Author: roymorgansocial

Myer rules out using VA to exit leases

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 : 27-Mar-18

Struggling retailer Myer is saddled with $A2.7 billion worth of leases, and it has been suggested that it could enter into voluntary administration in order to get out of its lease commitments. Such a strategy was adopted by retailers OrotonGroup and SumoSalad. However, a spokesperson for Myer says it has no plans to enter into voluntary administration, noting that it continues to be solvent. Joe Hayes of Wexted Advisors says that entering into voluntary administration could create more problems for Myer than it might solve.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, OROTONGROUP LIMITED – ASX ORL, SUMO SALAD, WEXTED ADVISORS, McGRATH NICOL AND PARTNERS SERVICES PTY LTD

Union merger test abandoned

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Original article by Ewin Hannan
The Australian Financial Review – Page: 4 : 27-Mar-18

The Federal Government will not seek to block a merger between the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia. The Government has shelved plans to introduce a public interest test for union mergers after failing to secure sufficient support for the bill among crossbenchers. Australian Mines & Metals Association CEO Steve Knott and Master Builders Australia CEO Denita Wawn have expressed disappointment with the decision.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. FAIR WORK COMMISSION, ACTU

Labor back tracks on shares grab

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 27-Mar-18

The Australian Labor Party has announced changes to its policy to abolish cash refunds for franking credits, stating that full and part-pensioners will be exempt from its proposal. The backdown is expected to reduce the savings that Labor expects the policy to generate from $A59 billion to $A55.7 billion over the first decade of its implementation. Also exempt from the policy will be any self-managed superannuation fund that has at least one pensioner or other allowance drawing from it prior to 28 March.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF EDUCATION AND TRAINING

Clerks in warning on spy laws

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 27-Mar-18

Senate clerk Richard Pye and House of Representatives clerk David Elder have warned of the potential impact of proposed foreign interference and espionage laws on parliamentarians. They have used submissions to a joint committee on intelligence and security inquiry to express concern that the legislation could potentially override parliamentary privilege by requiring MPs to disclose details of any meetings they have held with foreign officials. The bill has previously attracted criticism from media companies and business groups.

CORPORATES
AUSTRALIA. JOINT PARLIAMENTARY COMMITTEE ON INTELLIGENCE AND SECURITY, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY

Secret survey shows tax cuts won’t go to jobs

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Original article by Laura Tingle, Phillip Coorey
The Australian Financial Review – Page: 4 : 27-Mar-18

Business Council of Australia members were asked in a recent survey how they would respond in the event of company tax cuts. They were given four options: returning funds to shareholders; boosting investment; giving current employees a pay rise; or hiring more staff. It is understood that less than 20 per cent chose either of the last two options. The responses seem to be at odds with a letter that the BCA and 10 prominent CEOs sent to all senators in the week ending 23 March, in which it suggested that implementing tax cuts would ultimately lead to more jobs and greater wage growth.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, QANTAS AIRWAYS LIMITED – ASX QAN, MYOB GROUP LIMITED – ASX MYO, BHP BILLITON LIMITED – ASX BHP, ENERGYAUSTRALIA PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL, FORTESCUE METALS GROUP LIMITED – ASX FMG, JBS AUSTRALIA PTY LTD, ORIGIN ENERGY LIMITED – ASX ORG, WESFARMERS LIMITED – ASX WES

$200m hole in media rights feared as sponsors getting cold feet

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Original article by Nick Tabakoff
The Australian – Page: 6 & 7 : 27-Mar-18

Media analyst Greg Fraser says Cricket Australia was always unlikely to secure a $A1bn deal for broadcasting rights, but the ball-tampering scandal means it can expect to gain $A800m at best for its next rights deal. This includes no more than $A500m for rights to international cricket matches, but potentially more than $A300m for the domestic Twenty20 Big Bash League. Meanwhile, major sponsors of cricket in Australia have expressed disappointment over the scandal, although none are believed to have sought to terminate their deals as yet.

CORPORATES
CRICKET AUSTRALIA, BIG BASH LEAGUE, MAGELLAN FINANCIAL GROUP LIMITED – ASX MFG, ACCENTURE AUSTRALIA LIMITED, QANTAS AIRWAYS LIMITED – ASX QAN, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, LION PTY LTD, SANITARIUM HEALTH FOOD COMPANY, TEN NETWORK HOLDINGS LIMITED, CBS CORPORATION

Axe looms for Lehmann over tampering

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Original article by Peter Lalor
The Australian – Page: 1 & 7 : 27-Mar-18

There is speculation that Cricket Australia is poised to sack coach Darren Lehmann in the wake of the ball-tampering scandal, while Steve Smith has stood down as captain of Indian Premier League team the Rajasthan Royals. Smith and David Warner are at risk of losing lucrative IPL contracts due to their role in the controversy. CA could also potentially impose 12-month bans on both players, in addition to penalties already announced by the International Cricket Council. Meanwhile, the Australian team’s tactics have come under further scrutiny, with English fast bowler Stuart Broad raising concerns about possible ball-tampering during the 2017-18 Ashes series.

CORPORATES
CRICKET AUSTRALIA, INTERNATIONAL CRICKET COUNCIL, INDIAN PREMIER LEAGUE, AUSTRALIAN CRICKETERS’ ASSOCIATION

Hirst calls for fair play at the top

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Original article by James Frost
The Australian Financial Review – Page: 15 & 18 : 27-Mar-18

Bendigo & Adelaide Bank veteran Marnie Baker will replace outgoing CEO Mike Hirst on 2 July. Baker is currently the chief customer officer, and she has held a number of roles at the regional bank since joining it in 1989. She says Bendigo’s focus on trust and fairness is a key strength given the negative sentiment toward the banking sector in general at present. Meanwhile, Hirst has criticised regulators over the lack of a level playing field for smaller banks, arguing that it has hindered Bendigo’s growth.

CORPORATES
BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

New CBA chief executes purge of the Narev executive old guard

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 18 : 27-Mar-18

The Commonwealth Bank has made further changes to its executive team as it transitions from Ian Narev to new CEO Matt Comyn. Kelly Bayer Rosmarin, Melanie Laing and David Whiteing are the latest senior executives to depart in the wake of Austrac’s money-laundering investigation. Alphinity Investment Management’s Andrew Martin says some management changes were inevitable, and the shake-up will allow Comyn to start with a clean slate. Bayer Rosmarin had been a contender to succeed Narev.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, ALPHINITY INVESTMENT MANAGEMENT PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AMP LIMITED – ASX AMP, UNIVERSITY OF NEW SOUTH WALES

Leyonhjelm’s despair for erosion of press freedom

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Original article by Simon Benson
The Australian – Page: 2 : 26-Mar-18

Liberal Democrat senator David Leyonhjelm has accused the Abbott and Turnbull governments of the biggest crackdown on freedom of the press for many years through various laws. Leyonhjelm contends the crackdown began with Abbott in 2013, when Leyonhjelm says Abbott tried to make political mileage out of national security. Commenting on proposed espionage legislation that critics say could see journalists jailed for just doing their job, Attorney-General Christian Porter says he does not think any Australian would support the release of information that might risk the lives of ASIO or AFP staff or result in the death of an Australian.

CORPORATES
LIBERAL DEMOCRATIC PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIAN FEDERAL POLICE, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN LABOR PARTY