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☆ ANZ faces $16 mln fine for withholding account benefits for 20 years
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 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 customers with offset transaction accounts under its 'Breakfree' package, Australia's market regulator said on Wednesday. The Breakfree package, introduced in 2003, offered fee waivers, interest rate discounts on home loans, credit cards and transaction accounts and other benefits in exchange for paying 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." ($1 = 1.5657 Australian dollars)Reporting by Shashwat Awasthi, additional reporting by Harshita Swaminathan; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Coles flags climate challenge as floods push up inflation
▼ + stars: | 2022-10-25 | by ( Byron Kaye | Harshita Swaminathan | ) www.reuters.com time to read: +3 min

2 grocer Coles Group Ltd flagged climate change as its next big operational challenge on Wednesday as floods pushed up prices in the first quarter, lifting sales revenue but squeezing the farming supply chain. Coles shares fell 3% by mid-session, against a flat overall market, as analysts weighed the impact of inflation, which economists also blame on soaring energy prices, on profit growth. Shares of larger rival Woolworths Group Ltd, which reports September quarter sales on Nov. 3, were also down 3%. At its annual meeting, Woolworths CEO Brad Banducci said inflation remained a concern and the company expected the operating environment to remain challenging. With Australian inflation at a 32-year high of 7.3% in the September quarter, Coles CEO Cain said cost of living pressures were changing customer behaviour, with lower-income shoppers buying less fresh produce and more canned goods, and “catering in bulk” to reduce food waste.

☆ Newcrest Mining reports safety incident at Canada mine, suspends operations
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

Oct 24 (Reuters) - Australian gold miner Newcrest Mining (NCM.AX) said on Monday it was investigating a "critical incident" involving a team member from its Brucejack mine in British Columbia, Canada. The individual belongs to its mining and development contractor for the project, Procon. Newcrest said it was working closely with Procon and the relevant authorities. Newcrest did not immediately respond to a Reuters request for comment on the status of the individual involved. Newcrest acquired Brucejack, which produces gold and silver, as part of its acquisition of Pretium Resources Inc this year.

☆ Woodside lifts output forecast as revenue soars on high energy prices
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

The company became a top-10 global independent oil and gas producer after its merger with BHP's petroleum arm was finalised this year, helping it double its output. read moreWoodside gained from weaker energy supplies following the Ukraine war, which pushed liquefied natural gas prices to new highs and forced buyers to scramble for alternate supplies from countries like Australia. Woodside also said it produced 51.2 mmboe during the quarter, the first full quarter of production since its merger with BHP's petroleum arm, compared with 22.2 mmboe a year earlier. This, along with the newly acquired BHP assets, helped boost quarterly revenue to $5.86 billion, from $1.53 billion a year ago. Woodside also said its Sangomar oil and gas project in Senegal was 70% complete at the end of September, with first production targeted for the latter half of 2023.

☆ BHP quarterly iron ore production rises on lower COVID-19 impacts
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - BHP Group (BHP.AX) said on Wednesday its quarterly iron ore output rose, aided by better performance from its Western Australian assets and a continued ramp-up at its South Flank project. The higher production comes despite an 18% fall in spot prices of iron ore over the September quarter as China repeatedly locked down several major cities as part of its "zero-COVID" policy, hitting economic activity and demand for iron ore.Rival Rio Tinto (RIO.AX) had tempered its annual iron ore shipments forecast, after quarterly iron ore deliveries fell. The worker shortage continued to slow performance at its coal projects in New South Wales, which were already hit by floods. New South Wales energy coal production fell 38% in the September quarter. The global miner produced 72.1 million tonnes (mt) of iron ore in its first quarter, a 2% rise.

☆ China Southern Airlines places order for 40 Airbus jets
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Benoit TessierSept 22 (Reuters) - China Southern Airlines Co Ltd (600029.SS) said on Thursday its unit has placed an order with Airbus SE (AIR.PA) for 40 A320neo-family aircraft worth $4.85 billion. The deal comes months after three Chinese state airlines placed an apparently coordinated order for nearly 300 Airbus jets, the biggest order by Chinese airlines in about 5 years. read moreThe new order for 40 jets was on top of the bulk order for 292 aircrafts announced in July, an Airbus spokesperson said. read moreThe Airbus deal follows China Southern Airlines' order in August for 96 A320neo-family aircraft worth $12.25 billion. Xiamen Airlines is majority owned by China Southern Airlines and has previously relied exclusively on Boeing jets.

☆ China Evergrande mulls asset transfer to property unit for debt payment
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA partially removed company logo of China Evergrande Group is seen on the facade of its headquarters in Shenzhen, Guangdong province, China January 10, 2022. REUTERS/David KirtonSept 21 (Reuters) - China Evergrande Group (3333.HK) said on Wednesday it was considering transferring some assets to its property unit to settle some of the unit's debt payments. In July, the company revealed that loans secured by Evergrande Property Services (6666.HK) had been diverted to the parent group, which led to Evergrande Group's chief executive and finance head stepping down. read moreDeposits worth 13.4 billion yuan ($1.90 billion) held by the property unit had been used as collateral for pledge guarantees and seized by banks. Evergrande Group added that it had sold 18.16 billion yuan worth of properties from January to August, and it has 706 pre-sold but undelivered construction projects.

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