AGL Energy Ltd (AGL):
Victoria’s largest energy supplier AGL risks losing its licence to sell power in the state after the energy regulator issued a warning over the company’s failure to provide performance data. The state’s Essential Services Commission warned the company it would initiate a review of AGL’s (AGL) licence if accurate data for 2017-18 wasn’t handed over by October 31. Energy retailers are required to provide data to the commission every quarter to promote transparency about how the energy market is operating in Victoria. “This is not just about data. The community has a right to know what’s happening in the energy market and AGL is denying the community that right,” Dr Ben-David said. The retailer told the Essential Services commission it was unable to provide data on the number of disconnected customers, how many customers were on hardship programs, how many customers were falling behind on bills and how long they were kept on hold when they called the company. AGL also failed to tell the commission how many of its customers receive a solar feed-in tariff and how many had their bills estimated.
AMP Ltd (AMP):
AMP staff knew the company was charging thousands of dead customers life insurance premiums for at least three years, the Hayne royal commission has heard. On Monday, it emerged that the diversified financial services player had identified internally that it was charging dead customers as far back as 2015. AMP staff officially identified a problem in April of this year and the issue was escalated to a working group in June however it was the subject of a customer complaint as far back as 2015 and internal discussion at AMP from at least 2016. AMP's estimates that 4,645 AMP super fund members had been overcharged $1.3 million, however, the investigation is still ongoing and the figure may rise. Counsel assisting Mark Costello was exploring deficiencies in the model AMP operates that mean it runs both super funds and the group life insurance policies that super funds hold. Mr Costello asked AMP group executive wealth solutions and chief customer officer Paul Sainsbury about circumstances where dead members were having insurance premiums deducted. Mr Sainsbury agreed this was the case. He said that following the elevation of the issue to a working group in June the company would find 3,123 dead members had been charged $922,922.
BWX Ltd (BWX):
The attempted management buyout of BWX, backed by Bain Capital, appears to have collapsed. It is understood the Australian-listed Natural skincare company will announce today the bid worth $818 million has failed to launch and that acting chief executive Myles Anceschi would be appointed to the role full-time. After almost 12 weeks of due diligence, Bain and its backers asked the board for an additional two weeks, which ran its course on Friday with no bid emerging. Chief executive John Humble and chief financial officer Aaron Finlay, who were behind the bid, will now resign. The management buyout proposal was made for the skin and hair care product company on May 21, with an offer of $6.60 a share cash or a cash-andscrip alternative.
Japara Healthcare Ltd (JHC):
Hardest hit by the announcement of a royal commission into aged care, Japara Health has come out in support of the move saying it welcomes the opportunity to contibute to the consultation. In a statement to the market this afternoon, chief and managing director said Japara had “always focused on high standards of care for our residents”. “We welcome the Commission with the hope that it facilitates further reform to the sector that supports better outcomes for all aged care residents now and in the future..” JHC shares have dropped as much as 21 per cent in trade today to historic lows, last down 16.6pc at $1.397.
Kidman Resources Ltd (KDR):
Lithium miner Kidman Resources has taken a hit in trade after flagging road blocks in the development of its Western Australian operations. Kidman, well known for its supply pact with Tesla, was reinstated to trade today after a week-long halt saying it had been refused exemption from minimum expenditure obligations from the Perth Mining Warden for the Mt Holland Project. Now, Kidman and joint venture partner Sociedad Quimica y Minera de Chile, are calling on the Minister for Mines to overrule the decision and clear the way to progress. Shares in the miner have dropped as much as 21 per cent on the news, making back some ground at lunch to trade down 15.81pc at $1.065. “We strongly believe that the Mt Holland Project, including the downstream refinery at Kwinana, is a project of not just importance to the State of Western Australia but also nationally as the supply chain for the emerging lithium industry is being established now and the opportunity for all relevant stakeholders that the Mt Holland Project provides is current,” Kidman chief and MD Martin Donohue said.
National Australia Bank Ltd (NAB):
National Australia Bank senior executive Andrew Hagger has become the latest casualty of the banking royal commission, and will leave the bank after 10 years. The institution's former head of wealth had been a key witness in the royal commission. He was directly criticised during recent hearings for withholding critical information from regulators about the "fee for no service" scandal. Mr Hagger acknowledged the reasons for his departure in part of a statement released to the Australian Stock Exchange on Monday morning. "I take accountability for what has occurred on my watch and accept that alongside successes were failures including instances where we did not act with the pace required," Mr Hagger said. "I leave NAB with confidence that we are creating a better bank." Mr Hagger's departure is part of executive leadership changes that NAB chief executive Andrew Thorburn described as a commitment to a "simpler, more customer-focused bank." In last month's hearings into the superannuation sector, the commission was told that NAB had potentially engaged in possible criminal misconduct for charging fees for no service, charging fees to dead customers and putting commissions ahead of shareholder interests.
Rio Tinto Ltd (RIO):
Rio Tinto’s $US345 million ($482m) deal to sell a number of its European aluminium assets to Norway’s Hydro has fallen through after European Commission competition approval took longer than expected. The companies had announced the acquisition plans in February, which included the sale of Rio’s (RIO) fully-owed ISAL smelter in Iceland and its 50 per cent share in the aluminium fluoride plant in Sweden. It also included the sale of Rio’s 53.3 per cent share in the Aluchemie anode plant in the Netherlands, in which Hydro owns the remaining 46.7 per cent. On Friday, Hydro pulled the pin on the deal, saying it was initially expected to be finalised in the second quarter of 2018. “After considering alternative timelines, outcomes and developments, Hydro requested to terminate the transaction and the parties have signed a termination agreement,” the company said in a statement.
Wesfarmers Ltd (WES):
A number of Wesfarmers’ most senior executives have suffered significant cuts to their remuneration, while outgoing chief executive Richard Goyder and his CFO Terry Bowen have had some of their bonuses clipped in the wake of the Bunnings UK misfire. Recently-appointed Bunnings boss Michael Schneider was singled out in the latest Wesfarmers annual report, released today, to have not met a series of financial targets in relation to Bunnings UK and as such wasn’t given benefits linked to this. Meanwhile Guy Russo, who is leaving after successfully turning around Kmart to make it one of the company’s best performing retail arms, has cemented his position as one of the highest-paid executives at Wesfarmers to almost eclipse the payout to new Wesfarmers CEO Rob Scott. Earlier this year Mr Scott warned there would be a cut to bonuses and pay following the billions of dollars blown on the push into the UK by Bunnings, as the Wesfarmers executive team took responsibility for the failed strategy. Wesfarmers’ annual report reveals some long-term incentives were cut, as were bonuses.
(Source：AIMS)
Victoria’s largest energy supplier AGL risks losing its licence to sell power in the state after the energy regulator issued a warning over the company’s failure to provide performance data. The state’s Essential Services Commission warned the company it would initiate a review of AGL’s (AGL) licence if accurate data for 2017-18 wasn’t handed over by October 31. Energy retailers are required to provide data to the commission every quarter to promote transparency about how the energy market is operating in Victoria. “This is not just about data. The community has a right to know what’s happening in the energy market and AGL is denying the community that right,” Dr Ben-David said. The retailer told the Essential Services commission it was unable to provide data on the number of disconnected customers, how many customers were on hardship programs, how many customers were falling behind on bills and how long they were kept on hold when they called the company. AGL also failed to tell the commission how many of its customers receive a solar feed-in tariff and how many had their bills estimated.
AMP Ltd (AMP):
AMP staff knew the company was charging thousands of dead customers life insurance premiums for at least three years, the Hayne royal commission has heard. On Monday, it emerged that the diversified financial services player had identified internally that it was charging dead customers as far back as 2015. AMP staff officially identified a problem in April of this year and the issue was escalated to a working group in June however it was the subject of a customer complaint as far back as 2015 and internal discussion at AMP from at least 2016. AMP's estimates that 4,645 AMP super fund members had been overcharged $1.3 million, however, the investigation is still ongoing and the figure may rise. Counsel assisting Mark Costello was exploring deficiencies in the model AMP operates that mean it runs both super funds and the group life insurance policies that super funds hold. Mr Costello asked AMP group executive wealth solutions and chief customer officer Paul Sainsbury about circumstances where dead members were having insurance premiums deducted. Mr Sainsbury agreed this was the case. He said that following the elevation of the issue to a working group in June the company would find 3,123 dead members had been charged $922,922.
BWX Ltd (BWX):
The attempted management buyout of BWX, backed by Bain Capital, appears to have collapsed. It is understood the Australian-listed Natural skincare company will announce today the bid worth $818 million has failed to launch and that acting chief executive Myles Anceschi would be appointed to the role full-time. After almost 12 weeks of due diligence, Bain and its backers asked the board for an additional two weeks, which ran its course on Friday with no bid emerging. Chief executive John Humble and chief financial officer Aaron Finlay, who were behind the bid, will now resign. The management buyout proposal was made for the skin and hair care product company on May 21, with an offer of $6.60 a share cash or a cash-andscrip alternative.
Japara Healthcare Ltd (JHC):
Hardest hit by the announcement of a royal commission into aged care, Japara Health has come out in support of the move saying it welcomes the opportunity to contibute to the consultation. In a statement to the market this afternoon, chief and managing director said Japara had “always focused on high standards of care for our residents”. “We welcome the Commission with the hope that it facilitates further reform to the sector that supports better outcomes for all aged care residents now and in the future..” JHC shares have dropped as much as 21 per cent in trade today to historic lows, last down 16.6pc at $1.397.
Kidman Resources Ltd (KDR):
Lithium miner Kidman Resources has taken a hit in trade after flagging road blocks in the development of its Western Australian operations. Kidman, well known for its supply pact with Tesla, was reinstated to trade today after a week-long halt saying it had been refused exemption from minimum expenditure obligations from the Perth Mining Warden for the Mt Holland Project. Now, Kidman and joint venture partner Sociedad Quimica y Minera de Chile, are calling on the Minister for Mines to overrule the decision and clear the way to progress. Shares in the miner have dropped as much as 21 per cent on the news, making back some ground at lunch to trade down 15.81pc at $1.065. “We strongly believe that the Mt Holland Project, including the downstream refinery at Kwinana, is a project of not just importance to the State of Western Australia but also nationally as the supply chain for the emerging lithium industry is being established now and the opportunity for all relevant stakeholders that the Mt Holland Project provides is current,” Kidman chief and MD Martin Donohue said.
National Australia Bank Ltd (NAB):
National Australia Bank senior executive Andrew Hagger has become the latest casualty of the banking royal commission, and will leave the bank after 10 years. The institution's former head of wealth had been a key witness in the royal commission. He was directly criticised during recent hearings for withholding critical information from regulators about the "fee for no service" scandal. Mr Hagger acknowledged the reasons for his departure in part of a statement released to the Australian Stock Exchange on Monday morning. "I take accountability for what has occurred on my watch and accept that alongside successes were failures including instances where we did not act with the pace required," Mr Hagger said. "I leave NAB with confidence that we are creating a better bank." Mr Hagger's departure is part of executive leadership changes that NAB chief executive Andrew Thorburn described as a commitment to a "simpler, more customer-focused bank." In last month's hearings into the superannuation sector, the commission was told that NAB had potentially engaged in possible criminal misconduct for charging fees for no service, charging fees to dead customers and putting commissions ahead of shareholder interests.
Rio Tinto Ltd (RIO):
Rio Tinto’s $US345 million ($482m) deal to sell a number of its European aluminium assets to Norway’s Hydro has fallen through after European Commission competition approval took longer than expected. The companies had announced the acquisition plans in February, which included the sale of Rio’s (RIO) fully-owed ISAL smelter in Iceland and its 50 per cent share in the aluminium fluoride plant in Sweden. It also included the sale of Rio’s 53.3 per cent share in the Aluchemie anode plant in the Netherlands, in which Hydro owns the remaining 46.7 per cent. On Friday, Hydro pulled the pin on the deal, saying it was initially expected to be finalised in the second quarter of 2018. “After considering alternative timelines, outcomes and developments, Hydro requested to terminate the transaction and the parties have signed a termination agreement,” the company said in a statement.
Wesfarmers Ltd (WES):
A number of Wesfarmers’ most senior executives have suffered significant cuts to their remuneration, while outgoing chief executive Richard Goyder and his CFO Terry Bowen have had some of their bonuses clipped in the wake of the Bunnings UK misfire. Recently-appointed Bunnings boss Michael Schneider was singled out in the latest Wesfarmers annual report, released today, to have not met a series of financial targets in relation to Bunnings UK and as such wasn’t given benefits linked to this. Meanwhile Guy Russo, who is leaving after successfully turning around Kmart to make it one of the company’s best performing retail arms, has cemented his position as one of the highest-paid executives at Wesfarmers to almost eclipse the payout to new Wesfarmers CEO Rob Scott. Earlier this year Mr Scott warned there would be a cut to bonuses and pay following the billions of dollars blown on the push into the UK by Bunnings, as the Wesfarmers executive team took responsibility for the failed strategy. Wesfarmers’ annual report reveals some long-term incentives were cut, as were bonuses.
(Source：AIMS)
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