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☆ Potentia hikes bid for Australia's Nitro Software to $364 mln, trumping Alludo
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Australia's Nitro Software Ltd (NTO.AX) said on Thursday that private equity firm Potentia Capital raised its takeover offer for the software maker to A$532.3 million (about $364 million), trumping a rival offer by KKR Inc (KKR.N)-backed Alludo. In the latest salvo, Potentia, which has a 19.31% stake in Nitro, offered A$2.17-per-share, trumping Alludo's offer of A$2.15, which Nitro shareholders rejected a few weeks back. Potentia's latest offer was superior to Alludo's, Nitro's board said, despite it being at the lower end of the A$2.20- to A$2.30-per-share bid that had been signaled earlier. Potentia's offer is conditional on Nitro's board unanimously recommending its shareholders accept the latest offer, in the absence of a superior proposal. If the offer is declared unconditional, Nitro shareholders that accept the current bid will receive any subsequent increase in the offer price to A$2.20 or A$2.25, Potentia said.

☆ Qantas swings to first-half profit, announces buy-back
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Qantas Airways Ltd (QAN.AX) posted first-half profit at the top end of its forecast range and announced a A$500 million ($340.30 million) share buy-back on Thursday, as demand for air travel rebounded strongly despite higher fares. The airline said the turnaround to profit was "underpinned by strong travel demand with revenue strength offsetting record fuel prices" during the period. Qantas Chief Executive Alan Joyce said "supply chain and resourcing issues meant capacity hasn't kept up with demand." "Now those challenges are starting to unwind, we can add more capacity and that will put downward pressure on fares." Qantas warned ongoing challenges in the industry, including aircraft manufacturer delays, supply chain snarls and labor constraints, continued to adversely affect operations.

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.

Australia's biggest lender said loan impairment expenses increased by A$586 million ($409 million) and business credit growth slowed, reflecting strong inflationary pressures, rising interest rates and a decline in property prices. "We expect business credit growth to moderate and global economic growth to slow during 2023," said Chief Executive Officer Matt Comyn. "We are conscious that many of our customers are feeling significant strain from rising interest rates, alongside the rising costs of electricity, groceries and other household items,” Comyn said in an analyst and investor briefing. Higher interest rates are yet to hit many CBA mortgage customers as many cheaply priced fixed rate loans are expected to come off by the end of the year. The bank also announced it would buy back additional shares worth A$1 billion, on top of a A$2 billion share buy-back announced last February.

☆ Australian insurers receive over 8,000 claims after New Zealand floods
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +2 min

As of Monday morning, Suncorp's Vero and AA Insurance brands have received about 3,000 claims, while IAG's AMI, State and New Zealand Insurance brands have obtained over 5,000 claims. Both the insurers expect the number of claims to rise further over the coming days, as the event continues to unfold and customers identify damages. IAG received 24,000 claims in the first three days of flooding in Sydney and across the New South Wales state last year. Local New Zealand insurers have yet to provide any details on claims received. ($1 = 1.5427 New Zealand dollars)($1 = 1.4085 Australian dollars)Reporting by Harish Sridharan in Bengaluru; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

SYDNEY, Jan 16 (Reuters) - Bain Capital said on Monday it is looking to relist Virgin Australia - a move that comes as the domestic aviation market bounces back strongly from its pandemic lows. "In the coming months we will consider how to best position Virgin Australia for continued growth and long term prosperity," Mike Murphy, a Sydney-based partner at the U.S. private equity firm said in a statement. "It is Bain Capital’s current intention to retain a significant shareholding in a future IPO of Virgin Australia." Bain bought Virgin Australia for A$3.5 billion ($2.45 billion) including liabilities in 2020 after the airline was placed in voluntary administration. There were just $614.2 million worth of IPOs in Australia in 2022, down nearly 93% from $8.4 billion a year earlier, according to Refinitiv data.

Issuance of bonds tied to environmental, social and governance (ESG) themes grossed $142 billion in Asia Pacific last year, barely below the record $144 billion of 2021, according to data from Refinitiv. Major EM ESG issuance Asia, Europe and USParticipants say the 2022 issuance in Asia was fuelled on the supply side by the gargantuan task of greening Asia's energy grid and by low yuan interest rates in top issuer China, where investment from domestic institutions supported prices. Chinese entities issued 59.3% of the ESG bonds in the Asia-Pacific region in 2022, with total proceeds totaling $84 billion, up about 6% from $80 billion in 2021. "Domestic capital markets in Asia have been developing over many years, and are quite deep today," he said. Major EM ESG issuance Major EM ESG issuanceGlobally, ESG issuance fell last year as debt markets became turbulent, while investors pulled cash from funds devoted to sustainable investment for the first time in more than a decade as soaring prices for fossil fuel stocks, which they exclude, hurt their relative performance.

☆ When the chips go up: Big banks bet on S. Korea, Taiwan stocks for 2023
▼ + stars: | 2022-12-01 | by ( Harish Sridharan | ) www.reuters.com time to read: +5 min

Goldman Sachs says South Korean stocks are the bank's top "rebound candidate" for 2023 due to low valuations, made cheaper by a nosediving Korean won, and as companies benefit from an expected recovery in Chinese demand. "We think (Korean stocks) sold off too much in September and August." Morgan Stanley downgraded its view on Indian exposure in October, when it upgraded its recommendation for South Korea. Like South Korea, Taiwan (.TWII) is another heavily-sold and chip-maker dominated market - though tensions with China make some investors a bit less enthusiastic. Meanwhile, Taiwan and South Korea are both geopolitical flashpoints - but analysts argue at least some of that is already in the price.

The euro rose ahead of inflation data due on Wednesday. The Aussie , often used as a liquid proxy for the yuan, rose 1.2% to $0.6734. EURO ZONE INFLATIONThe euro was up 0.4% at $1.0380, not far from a five-month peak of $1.0497 hit on Monday. Flash euro zone inflation figures for November are due on Wednesday, with economists polled by Reuters expecting inflation to come in at 10.4% year-on-year. St. Louis Fed President James Bullard said the Fed needed to raise interest rates quite a bit further, while New York Fed President John Williams and Richmond Fed President Thomas Barkin echoed similar views.

☆ Dollar holds firm as China's COVID-related worries weigh
▼ + stars: | 2022-11-29 | by ( Harish Sridharan | ) www.reuters.com time to read: +4 min

The euro , which surged to a five-month peak of $1.0497 overnight, later reversed those gains following a rebound in the U.S. dollar. Against a basket of currencies, the U.S. dollar index was marginally lower by 0.1% at 106.50, after rising 0.5% overnight. The greenback had extended gains after St. Louis Fed President James Bullard said overnight that the Fed needs to raise interest rates quite a bit further. The U.S. central bank is widely expected to hike rates by an additional 50 basis points when it meets on Dec. 13-14. The offshore yuan reversed some of its losses in the previous session and was about 0.4% higher at 7.2136 per dollar.

☆ Anwar Ibrahim's long road to prime minister of Malaysia
▼ + stars: | 2022-11-24 | by ( Harish Sridharan | ) www.reuters.com time to read: +3 min

** He had a meteoric political rise under Prime Minister Mahathir Mohamad, who invited him to join the ruling coalition, the United Malays National Organisation (UMNO), in 1982. ** Finance minister from 1991 and deputy prime minister from 1993, the long-celebrated heir apparent to Mahathir fell out with his mentor in 1998. ** During the term of Prime Minister Najib Razak in 2015, Anwar was jailed for sodomy for the second time. ** Anwar and former Prime Minister Muhyiddin Yassin each said they could form a government with support from other parties. ** Malaysia's king appointed Anwar as prime minister after a special meeting of his fellow hereditary sultans.

☆ Rise and fall of crypto exchange FTX
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - Cryptocurrency exchange FTX stood on the brink of failure on Thursday after a bailout from larger rival Binance collapsed. September - FTX signed a sponsorship deal with Mercedes' Formula 1 team. June 4 - FTX signed a reportedly $135 million sponsorship deal for naming rights of the Miami Heat's home court. July 1 - FTX signed a deal with an option to buy embattled crypto lender BlockFi for up to $240 million. Aug. 19 - A U.S. bank regulator ordered crypto exchange FTX to halt "false and misleading" claims it had made about whether funds at the company are insured by the government.

☆ King dollar commands surge in remittances
▼ + stars: | 2022-11-10 | by ( Harish Sridharan | ) www.reuters.com time to read: +3 min

The U.S. dollar index , which measures its performance against a basket of major currencies, is up 14.5% this year. The dollar's long rallyTransfer volumes at Remitly (RELY.O) leapt 44% to $7.5 billion in the September quarter. Larger rival Wise (WISEa.L) said volumes were up 49% to 24.4 billion pounds ($28.2 billion) in the July quarter. MoneyGram International (MGI.O) and PayPal Holdings (PYPL.O) have also posted an uptick in turnover and transactions in their third quarter. "Some of us get to match or not get too affected by inflation because we earn in U.S.

☆ Factbox: Top crypto exchanges by volume
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

[1/3] Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on keyboard in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/IllustrationNov 9 (Reuters) - Binance, the world's biggest cryptocurrency exchange, on Tuesday signed a non-binding agreement to buy rival FTX's non-U.S. unit. The move is the latest and potentially largest bailout in the crypto world, and investors are on edge about how the shakeout might re-shape the trading landscape. Here is a list of the biggest crypto exchanges in terms of volume this year, according to analytics website CoinGecko. Compiled by Harish Sridharan in Bengaluru and Tom Westbrook in Singapore; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's NAB flags slowing lending growth from rising rates, shares fall
▼ + stars: | 2022-11-09 | by ( Sameer Manekar | ) www.reuters.com time to read: +2 min

[1/2] A National Australia Bank (NAB) logo is pictured on an automated teller machine (ATM) in central Sydney September 12, 2014. The country's second-largest lender also warned that economic uncertainty created by rising interest rates owing to soaring inflation could challenge some customers, however, said it expects strong employment conditions and substantial home and business savings helping it weather the impact. NAB forecasts a steep decline in business and housing lending volumes in fiscal 2023 in Australia, with business credit growth seen decelerating to 3.6% from 14.7% in fiscal 2022. NAB, the country's biggest business lender, recorded strong growth in its business and home lending during the year ended September, with windfall benefit from rising interest rates boosting its cash earnings to A$7.10 billion ($4.62 billion). That compares with A$6.56 billion reported a year earlier and analysts' estimate of A$7.08 billion, according to Refinitiv Eikon.

☆ Australia's NAB beats cash profit estimates on lending growth, rising rates
▼ + stars: | 2022-11-08 | by ( Sameer Manekar | ) www.reuters.com time to read: +2 min

SummarySummary Companies FY cash earnings A$7.10 bln, up 8.3%Full-year total dividend of A$1.51/shareRise in home, business lending boost earningsNov 9 (Reuters) - National Australia Bank (NAB.AX), the country's second-largest lender, on Wednesday logged a better-than-expected annual cash profit helped by robust home and business lending growth and margins that were supported by rising interest rates. The lender warned that ongoing economic uncertainty, stemming from rising interest rates owing to soaring inflation, could challenge some customers, but was confident of standing strong on the back of strong employment and substantial home and business savings. However, rapidly rising interest rates and inflation could impact household budgets, dampening consumption and overall growth, Chief Executive Officer Ross McEwan said. "This outcome reflects continued execution of our strategy including targeted volume growth and a disciplined approach to managing costs while investing for growth," McEwan said. The Melbourne-based bank declared a final dividend of 78 Australian cents per share, compared with 67 Australian cents apiece last year.

☆ 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.

☆ Fitbit sued in Australia for misleading consumers on faulty devices
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Australia's competition regulator has begun court proceedings against Fitbit LLC for allegedly making false or misleading claims to consumers about their guarantee rights on faulty devices, it said on Monday. "All consumers have... automatic consumer guarantee rights that cannot be excluded, restricted or modified. The consumer guarantee rights exist in addition to any warranties offered by manufacturers," said ACCC Chair Gina Cass-Gottlieb. Additionally, Fitbit told consumers that once they received a replacement device for an originally faulty product, they were not entitled to a second replacement if Fitbit's two-year 'limited warranty period' for the original device had expired, ACCC alleged. The ACCC, which is seeking penalties and injunctions, said their case includes 58 examples of consumers who were allegedly misled by Fitbit when they complained about faulty devices.

☆ AMP Australian wealth management unit's Q3 outflows drop
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

Oct 21 (Reuters) - AMP Ltd (AMP.AX) on Friday reported lower third-quarter outflows at its Australian wealth management unit, largely due to reduced withdrawals at one of its pension trusts. Net cash outflows at AMP's main wealth management business were A$0.8 billion ($502.40 million) for the three months to September, compared with A$1.9 billion recorded a year earlier. ($1 = 1.5924 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Harish Sridharan in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ AMP Australian wealth management unit's net outflows more than halve
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Oct 21 (Reuters) - AMP Ltd (AMP.AX) on Friday reported third-quarter net outflows at its Australian wealth management unit more than halved due to increased inflows into its flagship online investment platform, North, and reduced withdrawals at its pension trusts. "We've seen a reduction in cash outflows to other superannuation funds and we’re winning new customers on our North platform, which has continued to grow cashflows from independent financial advisers," AMP Chief Executive Officer Alexis George said. Net cash outflows at AMP's main wealth management business were A$0.8 billion ($502.40 million) for the three months to September, compared with A$1.9 billion recorded a year earlier. Assets under management at the unit, however, fell A$3.7 billion to A$121.4 billion due to a downturn in investment markets and continued cash outflows. AMP said net interest margins at its banking unit remained on track to meet their annual forecast range of 135 basis points (bps) to 140 bps.

☆ Australia's Link Administration plans to divest UK-based Link Fund Solutions
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 20 (Reuters) - Link Administration Holdings Ltd (LNK.AX) said on Thursday it will explore options to divest its Link Fund Solutions business, months after Britain's financial regulator said it may fine the unit in a probe relating to a now-defunct fund. Link Administration's proposed A$2.47 billion ($1.55 billion) deal to be acquired by Canada's Dye & Durham (D&D) (DND.TO) fell through a month ago, after a local court denied approval, citing failure to meet key conditions. Register now for FREE unlimited access to Reuters.com RegisterThe unit is also being sued in the UK for up to 100 million pounds by claims management firm RGL. read moreThe FCA did not immediately respond to a request for comment on the potential divestment of the Link unit. Link Administration is currently is talks with D&D in relation to a revised bid, which could see the share registry firm sell its corporate markets and banking segment for A$1.27 billion.

☆ Auckland Airport lifts profit forecast for fiscal 2023 on demand recovery
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 20 (Reuters) - Auckland International Airport Ltd (AIA.NZ) on Thursday raised its profit forecast for fiscal 2023, helped by a better-than-expected rebound in the aviation market. High aircraft load factors and continued strength in forward international seat capacity are expected to fuel the ongoing recovery, New Zealand's biggest airport operator said. The company expects underlying profit after tax of between NZ$100 million ($56.64 million) and NZ$130 million for the year, up from NZ$50 million to NZ$100 million forecast earlier. read moreAuckland Airport now anticipates that international passenger numbers will be between 60% and 70% of pre-pandemic levels for the year, with domestic passenger numbers at 85% to 90% of those levels. ($1 = 1.7655 New Zealand dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Harish Sridharan in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Origin Energy expects earnings from energy markets unit to jump in fiscal 2023
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Origin Energy Ltd (ORG.AX) on Wednesday forecast a sharp increase in underlying earnings from its energy markets business in fiscal 2023, helped by higher natural gas prices. Origin in mid-August withheld outlook for 2023 due to extreme gas and power price volatility, as well as coal supply problems at its Eraring power plant, a decision that left investors disappointed. Register now for FREE unlimited access to Reuters.com RegisterThe company now expects underlying earnings before interest, taxes, depreciation, and amortization for its energy markets division between A$500 million ($315.65 million) and A$650 million in fiscal 2023, compared with A$365 million a year earlier. Origin expects the unit to grow further in fiscal 2024, driven by a higher contribution from its electricity business. ($1 = 1.5840 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Harish Sridharan in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Rio Tinto tempers annual iron ore shipments outlook as demand weakens
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Rio Tinto (RIO.AX), (RIO.L) on Tuesday forecast annual iron ore shipments at the lower end of its outlook after third-quarter iron ore deliveries fell amid weak global demand, particularly in top metals consumer China. read moreWeakness in prices and cooling China demand had led Rio to more than halve its interim dividend payout in July. The world's biggest iron ore producer shipped 82.9 million tonnes (Mt) of the steel-making commodity in the three months ended Sept. 30, compared with 83.4 Mt a year earlier. The company retained its annual cost outlook for iron ore, but raised estimates for copper to between 150 cents and 170 cents per pound from 130 cents to 150 cents a pound. Rio last month said it would team up with China Baowu Steel Group to develop an iron ore project in Western Australia for $2 billion.

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