it, the company looks cheap. A takeover bid by the $4.63 billion services group Downer, subject to due diligence, could make sense. Despite RCR’s problems, it has solid recurring income and would have contracts that Downer would want, to boost its own level of work in hand. The difficulty for Downer would be if RCR Tomlinson’s problems extend beyond one project, which is why any potential takeover would require a great deal of scrutiny up front.
Santos Ltd (STO):
Santos scored US$144 million in cash proceeds at the completion of the sale of its non-core Asian assets to Ophir Energy. The funds represent a sale price of US$221m after stardard ajustments inclufing free cash flows generated by assets and received by Santos from the transaction effective date of January 1. It says the funds will reduce its net debt - currently at US$2.2billion - leaving it well placed to reach its US$2 billion net debt target by October, a year ahead of schedule.
Updater Inc (UPD):
Fast-growing tech firm Updater will delist from the the ASX to pursue funding from Silicon Valley venture capitalists and funds, after shareholders unanimously voted in favour of the move. At a vote earlier today, 76.7 per cent of votes approved an ASX proposed off-mark buyback at either its highest raising price of $1.25 per CDI or the 20-day VWAP of the CDIs on the date of delisting, October 10. “Updater’s ASX listing has been an outstanding success, and we gratefully acknowledge the ASX’s role in Updater’s growth,” founder and chief David Greenberg said. “We are now ready for our next phase of development and delisting is a logical next step towards achieving our long-term vision and transitioning back to the US markets.” UPD last up 2.5pc at $1.02.
Woolworths Group Ltd (WOW):
Woolworths has hired 45 displaced refugees under the program, a partnership with Community Corporate, and is aiming to employ another 100 over the next year. Its efforts in employing refugees, Indigenous staff and people who identify as LGBTI, and closing the gender pay gap have been recognised by global information and media firm Thomson Reuters, which has ranked Woolworths first in Australia and 14th globally in its third annual Diversity & Inclusion Index. The Diversity and Inclusion index ranks the top 100 publicly traded companies out of a global pool of more than 7000 and measures 24 metrics across four key categories – diversity, inclusion, people development and news controversies.
(Source: AIMS)
The workplace watchdog believes Domino's Pizza remains riddled with employment law breaches throughout its network, after an almost two-year investigation found most of the stores it audited were breaking the rules. The Fair Work Ombudsman said it could not determine if Domino's was "knowingly involved (as an accessory)" to the breaches carried out by its franchisees, but put it "on notice" that the introduction of the Protecting Vulnerable Workers act last year meant it could be held liable for future breaches by franchisees. The ombudsman said it would continue to monitor Domino's with random store checks, and called on the fast-food giant to release its own internal store audits - even though it questioned their credibility. After launching an investigation into Domino's in late 2016, the ombudsman released its long-awaited findings on Thursday, which revealed workplace breaches at 19 of the 23 stores it fully audited for the month of February 2017. The breaches - including underpaying or not paying staff for the hours they worked and not keeping proper records - suggested there were widespread issues throughout Domino's 662 Australian stores, the ombudsman said.
Greencross Limited (GXL):
Vet care and pet services group Greencross has been removed from the benchmark ASX200 index after its share price fell 37 per cent in 2018. The company, which has been expanding its integrated model of having veterinary clinics in its retail pet stores, has been dropped from the index of the top 200 companies on the Australian Securities Exchange along with Genworth Mortgage Insurance. They will be replaced by agribusiness company Elders Limited and waste management and recycling operator Bingo Industries from September 24. GXL last $3.98.
Harvey Norman Holdings Limited (HVN):
Billionaire retailer Gerry Harvey says he has “put his money where his mouth is’’ by spending $10 million to ratchet up his stake in his bedding, furniture and whitegoods company Harvey Norman. Mr Harvey also declared he would sell every share he owned in any other company, Australian or overseas, to pick up cheap shares in Harvey Norman. Shares in Harvey Norman (HVN) have weakened by nearly 10 per cent since the group released its full-year results last month, with the stock suffering from a 16 per cent profit slide and a steeply discounted rights issue to raise $163.85 million. Reports the Australian Incitec Pivot Ltd (IPL): Incitec Pivot has reduced its Phosphate Hill production outlook for FY18 to 840,000 tonnes, from what was expected at 880,000t at the half year due to an extended turnaround. Ahead of its investor day today, the chemical and fertiliser maker said it was expectecting lower fertiliser distributions margins and sales volumes in NSW and QLD due to the dry conditions. It said explosives earnings were expected to be up on pcp, with growth in line with outlook at the half year.
James Hardie Industries plc (JHX):
The incoming chief executive of building products group James Hardie Industries expects the smaller lot sizes for new houses in Australia to be a strong driver of the local operations as more buyers opt for the flexibility of fibre cement board products instead of bricks. Jack Truong will take the helm of James Hardie by early next year after a six-month handover as current chief executive Louis Gries steps down after 13 years. Mr Truong told The Australian Financial Review on Friday he would be based in Chicago when he assumes the top job after a short period as chief operating officer of the company. He expects James Hardie to keep taking market share in the building products industry in Australia as buyers respond to the greater flexibility of fibre cement board and sheeting and the options it offers for different designs, amid a shrinking of lot sizes. Mr Gries, who has been chief executive of James Hardie since 2005, said on Friday that it would probably be another 30 years before the issues surrounding asbestosrelated products from the company's past, would disappear.
QBE Insurance Group Ltd (QBE):
QBE Insurance has lured Youi boss Frank Costigan as executive general manager of consumer and retail partnerships, as part of a series of changes in the company's Australia and New Zealand division. As revealed by The Australian Financial Review, QBE staff were on Thursday told of the key personal insurance lines appointment, which sees Eleanor Debelle, who was acting in that role, appointed as chief human resources officer for Australia and Zealand. QBE chief executive Pat Regan has been putting his stamp on the company's leadership team since taking the helm in January, seeking to steady the ship after a turbulent few years marred by profit downgrades, write-downs and a large 2017 loss of $US1.25 billion.
RCR Tomlinson Limited (RCR):
A takeover of construction engineering company RCR Tomlinson may not seem to be for the faint-hearted, but some in the market think that for Downer EDI, it may be a good idea. A troublesome solar project in northern Queensland plagued by cost overruns recently prompted RCR Tomlinson to embark on a $100m emergency capital raising, in which shares were sold at a 64.3 per cent discount to its last close of $2.80 on July 27. Shares crashed by 57 per cent once they resumed trading, The company is now worth $249 million and its share price is at $1.175 so on the face of it, the company looks cheap. A takeover bid by the $4.63 billion services group Downer, subject to due diligence, could make sense. Despite RCR’s problems, it has solid recurring income and would have contracts that Downer would want, to boost its own level of work in hand. The difficulty for Downer would be if RCR Tomlinson’s problems extend beyond one project, which is why any potential takeover would require a great deal of scrutiny up front.
Santos Ltd (STO):
Santos scored US$144 million in cash proceeds at the completion of the sale of its non-core Asian assets to Ophir Energy. The funds represent a sale price of US$221m after stardard ajustments inclufing free cash flows generated by assets and received by Santos from the transaction effective date of January 1. It says the funds will reduce its net debt - currently at US$2.2billion - leaving it well placed to reach its US$2 billion net debt target by October, a year ahead of schedule.
Updater Inc (UPD):
Fast-growing tech firm Updater will delist from the the ASX to pursue funding from Silicon Valley venture capitalists and funds, after shareholders unanimously voted in favour of the move. At a vote earlier today, 76.7 per cent of votes approved an ASX proposed off-mark buyback at either its highest raising price of $1.25 per CDI or the 20-day VWAP of the CDIs on the date of delisting, October 10. “Updater’s ASX listing has been an outstanding success, and we gratefully acknowledge the ASX’s role in Updater’s growth,” founder and chief David Greenberg said. “We are now ready for our next phase of development and delisting is a logical next step towards achieving our long-term vision and transitioning back to the US markets.” UPD last up 2.5pc at $1.02.
Woolworths Group Ltd (WOW):
Woolworths has hired 45 displaced refugees under the program, a partnership with Community Corporate, and is aiming to employ another 100 over the next year. Its efforts in employing refugees, Indigenous staff and people who identify as LGBTI, and closing the gender pay gap have been recognised by global information and media firm Thomson Reuters, which has ranked Woolworths first in Australia and 14th globally in its third annual Diversity & Inclusion Index. The Diversity and Inclusion index ranks the top 100 publicly traded companies out of a global pool of more than 7000 and measures 24 metrics across four key categories – diversity, inclusion, people development and news controversies.
(Source: AIMS)
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