A2 Milk Company Ltd (A2M):
A2 Milk has this morning announce a shakeup in its senior leadership, with two outgoing staff and a new executive vice president to be based permanently in Shanghai. General manager international development Simon Hennessy has taken an early retirement after 11 years with the company while head of business development - emerging markets Michael Bracka has left to take a new role. A2 Milk says an announcement on the appointment of a new Executive Vice President - China would follow. “The functions relating to the emerging markets role will report temporarily to the Company’s Chief Financial Officer while a search is undertaken,” it said.
AMP Limited (AMP):
May 9, a day before AMP's annual general meeting, boutique class-action specialist Quinn Emanuel filed the first-class action against the wealth giant in the NSW Supreme Court. Less than a month prior, AMP had had a spectacular blow-up at the banking royal commission which saw its market value fall by $2 billion. It had the potential to be one of Australia's largest shareholder claims, Quinn Emanuel said in a media release, less than two hours after filing the court documents. It turns out Quinn Emanuel wasn't the only law firm working towards a tight deadline. At 10.56 that night, another boutique class-action firm, Phi Finney McDonald, electronically filed its class action against AMP, this time in the Federal Court.
Bank of Queensland Limited (BOQ):
Bank of Queensland has terminated the $65 million sale of its St Andrew’s Insurance arm to Freedom Insurance Group saying it could not satisfy time limits in the agreement. In a note to the market, BoQ said the decision was mutually agreed with Freedom and would assess its options for the insurance company. “BOQ will continue to assess its strategic options in relation to St Andrew’s. In the meantime, St Andrew’s continues to be a strongly capitalised business that remains focused on delivering for its customers and corporate partners,” it said. The termination was foreshadowed by The Australian’s DataRoom last week, after the company’s share price crashed by 50 per cent. Freedom, which was hammered in the royal commission and has since lost two chief executives, was further sold off after it revealed last week that was facing a major cash crunch in the year ahead.
Blue Sky Alternative Investments Ltd (BLA):
Blue Sky Alternative Investments has announced the appointment of three additional independent directors to its board as it works to turn around its image. FIRB member and former WA minister Hon. Cheryl Edwardes AM, Crestone Wealth director and former chair John McDonald and barrister Robert Kaye SC will replace outgoing execs. “As noted in the Chairman’s Address at the Company’s 2018 AGM, once Andrew Day returns to a non-executive role following the transition to a new CEO, the Board will be entirely non-executive and majority independent,” it said in a statement to the market.
IOOF Holdings Limited (IFL):
IOOF bosses Chris Kelaher and chairman George Venardos have agreed to step aside effective immediately, pending the result of proceedings brought on by APRA. It comes after the regulator called out both execs, as well as finance boss David Coulter, company secretary Andrew Vine and general counsel Gary Riodan, as not fit and proper to run a superannuation company. Current group general manager Renato Mota has been appointed acting chief executive and non-executive director Allan Griffiths as acting chairman. “We maintain our position that the allegations made by APRA are misconceived, and will be vigorously defended,” acting chairman Mr Griffiths said. “The Board believes that, in the interests of good governance, it is appropriate that Chris and George step aside from their positions. The Board will also commence a search for an additional nonexecutive Director.” Mr Kelaher and Mr Vernados will be on leave while they focus on defending the actions brought against them by APRA while the remaining three execs will remain in their positions but with no responsibilities of the management of IOOF trustee companies or engagement with APRA.
National Australia Bank Ltd (NAB):
NAB has launched a blacklist of phrases and explanations no longer acceptable for borrowers seeking personal, household or residential investment loans as the bank tightens credit card lending and reviews minimum living expenses used for loan applications. The nation's third largest mortgage lender is introducing minimum mandatory responses from borrowers about why they need to borrow, their personal and financial circumstances and how they intend to repay. Bank staff and brokers, acting as intermediaries between borrowers and the bank, will no longer be able to respond to a written request for information from an applicant about expenses with "$0", or use commentary like "agreed with customer", or "spoke to customer" on loan applications. Other banned phrases, which fail to provide any reasons relating to expenses, include "customer conversation hold", "refer to attachment/notes" or "as per customer conversation". The latest round of tightening follows the bank's bruising experience at the banking royal commission and internal analysis that found flaws in its governance, culture and accountability.
Nine Entertainment Co Holdings Ltd (NEC):
Newly forged media giant Nine has taken a slide on its first day incorporated with Fairfax. Nine Entertainment shares were down 3.28 per cent to $1.62 at lunch. Last week the new-look Nine said $35 million in cost savings had alread been realised on implementation, predominantly from duplicated corporate costs, sales and digital publishing. “A further c$30m (for a total of c$65m) has now been identified, $50m of which (on an annualised basis) will be realised by June 2019, less than one year after the merger announcement, with the remainder by June 2020. The rationalisation of technology costs is still largely to be addressed,” Nine said in a statement.
Qantas Airways Limited (IPL):
Bendigo will be connected to Sydney with regular flights operated by Qantas starting early next year, marking the first regular commercial airline services out of the Victorian city in more than three decades. Qantas announced on Monday it would operate return flights six days a week from the historic gold-rush town, increasing to daily flights during the peak summer period, using QantasLink's 50-seat Bombardier Q300 turboprop aircraft. QantasLink chief executive John Gissing said the new service, to start on March 31, was in response to demand from local businesses that needed an easier way to get to Sydney and was made possible by recent upgrades to Bendigo Airport. “No airline has ever offered regular passenger flights between Bendigo and Sydney– so these flights are a win for both travellers and tourism," Mr Gissing said.
Telstra Corporation Ltd (TLS):
Telstra is positioned to be the dominant player in 5G wholesale and retail, after emerging from the regulator's three-week long auction with the biggest chunk of the nation's 5G spectrum. The telco giant spent $387 million to get access to 143 lots. That will give it access to the biggest single share of the 3.6 GHz frequency, spread across 143 locations around the country. Only four players successfully bid for the spectrum. Mobile JV, a joint venture between Vodafone and TPG,was the second-biggest bidder, winning 131 lots to Telstra's 143, at a cost of $263 million. Assuming the proposed merger between TPG and Vodafone goes ahead, this will make the merged company a close competitor to Telstra in 5G. If it doesn't, the joint venture is expected to stand. The Australian Competition and Consumer Commission is expected to make a decision on the merger this week.
(Source: AIMS)
A2 Milk has this morning announce a shakeup in its senior leadership, with two outgoing staff and a new executive vice president to be based permanently in Shanghai. General manager international development Simon Hennessy has taken an early retirement after 11 years with the company while head of business development - emerging markets Michael Bracka has left to take a new role. A2 Milk says an announcement on the appointment of a new Executive Vice President - China would follow. “The functions relating to the emerging markets role will report temporarily to the Company’s Chief Financial Officer while a search is undertaken,” it said.
AMP Limited (AMP):
May 9, a day before AMP's annual general meeting, boutique class-action specialist Quinn Emanuel filed the first-class action against the wealth giant in the NSW Supreme Court. Less than a month prior, AMP had had a spectacular blow-up at the banking royal commission which saw its market value fall by $2 billion. It had the potential to be one of Australia's largest shareholder claims, Quinn Emanuel said in a media release, less than two hours after filing the court documents. It turns out Quinn Emanuel wasn't the only law firm working towards a tight deadline. At 10.56 that night, another boutique class-action firm, Phi Finney McDonald, electronically filed its class action against AMP, this time in the Federal Court.
Bank of Queensland Limited (BOQ):
Bank of Queensland has terminated the $65 million sale of its St Andrew’s Insurance arm to Freedom Insurance Group saying it could not satisfy time limits in the agreement. In a note to the market, BoQ said the decision was mutually agreed with Freedom and would assess its options for the insurance company. “BOQ will continue to assess its strategic options in relation to St Andrew’s. In the meantime, St Andrew’s continues to be a strongly capitalised business that remains focused on delivering for its customers and corporate partners,” it said. The termination was foreshadowed by The Australian’s DataRoom last week, after the company’s share price crashed by 50 per cent. Freedom, which was hammered in the royal commission and has since lost two chief executives, was further sold off after it revealed last week that was facing a major cash crunch in the year ahead.
Blue Sky Alternative Investments Ltd (BLA):
Blue Sky Alternative Investments has announced the appointment of three additional independent directors to its board as it works to turn around its image. FIRB member and former WA minister Hon. Cheryl Edwardes AM, Crestone Wealth director and former chair John McDonald and barrister Robert Kaye SC will replace outgoing execs. “As noted in the Chairman’s Address at the Company’s 2018 AGM, once Andrew Day returns to a non-executive role following the transition to a new CEO, the Board will be entirely non-executive and majority independent,” it said in a statement to the market.
IOOF Holdings Limited (IFL):
IOOF bosses Chris Kelaher and chairman George Venardos have agreed to step aside effective immediately, pending the result of proceedings brought on by APRA. It comes after the regulator called out both execs, as well as finance boss David Coulter, company secretary Andrew Vine and general counsel Gary Riodan, as not fit and proper to run a superannuation company. Current group general manager Renato Mota has been appointed acting chief executive and non-executive director Allan Griffiths as acting chairman. “We maintain our position that the allegations made by APRA are misconceived, and will be vigorously defended,” acting chairman Mr Griffiths said. “The Board believes that, in the interests of good governance, it is appropriate that Chris and George step aside from their positions. The Board will also commence a search for an additional nonexecutive Director.” Mr Kelaher and Mr Vernados will be on leave while they focus on defending the actions brought against them by APRA while the remaining three execs will remain in their positions but with no responsibilities of the management of IOOF trustee companies or engagement with APRA.
National Australia Bank Ltd (NAB):
NAB has launched a blacklist of phrases and explanations no longer acceptable for borrowers seeking personal, household or residential investment loans as the bank tightens credit card lending and reviews minimum living expenses used for loan applications. The nation's third largest mortgage lender is introducing minimum mandatory responses from borrowers about why they need to borrow, their personal and financial circumstances and how they intend to repay. Bank staff and brokers, acting as intermediaries between borrowers and the bank, will no longer be able to respond to a written request for information from an applicant about expenses with "$0", or use commentary like "agreed with customer", or "spoke to customer" on loan applications. Other banned phrases, which fail to provide any reasons relating to expenses, include "customer conversation hold", "refer to attachment/notes" or "as per customer conversation". The latest round of tightening follows the bank's bruising experience at the banking royal commission and internal analysis that found flaws in its governance, culture and accountability.
Nine Entertainment Co Holdings Ltd (NEC):
Newly forged media giant Nine has taken a slide on its first day incorporated with Fairfax. Nine Entertainment shares were down 3.28 per cent to $1.62 at lunch. Last week the new-look Nine said $35 million in cost savings had alread been realised on implementation, predominantly from duplicated corporate costs, sales and digital publishing. “A further c$30m (for a total of c$65m) has now been identified, $50m of which (on an annualised basis) will be realised by June 2019, less than one year after the merger announcement, with the remainder by June 2020. The rationalisation of technology costs is still largely to be addressed,” Nine said in a statement.
Qantas Airways Limited (IPL):
Bendigo will be connected to Sydney with regular flights operated by Qantas starting early next year, marking the first regular commercial airline services out of the Victorian city in more than three decades. Qantas announced on Monday it would operate return flights six days a week from the historic gold-rush town, increasing to daily flights during the peak summer period, using QantasLink's 50-seat Bombardier Q300 turboprop aircraft. QantasLink chief executive John Gissing said the new service, to start on March 31, was in response to demand from local businesses that needed an easier way to get to Sydney and was made possible by recent upgrades to Bendigo Airport. “No airline has ever offered regular passenger flights between Bendigo and Sydney– so these flights are a win for both travellers and tourism," Mr Gissing said.
Telstra Corporation Ltd (TLS):
Telstra is positioned to be the dominant player in 5G wholesale and retail, after emerging from the regulator's three-week long auction with the biggest chunk of the nation's 5G spectrum. The telco giant spent $387 million to get access to 143 lots. That will give it access to the biggest single share of the 3.6 GHz frequency, spread across 143 locations around the country. Only four players successfully bid for the spectrum. Mobile JV, a joint venture between Vodafone and TPG,was the second-biggest bidder, winning 131 lots to Telstra's 143, at a cost of $263 million. Assuming the proposed merger between TPG and Vodafone goes ahead, this will make the merged company a close competitor to Telstra in 5G. If it doesn't, the joint venture is expected to stand. The Australian Competition and Consumer Commission is expected to make a decision on the merger this week.
(Source: AIMS)
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