Author: roymorgansocial

Murray Goulburn steams ahead to tie up sale deal

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Original article by Sue Neales
The Australian – Page: 21 : 7-Mar-18

An extraordinary general meeting of Murray Goulburn’s suppliers will be held on 5 April, where they will vote on a deal to sell the dairy co-operative’s assets to Canada-based Saputo. However, the meeting is conditional on the Australian Competition & Consumer Commission approving the deal by 4 April. Saputo hopes to gain approval from the ACCC in return for agreeing to divest Murray Goulburn’s milk processing plant in Koroit. The sale to Saputo must supported by at least 50 per cent of Murray Goulburn’s suppliers.

CORPORATES
MURRAY GOULBURN CO-OPERATIVE COMPANY LIMITED, SAPUTO INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Cut tax, funds will flow: BHP

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Original article by Matt Chambers, Andrew White
The Australian – Page: 1 & 2 : 7-Mar-18

BHP Billiton CEO Andrew Mackenzie argues that Australia cannot afford to not reduce its company tax rate. He says BHP would commence some proposed resources projects in Australia within months of federal parliament passing an across-the-board company tax cut, adding that at least some of these projects are dependent on tax reform. Meanwhile, economic modelling by KPMG suggests that Australia’s GDP will be reduced by around $A5bn if the nation does not respond to the Trump administration’s tax cuts with similar reforms. About 25,000 jobs would also be at risk, according to KPMG.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, KPMG AUSTRALIA PTY LTD, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, THE GOLDMAN SACHS GROUP INCORPORATED, BLUESCOPE STEEL LIMITED – ASX BSL, SHELL COMPANY OF AUSTRALIA LIMITED

Fairfax and NZME to hash out new merger terms

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Original article by Max Mason
The Australian Financial Review – Page: 18 : 7-Mar-18

Fairfax Media hopes to successfully challenge the New Zealand Commerce Commission’s decision to block the proposed merger of its NZ business with NZME. The two companies will appeal against a court ruling which upheld the Commerce Commission’s May 2017 decision to block the deal on competition grounds. However, Fairfax and NZME have terminated a September 2016 merger implementation agreement, and they will negotiate a new deal if their appeal succeeds.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, STUFF LIMITED, NZME LIMITED – ASX NZM, NEW ZEALAND. COMMERCE COMMISSION, HIGH COURT OF NEW ZEALAND

Turnbull, BHP warn Trump on the dangers of a trade war

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Original article by Phillip Coorey
The Australian Financial Review – Page: W1 & W2 : 7-Mar-18

The signing of the 11-nation Trans-Pacific Partnership free trade deal on 7 March has coincided with President Donald Trump’s push to increase US tariffs on imported steel and aluminium. Prime Minister Malcolm Turnbull will use the keynote address at a business summit in Sydney to emphasis the importance of free trade and open markets, and the negative effects of a trade war. BHP Billiton CEO Andrew Mackenzie has also expressed concern about Trump’s protectionist stance, although he is confident that free trade will prevail.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, TRANS-PACIFIC PARTNERSHIP, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, BHP BILLITON LIMITED – ASX BHP, REPUBLICAN PARTY (UNITED STATES), DEMOCRATIC PARTY (UNITED STATES), INTERNATIONAL MONETARY FUND, AUSTRALIAN LABOR PARTY, ADANI MINING PTY LTD, AUSTRALIA. DEPT OF FINANCE, UNITED STATES. DEPT OF COMMERCE

Foxtel-Fox Sports merger hails new era in content

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Original article by Darren Davidson
The Australian – Page: 21 : 7-Mar-18

Foxtel customers will have access to 201 channels after joint owners News Corp Australia and Telstra finalised a deal to merge the pay-TV company with News Corp’s fully-owned Fox Sports. Telstra will reduce its stake in Foxtel to 35 per cent as a result of the deal. Meanwhile, Foxtel CEO Patrick Delaney has flagged plans to launch a series of genre-based streaming video services, with the aim of targeting consumers who have shunned its traditional broadcast products.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, NETFLIX INCORPORATED, 21ST CENTURY FOX INCORPORATED, COMCAST CORPORATION, SKY PLC, WALT DISNEY COMPANY

Employers lash Coalition on union merger

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 7-Mar-18

The merger between the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia is slated to take effect on 27 March, after it was approved by the Fair Work Commission. The Australian Mines & Metals Association has urged the Federal Government to push for the Senate to block the merger prior to this date, although Workplace Relations Minister Craig Laundy argues that the Ensuring Integrity Bill is not retrospective so it would have no impact on the merger. The merged union will boast 144,000 members and $A310m worth of assets.

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

Canberra takes $8bn bath on Timor deal

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Original article by Cameron Stewart
The Australian – Page: 2 : 7-Mar-18

Australia and East Timor will sign a treaty on the maritime boundary between the two nations in New York on March 7. The treaty is likely to change the revenue-sharing arrangement for oil and gas reserves in the Timor Sea from the current equal split to one that favours East Timor. This would reduce Australia’s revenue share from around $A20bn to $A12bn over the next 35 years. East Timor’s revenue share may increase further if LNG is processed at existing facilities in Darwin rather than in East Timor.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, WOODSIDE PETROLEUM LIMITED – ASX WPL, CONOCOPHILLIPS, ROYAL DUTCH SHELL PLC, OSAKA GAS COMPANY, PERMANENT COURT OF ARBITRATION

Coal price forecasts slowed Rio Mozambique impairment

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 26 : 7-Mar-18

Rio Tinto announced a $US2.86bn write-down in the value of its Mozambique coal assets in February 2013, less than 18 months after they were acquired for $US3.7bn in August 2011. The US Securities & Exchange Commission contends that a write-down should have been made much sooner. It also alleges that former Rio Tinto executives Tom Albanese and Guy Elliott had been aware that the value of the Mozambique assets had declined only months after their acquisition.

CORPORATES
RIO TINTO LIMITED – ASX RIO, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, RIVERSDALE MINING LIMITED, ALCAN INCORPORATED

ANZ-Roy Morgan Australian Consumer Confidence Rating up 0.9% to 119.0

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Original article by Roy Morgan
Market Research Update – Page: Online : 7-Mar-18

ANZ-Roy Morgan Australian Consumer Confidence rose 0.9% to 119.0 in the week ended 4 March. The result was mixed, with two of five sub-indices showing declines. Sentiment about current economic conditions remained strong, with a rise of 5.1% on a weekly basis. Future economic sentiment was up 0.9%, following a strong gain of 6.0% in the previous reading. Both indices remain above or close to their long run averages. Views about financial situations deteriorated a touch after strong readings over the previous week. The future financial situation sub-index fell 0.7%, while current financial conditions dropped 1.0% to 109.3.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Mates rates

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Original article by Matt Johnston, James Dowling, James Campbell
Herald Sun – Page: 1 & 4 : 6-Mar-18

Melbourne Metropolitan Fire Brigade staff will shortly vote on a new enterprise bargaining agreement that features a pay rise of 19 per cent and a range of allowances. Amongst other things, MFB firefighters will be entitled to 65 days of annual leave each year, plus 99 days of personal and sick leave after being at the MFB for at least two years. MFB employees will also be entitled to four days of leave each time a family member becomes ill or injured. The EBA allows many existing MFB policies to be abolished unless the United Firefighters Union agrees to them following consultation.

CORPORATES
MELBOURNE METROPOLITAN FIRE BRIGADE, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, VICTORIA. DEPT OF PREMIER AND CABINET