Australia and New Zealand Banking Group (ANZ):
ANZ is no closer to approving the deal to sell its wealth management business to IOOF after the departure of managing director Chris Kelaher, with the bank expressing concerns the company remains on autopilot after the regulator sidelined five key decisionmakers late last year. ANZ’s deputy chief executive and former wealth management boss Alexis George told AFR Weekend there were still some roadblocks in the way of the deal, including the fact IOOF did not have a fully functioning executive suite. “It’s good that we now have a permanent chairman [to deal with] but we just need to understand how we can deal with the capacity issue at the senior level,” Ms George said. “You have to remember there is no CEO or CFO or a head of legal we can deal with.”
Commonwealth Bank of Australia (CBA) & Telstra Corporation Ltd (TLS):
Commonwealth Bank and Telstra have teamed up on a top-secret blockchain project that aims to add new levels of security for high-value transactions completed online. The Australian Financial Review has learnt Australia’s largest bank and telco have been working on the project together for months, with Telstra putting some of its top coders on the project. Described as an “electronic escrow” service in patent information, the project is believed to use distributed ledger technology (DLT) to give customers additional guarantees when making transactions worth thousands of dollars.
Lynas Corporation Ltd (LYC):
Two Japanese heavyweight corporations have set the scene for a showdown with Wesfarmers over control of Lynas Corporation. Leading trading firm Sojitz Corporation, Lynas's exclusive distribution partner in Japan, broke its silence on the Wesfarmers' indicative $1.5 billion takeover bid for Lynas on Monday, saying "we look forward to continuing to grow our business alongside our colleagues in the Lynas management team". The Amanda Lacaze-led Lynas also received strong backing from its Japanese lenders Japan Australia Rare Earths, an arm of Japan Oil, Gas and Metals National Corporation. Late on Friday Malaysian Prime Minister Mahathir Mohamad said Lynas would be able to continue processing its rare earths in the country, if it agreed to first decontaminate raw material before sending it there.
Macarthur Coal Limited (MCC):
What started with a handshake between two coal barons has now become one of the largest legal battles to pass through the Queensland court system. The damages claim is $1.1 billion, and 398 files have been lodged with the Queensland Supreme Court registry. In the 11 years and six months from when the legal action was started to the start of trial, the court has convened 62 times for pre-trial case reviews and other events. Six weeks have been set aside for the hearing, which started on Monday. At the heart of the claim is whether or not Macarthur Coal, which was subsequently acquired by US giant Peabody Energy, is liable to joint venture partners for the losses arising from its decision not to follow an agreement to develop a Queensland coal mine. For an industry built on the networks that bring capital and projects together, the case is set to be closely watched by the mining entrepreneurs and executives across the country.
MMG Limited (MMG):
An indigenous village in Peru has agreed to end its two-month road blockade of MMG Ltd's copper mine Las Bambas in exchange for a commitment from the company to pay it for travelling through its farmland, according to a document detailing the deal on at the weekend. The road blockades by the community, Fuerabamba, should be lifted by Monday, the document said. It was signed by the president of Fuerabamba, Gregorio Rojas, Peru's Prime Minister and the mine's manager after 10 hours of talks in the capital, Lima. The agreement appears to break the stalemate between Fuerabamba and MMG that has all but shut down Las Bambas, an open-pit mine in southern Peru that produces about 400,000 tonnes of copper a year.
News Corporation (NWS):
Hot on the heels of Lachlan and Sarah Murdoch's 20th wedding anniversary celebrations at Icebergs and Cavan, News Corp's directors have been trickling into the country in recent days ahead of the board's meeting this week at the media company's headquarters in Sydney. It should be quite the lovely junket for Spain's former president José María Aznar, former Republican senator Kelly Ayotte and Natalie Bancroft of the Dow Jones dynasty. News Corp's lead director is former Philip Morris executive (and Melburnian), Peter Barnes. Chief executive Robert Thomson was a notable fixture at Holt Street (and at the Herald and Weekly Times' Southbank tower) last week. Patriarch and co-chairman Rupert Murdoch was already in town for his eldest son's festivities.
Resolute Mining Limited (RSG):
Resolute Mining shares are trading higher after the company released its March quarter production update. The gold miner said production had increased by 33 per cent for the quarter and that the company ahd achieved record quarterly gold production at its Syama mine in Mali. "Syama is becoming the robust, flexible, high production, low cost gold mine we have envisaged," said managing director and CEO John Welborn. "Syama will be a powerhouse of gold production for Resolute for many years to come. Underground ore production will continue to ramp up. Importantly we have provided the team additional time to optimise and commission the most advanced underground mining automation system in the world."
Woolworths Group Ltd (WOW) & Coles Group Ltd (COL):
Woolworths and Coles have been in a standoff with global food manufacturers after refusing to approve price rises for popular products, such as porridge oats and cat food, triggered by rising commodity costs. Nestle has stopped supplying its market-leading Uncle Tobys oats and Vita Brits to Woolworths after Australia's largest supermarket chain refused to pass on a 6 per cent price rise late last month. Mars Petcare stopped supplying both Woolworths and Coles with its market-leading pet food brands including Whiskas, Pedigree, My Dog and Dine after failing to secure price rises. The disputes have left large gaps on supermarket shelves and triggered a torrent of complaints from customers, who have voiced their anger on social media.
(Source: AIMS)
ANZ is no closer to approving the deal to sell its wealth management business to IOOF after the departure of managing director Chris Kelaher, with the bank expressing concerns the company remains on autopilot after the regulator sidelined five key decisionmakers late last year. ANZ’s deputy chief executive and former wealth management boss Alexis George told AFR Weekend there were still some roadblocks in the way of the deal, including the fact IOOF did not have a fully functioning executive suite. “It’s good that we now have a permanent chairman [to deal with] but we just need to understand how we can deal with the capacity issue at the senior level,” Ms George said. “You have to remember there is no CEO or CFO or a head of legal we can deal with.”
Commonwealth Bank of Australia (CBA) & Telstra Corporation Ltd (TLS):
Commonwealth Bank and Telstra have teamed up on a top-secret blockchain project that aims to add new levels of security for high-value transactions completed online. The Australian Financial Review has learnt Australia’s largest bank and telco have been working on the project together for months, with Telstra putting some of its top coders on the project. Described as an “electronic escrow” service in patent information, the project is believed to use distributed ledger technology (DLT) to give customers additional guarantees when making transactions worth thousands of dollars.
Lynas Corporation Ltd (LYC):
Two Japanese heavyweight corporations have set the scene for a showdown with Wesfarmers over control of Lynas Corporation. Leading trading firm Sojitz Corporation, Lynas's exclusive distribution partner in Japan, broke its silence on the Wesfarmers' indicative $1.5 billion takeover bid for Lynas on Monday, saying "we look forward to continuing to grow our business alongside our colleagues in the Lynas management team". The Amanda Lacaze-led Lynas also received strong backing from its Japanese lenders Japan Australia Rare Earths, an arm of Japan Oil, Gas and Metals National Corporation. Late on Friday Malaysian Prime Minister Mahathir Mohamad said Lynas would be able to continue processing its rare earths in the country, if it agreed to first decontaminate raw material before sending it there.
Macarthur Coal Limited (MCC):
What started with a handshake between two coal barons has now become one of the largest legal battles to pass through the Queensland court system. The damages claim is $1.1 billion, and 398 files have been lodged with the Queensland Supreme Court registry. In the 11 years and six months from when the legal action was started to the start of trial, the court has convened 62 times for pre-trial case reviews and other events. Six weeks have been set aside for the hearing, which started on Monday. At the heart of the claim is whether or not Macarthur Coal, which was subsequently acquired by US giant Peabody Energy, is liable to joint venture partners for the losses arising from its decision not to follow an agreement to develop a Queensland coal mine. For an industry built on the networks that bring capital and projects together, the case is set to be closely watched by the mining entrepreneurs and executives across the country.
MMG Limited (MMG):
An indigenous village in Peru has agreed to end its two-month road blockade of MMG Ltd's copper mine Las Bambas in exchange for a commitment from the company to pay it for travelling through its farmland, according to a document detailing the deal on at the weekend. The road blockades by the community, Fuerabamba, should be lifted by Monday, the document said. It was signed by the president of Fuerabamba, Gregorio Rojas, Peru's Prime Minister and the mine's manager after 10 hours of talks in the capital, Lima. The agreement appears to break the stalemate between Fuerabamba and MMG that has all but shut down Las Bambas, an open-pit mine in southern Peru that produces about 400,000 tonnes of copper a year.
News Corporation (NWS):
Hot on the heels of Lachlan and Sarah Murdoch's 20th wedding anniversary celebrations at Icebergs and Cavan, News Corp's directors have been trickling into the country in recent days ahead of the board's meeting this week at the media company's headquarters in Sydney. It should be quite the lovely junket for Spain's former president José María Aznar, former Republican senator Kelly Ayotte and Natalie Bancroft of the Dow Jones dynasty. News Corp's lead director is former Philip Morris executive (and Melburnian), Peter Barnes. Chief executive Robert Thomson was a notable fixture at Holt Street (and at the Herald and Weekly Times' Southbank tower) last week. Patriarch and co-chairman Rupert Murdoch was already in town for his eldest son's festivities.
Resolute Mining Limited (RSG):
Resolute Mining shares are trading higher after the company released its March quarter production update. The gold miner said production had increased by 33 per cent for the quarter and that the company ahd achieved record quarterly gold production at its Syama mine in Mali. "Syama is becoming the robust, flexible, high production, low cost gold mine we have envisaged," said managing director and CEO John Welborn. "Syama will be a powerhouse of gold production for Resolute for many years to come. Underground ore production will continue to ramp up. Importantly we have provided the team additional time to optimise and commission the most advanced underground mining automation system in the world."
Woolworths Group Ltd (WOW) & Coles Group Ltd (COL):
Woolworths and Coles have been in a standoff with global food manufacturers after refusing to approve price rises for popular products, such as porridge oats and cat food, triggered by rising commodity costs. Nestle has stopped supplying its market-leading Uncle Tobys oats and Vita Brits to Woolworths after Australia's largest supermarket chain refused to pass on a 6 per cent price rise late last month. Mars Petcare stopped supplying both Woolworths and Coles with its market-leading pet food brands including Whiskas, Pedigree, My Dog and Dine after failing to secure price rises. The disputes have left large gaps on supermarket shelves and triggered a torrent of complaints from customers, who have voiced their anger on social media.
(Source: AIMS)
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