BRIEFS
White departs Billabong
Billabong's chief financial officer Craig White has left the troubled surfwear retailer. It comes after the company began considering its lowest takeover offer in 10 months. Billabong said Mr White departed on Thursday and Peter Bryant, the company's chief financial officer of the Americas, had been temporarily appointed to the role.
BONDS
Investors step back from states
Foreign investors have been cooling their interest in bonds sold by Australia's state governments, just as some have been feeling pressure on credit ratings. Overseas ownership of state government bonds fell by $1.1 billion in the September quarter, according to figures released by the Bureau of Statistics. The overseas percentage ownership has fallen to 33.8 per cent from 36.2 per cent in the June quarter.
MEDICAL
Annie Lo to join Ansell board
Ansell, the maker of condoms and surgical gloves, has appointed former Johnson & Johnson veteran Annie Lo to its board. Ms Lo, formerly chief financial officer of Johnson & Johnson's worldwide consumer and personal care group, will join from January 1. It follows Ansell's purchase of a Brazilian protective equipment maker for $US77 million this week.
MINERALS
OZ in line for earnings slump
OZ Minerals is to report 2012 earnings that are about 15 per cent lower than the year before — and the slide may continue into 2013 as costs rise and copper production slips. Responding to a share price slump of 9.8 per cent this week, the copper and gold producer told the ASX that heavy trading on the stock was likely down to analysts updating their evaluations based on previously disclosed information.
TELCOS
Watchdog blocks Telstra
Telstra has been dealt a double blow as the competition watchdog raised concerns about its acquisition of Adam Internet and opposed its sale of Trading Post to a competitor. The telco unveiled its plans to buy Adam Internet for about $55 million in late October. The proposed acquisition was opposed by rivals such as Optus, iiNet and business telco Macquarie Telecom.
JAPAN
Bank extends asset trading
Japan's central bank has delivered its third dose of monetary stimulus in four months, as it faces intensifying pressure from the country's next leader for stronger efforts to beat deflation. The Bank of Japan expanded its asset-buying and lending program by ¥10 trillion ($112 billion) to ¥101 trillion, a widely expected move to ease monetary policy.
Frequently Asked Questions about this Article…
Billabong's chief financial officer Craig White has left the troubled surfwear retailer. The company said Peter Bryant, its chief financial officer for the Americas, has been temporarily appointed to the role. For investors, a CFO departure can add short-term uncertainty — particularly as Billabong was also considering its lowest takeover offer in 10 months — so shareholders may want to watch for updates on leadership, takeover progress and any guidance the company issues.
According to Bureau of Statistics figures, overseas ownership of state government bonds fell as foreign investors stepped back amid growing concerns. The article notes some state issuers have been feeling pressure on credit ratings, which has reduced offshore appetite for those bond issues.
Overseas ownership of state government bonds fell by $1.1 billion in the September quarter. The overseas percentage ownership dropped to 33.8% from 36.2% in the June quarter, according to the Bureau of Statistics data cited.
Annie Lo, a former Johnson & Johnson veteran and ex-chief financial officer of J&J's worldwide consumer and personal care group, has been appointed to Ansell's board and will join from January 1. For investors, her experience at a large global healthcare and consumer business could support Ansell’s strategic and financial oversight, especially as the company pursues acquisitions.
Ansell purchased a Brazilian protective equipment maker for US$77 million this week, a move highlighted alongside the appointment of Annie Lo to its board.
OZ Minerals said 2012 earnings are expected to be about 15% lower than the year before, and the slide may continue into 2013 as costs rise and copper production slips. Shareholders should watch operational updates, cost guidance and production reports, since the company also experienced a 9.8% share price slump and heavy trading as analysts updated their evaluations.
OZ Minerals’ shares fell 9.8% this week. The company told the ASX that the heavy trading and price slump were likely due to analysts updating their evaluations based on previously disclosed information about earnings, costs and production.
The Bank of Japan expanded its asset-buying and lending program by ¥10 trillion to ¥101 trillion — its third monetary stimulus move in four months. The policy is aimed at easing monetary conditions and addressing deflationary pressure, which can influence global currency and bond markets and be relevant for investors watching interest rates and risk assets.
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