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13 Sept 2018 (TheAge) – ASX closes lower as major insurers fall – Hayne commission scrutiny hits insurers

(13 September 2018, The Age, Business, p27, by William McInnes) ‘The Australian sharemarkets recovery on Tuesday was short lived, with the market fall on Wednesday weighed down by a number of index heavyweights. The S&P/ASX 200 index closed 3.8 points, or 0.1 per cent lower at 6175.9, falling for the ninth time in the last … Continue reading

22 Aug 2017 (AFR) – BlueScope Steel’s $1.7 billion rout adds to sharemarket pain

(22 August 2017, AFR, p1, by Simon Evans) ‘BlueScope Steel has become one of the highest profile victims of an increasingly downbeat profit reporting season, with $1.7 billion wiped from its market capitalisation after warning that the US division faced shrinking margins, while soaring energy costs and renewed dumping of products by Asian rivals would … Continue reading

18 Aug 2016 (AFR) – QBE and CSL have a day of disappointment

[COMMENT: This is reality – even market darlings can have a bad time, and disappoint investors.] (18 August 2016, AFR, p32, by Philip Baker) ‘Who would have thought it. In the biggest day so far this profit reporting season, it was one of the country’s largest and most esteemed companies, CSL, that failed to live … Continue reading

30 Jul 2014 (TheAge) – Latin losses rock QBE profit – $1.7b hit: QBE chief pleads for patience

(30 July 2014, The Age, BusinessDay, p21, Ruth Liew) ‘QBE Insurance Group chief executive John Neal has appealed to long-suffering shareholders to be patient with the embattled global insurer’s turnaround strategy despite the latest shock earnings downgrade that wiped $1.7 billion off the company’s market value.’ ‘Mr Neal announced on Tuesday QBE would likely post … Continue reading

15 Feb 2014 (AFR) – Acquisitions, integration and the fall of Forge Group

(15 Feb 2014, AFR, p35, Joyce Moullakis and Brian Robins) ‘The collapse of Forge Group this week entangled a host of Australia’s biggest names, who were left wondering how the mining services and contracting company’s numbers were so wrong. Lender ANZ Banking Group, billionaire Gina Rinehart, insurer QBE and big name money manager BlackRock were among … Continue reading

11 Dec 2013 (AFR) – How to target a turnaround story – Bide your time until freefalls lose impetus

[COMMENT: Blue chips can disappoint.] (11 Dec 2013, AFR, p21, Matthew Smith) ‘Australian large caps have been spilling a lot of red ink lately with surprise downgrades from the likes of QBE, Qantas and WorleyParsons. All three have been savaged by investors after revelations that the companies were in a far worse state than most … Continue reading

20 June 2013 (AFR) – New wave of jobs go offshore

(20 June 2013, AFR, p27, Shaun Drummond) ‘Brambles and Perpetual are the latest in a growing list of companies to send finance back-office jobs offshore in order to improve access to technology and cut costs as a growing number of businesses struggle with Australia’s high cost base.’ ‘Following the earlier wave of IT offshoring, numerous … Continue reading

26 April 2013 (The Age) – Housing loan defaults hurt QBE

(26 April 2013, The Age, BusinessDay, p24, Clancy Yeates) ‘QBE’s mortgage insurance arm was hit by a sharp rise in claims last year, as the weakening economy caused a growing number of borrowers to default on their home loans.’ ‘Payouts more than doubled to $60.8 million last year, up from $27.6 million in 2011, because … Continue reading

21 Sept 2012 (AFR) – ASX move sheds light on dark art of book-builds

[COMMENT: A great insight into the closed-door operations in share market floats and capital raisings – referred to as “book builds”.] (21 Sept 2012, AFR, p40, Stephen Shore) ‘Earlier this year, retail investors were shocked to learn they would only get a fraction of the deeply discounted stock QBE Insurance was giving away as it … Continue reading