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News~ ASIC sets commission caps and clawbacks as part of life insurance advice reforms

2017-06-07 04:08 [INSURANCE] Source:Netword
Guide:News | ASIC & Commission Caps

NEWS TICKER: June 6th 2017: Bonds versus equities: are the gloves now off? According to the latest BoA Merrill Lynch Global Research report bond markets imply a sharp slowdown in growth, equities assume upswing continues. Something has to give. The research team think it's rates. US rates to dot plot means 50-60bp increase in yields. After Friday's payrolls, the rates market is now pricing in just three more hikes to end 2019, including June. “Our fixed income strategists think the bond market is pricing a policy error from the Fed. Given some of the implied rise in rates is simply risk premium, we think the US bond market is implying a sharp slowdown in US growth to trend or even below. The reason equities have been able to rally this year, despite falling bond yields, has been because earnings have been so strong. MSCI ACWI earnings are now expected to be 14% for this year, 11% for 2018 and 10% for 2019,” says the BofA Merrill Lynch Global Research report, adding: “If the bond markets are right and growth slows, then we think earnings growth would likely return to the path seen in recent years, i.e. barely above zero. If we fade earnings growth back to zero in 2018/19 and keep markets on current 2018 multiples, we find 13% downside potential for equity markets – In tomorrow’s general election in the UK anything can happen. Polls in the UK show anything between a reduced majority for the Conservatives and a hung parliament. A Labour-led coalition could see a softer Brexit and trigger a rally in the GBP, so it is all to play for -- Average UK rents have fallen for the first time in more than seven years, with London seeing the biggest decline, according to New data reports The Guardian. Figures also suggest property prices have fallen for the third month in a row. Average monthly rent on a New tenancy that started in May was £901, down 0.3% on May 2016 numbers, according to the latest rental index from HomeLet. Recent government figures show that in England alone 4.3m households are renting privately. Commentators say tenant demand has been falling, particularly in London, possibly because of Brexit, while others say a weaker sales market had prompted some homeowners to let out their homes rather than putting them up for sale. Nationwide said last week that house prices had fallen for the third month in a row, the first time since 2009. Its monthly house price index suggests that the average price of a home fell by 0.2% between April and May, to £208,711 -- India’s Adani Group says it will proceed with its $16.5bn Carmichael coal project in Australia’s Queensland after its board approved a final investment decision on the development. Adani announced the move Tuesday after last-minute delays in talks over a royalty deal with the state and amid resistance to the project because of concerns that it will damage the environment. Almost seven years after it applied for the project, contracts have been awarded for mine and rail development and pre-construction work will begin as early as July, the company said in a statement. Adanii has invested $3.3bn in the project with the purchase of a bulk handling terminal at Abbot Point, has faced opposition over worry that Australia’s largest coal project will increase carbon pollution and risk damage to the Great Barrier Reef marine park in northern Queensland. A $2.5bn financing package will be completed by March next year, and no Australian banks have been approached, an Adani spokesman said on Tuesday. By March the company could start mining coal in 2020 from Carmichael, which will eventually create over 10,000 direct and indirect jobs. The company will coordinate development and operations from its regional headquarters in Townsville. A deal to construct and operate the mine was awarded to Downer EDI Ltd., with a separate rail contract won by Aecom. Queensland Premier Annastacia Palaszczuk said the opening up of the Galilee Basin, where the Carmichael mine is located, could support thousands of New jobs in the state. GVK Hancock, a venture between Indian conglomerate GVK and the Gina Rinehart-owned Hancock Prospecting Pty, is seeking to develop another mine in the Galilee, while Clive Palmer-owned Waratah Coal Ltd. is also proposing a mine in the basin -- Wunderman, the global digital agency and part of WPP, has bought digital transformation consultancy, The Cocktail, based in Spain with offices in Mexico and Colombia. The acquisition strengthens Wunderman's ability to deliver business, marketing and technology consulting services in Europe and Latin America, while specifically strengthening the agency's offering in Spain -- Dmitry Glushakov, CFA, Equities Analyst for a 1.1mnt/a crude stainless steel facility to be established in China, to replace 2mnt/a site owned by Jiangsu Delong Nickel Industry Co that was halted at the end of 2016 by government order. Prior to that, however, the company is going to dismantle its currently operating 1.4mnt/a Cheng Steel (carbon steel) facility, according to Jiangsu Economic and Information Technology Commission. The New facility would account for 4.7% of the current crude stainless steel production in China, but the timing of the construction remains unclear. VTB also reports that Bain & Company estimates the global luxury market growing 4% YoY in 1Q17, from a low base, driven mostly be Chinese and European demand growth, the company highlights in its Worldwide Luxury Market Monitor. In FY17, it expects the Americas to continue underperforming Mainland China and Europe, where healthier local consumption is seen as major driver for luxury demand. Bain estimates the market increasing at a mild CAGR of 3-4% until 2020. In the next ten years, it forecasts millennials and generation Z making up 45% of the market, with Chinese customers accounting for more than a half of global luxury demand -- As reported to the SEC, a legal document for the deal of 1,000 shares of newmont Mining Corp by Gary Goldberg was filled. Gary Goldberg is at present the President and CEO of the public firm. The report was filled on 05-06-2017. The unloaded shares were sold at average $33.6 for every share, and are worth based on the market $33,580 US dollars. Presently, Gary Goldberg has a total of 485,364 shares or 0.09% of the company’s total market capitalisation. Longview Partners Guernsey Ltd decreased Pfizer Inc (PFE) stake by 0.8% reported in 2016Q4 SEC filing. Longview Partners Guernsey Ltd sold 145,800 shares as Pfizer Inc (PFE)’s stock declined 3.45%. The Longview Partners Guernsey Ltd holds 18.01M shares with $585.00m value, down from 18.16M last quarter. Pfizer Inc now has $191.65bn valuation. The stock decreased 0.58% or $0.19 during the last trading session, reaching $32.35. About 14.18 million shares traded. Pfizer Inc has declined 2.76% since June 5, 2016 and is downtrending. It has underperformed by 19.46% the S&P500. About 3.10m shares traded. newmont Mining Corp has declined 1.49% since June 5, 2016 and is downtrending. It has underperformed by 18.19% the S&P500. Analysts await newmont Mining Corp (NYSE:NEM) to report earnings on July, 19. They expect $0.24 earnings per share, down 45.45% or $0.20 from last year’s $0.44 per share. NEM’s profit will be $128.28M for 35.18 P/E if the $0.24 EPS becomes a reality. After $0.25 actual earnings per share reported by newmont Mining Corp for the previous quarter, Wall Street now forecasts -4.00% negative EPS growth – Australia’s Reserve Bank has held rates again at 1.5% as widely expected. The central bank says it expects wage growth to remain slow, labour market indicators mixed – Rising levels of China debt a medium-term risk say analysts. The central bank announced that it has pushed RMB498bn into the Financial system via MLFs and that the country will expand futures trading for foreign investors -- Bank of Spain's Linde is scheduled to give testimony before the Senate Budget Committee today – Austria is expected to open both a six year and ten year auction of bonds each worth €0.660bn today – Germany is scheduled to come to market with a €500m nine year bond auction, while the UK’s DMO is scheduled to come to market with a £2.5bn five year auction this morning – In advance of testimony by former FBI director James Comey on Thursday to a special Senate committee the dollar traded down 0.2% against a basket of currencies today; however, markets should be cautioned that Comey will likely disappoint in his testimony in case it should interfere with a separate independent enquiry into the Trump election team’s dealings with Russia, which many commentators think Comey will keep his powder dry for. Versus the yen, the dollar tumbled to a six-week low below the 110.00. As well, better-than-expected Japan’s labour cash earnings, which rose to a four-month high boosted the bid tone around the Japanese yen, which has cemented its reputation as a safe harbour this year -- The euro meantime has pared overnight losses, edging back towards a seven-month high touched on Friday, as the greenback eased across the board on fading expectations of future interest rate increases by the Federal Reserve. The European currency traded 0.1 percent up at 1.1267, having touched a high of 1.1285 on Friday, its highest since November 9th -- The terror attack on Saturday evening has pushed public sentiment back into the basket of the Conservative Party. No surprise that sterling rose, extending gains for the third consecutive session. The major trades 0.1% up at 1.2922, hovering towards a high of 1.2940 hit in the previous session, its strongest since May 26th – Canada’s Merus Labs International Inc has filed on SEDAR and mailed to Merus shareholders notice of a special meeting and a management information circular (the "Circular"), letter of transmittal and related proxy materials to be held at 10:00 am (Toronto time) on July 10, 2017 at the offices of Torys LLP, 33rd Floor, 79 Wellington Street West, Toronto, Ontario. Shareholders will be asked to approve the company's previously announced transaction with Norgine BV whereby Norgine will acquire all of the issued and outstanding common shares of Merus by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia). Assuming the arrangement becomes effective, each Shareholder will receive cash consideration of C$1.65 for each share held and which represents a premium of approximately 63.4% based on the pre-announcement closing price of the shares on the TSX and 58.8% on the NASDAQ. The consideration being offered to shareholders is all cash, which allows them to immediately realize value for all of their investment and provides certainty of value and immediate liquidity -- Alizz islamic Bank has signed an agreement with Oman Oil Refineries and Petroleum Industries Co (Orpic) to provide Islamic financing facilities for the construction of a petroleum coke (petcoke) storage facility at the company’s refinery complex in Sohar. The agreement was signed by Salaam al Shaksy, CEO of alizz islamic bank and Ahmed al Jahdhami, CEO of Orpic. The signing ceremony was led by the project finance team at alizz islamic bank, which has extensive experience in providing structured financing solutions that comply with the principles of Islamic Sharia’a. This is the first agreement of its kind in which Orpic avails sharia’a complaint financing. Alizz islamic Bank recently received the license for investment banking services and is now actively arranging various sukuk transactions that provide an attractive opportunity for investors to finance projects in Oman. This step is a part of the bank’s commitment in providing the diversified banking solutions that supports the sultanate’s economic strategy.



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