Adds shares in paragraph 3, background and Carlyle/PEP response

Oct 12 (Reuters)Link Administration Holdings Ltd LNK.AX said on Monday it received a conditional A$2.76 billion ($2 billion) takeover offer from private equity firms Carlyle Group CG.O and Pacific Equity Partners, sending its shares up nearly 30%.

The non-binding offer of A$5.20 a share is at a 30.3% premium to the shareholder registry firm’s last closing price and has the support of Perpetual Ltd PPT.AX, which owns 9.7% of the company.

Link shares jumped as much as 27.8% to A$5.1, slightly under the private equity duo’s offer, their highest since the end of February.

Pacific Equity Partners previously owned Link before it floated on the Australian stock exchange at A$6.37 a share in 2015.

Link, which also provides services to fund managers and trading firms, has lost nearly a third of its value since the start of the year and swung to a full-year loss in August, as the COVID-19 pandemic wrecked havoc across markets.

The company said it would consider the offer but asked shareholders not to take any action yet.

An external communications firm representing Carlyle and Pacific Equity Partners declined to comment.

Macquarie Capital and UBS have been appointed by Link as its financial advisers.

($1 = 1.3833 Australian dollars)

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Jacqueline Wong and Stephen Coates)

((NikhilKurian.Nainan@thomsonreuters.com; Twitter: @NikhilKurianN; +91 806 182 2724;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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a sign in front of a tall building in a city: FILE PHOTO: The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney


© Reuters/DAVID GRAY
FILE PHOTO: The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney


SYDNEY (Reuters) – National Australia Bank , the country’s third largest lender, has admitted to misleading customers more than a thousand times in a lawsuit accusing its financial planners of charging fees for no service, according to court documents.

According to an Oct. 2 document on agreed statements of facts and admissions filed with the Federal Court, the bank admitted to some but not all of the accusations levelled at it by the Australian Securities and Investments Commission (ASIC).

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NAB clients received written statements that contained service representations that were “misleading or deceptive or likely to mislead or deceive” on 1,485 occasions, the document said.

On another 225 occasions, the bank failed to provide clients with fee disclosure statements in a timely manner as required by law, it also said.

In December 2019, the regulator accused NAB of 8,927 cases of fees for no service and 3,420 instances of unconscionable conduct. ASIC said the fees were even charged to customers during 2018 Royal Commission hearings into misconduct in the financial sector, at which the bank’s executives defended the practice.

The bank declined to comment on the case – the second ‘fees for no service’ case brought against it by ASIC. Last month, Australia’s federal court fined pension funds run by NAB A$57.5 million ($41 million) for charging fees with no service to thousands of retirees.

The bank began implementing a program in December 2018 to refund financial planning clients who had paid fees but not received the required

(Bloomberg) — Australia’s decision to support a swath of industries to help stimulate an economic recovery in the wake of the coronavirus pandemic means there will be few “losers” in the stock market, according to analysts.



Pedestrians are reflected in a window as they walk past an electronic stock board at the ASX Ltd. exchange centre in Sydney, Australia.


© Photographer: David Moir/Bloomberg
Pedestrians are reflected in a window as they walk past an electronic stock board at the ASX Ltd. exchange centre in Sydney, Australia.

Treasurer Josh Frydenberg unveiled a budget Tuesday that forecast a shortfall of A$213.7 billion ($152 billion) in fiscal 2021, and pushes debt and deficit to a peacetime record amid a raft of tax cuts, wage subsidies and investment in infrastructure and manufacturing. Australia’s benchmark stock index rose 0.9% as of 1:21 p.m. Sydney time.

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Australia is trying to drive a private-sector led recovery and get people back to work as it seeks to recover from its first recession in more than three decades. Potential tax cuts may support discretionary retailers, while mining and construction firms might benefit from plans to boost infrastructure spending. Three-year bond yields fell to a record low after traders ramped up bets the central bank will cut interest rates next month to bolster the coronavirus-battered economy.

Australia Pushes Debt to Peacetime Record as RBA Weighs More Aid

“A stimulatory Federal Budget is positive for the share market,” Commsec Chief Economist Craig James wrote in an Oct. 6 note. “Economic recovery is the aim, and that requires lower taxes, increased spending, job training and re-skilling workers. There are few losers.”

Yields on three-year debt dropped as much as four basis points to 0.12% after Westpac Banking Corp.’s influential economist Bill Evans reiterated calls that the Reserve Bank of Australia will ease in November after keeping rates unchanged on Tuesday.

Australian Yields Slide to Record Low on November Rate-Cut Bets

The RBA’s overnight

Oct 6 (Reuters)Australian gold miner Newcrest Mining NCM.AX said on Tuesday it has received conditional approval to list on the Toronto Stock Exchange (TSX) and will begin trading on Oct. 13.

The listing comes after Newcrest last year acquired a 70% joint venture interest in the Red Chris mine in British Columbia, Canada from Toronto-listed Imperial Metals Corp III.TO.

“A North American listing is part of our strategy of pursuing growth in the Americas,” Chief Executive Officer Sandeep Biswas said in a statement.

Newcrest, which also has investments in Ecuador, had seen increased interest from North American investors in the gold sector over the last six months, Biswas added.

“It makes sense for Newcrest stock to be able to be traded in this time-zone,” he said.

Gold miners have benefited from rising bullion prices, which have jumped 30% this year to around $2,000 an ounce, as central banks dial up stimulus measures in response to the coronavirus pandemic.

Newcrest will retain its primary listing on the Australian Securities Exchange and its secondary listing on PNGX markets, under the trading symbol “NCM”.

The Toronto listing does not include an equity offering.

(Reporting by Nikhil Subba in Bengaluru; editing by Richard Pullin)

((Nikhil.Subba@thomsonreuters.com; Reuters Messaging: Nikhil.Subba.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Six Industries — resources technology and critical minerals, food beverages, medical products, recycling and clean energy, space, and defence — have all been promised a piece of the Australian government’s AU$1.5 billion manufacturing revitalisation package over the next four years, starting in 2021.

“The objective is to build scale and capture income in high value areas of manufacturing where Australia either has established competitive strength or emerging priorities,” Prime Minister Scott Morrison said, during his pre-budget speech at the National Press Club on Thursday.

“This will require our manufacturing sector to be even more productive and highly skilled, to be more collaborative at the leading edge of R&D, commercialisation, and technology adoption, to be more outward-looking, and be searching relentlessly for footholds in global markets.”

Of the AU$1.5 billion, which is the latest pledge by the Morrison government ahead of the federal budget next Tuesday, AU$1.3 billion will be used to encourage businesses to collaborate with other businesses, commercialise ideas, and integrate with international markets and supply chains.

Morrison added, the government will target priority areas and invest in “cross-cutting technologies and processes that enhance production efficiencies, such as automation digitalisation data analytics, artificial intelligence, and other enabling technologies which make everything else work”.

Another AU$52.8 million will be distributed for the federal government’s existing manufacturing modernisation fund designed to support “transformational investment in technologies and processes”.

See also: 89% of manufacturing companies have reported business impacts due to COVID-19 (TechRepublic)

Morrison added the government will partner with industry before April next to draw up plans for the next two, five, and 10 years. These plans will also include benchmarks such as how many jobs are created, what are the levels of R&D, and how much investment has been made.

The modern manufacturing strategy also includes AU$50 million for the