Court installs auditor at Advanced Medical Institute; Metcash dives into the Chinese market with Tmall store: Midday Roundup
Monday, October 26, 2015/
An independent auditor will be installed to ensure the company behind sexual health treatment group Advanced Medical Institute complies with court orders imposed against it regarding misleading claims it has made about erectile dysfunction.
In April, the Federal Court found AMI guilty of unconscionable conduct for telling erectile dysfunction patients their penises could shrink if they did not seek treatment.
The clinic responsible for the claims was also accused of being in contempt of court after it breached a court order to not repeat the claims in television and radio advertisements.
According to The Australian, the Federal Court has given the Australian Competition and Consumer Commission the task of appointing an independent auditor to AMI’s parent company, the NRM Corporation, as there is a “high likelihood” the company could breach the orders.
Metcash dives into the Chinese market with Tmall store
Supermarket giant Metcash has cracked into the Chinese market in a bid to capitalise on the growing demand for Australian produce.
Metcash has established an office in Shanghai and set up an online store on Tmall Global, China’s largest online shopping mall.
Metcash, owner of IGA Supermarkets and Bottle-O, and revealed a $384.2 million full-year loss at its shareholder announcement earlier this year.
Mark Hewlett, general manager of new channels for Metcash, told The Australianthe company is ready to tackle the Chinese market.
“Ideally and aspirationally, we want to be a major source of Australian products in China,” Hewlett said.
“With access to more brands and more producers than any other operator, Metcash is well placed to… deliver the very best of Australia’s grocery industry – directly to Chinese homes.”
Shares up on open
Aussie shares are climbing higher this morning off the back of a positive showing from international markets.
Ric Spooner, chief market analyst at CMC Markets, said despite these gains, the market’s opening was still more sedated than investors expected.
“The fact that all four major banks have now lifted rates is a positive for the sector,” Spooner said.
“However, the market may become cautious on the sector leading into release of ANZ and NAB’s profit results this week. With future margins being assisted by higher mortgage rates the focus is likely to be on cost control and bad debts.”
The S&P/ASX 200 benchmark was up 21.6 points, rising 0.4% to 5351.6 points at 11:51am AEST. On Saturday, the Dow Jones closed 157.54 points higher, up 0.90% to 17,646.7 points.
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