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Parent Singapore Telecommunications (STEL.SI) announced the resignation of Optus CEO Kelly Bayer Rosmarin days after a network-wide outage left nearly half of Australia's 26 million people without phone or internet for 12 hours. Appointed in April 2020, Rosmarin headed Optus through two national scandals that have tarnished the reputation of the telco giant. A massive data hack last year exposed the personal data of 10 million Australians and triggered a class action lawsuit and multiple investigations from regulators. Optus executives told the parliamentary hearing on Friday the telco provider had not foreseen a network-wide outage and so had no backup plan in place. (This story has been corrected to change date of Optus network outage to earlier this month, not last week, in paragraph 7)Reporting by Himanshi Akhand in Bengaluru, and Lewis Jackson and Byron Kaye in Sydney; Editing by Lisa Shumaker and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Kelly Bayer, Michael Venter, Singtel, Rosmarin, ”, telco, Yuen Kuan, Peter Kaliaropoulos, Himanshi, Lewis Jackson, Byron Kaye, Lisa Shumaker, Stephen Coates Organizations: telco Optus, Parent Singapore Telecommunications, Optus, Triple, Thomson Locations: Optus, Bengaluru, Sydney

Fortescue approved investments in the U.S. hydrogen hub in Phoenix, Arizona; the Gladstone 50 megawatt green hydrogen project in Queensland, Australia; and the Christmas Creek green iron trial commercial plant in Western Australia. About $550 million will be used for developing an electrolyser and liquefaction facility in Phoenix, where first production of liquid green hydrogen is targeted for 2026. I think some of the market's concerns will be allayed because the capital investment required is pretty minimal in the scheme of things." Under a plan to ramp up its green energy business, Fortescue said in August it would stop allocating 10% of its net profit to that unit. Fortescue shares were up 1% on Tuesday in a strong market for iron ore miners, with peers BHP (BHP.AX) and Rio Tinto (RIO.AX) up 1.5% and 2% respectively.

Persons: Melanie Burton, Australia's Fortescue, Fortescue, David Coates, BHP, Himanshi, Richard Chang, Clarence Fernandez Organizations: Fortescue Metals Group, REUTERS, Arizona, MELBOURNE, Gladstone, Fortescue Energy, Fortescue, Rio Tinto, Thomson Locations: Pilbara, Port Hedland, Western Australia, U.S, Phoenix , Arizona, Queensland, Australia, Phoenix, Brazil, Kenya, Norway, BellPotter, Sydney, Michigan, New York, Rio, Bengaluru

☆ Australian telco Optus CEO resigns days after network-wide outage
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +1 min

Nov 20 (Reuters) - Australia's second-largest telco Optus' Chief Executive Officer Kelly Bayer Rosmarin has resigned, its parent Singapore Telecommunications (STEL.SI) said on Monday, days after a network-wide outage left nearly half the country without phone or internet for 12 hours. Optus has appointed Chief Financial Officer Michael Venter as interim CEO. Peter Kaliaropoulos was appointed to a newly created position of chief operating officer, SingTel added. More than 10 million Australians were hit by the 12-hour network blackout at the nation's second-largest telco for much of Wednesday, triggering fury and frustration among customers and raising wider concerns about the telecommunications infrastructure. Reporting by Himanshi Akhand in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Kelly Bayer Rosmarin, Michael Venter, Peter Kaliaropoulos, SingTel, Yuen Kuan, Himanshi, Lisa Shumaker Organizations: Optus, Singapore Telecommunications, Thomson Locations: Bengaluru

A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. That will, however, take time, with the overhaul now expected to finish in 2029, some 13 years after it began. It also prompted the Australian Securities and Investments Commission (ASIC) to open an investigation into the exchange's disclosures about the project. ASX said it expected the first stage of the new project, clearing software, to cost between A$105 million and A$125 million with delivery around 2026. The cost and timing of the settlement and other software will be decided in 2024.

Persons: David Gray, Tim Whiteley, Joe Longo, Longo, Byron Kaye, Himanshi, Edwina Gibbs Organizations: Australian Securities Exchange, REUTERS, Tata Consultancy Services, New, Australian Securities and Investments Commission, Thomson Locations: Sydney, Australia, India, Finland, Canada, New York, Bengaluru

☆ Australian bourse operator partners with TCS for long due trading software overhaul
▼ + stars: | 2023-11-19 | by ( Himanshi Akhand | ) www.reuters.com time to read: +3 min

A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsNov 20 (Reuters) - Australian bourse operator ASX Ltd (ASX.AX) said on Monday it entered a deal with TATA Consultancy Services (TCS) <TCS.NS> to design and replace its trading, clearing and settlement system, after months of backlash since pulling a blockchain-based overhaul of the system last year. The estimated cost for the first release of the Clearing House Electronic Subregister System (CHESS) project is between A$105 million ($68.33 million) and A$125 million, to be incurred over multiple years, ASX said. ASX's initial attempt to overhaul CHESS earned rebuke from the Australian Securities and Investments Commission (ASIC) and Reserve Bank of Australia, with the regulators demanding more thorough reporting on plans to update the 30-year-old software. ($1 = 1.5366 Australian dollars)Reporting by Himanshi Akhand in Bengaluru Editing by Chris Reese and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Joe Longo, Helen Lofthouse, Himanshi, Chris Reese, Diane Craft Organizations: Australian Securities Exchange, REUTERS, TATA Consultancy Services, Australian Securities and Investments Commission, Reserve Bank of Australia, Accenture, TCS, Thomson Locations: Sydney, Australia, Australian, Bengaluru

☆ Australia's CBA Q1 profit flat as competition in home loan market intensifies
▼ + stars: | 2023-11-13 | by ( Himanshi Akhand | ) www.reuters.com time to read: +2 min

Even though rate hikes since last year have boosted interest incomes and margins at Australian banks, rising cost of repayments has intensified competition in the home loan market, capping profit margins and hindering credit growth. Australia's biggest lender said cash net profit after tax was A$2.50 billion ($1.59 billion) for the quarter ended Sept. 30, same as the year earlier. CBA dominates Australia's A$2 trillion mortgage industry, which benefited from a property boom through COVID-19 restrictions. That had prompted Australia's "Big Four" banks to start offering cash payments for mortgage refinancing to lure borrowers. CBA's rivals National Australia Bank (NAB.AX), Westpac (WBC.AX) and ANZ Group (ANZ.AX) all posted higher annual profit earlier this month despite inflationary headwinds.

Persons: Edgar Su, CBA's, Matt Comyn, Australia's, Himanshi, Shilpi Majumdar Organizations: Commonwealth Bank of Australia, REUTERS, Commonwealth Bank of Australia's, Citi, CBA, National Australia Bank, Westpac, ANZ Group, Thomson Locations: Sydney, Australia, Australia's, COVID, Bengaluru

CBA said cash profit was A$2.5 billion ($1.6 billion) for the quarter, which was 3% better than a consensus estimate for the period, according to data aggregator Visible Alpha. "Home lending margins stabilised in the quarter," it added, without giving figures. Shares of CBA rose as much as 1% in morning trading, in line with the broader market (.AXJO) as analysts welcomed the better-than-expected margin outcome and a smaller-than-expected provision for potential loan impairments. Commenting on the bank's stabilising home loan margins, E&P Financial analyst Azib Khan said that "it would be helping on this front that CBA has been willing to forgo market share". For the year to September, CBA said it grew its mortgage book at 0.7 times the rate of the overall mortgage industry.

Persons: Brendan Sproules, Azib Khan, Himanshi, Shilpi Majumdar Organizations: Commonwealth Bank of, ANZ, Westpac, National Australia Bank, CBA, Citi, P, Thomson Locations: Bengaluru

☆ Australia's TPG Telecom ends $4 billion fibre sale talks with Vocus
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Reed/File Photo Acquire Licensing RightsNov 13 (Reuters) - Australia's TPG Telecom Ltd (TPG.AX) said on Monday it had ended discussions with Macquarie-backed rival Vocus Group for the sale of some of its non-mobile fibre assets for about A$6.3 billion ($4.00 billion) as the parties failed to agree commercial terms. "The proposed transaction involved considerable complexity and, ultimately, the parties have been unable to reach alignment on the operating model and commercial terms," TPG Telecom said in a statement. In August, Vocus had made a non-binding offer to TPG Telecom to acquire certain Enterprise, Government and Wholesale (EGW) assets and associated fixed infrastructure assets, including wholesale broadband business Vision Network. The collapse of the fibre sale deal with Vocus is a second such setback for TPG Telecom, whose asset swap deal with bigger rival Telstra Group (TLS.AX) was blocked by the country's antitrust regulator and Australian Competition Tribunal. Under the asset swap deal, Telstra would have bought spectrum and transmission towers from TPG, while TPG would have kept selling 4G and 5G coverage using Telstra infrastructure.

Persons: Jason Reed, Vocus, Himanshi, Sandra Maler, Grant McCool Organizations: REUTERS, Australia's TPG Telecom Ltd, Vocus Group, TPG Telecom, Enterprise, Government, Wholesale, Vision Network, TPG, Vocus, Telstra Group, Australian Competition, Telstra, Thomson Locations: Sydney, Australia, Macquarie, Bengaluru

☆ Lendlease, Google end development deals for $15 bln San Francisco Bay Area projects
▼ + stars: | 2023-11-03 | by ( Himanshi Akhand | ) www.reuters.com time to read: +2 min

FILE PHOTO: A sign is pictured outside a Google office near the company's headquarters in Mountain View, California, U.S., May 8, 2019. Under the project, Lendlease was to develop up to 15 million square feet of residential, retail and hospitality space and Google would develop office space. As of June-end, 12,900 of the planned housing units were approved for development in San Jose and Mountain View, according to Google. Lendlease said it will remove the San Francisco Bay project, which was expected to commence construction in fiscal 2026, from its development pipeline. Lendlease retained its forecast for fiscal 2024, with core operating return on equity at the lower end of its 8%-10% range.

Persons: Paresh Dave, Lendlease, Himanshi, Ayushman Ojha, Sonia Cheema, Rashmi, Sohini Organizations: REUTERS, Lendlease, Google, San Francisco Bay Area, Francisco's, Alexa Arena, San, UBS, Thomson Locations: Mountain View , California, U.S, San Francisco Bay, Sunnyvale, San Jose, Mountain, Westfield, Bay, Hayes, San Francisco, Americas, Bengaluru

The commission said it needed to review the impact on competition of the proposed acquisition in greater detail. "This means that Trans-cab drivers will continue to have the flexibility to earn through multiple ride-hailing platforms and pick up streethail rides," the Grab spokesperson added. The Grab spokesperson said both Grab and Trans-cab were committed to ensuring the benefits of an acquisition to commuters and they would help raise the overall standards of the industry. "Digitalising Trans-cab's fleet will improve driver productivity and taxi availability so that consumers can get a ride more easily," the Grab spokesperson said. The proposed acquisition comes as Singapore saw M&A activity fall 69% year-on-year in the first nine months of this year, according to LSEG data.

Persons: CCCS, Himanshi, Varun, Robert Birsel Organizations: Consumer Commission of Singapore, Transport Authority, Nasdaq, Trans, Thomson Locations: Southeast, Singapore, Bengaluru, Yantoultra

☆ NZ's Fletcher Building set for worst day in 12 years amid pipe leak claims
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

A sign for Fletcher Building Ltd adorns a crane at a construction site in the New Zealand city of Auckland, June 25, 2017. ASX-listed shares slumped nearly 10% and were the top losers in the ASX 200 benchmark index (.AXJO). Shares of Fletcher were on a trading halt in both exchanges since last Thursday to allow the company to respond to the claims. The construction materials maker said in August nearly 1,500 of 15,000 houses constructed using its pro-fit polybutylene plumbing pipes had experienced leaks between mid-2017 and mid-2022. The stock was last down 12.1% and set for its worst day since Oct. 12, 2011, if losses hold.

Persons: David Gray, Fletcher, staving, JP Morgan, Himanshi, Sherry Jacob, Phillips Organizations: Fletcher, REUTERS, Buckeridge, of Companies, JP, Thomson Locations: New Zealand, Auckland, Australia, Perth, Bengaluru

☆ China Evergrande shares set to resume trade on Tuesday
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. On Thursday, trading in shares of the embattled Chinese property developer were suspended and the company later said its founder, Hui Ka Yan, was being investigated over suspected "illegal crimes". Evergrande has been working to get creditors' approval for restructuring its offshore debt. The process grew more complicated last week after Evergrande said it was unable to issue new debt due to an investigation into its main China unit. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Himanshi, Anne Marie Roantree, Arun Koyyur, Sharon Singleton Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong Stock Exchange, Wall Street, Reuters, Thomson Locations: China, Shenzhen, Guangdong province, China's, Bengaluru

☆ Australia fines lender ANZ $9.6 mln for misleading customers over funds
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO: A pedestrian is reflected in the window of a branch of ANZ in central Sydney, Australia, October 25, 2017. The Australian lender falsely indicated to customers that they could avail cash advance from funds stated to be their 'Available Funds' without incurring fees and interest, according to the Australian Securities & Investments Commission (ASIC). The error resulted in customers being charged with thousands of dollars in fees while the average remediation paid was around $45 per affected account. "Many ANZ customers relied on the account information displayed by the bank and were charged fees that were inconsistent with that information," said ASIC Deputy Chair Sarah Court. "ANZ accepts responsibility for what has occurred and apologises to its customers, and has addressed the issues that gave rise to the contraventions," the lender said.

Persons: Steven Saphore, Sarah, Himanshi Akhand, Aishwarya Nair, Sherry Jacob, Phillips Organizations: ANZ, REUTERS, ANZ Group Holdings, Australian Securities & Investments Commission, National Consumer Credit, Thomson Locations: Sydney, Australia, Bengaluru

Adding to its woes, last month the antitrust regulator sued Qantas accusing it of selling fares on thousands of already-cancelled flights in 2022. The so-called "flying kangaroo" said it would now spend A$80 million ($52 million) on "customer improvements" on top of the A$150 million previously flagged. "The group will continue to absorb these higher costs, but will monitor fuel prices in the weeks ahead and, if current levels are sustained, will look to adjust its settings," Qantas said. "Any changes would look to balance the recovery of higher costs with the importance of affordable travel in an environment where fares are already elevated." RBC Capital Markets analyst Owen Birrell said the company would likely absorb the higher fuel costs "until its target margins come under pressure and then would seek to claw back those costs through capacity cuts and higher fares.

Persons: Loren Elliott, Owen Birrell, Byron Kaye, Himanshi, Kim Coghill, Subhranshu Organizations: Qantas, Sydney Airport, REUTERS, Australia's, Qantas Airways, RBC Capital, Thomson Locations: Sydney, Australia, SYDNEY, Bengaluru

☆ Australia's Qantas flags hit from higher fuel prices
▼ + stars: | 2023-09-24 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSept 25 (Reuters) - Australia's Qantas Airways (QAN.AX) said on Monday higher fuel prices were expected to drive its fuel bill higher by about A$200 million ($128.80 million) in the first half of financial year 2024. "Fuel prices have increased by around 30% since May 2023, including a 10% spike since August. This is driven by a combination of higher oil prices, higher refiner margins and a lower Australian dollar," the carrier said in a statement. The company expects a further A$50 million impact due to non-fuel-related foreign exchange changes in the first half of the current fiscal year. Qantas said the customer-improvement initiative would be funded from its profit.

Persons: Loren Elliott, Himanshi, Kim Coghill, Subhranshu Organizations: Qantas, Sydney Airport, REUTERS, Australia's Qantas Airways, Thomson Locations: Sydney, Australia, Bengaluru

☆ Fonterra's profit more than doubles on demand for dairy ingredients, shares rise
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

The world's biggest dairy exporter also benefited from higher product pricing and strong demand for its dairy ingredients and foodservice channel. "We acknowledge that across the year, farmers will continue to feel the pressure from high input costs and a reduced farmgate milk price," CEO Miles Hurrell said. The dairy giant also expects inflationary pressures and farmgate milk price outlook to impact its production levels. That compares with normalized earnings of 80 NZ cents per share in fiscal 2023. The Auckland-based company declared a final dividend of 40 NZ cents per share, compared with 15 NZ cents declared last year.

Persons: Nigel Marple, Fonterra, Miles Hurrell, Hurrell, Himanshi Akhand, John Biju, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, Fund, NZ, Zealand, Thomson Locations: Rapa, Hamilton, China, Zealand, Auckland, Bengaluru

☆ Australian regulator sues crypto exchange for design, distribution failures
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

Sept 21 (Reuters) - Australia's corporate regulator said on Thursday it had initiated civil proceedings against Bit Trade Pty Ltd, provider of the Kraken crypto exchange to Australian customers, for failing to comply with design and distribution obligations for its margin trading product. The design and distribution obligations (DDO) require firms to design financial products that meet the needs of consumers and distribute them in a targeted manner. Bit Trade's margin trading product is a credit facility as it provides customers credit to buy and sell certain crypto assets on the Kraken exchange, ASIC said. It said at least 1,160 customers had used the margin trading product, incurring a total loss of about A$12.95 million ($8.35 million) since DDO began in October 2021. ($1 = 1.5516 Australian dollars)Reporting by Himanshi Akhand in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: DDO, Sarah Court, Himanshi, Pooja Desai Organizations: Bit Trade, Ltd, Australian Securities and Investments Commission, Thomson Locations: Bengaluru

☆ Australia's Costa Group gets lower buyout offer from PE firm Paine Schwartz
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +1 min

Under the proposal, Costa's shareholders would receive A$3.20 apiece for the remaining 85.16% stake PSP does not already own, lower than the A$3.50 apiece offer received in July. The latest offer still represents a 8.8% premium to Costa's last closing price. Costa, Australia's leading grower, packer and marketer of fresh fruit and vegetables, said it is considering the lower offer and is continuing to engage with PSP regarding the terms and conditions. PSP paid A$2.60 a share for a 13.78% stake in Costa in October, which it increased to 14.84% in late March. Costa had given PSP access to its books on a non-exclusive basis for eight weeks after receiving the initial offer in July.

Persons: Daniel Munoz, Paine Schwartz, packer, Costa, Himanshi, Lisa Shumaker, Stephen Coates Organizations: REUTERS, Costa Group Holdings, Monday U.S, Paine Schwartz Partners, PSP, Thomson Locations: Sydney, Costa, Bengaluru

☆ Qantas apologises after Aussie regulator alleges ticket sale for cancelled flights
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] FILE PHOTO: A ground worker walking near a Qantas plane is seen from the international terminal at Sydney Airport in Australia, November 29, 2021. REUTERS/Loren Elliott/file photo/File Photo/File Photo Acquire Licensing RightsSept 4 (Reuters) - Australia's Qantas (QAN.AX) apologised for its service standards falling short and acknowledged it was suffering reputational damage, after the country's competition regulator sued it for allegedly selling tickets for thousands of cancelled flights. The regulator alleged that Qantas kept selling tickets for an average of 16 days after it had cancelled flights for reasons often within its control. Qantas clarified that its practice is that when a flight is cancelled, customers are offered an alternative flight close to the original departure time, or a refund. "The ACCC's allegations come at a time when Qantas' reputation has already been hit hard on several fronts.

Persons: Loren Elliott, Himanshi, Rashmi Organizations: Qantas, Sydney Airport, REUTERS, Australian Competition, Consumer Commission, Australia, Thomson Locations: Australia, 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

Coles and Woolworths sell two-thirds of Australian groceries by dollar value, and are seen as bellwethers of consumer behaviour. Full-year NPAT of Woolworths is seen rising to A$1.74 billion from A$1.51 billion, and for Wesfarmers to A$2.47 billion from A$2.35 billion last year. Woolworths and Wesfarmers report annual results on Aug. 23 and Aug. 25, respectively. They added that rising operating costs are a headwind for retail companies, but focus will be on how these costs are managed. Reporting by Himanshi Akhand and John Biju in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Munoz, Jefferies, Coles, Tim Waterer, Himanshi Akhand, John Biju, Rashmi Organizations: REUTERS, Coles Group, Woolworths, KCM Trade, Kmart, Coles, UBS, Thomson Locations: Sydney's, 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

The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. "A substantial lessening of competition in home loans would have major flow-on impacts to Australians with a mortgage," he added. The companies said they would seek a review of the determination at the Australian Competition Tribunal, an offshoot of the federal court which oversees takeover rulings. Taking the deal to the competition tribunal would delay its completion to mid-2024, if the tribunal approved it, from the late 2023 timeline the companies gave when they announced it a year ago. The ANZ-Suncorp deal also needs sign-off from Treasurer Jim Chalmers who declined to comment.

Persons: Lucy Craymer, Mick Keogh, Gina Cass, Gottlieb, Jim Chalmers, Byron Kaye, Himanshi, Stephen Coates Organizations: ANZ Bank, REUTERS, ANZ, Suncorp, ANZ Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, Citi, Telstra, TPG Telcom, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Sydney, Bengaluru

☆ Australian competition regulator rejects $3.2 bln ANZ-Suncorp Bank deal
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucy CraymerAug 4 (Reuters) - Australia's competition regulator said on Friday it had denied authorisation for ANZ Group Holdings (ANZ.AX) to proceed with its proposed A$4.9 billion ($3.21 billion) acquisition of Suncorp Group's banking arm. The Australian Competition and Consumer Commission (ACCC) said it was not satisfied that the acquisition would not lessen competition in the supply of home loans to Australian customers. "Evidence we obtained strongly indicates that the major banks consider the second-tier banks to be a competitive threat," ACCC Deputy Chair Mick Keogh said in a statement. Keogh said the proposed acquisition would further "entrench an oligopoly" structure, with the country's four major banks dominating. "We believe the acquisition will improve competition, which will benefit Australian consumers, particularly in Queensland," ANZ said in a statement, noting that the ACCC's decision can be reviewed by the independent Australian Competition Tribunal.

Persons: Lucy Craymer, Mick Keogh, Keogh, Himanshi, Shri Navaratnam, Subhranshu Organizations: ANZ Bank, REUTERS, ANZ Group Holdings, Suncorp, Australian Competition, Consumer Commission, ANZ, Australian Competition Tribunal, Thomson Locations: Lambton Quay, Wellington , New Zealand, Melbourne, Queensland, Bengaluru

☆ Lynas Rare Earths signs updated contract with US govt for Texas facility, shares rise
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Lynas Rare Earths (LYC.AX) said on Tuesday it had signed an updated contract with the U.S. Department of Defense (DoD) for the construction of the heavy rare-earths component of its rare-earths processing facility in Texas. Lynas, the world's largest producer of rare-earths outside of China, said the updated contract follows detailed design work and cost updates for the project. Lynas' Texas facility will serve both the DoD and commercial customers, and is targeted to be operational in the financial year 2026. Feedstock for the facility will be sourced from the company's Mt Weld deposit and Kalgoorlie facility in Western Australia, the miner added. Reporting by Himanshi Akhand in Bengaluru; Editing by Maju Samuel, Sherry Jacob-Phillips and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Lynas, Amanda Lacaze, Himanshi, Maju Samuel, Sherry Jacob, Phillips, Rashmi Organizations: U.S . Department of Defense, U.S, DoD, Thomson Locations: Texas, China, Lynas ' Texas, Mt Weld, Kalgoorlie, Western Australia, Bengaluru

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