New headquarters for Bendigo and Adelaide Bank

BENDIGO and Adelaide Bank have increased their SA presence, announcing plans to build a new Adelaide headquarters and opening a Bendigo Bank community bank in Port Lincoln yesterday.

The bank’s wholesale manager, Jamie McPhee, said a new five-star energy efficient building would cover 13,000 sq m of floor space, and consolidate the bank’s 900 city employees now based at four separate locations in the CBD and leave room for an extra 100 future employees.

"It’s about efficiency, productivity and staff and management communication,” Mr McPhee said.

Details on the building’s site, design, cost and start date were yet to be finalised, but the design would be similar to Bendigo Bank’s new headquarters in Bendigo.

Meanwhile, the bank’s first branch to be opened since Bendigo and Adelaide Bank merged late last year, had one of the fastest turnarounds of any of Bendigo’s 2007 community banks Australia-wide, Bendigo Adelaide MD Rob Hunt said.

The Port Lincoln branch becomes SA’s ninth Bendigo-branded community bank and adds to 25 Adelaide Bank branches in metropolitan Adelaide and Mt Gambier.

Port Lincoln Community Bank chairman Dr Pat Callaghan said locals saw the benefits to the community from the neighbouring Cummins branch, which had raised $500,000 for its community since it opened.

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Petrol costlier on higher oil price

MOTORISTS can expect to pay 30c more in the lead up to Easter, the RAA warned yesterday as oil prices hit nearly $US110 overnight amid supply concerns.

Senior analyst Matthew Hanton yesterday said metropolitan unleaded petrol prices could average $1.50 on the Thursday before the long weekend.

It would be a record daily average which would ease over the long weekend as a result of the weekly discount cycle, he said. A daily average price of $1.50 on March 20 would also be in stark contrast to last Easter when Adelaide petrol prices were at or below $1.20.

International oil prices also climbed because many investors are seeking a safer place for their cash amid fears of rising inflation and a potential US recession, analysts said.

New York’s main oil contract, light sweet crude for delivery in April, struck an historic $US109.72 a barrel, beating the previous peak of $US108.21 set yesterday.

Brent North Sea crude for April jumped to a record high $US105.82, topping the prior high of $US104.42 touched yesterday.

Mr Hanton said any fluctuation in crude oil prices would take seven to 10 days to flow through to the pump.

“However, the current crude oil price . . . would need to be sustained over several days for the average price to rise that dramatically (to $1.50),” Mr Hanton said. The forecast represents a shift for the RAA which previously refused to accept predictions of $1.50.

The previous record daily average was 148.3c on January 10.

At the time motorists paid up to 148.9c, which was also unprecedented.
Yesterday the daily average unleaded petrol price was 135.2c. Motorists should expect to pay at or below 134.2c today providing they filled up in the morning, Mr Hanton said.

"The powerful upsurge in oil prices shows little signs of abating," wrote Barclays Capital analysts.

"With prices now in sight of the $US110 dollar mark, the debate on how much higher oil prices can go has intensified considerably."

On the foreign exchange market, the European single currency jumped to a record high $US1.5495 before pulling back to $US1.5346. A weaker US currency tends to increase demand for dollar denominated oil as it becomes cheaper for buyers using stronger currencies.

"Crude futures held firm (today), extending (yesterday’s) rally and reaching fresh record highs in both London and New York, still underpinned by strong demand for dollar denominated commodities and with oil seen as a good hedge against inflation," said Sucden analyst Andrey Kryuchenkov.

"Inflation fears are still very strong, outweighing prospects of slower growth in the US and lower seasonal demand for oil in the second quarter."

At the same time, the oil market is under intense pressure from stretched supplies and demand from the United States – the world’s biggest energy consuming nation – and Asian powerhouses China and India.

In recent days and weeks, prices have blazed a record-breaking trail, smashing through $US107 and $US108 in New York yesterday.

"Currently, concerns over a weakening US economy are leading investors to find a haven in commodities as the dollar weakens on expectations of further cuts in US interest rates," energy consultancy John Hall Associates said.

"This is outweighing the impact of fundamentals" of supply and demand, they said.

Overnight, New York crude stood at $US108.80, up 90 cents from yesterday’s close. London oil gained 68 cents to trade at $US104.77.

In Paris the International Energy Agency warned that high prices were here to stay.

"We are in an era of higher oil prices," the IEA said in a monthly market report.

The IEA trimmed its monthly estimate for world oil demand this year to 87.5 million barrels a day, "with downward pressures from weaker economic growth in the OECD mostly offset by stronger former Soviet Union (FSU) projections".

Oil demand was forecast to increase by 1.7 million barrels a day in 2008 or 2.0 per cent compared with 2007, when it grew by 1.1 per cent.

The Organisation of Petroleum Exporting Countries (OPEC) decided at a policy meeting last week to keep its daily output target of 29.67 million barrels despite calls by US President George W. Bush for it to do more.

OPEC, which produces 40 per cent of the world’s crude, blamed the high cost of crude on speculative buying as investors sought a hedge against a weakening dollar and rising inflation

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Rio plans $511m expansion

RIO Tinto, the world’s third largest miner, has approved a $US475 million ($A511.14 million) expansion to increase output from its Canadian iron ore division.

The investment includes expanding the mining and processing facilities through the purchase of new equipment and increasing transportation capacity on the company’s railway.

The first phase expansion of the Iron Ore Company of Canada (IOC) will increase concentrate production to 22 million tonnes on an annual basis.

"The iron ore market is as tight as it has ever been and our sustained and substantial reinvestment in our operations in Canada and worldwide demonstrates the confidence we have in that market,” IOC chairman and Rio Tinto Iron Ore chief executive Sam Walsh said in a statement.

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Rate rises add to gloom

HIGHER interest rates and rising food and fuel costs have pushed consumer confidence to its lowest in about 15 years, however, PM Rudd says the economy is strong.

People with mortgages are the least upbeat, but rising food and fuel costs are also making their impact felt.

The latest Westpac-Melbourne Institute consumer sentiment index figures out today show an "extraordinarily large fall" – down 9.1 per cent in March to 88.6 points.

The index, which is based on a survey of 1200 people, is below the 100 level, showing that pessimists outnumber optimists.

Prime Minister Kevin Rudd said the economy and financial sector remains strong, but the global events of recent months show the country is not immune to the turbulence of financial markets.

He said domestic inflation and interest rate pressures, as well as uncertainty in global financial markets has resulted in consumer sentiment dropping to its lowest level since since September 1993.

"Australia’s economic fundamentals are sound and our regulatory arrangements are the best of any of the world,” Mr Rudd told parliament.

"However, we in Australia remain alert to the impact of global credit market conditions on the Australian economy.”

He said the tightening in global credit is being felt in the country’s corporate sector through higher costs of borrowing, tighter lending standards and reduced access to credit.

It is also being felt by working families through higher mortgages rates.

"Developments in the global economy when compared with significant inflation pressures in the domestic economy reinforce it is a time for responsible economic policy and prudent fiscal management,” he said.

Repayment anxiety

At the same time, a separate survey has found three-quarters of Australians are worried about their ability to pay their bills.

A phone poll commissioned by Veda Advantage showed 75 per cent of respondents had debt repayment anxiety.

Price rises were a concern for 55 per cent of the 1050 people polled, according to the Galaxy Research.

Rising food and petrol costs were a worry for 55 per cent of respondents, with one in two complaining about higher food prices.

And more expensive health care was a concern for 44 per cent of people, with climbing mortgage and rent costs an issue for 37 per cent.

Erica Hughes, of Veda Advantage, said: "The study also found that 1.3 million Australians spend more than half their income on debt repayments, and 1.8 million Australians spend more than 40 per cent of their income on repayments."

Drop in confidence

The Westpac-Melbourne Institute index is 23.3 per cent below its level a year ago and at its lowest level since September 1993.

Also, it is the first time since March 2001 the index has dropped below 90 points.

Westpac chief economist Bill Evans said the March result represented an "extraordinarily large fall".

While March was the month where the Reserve Bank of Australia completed back-to-back rate rises, Mr Evans said the result could not just be "attributed to shock effect of consecutive moves".

"Gloom over the increases in interest rates has probably been compounded by additional mortgage rate increases by lenders and speculation that there is more to come," Mr Evans said today.

"Confidence on issues such as employment; inflation; international conditions and overall economic conditions has collapsed relative to a year ago."

All five of components of the index fell in March.

Mortgage stress

Those who have mortgages were among the least upbeat, with their sentiment levels down 31.5 per cent to 82.6.

Mr Evans said the survey showed the RBA’s recent series of rate hikes "may have finally slowed demand such that inflationary pressures will ease."

"We do not expect that the Bank will raise rates again in the cycle," Mr Evans said.

However, he said inflation will remain uncomfortably high, keeping interest rates around these levels until the second half of 2009 "at the earliest".

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Banks lead market recovery

THE Australian market closed slightly over 2 per cent – after three straight negative sessions – with banks leading the surge on the back of overnight recovery among Wall St stocks.

Spurred by the US Federal Reserve’s $US200 billion move to increase liquidity and relieve the stresses in global credit markets, the all ordinaries climbed as high as 230 points higher before settling to a 123-point premium at 5334.1.

At 1615 AEDT, the benchmark S&P/ASX200 index gained 123.7 points, or 2.41 per cent, to 5257.9, while the broader All Ordinaries had advanced 123 points, or 2.36 per cent, to 5334.1.

On the Sydney Futures Exchange, the March share price index contract was 123 points higher at 5262 on a volume of 43,129.

ABN Amro Morgans equity adviser Margaret Morrissey said markets fell back as interest turned to trade in the US last night, ahead of major retail sales, inflation and consumer confidence data due this week.

“I think the market now is more interested in the US and whether they can run two days in a row,” Ms Morrissey said.

“Asian markets were happy and comfortable early but held back a little bit as they expect profit taking in the States.”

Shaw Stockbroking head dealer Jamie Spiteri said the banks had the most dramatic rise today after the bounce on Wall Street.

“We have gradually seen the market come back a bit, but generally markets are still very cautious despite the broader move higher,” he said

Banks came off earlier highs but BankSA parent St George led the surge, up 7.5 per cent followed by Westpac, the Commonwealth ANZ and Bendigo and Adelaide Bank between five and six per cent higher.

Investment banks had loftier gains with brokers saying their stock had been oversold in recent weeks.

Ms Morrissey said defensive investors were looking for good dividend yields in the market with banks providing a good hunting ground.

Meanwhile an increase in gold and oil prices, oil to a record $US109 a barrel, gave resources and energy companies a share boost.

Westpac surged more than six per cent, or $1.33 at $23.26.

Commonwealth Bank advanced $2.16, or 5.45 per cent, to $41.82, National Australia Bank rose $1.15, or 4.23 per cent, to $28.35, and ANZ increased $1.28, or 5.76 per cent, to $22.05.

Bendigo Bank shares lifted 55 cents, or 5.5 per cent, to $10.55 after it reaffirmed its annual earnings guidance.

Shaw Stockbroking head dealer Jamie Spiteri said today’s run higher followed the the strong bounce on Wall Street after the Fed’s announcement.

"There have been moves everywhere (on the local market) but certainly the banks have been most dramatic,” he said.

"The market (was) at its highest early in the day… which is typical of a bear market rally."

"We have gradually seen the market come back a bit, but generally markets are still very cautious despite the broader move higher.”

Early in the day, the major banks were up more than five per cent, almost twice the rise in the indices overall.

The investment banks also gained, with Macquarie Group finding $3.10, or 7.45 per cent, to $50.50 and Babcock and Brown lifted $1.63, or 12.96 per cent, to $15.03.

US equity markets had their largest one-day rally in five years on the back of the Fed announcement.

The Dow Jones industrial average jumped 3.55 per cent to 12,156.81 overnight and the Standard & Poor’s 500 Index gained 47.28 points, or 3.71 per cent, to 1,320.65.

The Nasdaq rose 86.42 points, or 3.98 per cent, to 2255.76.

Resources giant BHP Billiton was up $1.21 at $36.80.

Takeover target Rio Tinto finished up $5.95, or 4.99 per cent, to $125.25 after approving a $511 million expansion to increase output from its Canadian iron ore division.

Rio, the world’s third largest miner, approved a $US475 million ($A511.14 million) expansion of its majority owned Iron Ore Company of Canada (IOC), which is expected to increase concentrate output to 22 million tonnes a year.

On the media front, Macquarie Media Group (MMG) will sell its 60 per cent interest in Taiwan Broadband Communications (TBC) to another fund managed by Macquarie Group for about $400 million.

MMG shares were 14 cents more expensive to $3.89, after hitting a high of $3.96.

Other media stocks were mixed, with Fairfax dipping seven cents, at $3.78, Seven Network gained 11 cents at $9.95 and Ten Network put on six cents at $2.41.

News Corp lost five cents to $19.95, while its non-voting stock lost five cents to $19.47.

United Group ended up 55 cents, or 4.95 per cent, at $11.65, as chief executive Richard Leupen more than halved his holding in the engineering and property management firm to 2.4 million shares to remove margin loans held against the company’s stock.

Perpetual shares were up 52 cents to $50.30 after the non-bank aligned funds manager revealed that, at February 29, net losses from its Exact Market Cash Fund (EMCF) stood at $19.4 million.

The spot price of gold in Sydney was at $US973.80 per fine ounce, an increase of $US1.10 from Tuesday’s close of $US972.70.

Gold miner Lihir gained four cents to $4.05, Newmont Mining advanced 23 cents to $5.57 but Newcrest Mining lost 29 cents to $36.16.

Oil hit a record high above $109 per barrel in New York, but crude oil for April delivery settled at $US108.77.

Energy stocks were mostly higher, with Oil Search up 17 cents to $4.52, Santos up 90 cents to $13.14 but Woodside Petroleum fell $1.14 to $53.85.

According to preliminary numbers, the most traded stock today was Empire Oil & Gas with a total of 73.49 million shares changing hands for $1.08 million.

Its shares were steady at 1.5 cents.

Preliminary turnover reached 1.71 billion shares worth $7.16 billion.

Some 856 stocks increased, 400 declined and 291 were unchanged. 

 

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Small manufacturers to survive

SMALL, quick and clever is the recipe for survival for South Australia’s manufacturing sector, Economic Development Board chairman David Simmons says.

The days of large-scale manufacturing operations Mitsubishi or his own company, Hills Industries, used to run are over for South Australia.

But there are plenty of opportunities and SA’s challenge now is how to manage the forthcoming boom, the managing director of Hills Industries told the SA Press Club today.

"Typically (the survivors) will be small firms,” he said.

"What we’re used to here in SA, what we grew up with, Mitsubishi, Chrysler before that, Kelvinator, Clipsal, Hills – they’ll nick off, the big manufacturing organisations."

"GM Holden are committed, they’re a fantastic organisation and will succeed because they export.
"But the commodity-based manufacturers (will not survive).”

Mr Simmons said China had fundamentally changed the equation for manufacturers.

"The key thing as a state is how we support those businesses that will survive,” he said.

There were opportunities for niche manufacturing, where companies such as Sage Automation, Redarc and Codan were doing well.

There were opportunities where speed to market, transport or the need for products to be tailor-made for customers were critical issues. Knowledge industries, biotechnology, food and wine also had bright prospects.

Then there were the emerging defence and mining sectors which would radically transform the economy.

Olympic Dam would be the “biggest thing we’ll ever see”.

"It will suck resources out of this state like you wouldn’t believe,” he said.

The crucial factor for the Economic Development Board was how to manage the requirements for the changing economy.

Board member Michael Keating, a former departmental secretary to Prime Minister and Cabinet, will sit on a committee chaired by Employment, Training and Further Education Minister Paul Caica which will outline what the State Government needs to do to capitalise on the opportunities.

The board will produce a White Paper addressing skills, infrastructure, innovation, land supply and housing affordability issues and recommending reforms to the planning system.

SA was at risk of losing its competitive advantage over other states and must win this back.
"The enemy is in Victoria,” Mr Simmons said.

 

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Banks also struggling

THE move by Australia’s major banks to raise rates is a sign they, too, are doing it tough, says one of SA’s top financial experts.

Raine & Horne (SA) Financial Services general manager Gary Benzan says banks are struggling to raise competitively-priced funding from international financial markets.

Banks say they are shielding their customers from the rising cost of credit by not passing on the full cost of overseas borrowings.

The Australian Bankers Association (ABA) said local and international banks were facing “significant increases” in the cost of credit in the wake of the US sub-prime crisis.

Another fallout of the changing lending climate is that banks will find it more expensive or tougher to securitise their loans.

However, 78 per cent of the 502 voters on a poll run by The Advertiser’s website, AdelaideNow, said banks were being greedy in raising rates.

Consumer groups have criticised banks over the growing disparity between interest charged and the interest achievable in savings and term accounts.

Lending in Australia is more regulated, with banks involved mostly with prime lending – where risks are lower.

Subtle changes may need to be made to banks’ credit policies to determine who is an “acceptable” loan recipient or risk.

“They are not passing on the full costs of the wholesale funding which they are experiencing, so that is evidence that they are shielding,” ABA’s acting chief executive Nicholas Hossack told ABC radio today.

“Now the banks need funding so they can pass it on to home borrowers and small business in the form of loans.”

Part of those costs are being passed onto borrowers.

“They are absorbing some of the costs and we think that is good sensible and balanced approach.”

Australia’s largest commercial banks, all reporting record profits, have lifted their mortgage interest rates higher than the Reserve Bank’s 0.25 percentage points cash rate rise last week.

Mr Hossack said the banks recognised households were under stress but it could never be said there would be no more rate increases.

“We are hoping that is the case,” he said.
“It will depend largely on what happens to wholesale funding costs over the short to medium term. Banks are absorbing, at the moment, a proportion of those costs.

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Centrex coughs up $33,000

CENTREX Metals has paid a $33,000 fine for an alleged failure to keep the market fully informed about a deal with a Chinese steelmaker.

The Adelaide iron ore explorer did not admit liability though, and managing director Gerard Anderson said yesterday while the company “believes unequivocally it did not act improperly, it could not justify using shareholder funds given that the outcomes of such an appeals process could not be predicted”.

The Australian Securities and Investments Commission issued Centrex with an infringement notice last month, alleging it had failed to notify the Australian Securities Exchange about the signing of a binding heads of agreement with China’s Baotou Iron & Steel.

Infringement notices were introduced in 2004 under the Clerp 9 Bill, amending the Corporations Act to deal with “less serious breaches” of continuous disclosure obligations, ASIC said.

ASIC said it believed Centrex became aware the agreement with Baotuo had been signed late on Friday, May 25 last year, but did not tell the ASX until noon the following Wednesday. During that time the company’s shares increased in value by 4c to 31c.

"The agreement committed Baotou to purchasing one million tonnes of Wilgerup hematite ore per year for a period of five years at the long-term international benchmark price,” ASIC said in a statement.

"Centrex needed the Baotou agreement, as well as other agreements concerning the supply of hematite ore which were later signed, in order to effect long-term contracts with Genesee & Wyoming, ABB Grain Limited and Flinders Ports for the transport and shipping of Wilgerup hematite ore.”

Mr Anderson said information regarding the sale of iron ore to Baotou was first released to the market on July 19, 2006, along with a similar deal to another Chinese company, Shenyang Orient Iron & Steel.

While the Baotou agreement was signed on the Friday, Centrex said the Shenyang deal was not signed until the following Monday, and internet issues meant the notice to the ASX did not arrive until late on Tuesday.

"The Company contends that the Baotou and Shenyang agreements were not mutually exclusive and until both had been signed that it strongly believed that the negotiations constituted  incomplete negotiations -  i.e, had one Chinese party not signed then the company would have had to renegotiate with the other Chinese party,” Mr Anderson said.

It is only the ninth time since their introduction an infringement notice has been issued.

Centrex also said yesterday representatives from Baotou would visit Adelaide next week to finalise documentation regarding a separate deal.

The $40 million agreement involves Baotou funding exploration and resource drilling and a bankable feasibility study at Centrex’s Bungalow magnetite deposit, also on the Eyre Peninsula.

The investment will earn Baotou a half share in the joint venture and the right to half of the expected 3 million tonnes of magnetite concentrate per year, over an expected mine life of more than 30 years.

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Market rollercoaster continues

LOCAL stocks, including major banks have taken their cue from Wall Street’s overnight flat lead and opened 0.7 per cent lower.

At 1010 AEDT, the benchmark S&P/ASX200 index was down 34.4 points, or 0.65 per cent, to 5223.5, while the broader All Ordinaries was down 31.3 points or 0.6 per cent to 5302.8.

On the Sydney Futures Exchange, the March share price index contract was down nine points at 5218.

ABN Amro Morgans private client adviser Trent Muller said he did not expect any significant shift in the markets today.

"I am not expecting much from the market today as the US lead was reasonably muted,” Mr Muller said.

"We could be down by around five per cent but there are a few cautious people around.”

Mr Muller said direction might be found in resources stocks on the back of higher oil prices and metals overnight.

"Resources stocks like Rio Tinto will lead the market today but there is likely to be some profit-taking in the financial sector.”

At 1020 AEDT, Rio Tinto was up 84 cents to 126.09 or 0.67 per cent to $126.09. BHP was up 20 cents or 0.54 per cent to $37.00.

Today, the Australian Bureau of Statistics releases labour force statistics for February and the annual JPMorgan/Fujitsu Australian Mortgage Industry Report is released.

US stocks fell 0.4 per cent overnight as the oil price hit a new record and concerns about the credit crunch resurfaced after enthusiasm for the Federal Reserve’s liquidity injection began to subside.

A profit upgrade from bellwether Caterpillar Inc boosted industrials.

The Dow Jones industrial average lost 46.57 points, or 0.38 per cent, to 12,110.24 and the Standard & Poor’s 500 Index declined 11.88 points to 1,308.77.

The Nasdaq Composite Index fell 11.89 points to 2,243.87.

The major banks were down after yesterday’s surge. At 1025 AEDT, ANZ was down 17 cents to $21.88, the Commonwealth was off $1.00 to $40.82 and National Australia Bank shed 50 cents to $27.85. Westpac fell 30 cents to $22.96.

Energy stocks were mixed with Woodside Petroleum up 17 cents to $54.02, Santos up six cents to $13.20 but Oil Search lost two cents to $4.50.

The spot price of gold in Sydney was $US983.10 per fine ounce, UP $US8.80 from Wednesday’s close of $US974.30.

At 1030, goldminer Lihir Gold had added a cent to $4.06 while Newmont Mining lost eight cents to $5.49. Newcrest Mining was up 20 cents to $36.36.

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BHP talks up Rio bid in London

BHP Billiton is reportedly running its own charm offensive in London while takeover target Rio Tinto is continuing its information blitz.

BHP has embarked on a series of briefings in the home of Rio’s headquarters, Britain’s Financial Times reported today.

BHP chief commercial officer Alberto Calderon said the rise in Rio’s share price triggered by BHP’s approach had added about $US40 billion ($43.06 billion) to Rio’s market capitalisation, according to the newspaper.

"The question is not who will outperform in the next few years – though we believe it will be BHP – but are they going to outperform us by $40 billion?" he was quoted as saying.

BHP Billiton has launched a $US147 billion ($158.18 billion) takeover bid for the world’s third largest mining company.

But Rio has rejected the offer of 3.4 BHP shares for each Rio share as too low.

Calderon also said BHP’s large petroleum division would produce higher profit margins than Rio’s stronger position in aluminium, justifying BHP shareholders receiving a larger slice of a combined company, the paper said.

He also dismissed Rio’s argument it would benefit more than BHP from a rise of at least 65 per cent in iron ore prices, highlighting BHP’s strength in coking coal and manganese.

"BHP is bigger in carbon steel materials so there is no good reason why Rio should outperform us just because of increased iron ore prices," he said.

In the briefings, BHP were to argue that Rio overpaid in its $US38 billion ($40.91 billion) takeover of Canadian aluminium company Alcan and that Rio’s share price would plummet if BHP walked away from its takeover bid, the paper said.

Meanwhile, Rio Tinto chief executive Tom Albanese is in Canada this week showcasing his group’s aluminium assets and announced a $511 million expansion plan for Canadian ore yesterday.

At a conference overnight, Rio spruiked the development of aluminium smelting technology and highlighted ambitions to double uranium output over the next five years.

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