IOOF subsidiary Australian Executor Trustees (AET) has finalised a settlement in a class action related to Provident Capital, of which AET is a debenture trustee.
The court today approved a $44.25 million payment to plaintiffs. The cost to IOOF will be $8 million with the rest to be shared among PwC, HLB Mann Judd, IOOF's insurers and insurance broker. The court approval settles all the Provident proceedings.
The gargantuan Ichthys LNG project in the Northern Territory has shipped its first cargo from the 40-year project after a number of delays. Ichthys operator Inpex had originally set a first shipment deadline of September 30.
The shipment is still a turnaround for the $US40 billion project, located 220 kilometres off Western Australia and 820 kilometres south-west of Darwin, which has faced a series of major delays that ballooned the costs of the project from its initial $US34 billion.
The project is slated to produce around 8.9 million tonnes of LNG annually, which could account for about 10 per cent of Japan's annual LNG demand.
If you are interested in today's national union rally, you can follow our live blog here.
The Electrical Trades Union appears happy with the turn out.
Woolworths supermarkets staff have overwhelmingly approved the company's new enterprise agreement, which restores full weekend penalty rates for the first time in decades. About 93 per cent voted in favour of the agreement in a ballot that closed on Monday night, with 62 per cent of the retail giant's 110,000 workforce participating in the ballot. The four-year agreement, negotiated over several years, is expected to significantly increase labour costs for the retail giant as unlike previous agreements it does not trade away penalty rates for higher base rates.
The agreement increases weekend and evening rates to the award minimum and reduces base rates to the award level. Casual loading will also increase from 20 per cent to 25 per cent. Existing workers who received the higher base rate as negotiated under Woolworths' 2012 agreement will have their pay preserved but new workers will be paid under the new deal.
The S&P/ASX 200 is down 40 points to 5864, an intra-day decline of 0.6 per cent.
Healthscope shares are up 21 per cent this morning to $2.16 on news of a second take-over attempt by major shareholder Australian Super. Read the story here.
Flight Centre Travel's recovery continues, it has regain 7.2 per cent to $49.42 after yesterday's massive sell off. And Bellamy's is up 4.9 per cent today to $8.51.
Among the declines, Seven West Media is down 4.7 per cent to $0.855, but with no news out about the company.
Iluka's full year rutile production will be impacted by a peaceful unlawful strike at its mine in Sierra Leone. Operations have been halted and management has engaged with employees and union officials to "understand the rationale for the strike action". Mine managers have also spoken to government and asked Sierra Leone's Minister for Labour to meet with employees yesterday.
Rutile mining at the site was 93.4 thousand tonnes to September 30, and it could achieve a maximum of about 135 thousand tonnes "dependent on when the strike action is resolved".
"Iluka is focused on achieving an appropriate resolution to the strike action and will keep the market informed of progress toward that resolution." The company will release a quarterly review tomorrow and has schedule an investor call.
Sierra Rutile wet mining facility in Sierra Leone. Credit:
Listed real estate agency McGrath has flagged that its full-year result will be "in at least a breakeven position" on an EBITDA basis after tough conditions in the property market dragged it to a $1.9 million loss for the September quarter.
McGrath said auction clearance rates and the number of properties taken to auction were well below the previous year. An increase in stock levels combined with lower buyer activity meant houses were taking longer to sell and prices were down across the sector. In the 12 months to September 30, the number of settled sales in the broader Sydney, Melbourne and Brisbane markets were down 18.5 per cent, 15.8 per cent and 11 per cent respectively. However, it said its franchise network in NSW and Queensland and its Sydney and Brisbane company-owned offices outperformed the market in terms of new listings.
It flagged a materially smaller loss in the December quarter and said it expected the second half of fiscal 2019 to be stronger than the first.
Our commenters who show a lot of interest in energy and coal might be interested to know AGL is conducting tours of its Loy Yang power station and coal mine site for investors and analysts this morning.
The company is webcasting presentations the here. If you are quick you might still get to see some of the site tour.
Loy Yang AGL power plant La Trobe Valley.Credit:Justin McManus
Brambles issued a profit warning this morning, although sales are up 3 per cent in the first quarter of the 2018-19 year leading to sales revenues of $US1.4 billion. Chief executive Graham Chipchase says "the business is, however, challenged by ongoing cost inflation across our major markets, including the US and Europe". Shares are down 0.4 per cent this morning to $10.37, slightly more than the S&P/ASX200 drop of 0.05 per cent.
"Given the exceptional cost pressures facing our business and the combination of higher compensations and lower costs in first half of 2017-18, underlying profit in the first half of 2018-19 is expected to be broadly in line with the prior corresponding period, on a constant-currency basis."
The company expects profits to improve in the second half of the current financial year thanks to price rises and more favourable cost comparisons in the second half of the previous financial year.
Graham Chipchase, CEO of Brambles Credit:Louie Douvis
Healthscope has received another unsolicited bid from BGH-AustralianSuper Consortium for a full takeover at $2.36 per share. The consortium tried "substantially the same" offer in April, but it was rejected in May. Shares last traded at $1.78.
This time Ellerston Capital, which owns 9.4 per cent of shares in Healthscope, has "indicated that it is supportive of the Board of Healthscope granting the BGH-AustralianSuper Consortium access to due diligence" and would vote in favour of the deal. Healthscope says it has not yet heard from Ellerston.
AustralianSuper already owns 14.5 per cent of Healthscope shares.
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