Author: roymorgansocial

US election may hurt dealmakers

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Original article by Glenda Korporaal
The Australian – Page: 15 : 6-Nov-24

Mergers and acquisitions lawyer Sandy Mak from Corrs Chambers Westgarth says it is "hard to predict" just how the outcome of the presidential election will affect US investment in Australia and other countries. US companies are one of the largest foreign investors in Australia, and Mak says they could put plans to invest in Australia on hold if the election results in geopolitical uncertainty; she notes that corporate America has historically been wary of investing offshore in times of volatility and uncertainty.

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CORRS CHAMBERS WESTGARTH

A $2.3m gamble led to Cup glory

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Original article by James Thomson
The Australian Financial Review – Page: 3 : 6-Nov-24

About 90,000 spectators were at Flemington on Tuesday to see 80-1 outsider Knight’s Choice win the Melbourne Cup in a photo finish. The owners of Knight’s Choice paid just $85,000 for the five-year-old gelding, which exceeded all expectations by winning the race and $4.4m in prizemoney. Winning trainer Sheila Laxon had urged owner Cameron Bain to accept an offer from Hong Kong interests to buy Knight’s Choice for $2.3m in 2023. Laxon has now trained two Melbourne Cup winners from two attempts, having won with Ethereal in 2001. The winning jockey, Robbie Dolan, made his Melbourne Cup debut on Knight’s Choice.

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Spare us the scare campaigns, says Watt

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Original article by Ewin Hannan
The Australian – Page: Online : 6-Nov-24

The CFMEU’s ­national secretary Zach Smith says the approvals process for enterprise agreements has become a "farce". He alleges that the Fair Work Commission is taking up to three months to approve new pay deals for workers in the CFMEU’s construction division in the wake of the move to place it in administration. Meanwhile, Workplace Relations Minister Murray Watt has downplayed fears about the impact of the federal government’s multi-employer bargaining laws on the mining sector. He notes that the FWC has authorised just 13 single-interest multi-employer bargaining processes since mid-2023, and none of them have covered mine production workers.

CORPORATES
CONSTRUCTION, FORESTRY AND MARITIME EMPLOYEES UNION, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

ABC sorry for fake gunshot in Afghanistan stories

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Original article by Sophie Elsworth, James Madden
The Australian – Page: 2 : 6-Nov-24

The interim report of an independent review of the ABC’s ‘fake audio’ scandal has concluded that there is no evidence that the public broadcaster’s employees had any intention to mislead audiences by doctoring the Afghanistan footage. However, director of news Justin Stevens has released a statement on the ABC’s website in which he says the broadcaster "sincerely regrets and apologises" for the editing errors which resulted in additional gunshots being added to the video footage of an Australian military operation in Afghanistan. Stevens also said the video editor who had worked on the stories has left the ABC.

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AUSTRALIAN BROADCASTING CORPORATION

Harris and Trump end campaign duel with opposing messages

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Original article by Farrah Tomazin
The Age – Page: Online : 6-Nov-24

The Republican Party’s candidate Donald Trump has cast his ballot in Florida, telling reporters that he is confident of winning a presidential election that is widely tipped to be very close. Trump and Vice-President Kamala Harris both spent the last day of the election campaign in Pennsylvania, one of seven swing states that are likely to decide the outcome of the election. Harris called for unity and a "fresh start", while Trump claimed that the US has been "destroyed" under the Biden-Harris administration. He also committed to imposing punitive tariffs of up to 100 per cent on imports from Mexico of that nation’s government does not take action to prevent illegal immigrants from entering the US.

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REPUBLICAN PARTY (UNITED STATES)

Resist your urge to splurge, ALP told

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Original article by Jack Quail
The Australian – Page: 1 & 5 : 6-Nov-24

The Reserve Bank of Australia’s decision to leave the cash rate unchanged at 4.35 per cent on Tuesday had been widely expected. The RBA remains focused primarily on underlying inflation, which governor Michele Bullock says is still too high for the central bank to consider reducing the cash rate. Underlying inflation was 3.5 per cent in the year to September, and Bullock notes that temporary electricity rebates contributed to the headline inflation rate falling to 2.8 per cent. Bullock has also emphasised the need for Treasurer Jim Chalmers to avoid any spending measures that may fuel inflation ahead of the federal election.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

ANZ-Roy Morgan Consumer Confidence unchanged at 86.5 in early November – before RBA meeting on interest rates

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Original article by Roy Morgan
Market Research Update – Page: Online : 6-Nov-24

ANZ-Roy Morgan Consumer Confidence was unchanged at 86.5 in the week to 3 November; however, it has stayed above the mark of 85 for a third consecutive week for the first time since January 2023. Consumer Confidence is now 8.7 points above the same week a year ago (77.8), and 4 points above the 2024 weekly average of 82.5. A look at Consumer Confidence by State shows varied results around the country with small increases in NSW, Victoria, and SA, an unchanged result in Queensland and a small decline in WA. Now 23% of Australians (down 1ppt) say their families are ‘better off’ financially than this time last year, while 47% (unchanged) say their families are ‘worse off’. Looking forward, 35% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 30% (down 1ppt) expect to be ‘worse off’. Now 10% (unchanged) of Australians expect ‘good times’ for the Australian economy over the next 12 months, while 28% (down 1ppt) expect ‘bad times’. Meanwhile, 22% (down 1ppt) of Australians say now is a ‘good time to buy’ major household items, while 46% (up 1ppt) say now is a ‘bad time to buy’.

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

Rate call kills hopes for late spring bounce

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Original article by Michael Bleby
The Australian Financial Review – Page: 25 : 6-Nov-24

Kevin Brogan from national valuation firm Herron Todd White says the Reserve Bank’s decision to leave the cash rate unchanged on Tuesday will deter some buyers from entering the housing market. He adds that there is likely to be downward pressure on activity and prices in so-called mortgage-belt housing markets in particular. Property industry experts also suggest that the rates decision will hinder any upturn in the east coast market at the tail-end of the spring selling season.

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HERRON TODD WHITE AUSTRALIA PTY LTD, RESERVE BANK OF AUSTRALIA

Ellison’s delayed exit will harm undervalued MinRes share price

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Original article by Mark Wembridge, Tom Rabe, Peter Ker
The Australian Financial Review – Page: 13 & 17 : 6-Nov-24

Sources close to Mineral Resources have suggested that MD Chris Ellison may continue to be either directly or indirectly involved with the company after he steps down within the next 18 months. Bradley Watson from Bell Potter notes that Ellison is the largest shareholder in MinRes, and there could be speculation about the future of his stake in the company when he leaves. Other market observers believe that the relatively long leadership transition could weigh on the company’s share price.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, BELL POTTER SECURITIES LIMITED

Fortescue execs face bonus backlash

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Original article by Brad Thompson
The Australian – Page: 16 : 6-Nov-24

Fortescue shareholders will be given a vote on a proposal to grant performance rights to mining division CEO Dino Otranto and clean energy arm CEO Mark Hutchinson. However, Fortescue notes that granting performance rights does not require shareholder approval under the Corporations Act or ASX listing rules; the company has indicated that it will issue the performance rights even if investors vote against the resolution at its AGM on Wednesday. Three large US pension funds will oppose the resolution, with SBA Florida contending that there has been insufficient disclosure of performance targets.

CORPORATES
FORTESCUE LIMITED – ASX FMG, SBA FLORIDA