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Chief economist update: Coronavirus infects oil market

BENJAMIN ONG  |  TUESDAY, 4 FEB 2020
... economic outlook towards the end of 2019 sent prices soaring. WTI oil surged by 35.4% in 2019 and Brent oil gained 34%. This is not surprising given the outlook for demand and supply. The International Energy Agency's (IEA) forecast global oil demand ...

Industry split over super fee hike

ELIZABETH MCARTHUR, JAMIE WILLIAMSON  |  TUESDAY, 4 FEB 2020
... Financial Standard the PYS fee cap would only hurt AustralianSuper for accounts with balances under $4000; the number of which has not been disclosed to Treasury. In addition, the spokesperson said that AustralianSuper has been a net beneficiary of recent ...

Sargon companies in administration

KANIKA SOOD  |  MONDAY, 3 FEB 2020
... The group also confirmed its chair, Robert Rankin, resigned on January 23. Rankin's resignation was intended before and not related to McGrath Nicol's appointment, Sargon said. None of Sargon's subsidiaries are in administration, it added ...

Argo Investments' profit plunges

ALLY SELBY  |  MONDAY, 3 FEB 2020
Listed investment company Argo Investments' profit has taken a dive, falling 24.4% from the previous period. Yet Argo has maintained its half-year dividend at 16 cents per share fully franked. The company announced a half-year profit of $118.8 million ...

Board departure at Sargon subsidiary

KANIKA SOOD  |  MONDAY, 3 FEB 2020
... decision to step down from the Tidswell board before Sargon's entering external administration (of which its subsidiaries are not a part). Miller said he has scaled down the number of average number of days he spends in the Sydney-based GFSM role ...

PIMCO puts Aussie LIT on ice

KANIKA SOOD  |  MONDAY, 3 FEB 2020
... to allow for greater clarity in the market around this issue," a spokesperson for PIMCO Australia said. PIMCO said it had not yet begun the raise for the vehicle. "We believe the consultation is the appropriate forum for expressing views on this issue ...

Retail funds outperform, but industry funds dominate

HARRISON WORLEY  |  MONDAY, 3 FEB 2020
... in 2018 begins to fade. New analysis from Rainmaker published by SelectingSuper shows retail super funds outperformed their not-for-profit fund counterparts last year, earning around 63 basis points more thanks to a 15.19% return which was largely underpinned ...

Retirement funding system failing: Report

ELIZA BAVIN  |  MONDAY, 3 FEB 2020
... age pension and other savings including home equity. "However, as evident from a recent survey, Australia's retirees do not feel fully supported by the Australia's retirement funding system," Household Capital said. "The three pillars of retirement ...

ANZ completes OnePath sale to IOOF

ELIZABETH MCARTHUR  |  MONDAY, 3 FEB 2020
ANZ completed its sale of OnePath Pensions & Investments to IOOF for a renegotiated price of $850 million. The final sale price was $850 million, including the $25 million that ANZ received for the sale its aligned dealer groups in 2018. It was a renegotiated ...

Westpac facing new class action

ELIZA BAVIN  |  MONDAY, 3 FEB 2020
... to AUSTRAC, Australia's anti money-laundering and terrorism financing regulator," Rosen Law alleges. "The company did not appropriately monitor and assess the ongoing money laundering and terrorism financing risks associated with movement of money ...