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Published on: Wednesday, November 30, 2016

  • The ACCC proposed to deny the banks’ bargaining bid with Apple over opening up contactless payments on devices. CBA, Westpac and NAB appear to have failed to gain permission to bargain with Apple in order to allow iPhone users to make payments from their own digital wallets, rather than Apple Pay (AAP). It is understood that the banks will rewrite their submissions to the ACCC to negotiate with Apple so that they can use the iPhone’s nearfield communication antenna that’s necessary to make the contactless payments. So far, ANZ is the only major Aussie bank to sign up with Apple which restricts contactless payments on Apple devices to the Apple Pay platform.
  • Shares in Vocus Communications were hit yesterday after the company posted disappointing full-year earnings guidance. The earnings guidance was weighed on by a lower-than-expected earnings contribution from Vocus’ recent acquisition, Nextgen, along with soft broadband customer growth. Vocus shares fell 24.5% yesterday to $4.35, and as much as 27% during yesterday’s session, as the market digested the news. Nextgen is now expected to deliver underlying earnings of about $41 million for the last eight months in 2016/17 – short of market expectations. Vocus’ full – year revenue was forecast to come in at $1.9 billion along with an annual underlying profit after tax of between $205 million to $215 million. 
  • Ardent Leisure has announced that it will open the Whitewater World water park and Dreamworld theme park to guests on Saturday, December 10. In a statement to the ASX, the company said that all of Whitewater World’s slides, pools and cabanas will be open, along with several of Dreamworld’s rides and attractions, but other Dreamworld rides will be opened progressively as they are signed off as part of the safety review process. “The closure of both Dreamworld and Whitewater World throughout the month will result in no significant revenue being recorded for that month. In addition to the lost revenue, the Theme Parks division is expected to incur operating costs in the range of $4.0 million to $4.2 million for the month.”
  • The US economy has grown at an annual rate of 3.2% in the September quarter, ahead of a forecast 3%. That’s the strongest pace posted in two years. A revised report showed stronger consumer spending that initially estimated. In other US economic news, consumer confidence rose from 98.6 to 107.1 in November, ahead of a forecast 101.2. 
  • At 0645 AEDT on Wednesday, the share price index was up 13 points at 5,475.

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