Archived News for Finance Sector Professionals - June, 2012
The Federal Government has passed an amendment to the Corporations Amendment Act 2011 that will clarify how the chair of an annual general meeting may direct proxy votes.
“An exception was provided to allow the chair of an annual general meeting to vote undirected proxies where the shareholder provides informed consent for the chair to exercise the proxy. The Government’s intention on this matter is clearly set out in the Act and its associated material, however there was some confusion as to whether this exception also applied to the non-binding vote on remuneration,” Parliamentary Secretary to the Treasuer Bernie Ripoll said.
Mr Ripoll said the amendment clarifies that the chair of an AGM will be able to exercise undirected proxies for the non-binding remuneration vote, where a shareholder provides their express authorisation to the chair in accordance with the requirements of the ASX Listing Rules for meetings.
Doubt cast over Queensland recovery
The Queensland Commission of Audit has published its Interim Report into the state of Queensland's finances, finding that the state's return to surplus within two years is increasingly unlikey.
A cashless society could be close
The Bank of New Zealand (BNZ) has wrapped up the successful trial of its near field communications (NFC) trial that saw dozens of customers trial technology that enabled them to make payments using their mobile phone.
ANZ passes cut on
ANZ has announced it will lower its interest rate for variable rate mortgages and small businesses by 0.25 per cent P/A following its monthly interest rate view. The cut sees last Tuesday’s cut to the official cash rate passed on in full.
Australia's Moody's rating safe as houses
International credit rating Moody’s has announced the outlook for Australia’s Aaa foreign and local currency rating ‘remains stable’.
Eureka deal inches closer
Aurora Oil & Gas’s takeover bid of Eureka Energy is inching closer to reality after estimates show that Aurora already owns some 33 per cent of the company.
Former AWB CFO admits to wrongdoing
Paul Ingleby, the former Chief Financial Officer of the Australian Wheat Board (AWB), has admitted to breaching his duties as on officer surrounding the Oil-for-Food Programme.
RBA cracks down on excessive surcharges
The Reserve Bank has announced plans to crack down in excessive surge costs on credit and some debit cards in a bid to ensure merchants don’t seek to bolster their profits through chargeing excessive amounts on card transactions.
Consumer confidence flat
The Westpac Melbourne Institute Index of Consumer Sentiment has found that the country’s consumer confidence has increased by 0.3 per cent from 95.3 to 95.6 in June.
Grattan Institute identifies reform 'game changers'
The Grattan Institute has published a report into what it considers key reform areas for stimulating economic growth. The Game-changers: reform priorities for economic growth in Australia report found that governments must reform the tax mix and move to increase participation rates of women and the older generation.
Home lending results prove mixed bag
The April 2012 Housing Finance figures released by the Australian Bureau of Statistics (ABS) shows the second consecutive monthly rise in new home lending, after figures showed a 1.2 per cent increase in financing.
ANZ signs managed service agreement for IT services
ANZ bank has announced it will enter into a managed service agreement with French IT giant Capgemini to supply the bank with IT testing and environment management services for its global services.
Financial skills linked with wellbeing
The ANZ and RMIT University have released a report that indicates a strong connection between financial skills and overall wellbeing.
Global situation weighs heavily on CIOs
The worsening sovereign debt situation and general global uncertainty are beginning to effect the general outlook of the country’s Chief Investment Officers (CIO) according to the latest Financial Services Council Chief Investment Officer Index.
Unemployment rises 0.2 per cent
Australia's seasonally adjusted unemployment rate increased 0.2 percentage points to 5.1 per cent in May, as announced by the Australian Bureau of Statistics (ABS). There was also an increase in the labour force participation rate of 0.3 percentage points in May to 65.5 per cent.
CAD continues to increase
Latest Australian Bureau of Statistics (ABS) figures show that in seasonally adjusted, current price terms, the current account deficit rose $5,253m (55%) to $14,892m in the March quarter 2012. Exports of goods and services decreased $5,973m (7%) and imports of goods and services decreased $657m (1%). The primary income deficit fell $72m (1%).
Economic growth blasts through expectations
Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 1.3% in the March quarter 2012, after a revised increase of 0.6% in the December quarter.
TEN announces entitlement offer
Ten Network Holdings has announced it will seek to rise approximately $200 million through an Entitlement Offer, to be raised a selling of new shares at $0.51 per share. The offer represents a 20.3 per cent discount to TEN’s closing price on 5 June of $0.64.
AISC and CEC sign MoU
The Australian Securities and Investments Commission (ASIC) and the Clean Energy Regulator (CER) have signed a Memorandum of Understanding (MoU) between the two agencies to deliver their regulatory responsibilities under the carbon pricing mechanism.
RBA announces rate cut
The Reserve Bank of Australia (RBA) has cut the country’s official cash rate by 25 basis points, reducing the interest rate to 3.50 per cent. The RBA’s board cited stagnant global growth and a deteriorating situation in Europe as the main influencing factors. The RBA found that financial market sentiment has continued to deteriorate over the past month, partially informed by the conditions in Europe.