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ASB Securities Morning Brief for Saturday, 11 February 2012
New Zealand Headlines NZ Market Report. New Zealand stocks rose yesterday although trading volumes were light... Read more With the untimely death of Wellington businessman and identity Lloyd Morrison at the age of 54, New Zealand has lost one of its singular characters, let alone business leaders... Read more Infratil, founded by Lloyd Morrison, started off small but became a top 50 New Zealand-listed company, with interests ranging from windfarms in the Tararuas to airports in Europe... Read more Business leaders and politicians have shared tributes to Lloyd Morrison's passion for Wellington, business and football... Read more The United States Government is throwing "everything in the book" at Kim Dotcom, say top forensic accountants... Read more Vodafone New Zealand, the country’s biggest mobile phone operator, reported a drop in customer numbers, as new market entrant Two Degrees Mobile wins subscribers of its larger rivals... Read more NZX, the stock exchange operator, has been given the nod that Fonterra Cooperative Group wants it to run its private shareholder market... Read more Banks will be able to self-fund their operations through 2012 because ongoing weak lending demand and savings growth means retail deposit funding will grow faster than lending, according to a report by PwC... Read more Open Country Dairy, the milk processor controlled by the Talley family, tripled its full-year loss on the soaring price of raw milk and a strong kiwi dollar, and said it was forced to seek a waiver from its bank... Read more Investors expect to be potential buyers of Christchurch City Council's airport and electricity companies, should it be forced to sell assets... Read more New Zealanders returned to the stores in January as spending on credit and debit cards rose last month... Read more Toll Holdings, which competes with Mainfreight in New Zealand’s transport and logistics sector, lifted revenue last year, driving a 47 percent gain in operating earnings... Read more Xero chief executive Rod Drury and two other founders have sold $5 million of shares to institutions and to Brad Shofer, who joins fellow MYOB founder Craig Winkler among the cloud-based accounting platform’s top 20 investors... Read more Zespri deputy chairman Peter McBride says there is "no reason" for him to step aside while an independent investigation probes an allegation he is linked to unlicensed planting of a new gold fruit variety... Read more The Psa-V disease is NZ's biggest agricultural disaster – and the Government must take responsibility, say organisers of a meeting to demand compensation... Read more Burger Fuel Worldwide, the local fast-food chain targeting growth in the Middle East, has signed a master license agreement to roll out stores in Qatar.... Read more New Image, which makes colostrum-based health tonics, fell into the red in the first half after Malaysian pharmacies and retailers discounted the manufacturer’s drink powders,... Read more Kiwi products are selling in China because locals trust our national brand... Read more Send us your scientists and they will enrich New Zealand on their return, a visiting European science leader has urged... Read more The New Zealand dollar fell against the greenback yesterday after strong trading during the week... Read more RaboDirect is pleased to announce the appointment of Melanie Templeton as General Manager for the New Zealand online direct bank... Read more Fran O'Sullivan. Lloyd Morrison was a special person who lit up every room he entered. Engaging. Incurably optimistic. Stylish... Read more Liam Dann. About this time last year Lloyd Morrison invited me to see a movie. In fact, he invited a huge crowd of Auckland's business leaders including heads of investment banks, chief executives and others from the finance and investment sector... Read more NZ Herald Editorial. Lloyd Morrison, the leading businessman and proud New Zealander who died in Seattle yesterday of cancer, was not as well known as he ought to have been... Read more Sharechat Comment. Cavalier Corporation has been a good stock constantly paying out dividends in 3 installments during the year, so it came as a shock when it announced that its 1st interim dividend for the year ending 30 June 2012 (FY12) was cancelled... Read more Brian Gaynor. Facebook's IPO demonstrates that the world is changing rapidly and this presents great opportunities for New Zealand entrepreneurs... Read more
Australian Headlines Australian Market Report. Unspectacular profit results from big miners dragged the sharemarket lower... Read more ANZ and Westpac announce they will increase their standard variable interest rates despite the Reserve Bank leaving the official rate unchanged this week... Read more In lifting mortgage rates by just 6 basis points, ANZ hopes to please its investors, while trying to minimise the provocation to customers and politicians... Read more Federal Treasurer Wayne Swan says ANZ customers will be "ropable" at the bank's decision to raise rates, but has reminded them they can find a better deal... Read more The Reserve Bank has lowered its inflation and growth forecasts, as uncertainty about Europe’s debt crisis weighs on domestic household and business spending... Read more An unseasonably wet summer has seen some businesses boom, and some go bust.... Read more The central bank's decision to lower its forecasts for inflation and growth shows the nation's economy is rock solid despite headwinds from Europe, Treasurer Wayne Swan says... Read more The man dubbed the grandfather of online retail in Australia is so convinced the business can only continue to grow he warns inactivity is the greatest risk.... Read more After giving up the reins as interim chief executive, Lachlan Murdoch is back as Ten chairman.... Read more James Hardie will receive more than $300 million after winning a legal dispute with the Australian Taxation Office (ATO).... Read more Visy Board bookkeeper was hired less than 18 months after she was released from jail.... Read more Newcrest Mining Ltd has maintained its production guidance after posting a record interim profit that smashed analyst expectations... Read more A special dividend could flow to Newcrest Mining shareholders later this year... Read more Telstra Corp chief executive David Thodey's decision to delay declaring either a special dividend payment or a share buyback plan has received backing from the company's investors, according to a report by The Australian... Read more Entrepreneur Gary Weiss is pushing to secure a role on the board of fund manager Perpetual Ltd, and plans to meet the group's directors to discuss his election, according to Fairfax Media... Read more Profits at James Packer's joint-venture casino in Macau have soared.... Read more The AFL and Telstra have appealed against a court ruling allowing Optus to record games screened on free-to-air television and replay matches to customers... Read more Australian brewer and milk processor Lion confirmed it has experienced some respite.... Read more National Australia Bank customers were hit by a series of problems while trying to access their accounts... Read more The federal government expects to raise about $3bn from the renewal of spectrum licences.... Read more The number of companies going to the wall surged last year amid a Tax Office crackdown... Read more Former Perth tycoon Pankaj Oswal facing allegations he released confidential information to press.... Read more Skywest Airlines has recorded a 37 per cent fall in interim net profit to $3.5 million, mainly because of aircraft cross-hire expenses... Read more Andrew Banks and Geoffrey Morgan, the two founders of recruitment services company Talent2 International, have dominated trading in the scrip since confirming sharply lower earnings.... Read more Rio Tinto's plans to move the Kimberley Argyle diamond mine underground have been pushed back by a year, blowing out costs by US$500 million... Read more Rio Tinto lost a bid to keep using non-unionised workers in Western Australia's Pilbara... Read more While discretionary retailers like David Jones and Myer have been hit for six over the past year as customers continue to be very discrete with their retail spending, supermarkets like Coles and Woolies have proved to be a more steady investment, as you would expect from the grocery end of the retail business... Read more It is known as the Jamie, Nigella and Masterchef effect and it is scaring the socks off fashion retailers. But, complain as they do, the attraction of cooking shows is not diminishing. Nor is the fact that we all need food and will buy a nice bottle of virgin olive oil rather than splurge on a new pair of shoes.... Read more Super funds and private buyers are capitalising on the distressed assets now on market... Read more Australia's richest person celebrated her birthday with a quiet black tie event last night where the drama of a bitter legal battle with her three eldest children seemed a world away to guests... Read more Michael West. It's a tough struggle in the world of the big four banks, especially when rewriting history... Read more Malcolm Maiden. I would love to have been sitting in on ANZ's meeting yesterday, when the decision was made... Read more Adele Ferguson. The tide has gone out on the financial services sector but those in it are hardly left gasping for breath... Read more Stephen Bartholomeusz. ANZ could have justified lifting its key interest rate by more than it did, but the move is a major step towards educating customers that RBA decisions aren't the only influence on funding costs... Read more Bill Evans. The Reserve Bank's statement on monetary policy acknowledges all the reasons for stimulatory policy, but the bank appears to have no immediate intention of a move... Read more Ian Verrender. It began as a trickle last year. There was the odd announcement detailing cutbacks and job losses at companies like CSR and SPC before steelmaker BlueScope announced massive losses, the closure of a major section of its Port Kembla facility and 1000 retrenchments... Read more Ross Gittins. It's remarkable that the politicians of Europe and America are making things much worse for themselves and their people because they've unlearnt the economic lessons of the past 70 years... Read more Matt Wade. Why are banks lifting their mortgage rates after the Reserve Bank left official interest rates unchanged?... Read more James Thomson. NZ-born billionaire Richard Chandler will try to bring his zeal for increased transparency and good governance to Gunns – as well as a larger share price... Read more
International Headlines US Market Report. Stocks fell on Friday, putting the S&P 500 on pace for its first weekly decline in the past six, after another snag in negotiations for a financial bailout package for Greece... Read more World Market Report. An updated report of the worlds' latest market movements... Read more Greece faces "uncontrolled chaos" if it defaults on its debts, warns PM Lucas Papademos, as unions begin a general strike and four ministers resign... Read more Greece faces more uncertainty after eurozone finance ministers laid out tough conditions to be met before they will sign off on a new €130 billion ($172.6 billion) bailout deal for the country... Read more Record imports contributed to a 3.7% increase in the US trade deficit in December, official figures show... Read more Chinese imports fell sharply in January, a sign of sluggish domestic demand that will fuel concerns about whether the fragile global economy can count on China as a bastion of growth... Read more Federal Reserve Chairman Ben Bernanke on Friday issued a call to action to restore U.S. housing markets, saying depressed house prices and sales are a serious drag on the economic recovery... Read more Barclays reports a 3% fall in annual profits to £5.9bn, and cuts the bonus pool at its investment banking division by 32%... Read more The credit ratings agency Standard and Poor's has downgraded its assessment of almost all of Italy's major banks.... Read more Spain's economy and competitiveness minister concedes the country has no option but to enforce fiscal austerity measures if it is to address its economic problems... Read more Americans felt worse about their personal finances in early February, but rising confidence in the labor market's prospects should help to support spending and the broader economy... Read more European Union and Indian leaders have made "substantial progress" towards a free trade agreement, says European Council President Herman Van Rompuy... Read more The International Monetary Fund said that Singapore’s “near-term outlook is clouded by an extraordinary degree of uncertainty.”... Read more Tata Steel, the largest producer in India, unexpectedly reports a loss of 6.03bn rupees ($122m), hit by weak demand... Read more Russia's controversial stance in the Syrian crisis has left many wondering what Moscow stands to gain by backing the brutal regime of Bashar al-Assad. Economic ties -- valuable military contracts and energy investments that could be lost if the Assad regime fails... Read more When Internet giant Yahoo bought a 40% piece of Chinese business-to-business online company Alibaba in 2005, the $1 billion deal was hailed as a unique coup for the U.S. web site – and a quick way to get a stronger toehold among China’s then-100 million online users. What a difference seven years makes.... Read more A California hedge fund manager was charged on Friday with making $900,000 illegally on inside information about three technology companies, the latest strand of the high-profile Galleon Group prosecutions against money managers and traders... Read more Rising rates of cancer, obesity and heart disease may offer a path back to health for Sony Corp., as the ailing Japanese maker of televisions, cameras and game consoles turns to semiconductors to end unprecedented losses... Read more Apple's controversial Chinese supplier Foxconn was battling to contain a security breach after hackers joined the mounting protest over iPhone factory conditions by leaking the login details of its entire staff... Read more Diamond producer De Beers has announced a surge in profits as Chinese and US shoppers snapped up its gems... Read more French oil firm Total has reported a 7% rise in quarterly profit, driven mainly by higher oil prices... Read more Zynga, the San Francisco-based firm behind the popular Facebook games FarmVille and Mafia Wars, has signed a deal with Hasbro that will allow the 89-year-old board-game company to create real-life versions of the hit online games... Read more The sari is a symbol of Indian style known around the world, but the makers of India’s most coveted saris are losing out to Chinese competition.... Read more Robert Peston. Barclays is putting a big stress on non-financial performance, such as charitable work and supporting economic growth. Will Barclays chief Bob Diamond take his bonus or give it to charity?... Read more Stephanie Flanders. International bailouts are always pretty painful to watch. But the subjugation of the Greeks is starting to look extreme... Read more Paul La Monica. Stocks are soaring this year. Everywhere. And if you think the rally has been big in the U.S., just check out emerging markets... Read more
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