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☆ Optus parent SingTel denies software upgrade as root cause for outage
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Singapore Telecommunications Ltd (STEL.SI), the parent of Australian telecoms provider Optus, said on Thursday its planned software update was not the root cause for an outage last week, contradicting Optus' claims earlier this week. Optus had earlier in the week said an initial investigation found the company's network was affected by "changes to routing information from an international peering network" after a "routine software upgrade". SingTel, while confirming that Singtel Internet Exchange (STiX) is one of Optus' international networks that connects to the global internet, denied that the routine software upgrade was the root cause. "We are aware that Optus experienced a network outage after the upgrade when a significant increase in addresses being propagated through their network triggered preset failsafes," SingTel said. SingTel's statement comes a day before Optus CEO, Kelly Bayer Rosmarin faces an Australian senate inquiry into the massive outage.

Persons: SingTel, Kelly Bayer Rosmarin, Sameer Manekar, Dhanya Ann Thoppil Organizations: Singapore Telecommunications Ltd, Optus, Singapore Telecommunications, Thomson Locations: Bengaluru

People walk past the headquarters of the Chinese ride-hailing service Didi in Beijing, China, December 3, 2021. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsNov 13 (Reuters) - Didi Global, China's largest ride-hailing company, on Monday reported its first quarterly profit since 2021, adding to signs of its comeback from regulatory challenges as domestic demand for mobility services continues to recover. Didi in 2021 came into the crosshairs of China's cyberspace regulator for pursuing a U.S. stock listing without an approval. Didi was fined $1.2 billion in July 2022 over data-security breaches, but began to emerge from these regulatory troubles in January after it was allowed to restore its apps. The company has also taken steps to streamline its business operations and focus on its core ride-hailing services.

Persons: Didi, Thomas Peter, Alibaba, Wei Cheng, Yelin, Sameer Manekar, Kim Coghill, Sherry Jacob, Phillips Organizations: REUTERS, Didi Global, HK, SoftBank, Monday, New York Stock Exchange, Thomson Locations: Beijing, China, U.S, Yelin Mo, Bengaluru

"AustralianSuper believes Origin has a highly strategic portfolio of assets to participate in, and benefit from, the energy transition," a spokesperson said. Origin shares plunged as much as 5.6% to A$8.565 in high-volume trading following the news, as AustralianSuper's 13.68% holding could scupper a deal that requires approval from 75% of the register if not all investors vote. Should the deal fail at the shareholder vote scheduled for Nov. 23, a revised agreement allows the consortium to make a subsequent off-market bid if it buys 5% or more of Origin shares. "If it gets voted down, Brookfield aren't obligated to come back with an off-market takeover offer, but they may be inclined to," he said. Should the deal close, Brookfield and its partners GIC and Temasek will own Origin's Energy Markets business, which includes power generation and retailing.

Persons: Dado Ruvic, AustralianSuper, Canada's Brookfield, Brookfield, Jamie Hannah, Simon Mawhinney, Allan Gray, Stewart Upson, Scott Murdoch, Lewis Jackson, Sameer Manekar, Jamie Freed Organizations: Brookfield, REUTERS, SYDNEY, bourse, Brookfield Asia, Energy Markets, Saudi Arabia's Aramco, Australia Pacific LNG, Thomson Locations: VanEck, Brookfield, Temasek, Saudi, Australia, Sydney, Bengaluru

AustralianSuper owns a 13.68% stake in Origin Energy and said the offer was "substantially below" its estimate of long-term value for Australia's biggest energy retailer. Origin shares were down 0.9% in early trade on Tuesday at A$9.10 each, which was above the $A8.81 offer price. Origin shares have been trading above the offer price since the deal got an approval from the country's competition regulator on Oct. 10. Origin shares closed at A$9.17 on Monday, 4.1% above the offer price. "The current offer from the Brookfield and EIG-backed consortium remains substantially below our estimate of Origin's long-term value," the firm said.

Persons: AustralianSuper, Max Vickerson, AusSuper, it’s, Scott Murdoch, Lewis Jackson, Sameer Manekar, Josie Kao, Lincoln, Chris Reese Organizations: Origin Energy, Brookfield, stockbroker Morgans, Frontier Economics, Energy, Thomson Locations: Brookfield, EIG, Sydey, Bengaluru

☆ Qantas to fight regulator over cancelled flights tickets sale case
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +1 min

Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble/File Photo Acquire Licensing RightsOct 30 (Reuters) - Qantas Airways Ltd (QAN.AX) on Monday said it will defend itself against Australia's competition regulator's accusations that the flagship carrier sold tickets to thousands of flights after they were after they were cancelled. Qantas said the Australian Competition and Consumer Commission's (ACCC) case, which accuses it of selling the tickets for flights for more than 48 hours after they were cancelled, does not constitute "fee for no service". "This is consistent with our obligations under consumer law and is what we did during the period the ACCC examined," Qantas said. Reporting by Sameer Manekar in Bengaluru; Editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Sameer Manekar, Grant McCool Organizations: Qantas, Melbourne International Airport, REUTERS, Qantas Airways Ltd, Australian Competition, Consumer Commission's, Australian Stock Exchange, Thomson Locations: Melbourne, Australia, Bengaluru

☆ Macquarie fund to invest in US fiber internet provider SwyftFiber
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/David Gray/File photo Acquire Licensing RightsOct 26 (Reuters) - Australia's Macquarie Group (MQG.AX) said late on Thursday that a fund managed by its asset management arm would invest in U.S.-based telecom services provider SwyftFiber. Although Macquarie did not disclose the financial details of the deal, Bloomberg reported on Wednesday that Macquarie was investing about $275 million for a majority stake. Neither Macquarie nor SwyftFiber respond to Reuters' requests for comment on deal details. The fund's proposed investment will allow SwyftFiber to speed up the construction of fiber infrastructure in existing and new markets, Macquarie said in a statement. SwyftFiber provides internet and television streaming services to communities in Louisiana, Arkansas and Mississippi, it added.

Persons: David Gray, Macquarie, Sameer Manekar, Anil D'Silva Organizations: Macquarie Group, REUTERS, Australia's Macquarie Group, Bloomberg, Thomson Locations: Sydney, Australia, Louisiana , Arkansas, Mississippi, Bengaluru

☆ Stellantis to buy about 20% stake in China's Zhejiang Leapmotor for $1.6 bln
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsOct 26 (Reuters) - Stellantis NV (STLAM.MI) said on Thursday it would invest 1.5 billion euros ($1.58 billion) to acquire approximately 20% of Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology (9863.HK). After the subscription, Stellantis will own about 21.07% of Zhejiang Leapmotor's total issued Hong Kong shares. Stellantis, whose brands include Fiat and Peugeot, has a very small presence in China, the world's largest auto market. The group last year closed its joint venture that makes Jeeps in China with local partner Guangzhou Automobile Group (601238.SS) amid disappointing results.

Persons: Pascal, Leapmotor, Stellantis, Carlos Tavares, Sameer Manekar, Kanjyik Ghosh, Devika Syamnath, Subhranshu Organizations: REUTERS, Stellantis, Zhejiang Leapmotor Technology, HK, Hong, Hong Kong, Chrysler, Fiat, Peugeot, Renault, Guangzhou Automobile Group, Thomson Locations: Hordain, France, Zhejiang, Hong Kong, Greater China, China, Europe, Bengaluru

☆ Commonwealth Bank of Australia raises $794 mln worth of debt
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO:A woman walks past a Commonwealth Bank of Australia logo and ATM in Sydney, Australia, February 7, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsOct 25 (Reuters) - Commonwealth Bank of Australia (CBA.AX) on Wednesday announced the issuance of A$1.25 billion ($794.38 million) worth of subordinated notes. The issue of subordinated securities will not have a material impact on its financial position, the country's largest lender said. The bank is issuing A$550 million worth of subordinated fixed to floating rate securities and A$700 million worth of subordinated floating rate securities, both due in a decade. "The subordinated securities potentially exchange into fully paid ordinary shares of CBA if a non-viability trigger event occurs," the bank said.

Persons: Daniel Munoz, Sameer Manekar, Shailesh Kuber Organizations: Commonwealth Bank of Australia, REUTERS, Wednesday, CBA, Thomson Locations: Sydney, Australia, Bengaluru

☆ Aussie lender ANZ loses case over troubled 2015 share placement worth $1.6 billion
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

"The landmark case reaffirms the importance of the continuous disclosure rules to maintain market integrity," the ASIC said in a statement on Friday. "The decision also confirms that a significant take-up of shares by underwriters in a capital raising may be considered price sensitive information requiring market disclosure." The maximum penalty under the court decision is A$1 million, ANZ said. The bank is reviewing the court judgement, it said, while the securities regulator said it would now make submissions on appropriate penalties. ($1 = 1.5838 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Steven Saphore, Sameer Manekar, Rashmi Organizations: New Zealand Banking Group, ANZ, REUTERS, Australia's ANZ, underwriters, Australian Securities and Investments Commission, Citigroup Inc, Deutsche Bank AG, Australian Competition, Consumer Commission, Thomson Locations: Australia, Sydney, Bengaluru

☆ Not much exciting about Aussie banks as high costs pressure earnings - Macquarie
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

Australia's "Big Four" banks - among the top seven listed companies in the country - control 75% of the country's A$2 trillion mortgage market. That euphoria is now largely over as high living costs impact borrowers' capacity to repay loans. Macquarie, an investment bank with a small retail banking operation, said banks' cost bases are likely to remain under pressure as more than 70% of their expenses related to personnel. Macquarie added that it expects banks' expenses to grow by around 1% to 7% in fiscal 2023 through to fiscal 2025, with third-biggest lender Westpac Banking Corp (WBC.AX) seen being impacted more than its peers. The regional banks will remain disadvantaged in the current environment as they will have to continue to invest to keep up, Macquarie said, estimating up to 4% higher expenses than consensus.

Persons: Macquarie, Sameer Manekar, Janane Organizations: Macquarie, Westpac Banking Corp, ANZ Group Holdings, CBA, NAB, Adelaide Bank, Bank of Queensland, Thomson Locations: Bendigo, Bengaluru

☆ Australia fines lender NAB $1.4 mln for wrongfully charging fees
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsCompanies National Australia Bank Ltd FollowSept 22 (Reuters) - The Australian Federal Court has fined the country's second-biggest lender National Australia Bank (NAB) <NAB.AX> a penalty of A$2.1 million ($1.4 million) for wrongfully charging customers periodic payment fees, the securities regulator said on Friday. Between January 2017 and July 2018, National Australia Bank continued to charge its customers periodic payment fees for transferring money despite knowing it had no contractual entitlement to do so, the Australian Securities & Investments Commission (ASIC) said. The bank wrongfully charged 2,888 personal banking customers and 513 business clients payment fees totalling A$139,845 on 74,593 occasions, the regulator added. Shares of NAB were trading 0.7% lower as of 0221 GMT after declining as much as 1.3% earlier in the day.

Persons: Daniel Munoz, Sarah Court, Sameer Manekar, Ayushman, Janane Venkatraman, Dhanya Ann Thoppil Organizations: National, REUTERS, National Australia Bank, Australian Federal Court, Australia Bank, Australian Securities & Investments Commission, NAB, Reuters, Royal Commission, Thomson Locations: Sydney, Australia, Bengaluru

☆ Not much exciting about Aussie banks as high costs pressure earnings, Macquarie says
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

Persons: Loren Elliott, Macquarie, Sameer Manekar, Janane Organizations: Central Business, REUTERS, Macquarie, Westpac Banking Corp, ANZ Group Holdings, CBA, NAB, Adelaide Bank, Bank of Queensland, Thomson Locations: Sydney, Australia, Bendigo, Bengaluru

☆ Australia fines lender NAB $1.4 million for wrongfully charging fees
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsCompanies National Australia Bank Ltd FollowSept 22 (Reuters) - The Australian Federal Court has fined the country's second-biggest lender National Australia Bank (NAB) <NAB.AX> a penalty of A$2.1 million ($1.4 million) for wrongfully charging customers periodic payment fees, the securities regulator said on Friday. Between January 2017 and July 2018, National Australia Bank continued to charge its customers periodic payment fees for transferring money despite knowing it had no contractual entitlement to do so, the Australian Securities & Investments Commission (ASIC) said. The bank wrongfully charged 2,888 personal banking customers and 513 business clients payment fees totalling A$139,845 on 74,593 occasions, the regulator added. NAB in an email to Reuters acknowledged "some customers were incorrectly charged for periodical payment fees several years ago," adding that it had completed a remediation program and repaid more than A$8.3 million to affected customers.

☆ Qantas ex-CEO takes 900% pay rise, but bonus cut amid scandals
▼ + stars: | 2023-09-20 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

Alan Joyce, Chief Executive Officer of Qantas, speaks with members of the media at an event celebrating Qantas' 100th birthday at Sydney Airport in Sydney, Australia, November 16, 2020. Most of the amount was share-based incentives that Joyce was allowed to cash in after they vested, according to the report. It could also "claw back" unvested stock bonuses for Joyce, currently worth A$6 million, it said. Joyce's final pay packet encapsulates his decade and a half of running the company, which dominates Australian air travel. Qantas must return to the Federal Court to determine what it must pay in penalties and compensation to affected workers.

Persons: Alan Joyce, Loren Elliott, Joyce, Richard Goyder, disquiet, Alan, Goyder, Byron Kaye, Sameer Manekar, Rashmi Aich, Gerry Doyle Organizations: Qantas, Sydney Airport, REUTERS, Rights Companies Qantas Airways Ltd, Australia's Qantas Airways, Consumer Commission, High Court, Federal, Thomson Locations: Sydney, Australia, Bengaluru

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. The deal will expand BYD Electronic's (BE) (0285.HK) customer base, product portfolio and its smartphone components business as it looks to capture Jabil's potential growth in the sector. Although now best known for its electric vehicle business, BYD started out by selling electronic components. BE's major business has been selling electronic components for consumer electronics products such as smartphones and laptops. This was one of three key business segments for BYD Electronic, accounting for more than 70% of its total revenue in 2022.

Persons: Aly, BYD, Tu Le, Jabil, Kenny Wilson, Wilson, Qin Chuan, Sameer Manekar, Brenda Goh, Stephen Coates Organizations: Security, Auto, REUTERS, U.S, Jabil Inc, HK, Jabil, Hong Kong Stock Exchange, Sino Auto, Apple Inc, Citi, BE, Thomson Locations: Auto Shanghai, Shanghai, China, Singapore, Chengdu, Wuxi, Hong Kong, EVs, Nanjing, Bengaluru, Yelin Mo, Beijing

☆ EV maker BYD buys Jabil's China manufacturing business for $2.2 billion
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo Acquire Licensing RightsAug 28 (Reuters) - Electric vehicle maker BYD Co Ltd (002594.SZ) said on Monday its unit struck a deal with U.S.-based manufacturing firm Jabil Inc's (JBL.N) Singaporean unit to buy its product manufacturing business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic (International) Co's (BE) customer base, product portfolio, and expand its business of smartphone components, and boost its growth as it looks to capture the potential growth in the sector. Jabil Circuit (Singapore), which manufactures printed circuit boards, established a unit this month with product manufacturing business in Chengdu and Wuxi, which will now be sold to the Chinese EV maker. ($1 = 7.2890 Chinese yuan renminbi)Reporting by Sameer Manekar in Bengaluru; Editing by Muralikumar Anantharaman and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Jabil, BYD, Sameer Manekar, Muralikumar Anantharaman Organizations: Security, Auto, REUTERS, BYD, U.S, Jabil Circuit, Thomson Locations: Auto Shanghai, Shanghai, China, Singapore, Chengdu, Wuxi, Bengaluru

☆ Worker strike at South32's Appin mine extended by a week - trade union
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

A sign adorns the building where Australian miner South32 has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo Acquire Licensing RightsCompanies South32 Ltd FollowAug 22 (Reuters) - Australian trade union Collieries' Staff and Officials Association (CSOA) on Tuesday said mining supervisors voted to extend their work stoppage at South32's (S32.AX) Appin mine for one more week. The strike, which was due to end on Aug. 25, has been extended till Sept. 1. A South32 spokesperson told Reuters that some parts of the mine, located in New South Wales, will remain non-operational during the strike. Reporting by Himanshi Akhand and Sameer Manekar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: South32, David Gray, Belinda Giblin, Himanshi Akhand, Sameer Manekar, Varun Organizations: REUTERS, Collieries ' Staff, Association, Reuters, Thomson Locations: Perth, Western Australia, New South Wales, Bengaluru

☆ Australia's Coles annual profit misses estimates; shares slip
▼ + stars: | 2023-08-22 | by ( Nausheen Thusoo | ) www.reuters.com time to read: +2 min

A woman walks in the fruit and vegetables section at a Coles supermarket in Sydney, Australia, February 20, 2018. Coles flagged modest supermarket sales for early fiscal 2024 alongside early signs of customers shifting from out-of-home dining. Shares of Coles Group Ltd (COL.AX) are down 3.8 % at A$16.63 as at 0002 GMT, making it one of the top losers on the benchmark. Coles' higher profit comes on the back of higher supermarket sales, which help offset flat liquor sales revenue for the year. The supermarket division, Coles' biggest revenue-generating segment, incurred A$36,746 million revenue during the year, 6.1% higher than a year ago.

Persons: Daniel Munoz, Australia's, Coles, Nausheen Thusoo, Sameer Manekar, Krishna Chandra Eluri, Matthew Lewis, Gerry Doyle Organizations: Coles, REUTERS, cps, Australia's Coles, Jefferies, UBS, Coles Group Ltd, Thomson Locations: Sydney, Australia, Melbourne, Bengaluru

☆ Australia's Coles flags modest start to fiscal 2024; 2023 profit rises
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

A woman walks in the fruit and vegetables section at a Coles supermarket in Sydney, Australia, February 20, 2018. 2 grocer said supermarket volumes have remained modestly positive for fiscal 2024 compared with the prior corresponding period alongside early signs of customers shifting from out-of-home dining. The Melbourne-based company also said it expects cost-of-living pressure to remain for Australian households in fiscal 2024. Coles' higher profit comes on the back of higher supermarket sales which help offset flat liquor sales revenue for the year. The supermarket division, Coles' biggest revenue-generating segment, incurred A$36,746 million revenue during the year, 6.1% higher than a year ago.

Persons: Daniel Munoz, Australia's, Coles, Nausheen Thusoo, Sameer Manekar, Krishna Chandra Eluri, Matthew Lewis Organizations: Coles, REUTERS, cps, Australia's Coles, Thomson Locations: Sydney, Australia, Melbourne, Bengaluru

☆ BHP sees China demand bright spots, logs 37% profit drop
▼ + stars: | 2023-08-21 | by ( Melanie Burton | Sameer Manekar | ) www.reuters.com time to read: +4 min

A small toy figure and mineral imitation are seen in front of the BHP logo in this illustration taken November 19, 2021. Western demand for commodities on the other hand has been seen hurt by the lagging impact of interest rate hikes. “You can’t deny that commodity prices have come off a fair bit from where they were, (but) they are still pretty healthy, the iron ore price in particular,” Forster said. Inflation is also expected to raise the floor for commodities prices, including copper and iron ore, BHP said, seeing prices for the latter trade around $80-$100 a ton. BHP produces iron ore in Western Australia for $17.79 a ton.

Persons: Dado Ruvic, Mike Henry, BHP, Andy Forster, ” Forster, “ Capex, That’s, Jansen, Henry Organizations: MELBOURNE, BHP Group, BHP, REUTERS, Macquarie, Argo Investments, Oz Minerals Locations: China, India, Australia, Canada, Western Australia

☆ SingTel Q1 profit slumps 23% on unfavourable currency move, high costs
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Edgar Su/File Photo Acquire Licensing RightsAug 21 (Reuters) - Singapore Telecommunications (STEL.SI) reported on Monday a 23% decline in first-quarter net profit, citing the one-off impact at Bharti Airtel (BRTI.NS) in Nigeria as the naira depreciated sharply against the U.S. dollar, as well as high costs. Singapore Telecommunications (SingTel), Southeast Asia's largest telecoms company, owns an effective 29.5% stake in India's Bharti Airtel. SingTel said in a statement net profit for the quarter ended June 30 was S$483 million ($355.91 million), compared with S$628 million a year earlier. On an underlying basis, net profit for the quarter gained 14.5% to S$571 million. SingTel also recorded a 2.7% decline in its first-quarter operating revenue to S$3.49 billion, hurt by currency exchange headwinds and competition.

Persons: Edgar Su, SingTel, Yuen Kuan, Sameer Manekar, Upasana Singh, Muralikumar Organizations: REUTERS, Singapore Telecommunications, Bharti Airtel, U.S ., Optus, Thomson Locations: Singapore, Nigeria, Nigerian, Australia, Bengaluru

☆ Aussie telecom firms Telstra, TPG will not appeal block of asset transfer deal
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/David Gray/Aug 14 (Reuters) - Australian telecom firms Telstra Group (TLS.AX) and TPG Telecom (TPG.AX) on Monday said separately they would not appeal the country's competition tribunal's decision to block an asset transfer deal between the two telecom giants. In June, the Australian Competition Tribunal upheld the competition regulator's decision to block the deal between the telecom firms, under which Telstra would have bought spectrum and transmission towers from TPG, while TPG would have kept selling 4G and 5G coverage using Telstra infrastructure. The country's competition regulator had ruled against the asset transfer deal in December citing competition concerns and potentially impacting the no. Telstra did not provide any details about its decision to not appeal the tribunal's decision in the exchange filing, and did not immediately respond to a Reuters request for further details. TPG Telecom, which also did not provide any reason, said it would "continue to explore commercial options to expand its mobile network".

Persons: David Gray, Sameer Manekar, Diane Craft Organizations: Telstra, REUTERS, Australian, Telstra Group, TPG Telecom, TPG, Optus, Singapore Telecommunications, Thomson Locations: Sydney, Australia, Bengaluru

Banks now must sacrifice profit to keep customers who are struggling to make repayments on time. Cash profit for the year ended June 30 rose 6% to A$10.16 billion, slightly ahead of analyst forecasts, but CBA put aside $A1.47 billion more in provisions due to "ongoing cost of living pressures and rising interest rates". CBA stopped offering cash payments for mortgage refinancings to lure new borrowers in June, which CEO Matt Comyn said had "weighed on our market share". CBA's mortgage book grew in line with the total market in 2023. The number of borrowers struggling to repay loans, while rising, remained below pre-pandemic levels "but these figures will rise", Comyn said.

Persons: Banks, Matt Comyn, Comyn, Australia's, Byron Kaye, Sameer Manekar, Anil D'Silva, Stephen Coates, Jamie Freed Organizations: CBA, SYDNEY, Commonwealth Bank of Australia, Citi, National Australia Bank, Westpac, ANZ Group, Thomson Locations: COVID, Sydney, Bengaluru

☆ TPG Telecom gets $4.2 bln offer for non-mobile fibre assets from Vocus
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

TPG Telecom said that Vocus made a non-binding offer to acquire certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including wholesale broadband business Vision Network. Shares of TPG Telecom ended 11.6% higher at A$5.600 after resuming trading, marking their biggest intraday jump ever and finishing the day at their highest closing level since May 15. TPG Telecom said it has provided Vocus exclusive due diligence, which is set to expire on September 6. A spokesperson for Vocus said "discussions with TPG are confidential, subject to conditions and regulatory approvals. ($1 = 1.4977 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Vocus, Sameer Manekar, Sonia Cheema Organizations: TPG, TPG Telecom, Enterprise, Government, Wholesale, Vision, Telstra Group, Telstra, Vision Network, Australian Financial, Asset Management, Thomson Locations: Macquarie, Vocus, Bengaluru

☆ Aussie competition regulator delays decision on ANZ's $3.3 bln Suncorp Bank buy
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Australia's competition regulator on Monday said it has delayed its decision on ANZ Group Holdings' (ANZ.AX) proposed A$4.9 billion ($3.30 billion) acquisition of Suncorp Bank (SUN.AX) by a week to August 4, and has requested a further extension of one week. "It is important that the ACCC has the opportunity to meaningfully consider the new information provided by ANZ and take it into account in its decision making," the regulator said. ANZ, the country's fourth-largest bank, in its response on Friday consented to an extension till August 4. This is the second time the regulator has sought an extension to its decision after the original deadline of mid-June was extended to late July. ($1 = 1.4865 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Sameer Manekar, Varun Organizations: ANZ Group Holdings, Suncorp Bank, Australian Competition, Consumer Commission, ANZ, ACCC, Reuters, Thomson Locations: Bengaluru

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