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Commonwealth Bank of Australia Faces Shareholder Damages Claims in High Court

Commonwealth Bank of Australia (ASX:CBA) shareholders will seek damages in Australia's High Court on Thursday over the bank's alleged failure to disclose a AU$700 million fine to the market, which they argue inflated the value of shares, according to court documents.The bank agreed to pay the fine in 2018 after the Australian Transaction Reports and Analysis Center (AUSTRAC) investigated it over failures related to anti-money laundering rules, including the late filing of 53,506 transactions that met the reporting threshold.A group of shareholders claims the issues became public knowledge only after AUSTRAC issued a press release in 2017, even though the bank was aware of them earlier.The shareholders are seeking compensation "for the inflated value of their shares attributable to the bank's wrongful failure to inform the market," according to the court documents.An earlier court decision found that the shareholder group failed to quantify their losses and was not able to prove that a share price drop of AU$3.29 for the Commonwealth Bank of Australia was fully attributable to the non-disclosure. The group is now challenging the dismissal of their damages claim in the High Court.

ASX:CBA

Asia28d ago

Brazilian Rare Earths Says Survey Defines Exploration Corridor at Brazil Project

Brazilian Rare Earths (ASX:BRE) said a high-resolution airborne geophysical survey and reconnaissance diamond drilling at the Velhinhas Corridor in Brazil has defined more than 9 kilometers of cumulative exploration corridor trends, according to a Thursday Australian bourse filing.The company said the survey extends rare earth mineralization to over 8 kilometers south of the ultra-high-grade Monte Alto Deposit, and ultra-high-grade surface samples returned grades of up to about 40% total rare earth oxide (TREO), 21% TREO, and 14% TREO, confirming a strong high-grade surface expression of an extensive mineralized system.Reconnaissance diamond drilling returned grades of 20% TREO; 33,607 parts per million (ppm) neodymium-praseodymium (NdPr); 1,463 ppm dysprosium oxide; 248 ppm terbium oxide; 7,431 ppm yttrium oxide; and 1,087 ppm uranium oxide, the filing added.The survey confirms four north-northeast-trending mineralized corridors, converting numerous ultra-high-grade surface results into a district-scale exploration model, the company said.Brazilian Rare Earths has mobilized an additional diamond drill rig and is advancing a more than 5,000-meter drilling campaign to test priority geophysical anomalies and expand bedrock mineralization, it added.

ASX:BRE

Asia28d ago

Meteoric Resources' Brazil Pilot Plant Achieves Magnet Rare Earths Oxide Recoveries of 80%

Meteoric Resources' (ASX:MEI) pilot plant at the Caldeira project in Brazil achieved magnet rare earths oxide recoveries of 80% and total rare earths oxide recoveries of 74% in May, according to a Thursday filing with the Australian bourse.Roughly 43 tonnes of ore from the Capão do Mel starter pit was processed at the targeted throughput rate of 600 kilograms per day, with mixed rare earth carbonate production consistently averaging higher than the forecast 2 kilograms per day, the filing said.Additionally, magnet rare earth oxide recoveries averaged 71% in mixed rare earth carbonate, in line with the May 2025 pre-feasibility study estimate, per the filing.

ASX:MEI

Asia28d ago

ASX Preview: Australian Shares Set to Fall as Oil Jumps on Renewed US-Iran Tensions; Southern Cross Media Group to Cut Up to 300 Jobs

Australian shares are poised to fall on Thursday as oil prices surged on renewed US-Iran tensions after US President Donald Trump warned that the US would attack Iran "very hard" if no peace deal is reached, heightening geopolitical risk and inflation concerns amid expectations of constrained global energy supplies.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell around 1.6%, 2%, and 1.9%, respectively.In the macroeconomy, investors are eyeing the release of the Melbourne Institute consumer inflation expectations report.In corporate news, Southern Cross Media Group (ASX:SXL) said it will cut between 250 and 300 full-time roles before June 30 as part of cost reduction program, resulting in fiscal 2026 restructuring charges of around AU$20 million.JB Hi-Fi (ASX:JBH) started a process to refund more than AU$250,000 to about 200 consumers after the Australian Competition and Consumer Commission raised concerns that the company may have misled consumers with pricing claims in advertisements.Australia's benchmark index rose 0.6% or 49.1 points to close at 8,653.30 on Wednesday.

ASX 200ASX:JBHASX:SXL

Asia28d ago

JB Hi-Fi to Refund AU$250,000 to 200 Consumers After ACCC Raises Misleading Advertising Concerns

JB Hi-Fi (ASX:JBH) started a process to refund more than AU$250,000 to about 200 consumers after the Australian Competition and Consumer Commission (ACCC) raised concerns that the company may have misled consumers with pricing claims in advertisements, according to a Thursday statement by the regulator.The ACCC said it monitored JB Hi-Fi's online product pricing from March 2025 to September 2025 and was concerned that the company promoted 17 products as discounted from a previous higher price, when the products were either never offered at the higher price, only offered at the higher price for a short period, or only offered at the higher price long before the promotion.The advertisements were for several products, including two laptops, a virtual reality headset, and a gaming monitor, with JB Hi-Fi having already provided some refunds automatically and contacted affected customers directly, the statement added.The ACCC has decided to resolve the matter administratively without taking further formal enforcement action, given the company's cooperation in the investigation, it added.

ASX:JBH

Asia28d ago

Megaport Opens AU$309 Million Retail Component of Entitlement Offer at AU$14.30 Per Share

Megaport (ASX:MP1) said the retail component of its fully underwritten one-for-3.08 pro rata accelerated non-renounceable entitlement offer has opened, expected to raise about AU$309 million at AU$14.30 per share, the same price and ratio applied to the institutional component, which raised about AU$518 million, according to a Thursday Australian bourse filing.The company said eligible retail shareholders who take up their full entitlement are also offered the opportunity to apply for up to 50% additional new shares in excess of their entitlement at the offer price, with the retail entitlement offer expected to close on June 29.

ASX:MP1

Asia28d ago

Imricor Submits Third US FDA Premarket Approval Module for Vision-MR Ablation System

Imricor Medical Systems (ASX:IMR) has filed the third module of its premarket approval application with the US Food and Drug Administration (FDA), covering non-clinical bench testing for its Vision-MR Ablation Catheter 2.0, RF-5000 Ablation Generator, and irrigation tubing set, according to a Thursday Australian bourse filing.The submission contains testing data covering product performance, sterile shelf life, packaging integrity, software testing, electrical safety, electromagnetic compatibility, magnetic resonance safety, and usability, per the filing.The company is streamlining FDA approval via a modular review process while pursuing additional device clearances, with three products already cleared, including NorthStar, Vision-MR Diagnostic Catheter, and Vision-MR Diagnostic Catheter Cable, the filing added.

ASX:IMR

Asia28d ago

Titan Minerals Drives Scale at Ecuador Project as Drilling Resumes, Says Euroz Hartleys

Titan Minerals (ASX:TTM) restarted drilling at its Ecuador-based Dynasty gold project, and ongoing drilling along with resource growth are expected to bolster the project's scale and profile as corporate interest across the region grows, Euroz Hartleys said in a note on Wednesday.The investment firm said the resumption of a 10,000-meter drilling program comes after "encouraging" trenching results that showed shallow mineralization and carry potential to rapidly expand resources from near-surface zones.The company is trading at a discount to Australian gold developer peers, which are valued at an average of AU$147 per ounce of gold, compared with Titan Minerals' at around AU$56 per ounce.Euroz Hartleys maintained its speculative buy rating and price target of AU$1.95 on Titan Meinerals.

ASX:TTM

Asia28d ago

Energy One CFO to Resign

Energy One (ASX:EOL) said that Chief Financial Officer Guy Steel has resigned to pursue other interests, effective Aug. 31, according to a Thursday Australian bourse filing.Jason Mabee will join the company as CFO in early July, the filing added.

ASX:EOL

Asia28d ago

Southern Cross Media Group to Cut Up to 300 Jobs; Downgrades Fiscal 2026 Guidance

Southern Cross Media Group (ASX:SXL) said it will cut between 250 and 300 full-time roles before June 30 as part of cost reduction program, resulting in fiscal 2026 restructuring charges of around AU$20 million, according to a Thursday filing with the Australian bourse.The program seeks to eliminate duplication, streamline and automate processes, and place a greater focus on content acquisition, per the filing. It is expected to yield annual run rate benefits of AU$145 million to AU$150 million at its conclusion.Additionally, Southern Cross Media now expects fiscal 2026 revenue of AU$1.86 billion to AU$1.87 billion, down from a previous guidance range of AU$1.91 billion to AU$1.92 billion. The company also lowered its outlook for underlying earnings before interest, taxes, depreciation, and amortization for the fiscal year to between AU$185 million and AU$190 million from AU$200 million to AU$220 million previously.The new guidance comes as market conditions have worsened significantly more than expected through the fiscal fourth quarter, especially within the TV segment, the company said.Meanwhile, Southern Cross Media has revised downwards the expected direct and indirect benefits from a range of its legacy TV content contracts. The move will result in a fiscal 2026 onerous contract provision of AU$65 million to AU$70 million, with effect from the date of the company's merger with Seven West Media.Southern Cross Media Group is scheduled to report fiscal-year results on Aug. 11.

ASX:SXL

Asia28d ago

Strike Energy's South Erregulla Peaking Power Station Achieves Mechanical Completion

Strike Energy (ASX:STX) said its 85-megawatt South Erregulla Peaking Power Station gas-fired peaking power project in Western Australia achieved mechanical completion, according to a Thursday Australian bourse filing.Mechanical completion confirms that all major plant and equipment have been installed and construction activities have substantially concluded, the filing added.The company said the project has entered the commissioning phase, which includes the introduction of South Erregulla gas into the facility and the start of live commissioning activities to test and verify the integrated operation of the power station's systems and equipment.

ASX:STX

Asia28d ago

Market Chatter: Westpac Banking's Housing Investor Loan Applications Fall After Australia's Capital Gains Tax Proposal

Westpac Banking's (ASX:WBC, NZE:WBC) housing investor loan applications declined 20% over the last three weeks after Australia's federal budget proposed changes to negative gearing and the country's capital gains tax, the Australian Financial Review reported Thursday.The budget included a minimum 30% tax on capital gains starting from July 2027, as well as the end of negative gearing for existing properties. Carolyn McCann, Westpac's head of consumer banking, said there is broad concern over the proposed reforms, according to the report."Customers and the community could be a bit concerned about the changing signals," McCann reportedly said ahead of a strategy briefing, pointing to the Middle East conflict and interest rate hikes in addition to the tax changes.House prices slid in Sydney and Melbourne after the release of the budget, but McCann believes supply-side constraints will help limit further declines, AFR reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:WBCNZE:WBC

Asia28d ago

Forrestania Resources Discloses Mineral Resource Estimate for Western Australia Deposit

Forrestania Resources (ASX:FRS) declared a mineral resource estimate for the Lady Lyla deposit in Western Australia of 922,000 tonnes at 1.4 grams per tonne (g/t) gold for 41,700 ounces at a 0.5 g/t gold cut-off, according to a Thursday Australian bourse filing.The company said the estimate includes a maiden indicated resource of 478,000 tonnes at 1.7 g/t gold for 25,500 ounces, representing 61% of the total estimate.Further work is planned including resource extension drilling along strike and diamond core drilling to facilitate metallurgical test work, along with environmental baseline studies and conceptual mining studies, it added.

ASX:FRS

Asia28d ago

QBE Insurance Group Prices 500 Million Euros in Subordinated Notes Issuance

QBE Insurance Group (ASX:QBE) priced an issue of 500 million euros in fixed rate resetting subordinated notes under its note issuance program, according to a Thursday Australian bourse filing.The notes will have a term of 11 years, maturing June 17, 2037. Interest payable on the notes will initially be at a fixed rate of 4.293% per annum, paid annually in arrear up until maturity.The notes will be eligible as Tier 2 capital under the Australian Prudential Regulation Authority's capital adequacy framework.

ASX:QBE

Asia28d ago

Lendlease Group Appoints Group CEO

Lendlease Group (ASX:LLC) appointed Nick O'Neil as group chief executive, effective Sept. 10, according to a Thursday filing with the Australian bourse.O'Neil will succeed Tony Lombardo, who will step down on or before June 30, per the filing.O'Neil currently serves as head of Australian real assets at AustralianSuper, the filing said.The CEO's function will be jointly led on an interim basis by Andrew Nieland, group chief financial officer, and Penny Ransom, group chief investment officer, the filing added.

ASX:LLC

Asia29d ago

Super Retail Group Outlines Five-Year Growth Plan Across Core Brands

Super Retail Group (ASX:SUL) outlined a new five-year strategy to accelerate expansion across its auto, sport, and outdoor retail divisions as it looks to capture a greater share of a AU$65 billion addressable market, according to a Thursday filing with the Australian bourse.The plan aims to grow Supercheap Auto, rebel, BCF, and Macpac by extending product ranges, introducing new store formats, and expanding into regional markets while also pursuing adjacent opportunities such as electric vehicle-related products and four-wheel drive fitment services, per the filing.The network is expected to grow to more than 900 locations from 790 by 2031, driven by rising online penetration and strengthened omnichannel features such as click-and-collect, the filing said.The strategy centers on the "Ignite" transformation program, a five-pillar initiative to modernize systems, accelerate innovation, and boost operational efficiency.The program will be funded within existing capital expenditure guidance, with AU$30 million in annual costs over three years, and is expected to deliver around AU$75 million in annual savings by fiscal 2029 to support reinvestment into growth initiatives, the filing added.

ASX:SUL

Asia29d ago

Wesfarmers Faring in Line With Strategy and Consensus, Says Jefferies

Wesfarmers (ASX:WES) is tracking in line with its strategy, with continued focus on customer value and shareholder returns as it deploys artificial intelligence across its divisions, Jefferies said in a note on Wednesday.The investment firm said the lack of sales commentary from the company indicates it is trading comfortably within consensus expectations.Accelerated investments, especially in data, digital and productivity initiatives are projected to result in "better growth," with opportunities in its WesCEF unit to use AI to boost production and margins, alongside broader AI adoption in its retail businesses.Jefferies said Wesfarmers' management appears confident in hardware chain Bunnings' sales growth despite macroeconomic pressures, supported by expansion into new categories such as rural, camping and lifestyle products, increased demand for repairs and maintenance if housing turnover slows, and network growth.The brokerage maintained its hold rating but raised price target to AU$73 from AU$72.

ASX:WES

Asia29d ago

Alkane Resources Expands Boda-Kaiser System at New South Wales Project With Breccia Intercept

Alkane Resources (ASX:ALK) reported new drilling from its Northern Molong Porphyry Project in New South Wales, including breccia-style mineralization between Boda and Kaiser, according to an Australian bourse filing on Wednesday after market hours.The drilling program included one diamond hole and multiple reverse circulation (RC) holes targeting structural and geophysical features between and surrounding the Boda and Kaiser deposits, as well as additional RC drilling at the Haddington and Glen Hollow prospects within the Comobella Intrusive Complex, per the filing.Assay results included 23.5 meters grading 0.2 grams per tonne gold and 0.1% copper, including 3.2 meters at 0.3 grams per tonne gold and 0.2% copper in the Boda-Kaiser corridor, 9 meters at 0.3 grams per tonne gold near the deposit, and 3 meters at 1.7 grams per tonne gold in district exploration, the filing said.The program intersected magmatic-hydrothermal brecciation and porphyry-style alteration, with additional work planned to test continuity along strike and up-dip.Mobile magnetotellurics geophysical work has identified six new high-priority porphyry targets north of the main deposits, which are now being validated on the ground, the filing added.

ASX:ALK

Asia29d ago

Westpac Banking Issues 13 Billion Yen Tier Two Subordinated Notes

Westpac Banking (ASX:WBC, NZE:WBC) issued 13 billion yen in tier two subordinated callable instruments maturing in June 2036, according to a Thursday New Zealand bourse filing.The proceeds will be used for general corporate purposes and are expected to marginally strengthen the bank's capital position, per the filing.The securities include non-viability loss-absorption provisions, allowing the Australian Prudential Regulation Authority to convert them into ordinary shares or write them off if the bank is deemed non-viable, the filing said.

ASX:WBCNZE:WBC

Asia29d ago

Westgold Resources Forecasts Steady Gold Production Growth Through Fiscal 2028

Westgold Resources (ASX:WGX) expects a steady production increase over the next three fiscal years, with fiscal 2026 output guided at 345,000 to 385,000 ounces of gold at an all-in sustaining cost of AU$2,600 to AU$2,900 per ounce, excluding ore purchase agreement, according to an Australian bourse filing on Wednesday after market hours.The production is expected to increase to 420,000 ounces in fiscal 2027 and 470,000 ounces in fiscal 2028, per the filing.The company held a debt-free balance sheet with around AU$1.5 billion in available liquidity, the filing added.

ASX:WGX

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