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Published on: Monday, January 09, 2017

  • Former Guinness Peat Group executive director and initial Bellamy’s Australia investor, Graeme Cureton, is backing the board spill push led by fellow Bellamy’s shareholder, Jan Cameron. According to the Australian Financial Review, Ms Cameron – who holds a direct interest of 2% in Bellamy’s and is a former board member – is leading a group of shareholders that claims to have support of around 35% of the register. “I’m supportive of Jan. We do not want to see Laura McBain (chief executive) go. [But] we need to see the balance sheet come out and see how the negotiations are going with Fonterra and Bega,” Cureton told the AFR. 
  • Health Minister Susan Ley is facing calls from Labor to be sacked after she admitted that four of her travel claims failed ministerial standards. Ley’s travel has been under particular scrutiny after it was revealed she used travel entitlements on a trip where she bought a Gold Coast Unit. After speaking with Prime Minister Malcolm Turnbull yesterday, Ley said she would pay back some of her claims (The Australian).
  • On Friday, oil rose on futures buying but gains were capped by a solid U.S. dollar and ongoing caution over whether or not OPEC producers would stick to their deal to cut output. Brent crude rise 0.4% to US$57.10 a barrel while US Nymex rose 0.4% to US$53.99 a barrel. Both Brent and Nymex rose 0.5% over the week. 
  • US non-farm payrolls (employment) lifted by 156,000 during December, ahead of a forecast 178,000. November’s figures were upwardly-revised to a 204,000 gain (previously 178,000). Headline unemployment rose to 4.7% according to the Bureau of Labor Statistics. Average hourly earnings rose 0.4% in December after dropping 0.1% in November and the annual growth rate lifted to 2.9%. 
  • On Friday, the ASX 200 managed to edge higher by 0.04 per cent or 2.3 points to 5755.6.


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