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☆ ANZ's half-year profit tops estimates but outlook downbeat
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

Competition in retail banking is as intense as it has ever been, both in Australia and New Zealand," Chief Executive Officer Shayne Elliott said. 2 lender National Australia bank (NAB.AX) said its margins had peaked during the last half and warned of uncertainties amid a tougher credit environment ahead. ANZ's net interest margin, a key gauge of profitability, was at 1.75% at the end of March, compared with 1.58% last year. Margins at the Australian lender have swelled from a series of interest rate hikes by the central bank since May last year, but analysts have warned margins could plateau going forward. ($1 = 1.4945 Australian dollars)Reporting by Navya Mittal and Savyata Mishra in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

In Norway, this will be exported to Europe, while in Kenya it will be turned into fertiliser for local farmers. FLAT IRON ORE OUTPUTFortescue on Monday posted steady iron ore shipments in the March quarter, while costs jumped 12%, but retained its full year shipment guidance despite a cyclone this month that disrupted exports from Australia's iron ore hub. Shares in the world's fourth largest iron ore miner fell as much as 5.3%, underperforming a 2.2% drop in the broader mining sector (.AXMJ) amid a drop in iron ore prices to near four-month lows on demand concerns. It left its shipments guidance for the year to June 2023 unchanged at 187 Mt to 192 Mt. Fortescue said it aims to start mining at its Belinga Iron Ore project in Gabon in the second half of 2023.

☆ U.S. banks fallout will intensify margin headwinds for Aussie lenders, UBS says
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

Australian banks are "well regulated" and carry strong liquidity coverage ratios, UBS said. Regulators and bankers insist the country's banks, bolstered by post-global financial crisis reforms, are well placed to handle the solvency and liquidity shocks that rocked lenders overseas like Silicon Valley Bank in the United States. Competition for mortgages, accounting for anywhere between 45% and 65% of net interest income of banks, "has never been fiercer," with some banks "sub-economically" pricing new business, UBS said. Still, the brokerage expects the bank to report strong first half earnings on sustained operational momentum. Three of the "Big Four" banks barring CBA lost between 1% and 5% from March 10 when the first signs of trouble surfaced at the tech-focused lender Silicon Valley Bank.

☆ Crown Resorts' data vendor hacked, limited number of its files impacted
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Australia's biggest casino operator Crown Resorts said on Monday it was investigating a data breach at its third-party file transfer service, GoAnywhere, in which hackers obtained a limited number of Crown's files. "We were recently contacted by a ransomware group who claimed they have illegally obtained a limited number of Crown files," a spokesperson of the formerly listed firm said in a statement. "We can confirm no customer data has been compromised and our business operations have not been impacted." Suspicious activity at GoAnywhere was identified by U.S. cybersecurity firm Fortra nearly two months ago, that offers the service, and has impacted many organisations including mining giant Rio Tinto (RIO.AX). Crown Resorts was bought out in a $6.3 billion deal by U.S. private equity giant Blackstone Inc last June.

☆ Aussie start-up firm SafetyCulture appoints Tesla Chair as director
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Australian technology firm SafetyCulture on Monday said it has appointed Robyn Denholm, chair of electric vehicle maker Tesla Inc (TSLA.O), as a director to its board. Denholm, who has been an advisor to the Australian firm since late 2021, is replacing Rick Baker, co-founder of Blackbird Ventures, the company said in a statement. The collapse of U.S.-based technology-focused lender Silicon Valley Bank and the ensuing volatility in global financial markets in recent weeks has stoked concerns of higher funding costs for start-up businesses. Denholm's new role is in addition to her roles as Tesla Chair and Chair of The Technology Council of Australia, the company said. Denholm has been in various senior roles in the global technology industry, including former chief financial officer at Australian firm Telstra and is an operating partner at Blackbird Ventures.

☆ Investors cut bearish bets on most Asian FX as policy rate bets shift
▼ + stars: | 2023-03-23 | by ( Savyata Mishra | ) www.reuters.com time to read: +3 min

The currency firmed on Thursday, following dovish comments from the U.S. Federal Reserve that reined in expectations for more interest rate hikes and lifted sentiment for other Asian currencies. The dollar index slipped to near seven-week lows following the Fed's latest policy statement that no longer says that "ongoing increases" in rates will likely be appropriate. Bearish bets on Singapore's dollar eased to their lowest since Nov. 18, 2021. Short bets on the Indonesian rupiah and the Indian rupee rose slightly from a fortnight ago, while sentiment toward South Korea's won improved. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ Mesoblast soars on U.S. FDA's nod to review lead drug candidate
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Shares of Australia's Mesoblast Ltd (MSB.AX) rallied more than 23% on Wednesday after the U.S. Food and Drug Administration (FDA) agreed to review the company's lead drug candidate on a priority basis, more than two years after first rejecting it. The drug, remestemcel-L, is an investigational therapy to treat children suffering from complications after bone marrow transplants to treat blood cancers and other conditions. There are no approved treatments for the disease in the United States for children under 12, making Mesoblast's therapy an urgent need for a disease with low survival rates. The FDA said it considered Mesoblast's resubmitted biologics license application as a "complete response" and that it would fast-track remestemcel-L's review process. Mesoblast's shares were up about 15% at 0456 GMT, easing from a jump of as much as 23.2% to a one-month-high of A$1.140 earlier in the session.

☆ Australia's Harvey Norman slumps on lower half-year profit
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

Feb 28 (Reuters) - Shares of Harvey Norman (HVN.AX) slumped more than 9% on Tuesday after Australia's biggest electronics retailer posted a 15% drop in its first-half profit as the cost-of-living pressures crimped its discretionary retail spending. The company reported profit after tax attributable for the six-month period ended Dec. 31 of A$365.9 million ($246.58 million), compared with A$430.9 million last year. ($1 = 1.4839 Australian dollars)Reporting by Savyata Mishra in Bengaluru; Editing by Sherry Jacob-PhillipsOur 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.

Regional rival Air New Zealand Ltd (AIR.NZ) also reported a swing to profit in the first half ended Dec. 31 on Thursday, along with a muted outlook. Qantas Chief Executive Alan Joyce said cost of living pressures would hit discretionary spending "at some point" but so far the airline expected robust demand into mid-2024 at least. Qantas said it was facing delays of up to six months in new aircraft deliveries from Airbus SE (AIR.PA) alongside other airlines around the world. The Australian carrier said it would bolster its fleet by acquiring some older Airbus planes and exercising nine options for A220 purchases to help meet travel demand growth. "Outlook for RASK is to reduce, however off what we estimate were elevated levels," said Citi analysts in a client note.

☆ 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.

☆ 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.

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.

☆ Australia's Star Entertainment sees up to $1.1 billion hit from tax change; shares plunge
▼ + stars: | 2023-02-12 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Star Entertainment said it would incur remediation costs of about A$20 million during the six months ended Dec. 31, 2022, as it attempts to "improve compliance processes as the group seeks to return to licence suitability". Star Entertainment shares slumped almost 11% to A$1.67 in early trading. The casino operator on Monday also announced a number of initiatives, including loyalty benefits and pricing actions, to respond to competition in Sydney, where its bigger rival Crown Resorts operates. The initiatives would likely contribute about A$40 million on an annualised basis to the operating performance, Star Entertainment said. It expects underlying earnings before interest, taxes, depreciation and amortisation within A$195 million to A$205 million in its first-half results.

☆ Australia's Star Entertainment sees up to $1.1 bln hit from tax change; shares plunge
▼ + stars: | 2023-02-12 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

☆ Australia blocks Telstra-TPG wireless internet deal, sparking legal fight
▼ + stars: | 2022-12-21 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, Dec 21 (Reuters) - Australia's antitrust regulator blocked an asset transfer deal between Telstra and TPG, the country's No.1 and No.2 wireless internet firms, citing competition concerns, setting the scene for a legal battle over access to four million customers. In a deal announced in May, Telstra Group (TLS.AX) was to buy spectrum - airwaves which carry wireless internet - and transmission towers from TPG Telecom Ltd (TPG.AX), while TPG would keep selling 4G and 5G coverage using what would become Telstra's infrastructure. 3 wireless internet provider Optus, owned by Singapore Telecommunications (STEL.SI), opposed the deal saying it would build Telstra's market dominance. The decision sets up a second legal showdown between TPG and the ACCC in just over two years. "By knocking back this deal, the ACCC has helped ensure that our regional communities will continue to benefit from competition," said Optus CEO Kelly Bayer Rosmarin in a statement.

☆ Australia rejects Telstra, TPG's network-sharing deal; firms to appeal
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

Dec 21 (Reuters) - The Australian Competition & Consumer Commission (ACCC) on Wednesday rejected TPG Telecom's (TPG.AX) regional network-sharing agreement with Telstra Group (TLS.AX), and said the deal would significantly weaken overall competition in the country. TPG's shares tanked nearly 6% to a record low following the news, while Telstra slipped 0.1%. In February, the telecom giants signed a regional multi-operator core network agreement under which Telstra — the country's largest telecoms operator — would gain access to TPG's 4G and 5G spectrums. TPG and Telstra expressed disappointment with the competition regulator's decision, which the latter said it would appeal against, while rival telecoms firm Optus — owned by Singapore Telecommunications (STEL.SI) — welcomed it. ACCC noted the network-sharing arrangement is proposed at a time when all the three companies — TPG, Telstra and Optus — are competing in the roll-out of 5G infrastructure including in regional areas.

☆ Star Entertainment dives on NSW govt's proposal to reform casino tax rates
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

Dec 19 (Reuters) - Shares in Australia's Star Entertainment Group tumbled nearly 12% on Monday, after the New South Wales (NSW) government proposed to raise taxes on casino poker machine operators in the state from July next year. The NSW Treasurer Matt Kean said on Saturday the money raised will be used to help fund vital services like helping communities recover from impacts of COVID-19, bushfires and floods. The move comes amid increased efforts to reform Australia's gambling industry which has been roiled in damning reports of sidestepping anti-money-laundering rules, dysfunctional governance and poor corporate culture. Star Entertainment Group said in a statement on Monday it had not been consulted by the NSW government on the matter, adding it is "seeking to urgently engage with the NSW government as to the sustainability of the proposed tax changes and the impact on The Star's business". ($1 = 1.4941 Australian dollars)Reporting by Savyata Mishra in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Nitro Software gets sweetened bid from top shareholder Potentia
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

Dec 9 (Reuters) - Australia's Nitro Software Ltd (NTO.AX) said on Friday it got a higher A$2 per share offer with a scrip alternative from private equity firm Potentia Capital, matching a rival bid from KKR Inc's (KKR.N) Alludo. Nitro said it would consider the offer from Potentia, its biggest shareholder with a 19.8% stake, without providing additional details. Nitro, a PDF and e-signature software signing company, backed a near A$500 million offer from Alludo in October. Alludo did not immediately respond to a Reuters request for comment. ($1 = 1.4771 Australian dollars)Reporting by Savyata Mishra in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ NZ's Fonterra cuts milk price forecast as demand weakens
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - New Zealand's Fonterra Co-operative Group Ltd (FCG.NZ) on Thursday lowered its farmgate milk price forecast range for the second time for the 2022/23 season on higher costs and softening demand for whole milk powder. The world's biggest dairy exporter now expects to pay farmers between NZ$8.50 and NZ$9.50 per kilogram of milk solid (kgMS), compared with NZ$8.50 to NZ$10.00 per kgMS it forecast in August. Chief Executive Officer Miles Hurrell said demand for whole milk powder has weakened, particularly in Greater China, offset by increased participation from other regions. Fonterra's global milk supply from key exporting regions declined for the 12 months to September, while its New Zealand milk collections dropped 3% season-to-date. The New Zealand dairy giant's first-quarter earnings before interest and taxes rose to NZ$368 million ($234 million), compared to prior year's NZ$190 million.

☆ Asian FX bulls loom on signs of slowing Fed rate hikes, China reopening
▼ + stars: | 2022-12-01 | by ( Savyata Mishra | ) www.reuters.com time to read: +4 min

Market participants turned bullish on the U.S. dollar-sensitive South Korean won for the first time since July 1, 2021, the poll of 12 analysts showed on Thursday. Expectations that the dollar's strength and U.S. yields had peaked saw investors return to emerging markets in November. "Given the negative burden of the Fed's tightening cycle on Asian currencies, an eventual pivot toward easing will likely deliver a rally in Asia FX," BofA analysts said in a note last week. However, Barclays analysts warn of challenges from increased fragmentation of domestic politics and the slowing economy. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ 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 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.

☆ Temasek shifts president, CFO in management shuffle
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

Oct 26 (Reuters) - Singapore's Temasek Holdings said on Wednesday President Tan Chong Lee will resign to take up the role as chief executive officer at its fund management firm 65 Equity Partners. In a slew of management changes announced by the investment giant, Leong Wai Leng will step down as the chief financial officer after 16 years to lead the Singapore market team as president. The company's deputy CFO Png Chin Yee will replace Leng from Jan. 1, 2023, it said in a statement. It has in recent days seen stock markets tumble in the face of higher interest rates and inflation. Reporting by Savyata Mishra in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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