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☆ Australian regulator calls for new competition laws for digital platforms
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 27 (Reuters) - Australia's competition watchdog said on Monday new competition laws were required in response to the rapid expansion of digital platforms such as Amazon (AMZN.O), Apple (AAPL.O), Google (GOOGL.O), Meta (META.O) and Microsoft (MSFT.O) in the country. "Our proposed reforms include a call for targeted consumer protections and service-specific codes to prevent anti-competitive conduct by particular designated digital platforms," ACCC Chair Gina Cass-Gottlieb said. The aforementioned five digital platforms did not immediately respond to Reuters' request for a comment. The regulator has also proposed new mandatory obligations on all digital platforms to address scams, harmful apps, fake reviews, including notice and action requirements and stronger verification of business users and reviews. Must ensure competition laws are fit-for-purpose to respond to the potential challenges posed by emerging technologies such as generative AI and virtual reality, ACCC said.

Persons: Dado Ruvic, Gina Cass, Gottlieb, Ayushman Ojha, Sherry Jacob, Phillips, Tom Hogue Organizations: Facebook, REUTERS, Apple, Google, Microsoft, Australian Competition, Consumer Commission, Digital, ACCC, Reuters, Thomson

☆ Australia regulator targets 'carbon neutral' claims in greenwashing crackdown
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Office buildings are seen amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. ASIC has filed three lawsuits alleging unfounded environmental claims by two pension funds and a personal finance platform, and named so-called greenwashing as one of its priority enforcement areas for 2024. she added.,The regulator would hold investment distribution platforms accountable for the products they sell. So far, the regulator had issued interim orders to stop the distribution of some 80 investment products which it considered inappropriate. "For a number of those stop orders, the issuers of the products did step back, they've corrected ... and they've reissued it," she said.

Persons: Loren Elliott, Sarah Court, they've, Byron Kaye, Ayushman, Subhranshu Sahu, Miral Organizations: Central Business District of, REUTERS, Australian Securities and Investments Commission, Thomson Locations: Central Business District of Sydney, Australia, Melbourne, Sydney

SYDNEY, Nov 22 (Reuters) - Australasian pharmaceutical distributor EBOS Group (EBO.NZ) has shelved a A$3.75 billion ($2.4 billion) deal to buy Australian vet chain Greencross, sending its shares down 7% during early trade on Wednesday. EBOS was due to pay A$3.75 billion to acquire Greencross, and was set to raise about A$2 billion as early as Wednesday, said one of the sources who could not be named discussing confidential information. The capital raising and associated buyout was put on hold because of weaker than expected demand from EBOS investors, the second source said. TPG and Greencross did not immediately respond to a request for comment. U.S. private equity TPG bought Greencross in 2019 and delisted it from the ASX in a deal worth A$669 million.

Persons: EBOS, Greencross, Scott Murdoch, Marguerita Choy, Stephen Coates Organizations: SYDNEY, EBOS, TPG Capital, TPG, Greencross, City Farmers, Liontown Resources, Thomson Locations: Australia, New Zealand, Albemarle, Sydney, 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

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSYDNEY, Nov 2 (Reuters) - Santos (STO.AX) said on Thursday an Australian court has granted an interim injunction preventing it from starting work on laying undersea pipelines on its $3.6 billion Barossa gas project off northern Australia. Australia's offshore regulator ordered Santos in January to evaluate the environmental risks to underwater indigenous cultural heritage before starting pipeline work though it did not prohibit the start of work. Santos has said, citing an independent expert, that there were no specific underwater cultural heritage sites along the planned route of the pipeline. A Santos ship was hours away from beginning work on the pipeline, lawyers for Munkara told the court. Santos said the vessel will remain at its current location but no pipeline works will be conducted during the interim injunction.

Persons: Santos, Chris Helgren, Simon Munkara, Munkara, Renju Jose, Ayushman, Mrigank Dhaniwala, Rashmi Aich, Jacqueline Wong Organizations: REUTERS, Rights, Federal, Environmental, Office, EDO, Woodside, Thomson Locations: Vancouver , British Columbia, Canada, Australia, Tiwi, Munkara, Barossa, Scarborough, Sydney, Bengaluru

☆ Pilots at Qantas' unit halt planned two-day strike ahead of further talks
▼ + stars: | 2023-10-31 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

AFAP on Friday said that Network Aviation pilots will stop work on Wednesday and Thursday in a bid to negotiate wages. Australia's industrial relations tribunal, the Fair Works Commission (FWC), presided over a series of talks between pilots and the airline on Monday. AFAP members – who make up 90% of the pilot group at Network Aviation – won't be engaging in protected action until next week's bargaining sessions are completed, the pilots' union said. Meanwhile, Qantas expressed disappointment over the union choosing to "cause disruption and uncertainty" by threatening the strike, a few days before a meeting with the FWC. The airline will continue to work with the FWC over coming weeks to seek a resolution, it added.

Persons: Loren Elliott, AFAP, –, Tim Waterer, FWC, Rishav Chatterjee, Ayushman Ojha, Mrigank Dhaniwala Organizations: Qantas, Kingsford Smith International Airport, REUTERS, Pilots, Network Aviation, Qantas Airways, Australian Federation of Pilots, Qantas Group, Fair Works Commission, Thomson Locations: Sydney, Australia, Bengaluru

☆ Australia's Westpac fails to sell pacific banking business
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

A woman exits the ground floor of an office building with Westpac logo amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. "Any failure to successfully divest businesses means that we may have sustained exposure to higher operating costs and to the higher inherent risks in those businesses," Westpac had told the market during its interim results in May. The bank would be starting a new brand campaign in the months ahead in both the countries in a move to improve its standing in local markets, Anthony Miller, CEO of Westpac business and wealth division said in a statement. The company said its pacific business was continuing to see growth along with operational recovery post COVID, which presented Westpac an option to invest in the operations. ($1 = 1.5863 Australian dollars)Reporting by Rishav Chatterjee in Bengaluru; Additional Reporting by Ayushman Ojha; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Loren Elliott, Anthony Miller, Rishav Chatterjee, Ayushman Ojha, Rashmi Organizations: Westpac, Central Business District of, REUTERS, Kina Securities, Thomson Locations: Central Business District of Sydney, Australia, Fiji, Papua New Guinea, Bengaluru

☆ Australia's Energy One says no proof of malicious activity after cyber incident
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Sept 29 (Reuters) - Australian software supplier Energy One (EOL.AX) said on Friday it had not uncovered any evidence of malicious activity on their customer systems after a cyber incident was first identified last month. The company had previously said some personal information of its current and former employees had been compromised, for which the notification process is underway. "Our investigations have not revealed any evidence that customer systems have been impacted and the company continues to securely trade," Energy One said in a statement on Friday. Australian firms have suffered many cyber attacks since September 2022, putting the spotlight on the country's understaffed cybersecurity industry. Recently, Shell Plc (SHEL.L) identified a cybersecurity incident involving some employees at BG Group in Australia, the latest company to be hit by the MOVEit hack.

Persons: Clare O'Neil, Ayushman Ojha, Rashmi Aich, Sherry Jacob, Phillips Organizations: Energy, Shell Plc, BG Group, Home Affairs, Thomson Locations: Australian, Australia

[1/2] People visit the booth of Alibaba's logistics unit Cainiao at the 2021 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 3, 2021. REUTERS/Florence Lo Acquire Licensing RightsSept 26 (Reuters) - Alibaba Group (9988.HK) on Tuesday kicked off its restructuring with a plan to list its logistics arm Cainiao in Hong Kong that would make the unit the first to be separated since the Chinese e-commerce giant announced its break-up six months ago. U.S.-listed shares of Alibaba pared early premarket trading losses following Tuesday's announcement and were down 0.4% at $86.86 by 1037 GMT. Alibaba in late March announced its biggest restructuring in its 24-year history. In the months since, the company has approved a process to start external financing for its international commerce arm and was also looking to list its cloud unit.

Persons: Florence Lo, Alibaba, Cainiao, Dealmakers, Jack Ma, Daniel Zhang, Brenda Goh, Ayushman, Varun, Barbara Lewis Organizations: Fair for Trade, Services, REUTERS, Alibaba, HK, Tuesday, Smart Logistics Network, Reuters, Intime, Thomson Locations: Beijing, China, Hong Kong, Cainiao, Hong Kong . U.S

☆ 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

☆ 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.

☆ Australia's Telstra shelves InfraCo stake sale plan, shares down
▼ + stars: | 2023-08-17 | by ( Poonam Behura | ) www.reuters.com time to read: +2 min

The country's largest telecoms firm decided against selling a stake in InfraCo Fixed, saying the unit "plays an important role" in achieving its long-term goals. InfraCo Fixed posted a 4.1% rise in annual income to A$2.56 billion ($1.64 billion), contributing 11% to Telstra's total income of A$23.25 billion. Telstra is targeting net cost reductions of A$500 million and mid-single digit underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) growth through to FY25. It expects underlying EBITDA between A$8.2 billion and A$8.4 billion for fiscal 2024, higher than A$7.86 billion in the previous year. We remain absolutely committed to delivering our FY25 underlying EBITDA and EPS growth ambitions," Brady said.

Persons: David Gray, Henry Jennings, Vicki Brady, Brady, Poonam Behura, Anil D'Silva, Subhranshu Organizations: Telstra, REUTERS, Australia's Telstra, InfraCo, Marcustoday, TPG Telecom, Thomson Locations: Sydney, Australia, Bengaluru

☆ Australia's BNPL firm Zip to streamline cost and operations - official
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Australian buy-now-pay-later firm Zip Co (ZIP.AX) is further streamlining its operations and cost base following a recent review, a company official told Reuters on Monday. "Following a recent review, we have made decisions to further streamline our operations and cost base," Vivienne Lee, director for investor relations, said in an emailed comment. The new law would require BNPL firms to run credit checks before lending, notifying customers when credit limits increase and following dispute resolution processes. It also aims to reduce cash burn from the rest of its global operations by the end of 2023. Shares of Zip, which tanked over 88% last year, are down nearly 16% this year as of Monday's close.

Persons: Vivienne Lee, Zip, Ayushman Ojha, Nausheen Thusoo, Rashmi Aich, Dhanya Ann Thoppil Organizations: Co, Reuters, Australian Securities and Investments Commission, Thomson Locations: Australia, Central, Eastern Europe, South Africa

MELBOURNE, Feb 16 (Reuters) - Australia's Whitehaven Coal Ltd (WHC.AX) posted a more than five-fold jump in first-half profit on Thursday, aided by soaring coal prices, but paid a lower than expected dividend, sending its shares down. But Whitehaven announced an interim dividend of only 32 Australian cents per share, about 30% lower than Citi estimates and about 16 cents below Goldman Sachs' forecast. Whitehaven shares slid as much as 12.3% after news of the coal reservation scheme broke, before paring loses to A$7.88, down 3.8%. "We do think the structural underpinnings of the market are very positive, but in the short term, coal prices have come off quite a bit," Flynn added. Subsequently, the company kept its run-of-mine coal production guidance of between 19.0 million and 20.4 million tonnes for the 2023 fiscal year unchanged.

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