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☆ Westpac flags higher expenses in quarterly update; shares drop
▼ + stars: | 2023-08-21 | by ( Archishma Iyer | ) www.reuters.com time to read: +2 min

Shares of Sydney-based Westpac fell about 2.1% to trade at A$20.82 at 0040 GMT, hitting their lowest since July 12. Broadly, Australia's major banks have all flagged stiff competition in the mortgage space, along with higher expenses as inflationary pressures weigh. The higher interest rates have also contributed to increased living costs, which are pushing up debt arrears. Westpac did not publish a comparable quarterly net profit figure for the same period a year earlier. The figure reported on Monday was below the A$2 billion average profit for the first two quarters of fiscal 2023.

Persons: David Gray, Riya Sharma, Archishma Iyer, Sam Holmes, Christopher Cushing Organizations: Australia's Westpac Banking Corp, REUTERS, Westpac Banking Corp, Sydney, Westpac, Citi, Commonwealth Bank of Australia, Australia Bank, Thomson Locations: Sydney, Australia

☆ Westpac flags margin squeeze from rising home loan competition
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/David Gray Acquire Licensing RightsSummaryCompanies Reports quarterly cash profit A$1.8 billionLate loan repayments rises to 0.8% in AustraliaCET1 Ratio of 11.9%Aug 21 (Reuters) - Westpac Banking Corp (WBC.AX), Australia's third-largest lender, on Monday posted a quarterly cash profit of A$1.8 billion ($1.15 billion), as increased competition for home lending squeezed margins. Australia's major banks have all flagged stiff competition in the mortgage space, along with higher expenses as inflationary pressures weigh. Sydney-based Westpac said expenses for the second half to date were up 5% from the first half, fuelled by higher supplier costs and staff wages. In Australia, loan repayments past 90 days late rose to 0.80% in the three-months ended June, up 7 basis points from 0.73% in March, Westpac said. The lender reported a core net interest margin of 1.86% for the quarter, down 4 basis points from the first half of fiscal 2023.

Persons: David Gray, Riya Sharma, Archishma Iyer, Lisa Shumaker, Sam Holmes Organizations: Australia's Westpac Banking Corp, REUTERS, Westpac Banking Corp, Westpac, Commonwealth Bank of Australia, Australia Bank, Thomson Locations: Sydney, Australia

☆ Japan Investment Corp in $7 billion deal talks with chipmaker JSR, Nikkei reports
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 24 (Reuters) - State-backed Japan Investment Corp is in talks to buy the country's top chipmaker, JSR Corp (4185.T), for about 1 trillion yen ($6.96 billion), the Nikkei reported on Saturday. If the deal goes through, JSR would delist from the Tokyo Stock Exchange as soon as 2024, according to Nikkei. To purchase JSR, JIC intends to establish a new company with 500 billion yen in capital, while Mizuho Bank will provide another 400 billion yen in finance. The fund plans to raise 100 billion yen via preferred shares and subordinated loans underwritten by various banks, according to Nikkei. The deal would grant JSR, with its significant 30% share of the global photoresist market, greater freedom for expansion, without being constrained by worries about stock market performance, Nikkei said.

Persons: JIC, Riya Sharma, Arun Koyyur Organizations: Japan Investment Corp, JSR, Nikkei, Tokyo Stock Exchange, Mizuho Bank, Thomson Locations: Bengaluru

☆ Australia's AMP fined $16.3 mln for charging fees to deceased clients
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

The penalty ordered by the court was under proceedings brought forward by the country's corporate regulator, Australian Securities and Investments Commission (ASIC), in 2021 against AMP trustees – AMP Super and NM Super, AMP Financial Planning, AMP Life and AMP Services. AMP had disclosed in 2018 that it had charged thousands of customers for financial advice it never gave, despite knowing they had deceased as it had no system in place to prevent dead clients from being billed. The company said the court has charged AMP Life and AMP Financial Planning with the fine. The penalty handed down was fully provisioned for by the company in its financial statements for the year ended Dec. 31, 2022, AMP said. ($1 = 1.4743 Australian dollars)Reporting by Riya Sharma in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Aristocrat Leisure to buy software firm NeoGames for $1 bln
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +1 min

May 15 (Reuters) - Australia's Aristocrat Leisure (ALL.AX) on Monday said it has entered a deal to acquire Israel-based software firm NeoGames S.A. (NGMS.O) for $1.0 billion as the gambling machine maker seeks to expand its online presence. Aristocrat Leisure said it would pay a cash price of $29.50 per share to the shareholders of NeoGames to buy 100% of the Nasdaq-listed software firm. NeoGames does content and technology solutions for the online RMG industry. "We see great opportunities in the combination of our complementary businesses, with clear revenue and growth potential that comes with a complete and seamless online RMG solution," said Aristocrat CEO Trevor Croker. NeoGames' board has recommended its shareholders vote in favour of the deal and holders of 61% of NeoGames shares have also executed a deal to vote in favour of the purchase, Aristocrat said.

[1/2] A surveillance camera is seen near the logo of the China Evergrande Group at the Evergrande Center in Shanghai, China, September 24, 2021. REUTERS/Aly Song/File PhotoHONG KONG, April 27 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Thursday it would extend the deadline for receiving an incentive for its debt restructuring proposal to May 18 as the company disclosed levels of support from offshore debt-holders for its proposal. Evergrande said that 77% holders of class-A debts and 30% holders of class-C debts have submitted their respective support for the restructuring proposal, among others. While some major creditors have already agreed to support the restructuring proposal, others are eager to cut ties with the debt-laden company and move on. Houlihan Lokey's Gale said the restructuring terms were more complex than other property sector deals because Evergrande had "a lot of voices and a fragmented holder base".

☆ Australian regulator says banks paid $3.10 bln in compensation for wrongly charged fees
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

[1/3] Australian dollars are seen in an illustration photo February 8, 2018. REUTERS/Daniel MunozMarch 10 (Reuters) - Australia's corporate watchdog said the country's six largest banking services providers have paid or offered A$4.7 billion ($3.10 billion) in compensation to customers who suffered losses for fees charged for services that were not provided. The largest business lender in Australia, NAB, took the lead and coughed up A$1.49 billion in compensation as of the end of 2022, followed by CBA and Westpac coughing up a payout of A$1.13 billion and $1.03 billion, respectively. ASIC said its final update on remediation figures "draws a line" under its eight-year long programme of addressing financial institutions' failure to provide ongoing services to fee-paying customers. ($1 = 1.5177 Australian dollars)Reporting by Riya Sharma in Bengaluru; Editing by Krishna Chandra Eluri and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Commonwealth Bank of Australia's Indonesian arm hit by cyber attack
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: 1 min

March 8 (Reuters) - Commonwealth Bank of Australia (CBA.AX) said on Wednesday its Indonesian unit, PT Bank Commonwealth (PTBC), had been hit by a cyber incident. The incident involves unauthorised access of a web-based software application used for project management, the country's top lender said, adding that its Australian systems were segregated from PTBC's systems. Reporting by Riya Sharma in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Australian regulator to monitor rapid growth in digital platforms sector
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - The Australian competition regulator said on Wednesday it would probe the country's fast-evolving ecosystem of digital platform service providers as part of a five-year inquiry into the sector. "Interconnected products ... can provide consumers with a seamless experience that simplifies everyday tasks, but it's important that competition and consumers are not harmed as digital platforms invest across different sectors and technologies and expand their reach," ACCC Chair Gina Cass-Gottlieb said. ACCC also published an issues paper, seeking feedback from consumers, businesses and relevant stakeholders concerning the investment choices made by digital platforms and the potential effect on competition and consumers. This follows the ACCC announcing in January that it had conducted a sweep to identify misleading testimonials and endorsements by social media influencers across a range of digital platforms. Reporting by Riya Sharma in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

March 7 (Reuters) - Rio Tinto (RIO.AX) said on Tuesday it had agreed to pay a $15 million civil penalty to settle an investigation by the U.S. Securities and Exchange Commission, relating to an alleged bribery scheme involving a consultant in Guinea. The company, one of the world's top iron ore producers, has been fined for violations of the Foreign Corrupt Practices Act by the U.S. SEC. Rio Tinto said it would pay the charges without admitting to or denying the SEC's findings that it violated books and records. Reporting by Riya Sharma in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

The capital raising, comprising a A$685 million 3-for-5 rights offer and a A$115 million institutional placement, will help Star repay debt and increase liquidity, the company said on Thursday. It had a net debt of A$1.11 billion as of end-2022. The shares in the capital raising are being sold at A$1.20 each, 21% below Star's latest closing price of A$1.52. Major shareholders Chow Tai Fook Enterprises and Far East Consortium (0035.HK) have taken up their rights entitlements and committed $80 million to the capital raising, Star said. Star shares are in a trading halt Thursday while the capital raising is underway.

☆ Star Entertainment's first-half statutory loss widens
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Star Entertainment Group's (SGR.AX) first-half statutory loss widened, the casino operator said on Thursday, as it navigates through regulatory concerns and costs related to compliance procedures. The company's earnings took a hit from the increased regulatory restrictions at its Sydney operations from mid-September, and rise in competition since the opening of Crown Resort's Sydney operations in August after the New South Wales (NSW) regulator granted it a licence. Star said it "continues to pursue the recycling of non-core assets, including the Treasury buildings," adding that the asset is expected to contribute A$233.0 million in additional cash. The second largest Australian casino operator posted statutory net loss after tax of A$1.26 billion ($858.19 million) for the six months ended Dec. 31, compared with A$74.2 million in losses last year. The firm, however, posted A$43.6 million in normalised net profit after tax for first-half, compared with A$73.7 million in losses last year.

☆ Australia's Aurizon cuts earnings forecast on prolonged wet weather
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - Australia's Aurizon Holdings (AZJ.AX) on Monday reported a 34% fall in its first-half underlying profit and slashed its annual core earnings forecast, as prolonged wet weather and a derailment dented the rail-haulage firm's freight volumes. For the first-half of 2023, the company's underlying net profit after tax stood at A$169 million, compared with A$257 million a year ago. Aurizon also declared an interim dividend of 7.0 Australian cents per share, down 33% from the 10.5 Australian cents dividend it declared a year ago. Shares of the firm fell 9.2% to A$3.35 after the earnings update. ($1 = 1.4468 Australian dollars)Reporting by Riya Sharma in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's IAG cash earnings jump 27% on growth across key businesses, dividend steady
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - Insurance Australia Group (IAG.AX) reported a 26.7% jump in its first-half cash earnings on Monday, boosted by volume growth across its key businesses that helped offset the ongoing impact of higher inflation on claims costs. The insurer said GWP growth was driven by rate hikes, to offset the high inflation in the supply chain, as well as customer number growth in the home and motor portfolios. read moreThe insurance giant's natural perils costs ballooned to A$524 million following the severe weather events across multiple states in Australia during the period. read moreCash earnings for the six months ended Dec. 31 came in at A$223 million ($154 million), compared with A$176 million in the prior corresponding period and a Refinitiv estimate of A$464 million. Australia's top general insurer declared an interim dividend of 6 Australian cents per share, the same as in the prior corresponding period.

☆ Australia's Lynas Rare Earths' quarterly revenue rises on strong demand
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +1 min

Jan 30 (Reuters) - Australia's Lynas Rare Earths (LYC.AX) on Monday reported a 14.8% rise in second-quarter revenue from growing demand for specialised metals used in components of electric vehicles amid a global push toward green energy and decarbonisation. Lynas said it continues to receive enquiries from potential new customers - mainly auto-part makers and new magnet manufacturing projects outside of China. The world's largest producer of rare earths outside China said revenue rose to A$232.7 million ($165.15 million) in the three months to Dec. 31, compared with A$202.7 million a year ago. The company also said that prices for rare earths stabilised during the quarter and that future pricing trends will depend mainly on the economic recovery in China. Quarterly output of NdPr came in at 1,508 rare earth oxide tonnes (REOt) compared with 1,359 REOt a year earlier.

SYDNEY, Jan 9 (Reuters) - A venture headed by China's Tianqi Lithium (002466.SZ) made an A$136 million ($94.07 million) bid to buy Australian lithium developer Essential Metals (ESS.AX), in a big test of Australian regulators' appetite for Chinese-led foreign investment. Tianqi Lithium Energy Australia (TLEA), which is 51% owned by Shenzhen- and Hong Kong-listed Tianqi Lithium Corporation and 49% by Australian miner IGO Ltd (IGO.AX), set the bid at 50 Australian cents per share. The deal requires the approval of Australia's Foreign Investment Review Board (FIRB), with Treasurer Jim Chalmers having the ultimate say. Essential Metals' shares surged as much as 40% on Monday, trading as high as 48.50 Australian cents. It expects the Essential Metals deal to be completed by May 2023.

☆ Nitro rejects Potentia's alternative offer, seeks nod for KKR-backed firm's bid
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Australia's Nitro Software (NTO.AX) rejected an alternative takeover offer from private-equity (PE) firm Potentia Capital, which gave Nitro shareholders the choice of an all-cash, stock, or a combination of both, at the same offer price. The company also said on Wednesday it would recommend shareholders to vote for KKR Inc-backed (KKR.N) Alludo's all-cash, sweetened takeover offer of A$526.9 million ($354.55 million) and an off-market takeover. read moreAlludo's proposal of A$2.15 per share outbids top shareholder Potentia's A$2 per share for the PDF and e-signature software signing company. Alludo's offer is alongside a simultaneous off-market takeover offer for the software company. Alludo's offer requires 75% support from Nitro shareholders, while the off-market takeover offer needs a nod from 50.1% investors.

☆ AirAsia parent narrows Q3 loss on strong demand recovery, upbeat outlook
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - Capital A Berhad (CAPI.KL), the parent of Malaysian budget airline AirAsia, reported a narrower third-quarter operating loss on Wednesday, buoyed by a strong rebound in travel demand and the easing of pandemic-related restrictions in Southeast Asia. It also forecast a positive outlook for the upcoming years on strong sales momentum and reopening of travel restrictions, projecting stronger air passenger traffic in the next quarter. Capital A posted an operating loss of 563.9 million ringgit ($127.00 million) for the three months ended Sept. 30, compared to a loss of 893 million ringgit in the year-ago period. It reported a sharp 563% increase in revenue to 1.96 billion ringgit from last year's 295.9 million ringgit. ($1 = 4.4400 ringgit)Reporting by Sameer Manekar and Riya Sharma in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ China Evergrande communicates with Wuhan over repossessed land
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File PhotoNov 24 (Reuters) - Debt-laden developer China Evergrande Group (3333.HK) is communicating with a Chinese municipal district in Wuhan City that repossessed 134,500 hectares (332.4 acres) of land formerly held by a unit of the group. China Evergrande said it is communicating with the government of Jiangxia District in Wuhan City and "will file an administrative review on this matter to protect the legitimate rights and interests of the company". The company clarified that the municipal district retrieved its land-use rights over only 11 parcels of land under the project and it does not involve the project's other land parcels. China Evergrande, engulfed by $300 billion of liabilities in a deepening property sector debt crisis, aims to start negotiating restructuring terms next month and is combing through onshore assets to offer as credit enhancement to holders of its U.S. dollar-denominated bonds.

☆ Australia's Medibank reports cyber incident
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: 1 min

Oct 13 (Reuters) - Australian health insurer Medibank Private (MPL.AX) said on Thursday it would isolate and remove access to some customer-facing systems as it detected unusual activity on its network. The company said there was no evidence that any sensitive data, including customer data, had been accessed, at this stage. Register now for FREE unlimited access to Reuters.com RegisterReporting by Riya Sharma in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Syngenta Group launches 3.5-year U.S. dollar bonds - term sheet
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

Oct 12 (Reuters) - The Swiss agrichemicals and seeds group Syngenta Group launched 3.5-year U.S. dollar bonds at U.S. Treasuries plus 125 basis point price guidance, according to a term sheet seen by Reuters on Wednesday. The Chinese-owned company did not immediately respond to a request for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Riya Sharma in Bengaluru;Our Standards: The Thomson Reuters Trust Principles.

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