Author: roymorgansocial

Fledglings targeted by $162m global fund

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Original article by Paul Smith
The Australian Financial Review – Page: 25 : 20-Mar-18

Venture capital firm Hatcher+ has entered into an partnership with technology start-up accelerator BlueChilli. Under the partnership, which will commence in April, Hatcher+ will co-invest in 240 new technology start-ups chosen by BlueChilli over the next three years, with finance to come from a new $US125 million ($A162 million) fund. BlueChilli founder and CEO Sebastien Eckersley-Maslin says it will need to find 12,000 entrepreneurs in order to choose the best 240, based on its previous processes for selecting start-ups to invest in.

CORPORATES
HATCHER+, BLUECHILLI, DROPSUITE, INZENSTUDIO, ICANDY INTERACTIVE LIMITED – ASX ICI

Uber, Airbnb, Deliveroo urge labour law shake-up

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Original article by Patrick Durkin, David Marin-Guzman
The Australian Financial Review – Page: 16 : 20-Mar-18

The Senate inquiry into the future of work has received more than 140 submissions, with sharing-economy businesses arguing that existing workplace laws are outdated. Deliveroo has used its submission to propose the creation of a new category of employment for people who work in the "gig economy", noting that regulations governing casual employees are not compatible with its business model. Meanwhile, Google has stressed the need to retrain up to 3.5 million workers whose jobs may be at risk due to digital disruption.

CORPORATES
DELIVEROO, GOOGLE INCORPORATED, UBER AUSTRALIA PTY LTD, AIRBNB AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, SEEK LIMITED – ASX SEK, CENTRE FOR FUTURE WORK, FOODORA, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. PRODUCTIVITY COMMISSION, ATLASSIAN CORPORATION PLC

Coles’ capital structure key to Wesfarmers demerger success

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 & 32 : 20-Mar-18

Wesfarmers will retain a shareholding of up to 20 per cent in Coles and a seat on its board if the proposed demerger proceeds. David Errington from Bank of America Merrill Lynch does not endorse this idea, saying it would be better for Coles long-term if it has an independent board and share register. Investors and analysts are of the view that the potential for Coles to succeed once the demerger is completed will depend largely on its balance sheet and capital structure.

CORPORATES
WESFARMERS LIMITED – ASX WES, COLES SUPERMARKETS AUSTRALIA PTY LTD, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, WOOLWORTHS GROUP LIMITED – ASX WOW, KKR AND COMPANY LP, JP MORGAN AUSTRALIA LIMITED, PARADICE INVESTMENT MANAGEMENT PTY LTD, AIRLIE FUNDS MANAGEMENT PTY LTD

CBA reels from credit card bungle

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Original article by James Frost
The Australian Financial Review – Page: 1 & 4 : 20-Mar-18

The banking royal commission has been told that the Commonwealth Bank kept back certain information regarding its credit card plus product from the Australian Securities & Investments Commission. ANZ executive William Ranken has also told the royal commission that the bank did not examine the expenses of every prospective mortgage customer, but instead made use of the household expenditure measure benchmark.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMINSURE

Labor’s $59b franking figure questioned

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Original article by Joanna Mather, Sally Patten
The Australian Financial Review – Page: 11 : 20-Mar-18

SMSF Association chair Deborah Ralston has questioned the modelling supporting Labor’s plan to scrap cash refunds for franking credits. Labor has stated that it will deliver revenue gains of $A59 billion, but Ralston contends that the modelling does not take into account the $A1.6 million limit imposed on tax-free superannuation pensions in 2017. For its part, Labor claims that the Parliamentary Budget Office did take the new limit into consideration when costing its proposal.

CORPORATES
SMSF ASSOCIATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, MORTGAGE CHOICE LIMITED – ASX MOC, MONASH UNIVERSITY

Greens fire up climate row

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Original article by Joe Kelly, Andrew Burrell, Rachel Baxendale
The Australian – Page: 1 & 7 : 20-Mar-18

Australian Greens leader Richard Di Natale has been criticised for suggesting that a cyclone in Darwin and recent bushfires in two states were due to the Federal Government’s policy on climate change. A total of 69 homes were destroyed in the New South Wales town of Tathra, and Prime Minister Malcolm Turnbull says it is inappropriate to politicise such events. Di Natale’s leadership is also under scrutiny in the wake of the Greens’ loss in the Batman by-election.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GREENS (WESTERN AUSTRALIA), AUSTRALIAN LABOR PARTY, BEGA VALLEY SHIRE COUNCIL, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, NATIONAL PARTY OF AUSTRALIA, NORTHERN TERRITORY. DEPT OF THE CHIEF MINISTER

Cormann presses crossbench on tax cuts

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Original article by Joe Kelly
The Australian – Page: 4 : 20-Mar-18

Finance Minister Mathias Cormann says the Federal Government’s corporate tax cuts are needed to ensure that Australian businesses are internationally competitive. The Government will seek the Senate crossbenchers’ support for the tax package ahead of the May 2018 Budget, and it will require nine of them to vote in favour of the bill. The Nick Xenophon Team opposes the tax cuts, while One Nation leader Pauline Hanson is not convinced that reducing the tax rate for all companies to 25 per cent will result in higher growth in wages.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, NICK XENOPHON TEAM, ONE NATION PARTY, LIBERAL DEMOCRATIC PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Hit black economy and raise billions

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Original article by Adam Creighton
The Australian – Page: 21 : 20-Mar-18

A report from KPMG concludes that targeting the black economy could generate revenue of at least $A5.8bn for the Federal Government. This includes an extra $A2.5bn in business taxes and an additional $A1.2bn in goods and services tax revenue. KPMG’s recommendations include banning income tax deductions for wages paid in cash and prohibiting cash transactions of more than $A100,000. The Government’s May 2018 Budget is expected to include its response to the final report of a black economy taskforce.

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA

Woodside rejigs pay to drive discipline

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Original article by Samantha Bailey
The Australian – Page: 20 : 20-Mar-18

Woodside Petroleum CEO Peter Coleman was paid a total of $A10.3m in 2017, including almost $A4m in incentives. Some two-thirds of Coleman’s short-term incentives were paid in cash, but his future cash bonuses will be restricted to 12.5 per cent under Woodside’s revised executive incentive structure. Other key executives will also be restricted to cash bonuses of 12.5 per cent. The changes follow a review of Woodside’s incentive plan in 2017.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL

Marshall vows to rev up business with reforms

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Original article by Simon Evans
The Australian Financial Review – Page: 6 : 19-Mar-18

The Liberal Party has secured power in South Australia, with Premier-elect Steven Marshall ending 16 years of Labor rule. Marshall maintained his commitment to scrapping any specific renewable energy targets, while he noted that his plans to deregulate shop trading hours, reduce public service costs, cut payroll tax and cap local government rates will all help to revive the state economy. Outgoing Premier Jay Weatherill said he will step down as Labor leader.

CORPORATES
LIBERAL PARTY OF SOUTH AUSTRALIA, AUSTRALIAN LABOR PARTY, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, SA BEST, TESLA INCORPORATED