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☆ Australia's AMP says Q1 fund outflows lower, credit quality strong
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Australian financial services firm AMP Ltd (AMP.AX) said on Wednesday net cash outflows for its flagship Australian wealth management business were 30% lower in the March quarter, while the banking unit's credit quality remained strong. The company also said momentum in loan applications was improving, despite higher interest rates in the country. "While economic conditions have become more difficult for some borrowers, AMP Bank's credit quality remains strong," the company said. The flagship Australian wealth management business saw net cash outflows of about A$606 million ($407.84 million) for the quarter ended March 31, compared with A$873 million of outflows a year ago. ($1 = 1.4859 Australian dollars)Reporting by Harshita Swaminathan; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ China baijiu maker ZJLD Group seeks up to $812 million in Hong Kong's largest IPO in 2023
▼ + stars: | 2023-04-16 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +2 min

There is also a so-called "greenshoe" option to sell another 73 million shares that could raise an extra $122 million, according to the filings. Baijiu is considered China's national liquor and is the world's most consumed liquor, according to ZJLD's prospectus. Its market share in China is greater than wine's market share in France and beer's market share in the U.S., according to its documents. KKR owns a 16.2% stake in the company, which would fall to 13.8% after the IPO, Hong Kong's largest since Chinese lithium battery maker CALB Group Co (3931.HK) raised $1.3 billion in October. ($1 = 7.8493 Hong Kong dollars)Reporting by Harshita Swaminathan; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Latitude takes systems offline, Federal Police investigate cyberattack
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

March 20 (Reuters) - Australian fintech firm Latitude Group Holdings Ltd (LFS.AX) said on Monday it had taken its platforms offline as the cyberattack detected last week remained active, adding the Federal Police was investigating the incident. Last week, the firm said personal information, mostly drivers' licence copies or licence numbers, of about 330,000 customers and applicants was stolen. Latitude said the Australian Federal Police and the Australian Cyber Security Centre were looking into the attack. Latitude shares have not traded since March 15, a day before the company first disclosed the cyberattack. Reporting by Harshita Swaminathan and Himanshi Akhand in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Investors turn more bearish on Asian FX amid return of King Dollar
▼ + stars: | 2023-03-09 | by ( Harshita Swaminathan | ) www.reuters.com time to read: +3 min

Bearish bets intensified on nearly all Asian currencies, with short bets on the South Korean won and the Chinese yuan reaching their highest since November, according to a fortnightly poll of 12 analysts. Short bets on the won were the highest among Asian currencies for the second week in a row. However, the Indian rupee , already the best performing currency in Asia so far this year, bucked the bearish trend as investors dialled back their short bets. Short bets on the ringgit rose slightly. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

LONDON, Feb 22 (Reuters) - Rio Tinto (RIO.AX), (RIO.L) posted a 38% drop in annual profit and more than halved its dividend on Wednesday, hurt by weaker iron ore prices as demand from China slowed, while higher labour and material costs also ate into earnings. Strict COVID-19 curbs in top steel producer China curtailed economic activity last year, dragging down iron ore prices from lofty levels a year earlier. The world's top iron ore producer said China consumption showed signs of rebounding and commodity prices had found support in recent months, although the economy remained volatile. Rio Tinto last year earned an average realised price of just $106.10 per dry metric tonne (dmt) of iron ore, down from $143.80 per dmt in 2021. Rio Tinto reported underlying earnings of $13.3 billion for 2022, compared with a record $21.4 billion in 2021.

☆ Aussie supermarkets set to capitalise on high inflation, but softer demand ahead
▼ + stars: | 2023-02-19 | by ( Harshita Swaminathan | ) www.reuters.com time to read: 1 min

Cyclone death toll in New Zealand rises to nine as recovery continues, article with videoAsia Pacific category · February 18, 2023The death toll from Cyclone Gabrielle in New Zealand rose to nine on Saturday as the clean-up continued on the battered North Island and authorities worked to find missing people.

☆ China's MMG flags production halt at Las Bambas in Peru due to protests
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

Jan 30 (Reuters) - Chinese copper miner MMG Ltd (1208.HK) said on Monday its Las Bambas mine in Peru would likely have to halt production from Feb. 1 due to a shortage of "critical supplies" leading to a slowdown of operations. The Melbourne-headquartered miner said the shortage of supplies was due to transport disruptions from protests in Peru. Peru, the world's second-largest copper producer, has been gripped by growing unrest following weeks of sometimes violent anti-government protests triggered by the ouster of the country's former president last month. Glencore (GLEN.L) suspended operations at its Antapaccay copper mine on Jan. 20 after protestors attacked the premises for a third time. A source at MMG had told Reuters production would continue as long as there was a stock of supplies, but MMG said on Monday that supplies were running low.

☆ Origin Energy gives suitor Brookfield more time to review books
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - Australia's Origin Energy (ORG.AX) has extended the exclusivity period for a Brookfield-led consortium to finalise its A$15.5 billion ($10.81 billion) buyout bid, the power producer said on Tuesday. The exclusivity period has been extended to Jan. 24, upon the consortium's request, Origin said. Origin Energy did not specify a reason for the extension, which sparked concern about the fate of the bid. Its shares fell as much as 3.7% to a low of A$7.37, well below the proposed offer price of A$9 a share. Origin said in November it would back the proposed offer if it went ahead.

☆ Rio Tinto sees increased volatility as China reopens
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +3 min

MELBOURNE, Jan 17 (Reuters) - Rio Tinto (RIO.AX) on Tuesday said that China's reopening from COVID-19 restrictions is set to raise near-term risks of labour and supply-chain shortages, while it also flagged a strong start to iron ore shipments for 2023. Rio looks set to retain its crown as the world's biggest iron ore producer as quarterly iron ore shipments came in slightly ahead of expectations, near the bottom of the year's guidance. "It's good to see they made their iron ore guidance. Iron ore shipments for the final quarter of 2022 rose 3.8% to 87.3 million tonnes (Mt), bringing full-year shipments to 321.6 Mt, which beat a Visible Alpha consensus estimate of 320.2 Mt. Rio Tinto maintained its full-year iron ore shipments forecast of 320 Mt to 335 Mt.

Companies Sun Cable FollowMELBOURNE, Jan 11 (Reuters) - The developer of a $21-billion project aiming to deliver solar power to Singapore from Australia has collapsed as its two main backers, Australian billionaires Mike Cannon-Brookes and Andrew Forrest, failed to agree on a new round of funding. Singapore-based Sun Cable said it had appointed voluntary administrators less than a year after raising A$210 million from the two billionaires for the Australia-Asia PowerLink project. Tech billionaire and climate activist Cannon-Brookes, who became chairman of Sun Cable in October, said he remained confident in the project. The statement offered no comment from iron ore magnate Andrew Forrest's privately owned Squadron Energy, Sun Cable's other big stakeholder. Future steps are likely to involve voluntary administrators FTI Consulting seeking fresh capital or selling the business entirely, Sun Cable said.

☆ Australia's Fortescue taps Woodside veteran as CEO amid green energy push
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Australia's Fortescue Metals Group (FMG) can be seen on a bulk carrier as it is loaded with iron ore at the coastal town of Port Hedland in Western Australia, November 29, 2018. REUTERS/Melanie Burton/File PhotoNov 29 (Reuters) - Australia's Fortescue Metals Group (FMG.AX) on Tuesday appointed former Woodside Energy (WDS.AX) executive Fiona Hick as its chief executive officer, effective February 2023, as Elizabeth Gaines made way for a new boss in August. Hick joins Fortescue at a time when the iron ore giant is delving into mining of critical minerals and rare-earths and is also striving to transition into a green energy firm through its unit Fortescue Future Industries (FFI). She will lead Fortescue Metals' mining arm, culminating a year-long search by the company's billionaire-founder and chairman Andrew Forrest. Gaines, who oversaw a tripling in the share price of one of the world's biggest iron ore miners in the past four years, remains on Fortescue's board as a non-executive director.

☆ Australian telecom firms fined $22.1 mln for false internet speed claims
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

Nov 11 (Reuters) - Three Australian telecom firms have been ordered by a court to pay a collective A$33.5 million ($22.08 million) in penalties for making misleading claims about speeds of some NBN internet plans, the country's competition regulator said on Friday. The Australian Federal Court has ordered Telstra (TLS.AX) to pay A$15 million, a unit of TPG Telecom (TPG.AX) to cough up A$5 million, and imposed a fine of A$13.5 million on Optus, a unit of Singapore Telecommunications (STEL.SI), the Australian Competition & Consumer Commission (ACCC) said. All three telcos have admitted in court of making false or misleading statements, the regulator said, claiming nearly 120,000 customers were affected. According to the ACCC, the false or misleading statements were made for at least 12 months in 2019 and possibly extended until 2020, related to their 50 Megabits per second (Mbps) or 100Mbps fibre to the node plans. ($1 = 1.5175 Australian dollars)Reporting by Harshita Swaminathan; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Medibank says hacker leaked customer data on dark web
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Medibank Private Ltd (MPL.AX), Australia's biggest health insurer, said on Wednesday some customer personal data believed to have been stolen from its systems has been released by the hacker on a dark web forum. The leaked data includes names, addresses and phone numbers of its customers, and in the case of some international students, passport numbers. Some health claims data was also released. Local media has reported the leaked data was posted on a blog linked to ransomware crime group REvil, which has links to Russia. read more read moreReporting by Harshita Swaminathan and Himanshi Akhand in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Australian lender Westpac sees profit drop on charge, raises cost target
▼ + stars: | 2022-11-06 | by ( Harshita Swaminathan | ) www.reuters.com time to read: +2 min

3 lender Westpac Banking Corp (WBC.AX) on Monday reported a drop in annual earnings, hit by a charge on the sale of its life insurance unit, and raised cost guidance as it flagged lower home prices and higher unemployment into 2023. Westpac revised its target for costs incurred to A$8.6 billion ($5.52 billion) by fiscal 2024 from a prior target of A$8 billion, citing wage increases from a tight labour market and continued regulatory costs. Westpac's cost target excludes its specialist business and some other items. Analysts at Citi said this implies a total cost base of A$9.2 billion for fiscal year 2024, which consensus estimates have already priced in. Shares of the lender fell over 3% to A$23.38, while the broader market (.AXJO) was up 0.5%.

☆ Australian lender Westpac's profit falls on charge, raises target for costs
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

Westpac also revised its target for costs incurred up to A$8.6 billion by the 2024 financial year, citing wage increases from a tight labour market and continued regulatory costs. The new cost target marks a departure from its A$8 billion by FY24 target set in May 2021, as part of a cost-cutting exercise which analysts had termed "ambitious". However, the bank saw a 19% reduction in annual operating expenses, benefitting from lower asset writedowns and lower staff expenses. read moreWhile its lending margins in the second half did recover slightly from the first half, full-year margins were still down 13 basis points from last year. Westpac declared a final dividend of 64 Australian cents per share, compared with 60 Australian cents last year.

read moreIt also shows Woolworths' grocery dominance being challenged: its September quarter sales showed higher inflation than at Coles, which reported results on Oct. 26, while Woolworths food sales went backwards compared to higher supermarket sales at Coles. In the same period, Australian food prices for Woolworths rose 7.3%, compared to 7.1% at Coles. Woolworths food sales were below consensus forecasts and Coles "appears to have closed the sales gap somewhat", Jefferies analysts said in a research note. Australian food sales "did not improve ... despite rising inflation", UBS analysts noted. Including all divisions such as discount department store and its business-to-business unit, group sales rose 1.8% to A$16.4 billion, Woolworths said, roughly in line with analyst forecasts.

☆ Australia's Woolworths sales rise on higher prices, grocery demand stumbles
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Nov 3 (Reuters) - Australia's biggest supermarket chain Woolworths Group (WOW.AX) said on Thursday first-quarter sales rose 1.8% as higher shelf prices and strength in its wholesale business offset a slowdown in grocery demand. Last week, rival Coles Group Ltd (COL.AX) CEO Steven Cain said cost-of-living pressures were changing customer behaviour. Total group sales for Woolworths rose to A$16.36 billion ($10.39 billion) in the first quarter and narrowly beat a Jefferies estimate of A$16.33 billion. The country's heavily populated east coast experienced flooding earlier this year, worsening cost-of-living pressures. read moreWoolworths' topline growth was also helped by its Australian business-to-business segment, where sales rose 26% to A$1.20 billion.

☆ Australian grocer Woolworths' quarterly sales rise on higher prices
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - Australian grocer Woolworths Group (WOW.AX) said on Thursday first-quarter sales rose 1.8%, helped by higher prices of products and a jump in sales in its domestic business-to-business (B2B) segment. Retailers have been raising prices to cope with higher fuel and ingredient costs. Total group sales for the country's biggest supermarket chain rose to A$16.36 billion ($10.39 billion) in the first quarter and narrowly beat a Jefferies estimate of A$16.33 billion. In Australian B2B, quarterly sales surged 26% to about A$1.20 billion, which helped offset a 0.5% drop in the company's biggest segment, Australian Food, and an 8.1% fall in sales from New Zealand. ($1 = 1.5746 Australian dollars)Reporting by Harshita Swaminathan and Navya Mittal in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Insurer AIA's new business value edges up as China COVID curbs ease
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Asia-focussed insurer AIA Group Ltd (1299.HK) reported a 1% rise in quarterly new business value on Tuesday as sales recovered from pandemic lows in its main markets of China and Hong Kong. AIA's mainland China business posted a 6% rise in value of new business (VONB) during the quarter, on a constant exchange rates basis. Its Hong Kong business also saw VONB growth, AIA said. The two markets together account for about half of AIA's new business growth globally. In the quarter ended Sept. 30, AIA's VONB rose to $741 million from $735 million a year earlier.

☆ Insurer AIA's new business value rises marginally in third quarter
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: 1 min

Oct 31 (Reuters) - Asia-focussed insurer AIA Group Ltd (1299.HK) reported a 1% rise in quarterly new business value on Tuesday as sales recovered from pandemic lows in its main markets of China and Hong Kong. The insurer's value of new business, or VONB, rose to $741 million in the third quarter from $735 million a year earlier. VONB measures expected profits from new premiums and is a key gauge for future growth. Reporting by Harshita Swaminathan and Selena Li; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Oct 31 (Reuters) - The Reserve Bank of New Zealand said on Monday its annual stress test on the banking sector showed banks were "well placed" to overcome stagflation. The RBNZ's Deputy Governor Christian Hawkesby said while banks' capital buffers would take a hit in a stagflation scenario, where high inflation is paired with negative economic growth, they would remain well above the regulatory minimums. Inflation in New Zealand is tracking just below three-decade highs at 7.2% and the central bank has been aggressively hiking the cash rate to try to dampen it. Gross domestic product rose 1.7% in the June quarter, but increases in the cash rate raise the risk of a contraction. The Central Bank is due to release its twice yearly Financial Stability Report on Nov. 2.

Oct 31 (Reuters) - Australia's Nitro Software (NTO.AX) said on Monday it would back a near A$500 million ($320.15 million) offer from KKR Inc's (KKR.N) Alludo that trumps an earlier bid from major shareholder Potentia Capital Management. Shares of Nitro Software rose as much as 19.1% to A$2.06 in morning trade, the highest point since January. In a statement, Nitro said the Alludo offer was fully funded by "equity sources", without identifying the backers. Potentia has built a 19.8% stake in Nitro and declined to comment on the Alludo offer. Last week, ELMO Software (ELO.AX) agreed a $A500 million takeover from Los Angeles-based K1 Investment Management.

☆ Qantas 'disappointed' at regulator delaying Alliance Aviation deal verdict
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

Oct 28 (Reuters) - Australia's Qantas Airways Ltd (QAN.AX) on Friday "expressed disappointment" at the country's competition regulator delaying its decision on the carrier's $394 million buy of Alliance Aviation Services (AQZ.AX). In May, Qantas said it was buying the remaining 80% stake in charter flights operator Alliance Aviation Services for A$610.8 million ($394.03 million). read moreAlliance Aviation's charter alliance agreement with Virgin Australia also hangs in the balance, with the ACCC proposing to deny approval for the firms to extend their agreement. If Qantas succeeds in buying Alliance Aviation, the charter alliance deal extension is even less likely to go through. Alliance Aviation's shares last traded at A$3.23, a 32% discount to Qantas' offer price of A$4.75.

☆ ANZ's annual cash profit rises 5% on home loan boost, higher interest rates
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Australia and New Zealand Banking Group Ltd (ANZ.AX) on Thursday reported a 5% rise in full-year cash profit as its home loans business improved and higher interest rates boosted margins in the second half. The country's fourth-largest bank has been overhauling its home loan processing capabilities after failing to cash in on a COVID-driven housing boom because of delays in processing applications. Group net interest margin, a key measure of profitability, grew 10 basis points from the first half to 1.68% in the second half of the year. Runaway inflation has pushed the Australian central bank to pursue its most aggressive tightening cycle in decades, boosting margins for banks that had grappled with record-low interest rates for the past two years. ANZ's cash profit from continuing operations was A$6.52 billion ($4.23 billion) for the financial year, beating a Visible Alpha consensus estimate of A$6.31 billion.

☆ ANZ assessed $16 mln fine for withholding account benefits
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Oct 26 (Reuters) - Australia and New Zealand Banking Group (ANZ.AX) was fined A$25 million ($16 million) for failing to provide agreed benefits to certain customers with offset transaction accounts, Australia's market regulator and the lender said on Wednesday. The accounts, offered under ANZ's "Breakfree" package introduced in 2003, provided fee waivers, interest rate discounts on home loans, credit cards and transaction accounts, and other benefits in exchange for an annual fee. ANZ's offset transaction customers were entitled to interest rate reductions on eligible home and commercial loans, which were not always passed on, the ASIC said. "ANZ ... for many years failed to prioritise and deploy the systems and processes necessary to fulfil its obligations." "ANZ accepts that its conduct fell short of expectations and apologises to its customers who have been impacted," the lender said.

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