Author: roymorgansocial

David Jones not looking at riding to Myer’s rescue

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Original article by Eli Greenblat
The Australian – Page: 19 : 23-Feb-18

Department store chain Myer canvassed rival David Jones about what would have been a $A3 billion merger in late 2013, but the potential deal never got off the ground. Myer shares fell a record low of less than $A0.50 on 22 February, amid growing fears about its financial health. Ian Moir, the CEO of David Jones’ parent Woolworths Holdings, said he has no interest in making a bid for Myer. David Jones’ operating profit fell by 29.4 per cent in the December half, and Moir said his focus is on improving its performance.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, DAVID JONES LIMITED, WOOLWORTHS HOLDINGS LIMITED

Bullish Neilson takes stock

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Original article by Cliona O’Dowd
The Australian – Page: 17 & 21 : 23-Feb-18

Platinum Asset Management has posted a 2017-18 interim profit of $A102.2m, which is seven per cent higher than previously, while revenue was up 15 per cent at $A185.9m. Meanwhile, Platinum’s co-founder and chief investment officer Andrew Clifford will succeed CEO Kerr Neilson in mid-2018. Neilson has downplayed his decision to step down, adding that he will still be actively involved in the company. He says retail investors should be cautious about investing in exchange-traded funds. He also suggests that while China’s economic growth is likely to slow, the nation’s economy will remain strong.

CORPORATES
PLATINUM ASSET MANAGEMENT LIMITED – ASX PTM

Call for Adani to get on and build

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Original article by Mark Ludlow, Jacob Greber
The Australian Financial Review – Page: 3 : 23-Feb-18

Queensland’s Deputy Premier Jackie Trad says it is time that Adani made a commitment to develop the $A16.5 billion Carmichael coal mine. Trad reiterated previous comments that the Carmichael project needs to be viable in its own right, a view echoed by federal Labor frontbencher Anthony Albanese. Trad’s comments followed the revelation that Adani had backtracked on making March the deadline for deciding whether to make a financial commitment to the project.

CORPORATES
QUEENSLAND. DEPT OF THE PREMIER AND CABINET, ADANI MINING PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN GREENS, NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY

Plan now or quality of city life will fall

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 23-Feb-18

Infrastructure Australia contends that governments need to start planning for what it claims will be a population increase of 12 million over the next 30 years. Much of this growth is expected to occur in major capital cities such as Sydney and Melbourne, but Infrastructure Australia warns that the quality of life in large cities will suffer if planning does not start now on infrastructure issues such as the adoption of user-pays road systems and the development of large "timetable-free" public transport networks.

CORPORATES
INFRASTRUCTURE AUSTRALIA

WA tops debt list as states binge

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Original article by Richard Gluyas
The Australian – Page: 4 : 23-Feb-18

Standard & Poor’s forecasts that the combined debt of Australia’s state and territory governments will blow out by 5.1 per cent in 2018, to $A257.8bn. They will also refinance or repay some $A45.4bn worth of debt, according to the credit ratings agency. Meanwhile, the Western Australian government’s debt is expected to rise from $A45.8bn to $A56bn in 2019, which would see its debt-to-revenue ratio rise from 102 per cent to 114 per cent. The state has a credit rating of "AA-plus" with a negative outlook.

CORPORATES
STANDARD AND POOR’S FINANCIAL SERVICES LLC, WESTERN POWER CORPORATION

OZ looks at stepping up output

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Original article by Matt Chambers
The Australian – Page: 20 : 23-Feb-18

OZ Minerals has posted a 2017 net profit of $A231m, which is 114 per cent higher than previously. CEO Andrew Cole says the company hopes to begin an early-stage scoping study on a potential expansion of the Carrapateena copper and gold mine in early 2019. The South Australian mine is under construction and slated to commence production in late 2019. OZ Minerals shareholders will receive a final dividend of $A0.14 per share, with a full-year payout of $A0.20 per share.

CORPORATES
OZ MINERALS LIMITED – ASX OZL, CASSINI RESOURCES LIMITED – ASX CZI

There is no plan B to Westfield takeover: Lowy

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 23-Feb-18

European shopping centre group Unibail-Rodamco announced plans to acquire shopping mall owner Westfield Corporation in early December. At the time, Unibail’s scrip-focused deal valued Westfield at $A10.01 per share, but this had fallen to around $A8.82 per share on 22 February. Asked about the future of the deal at the announcement of Westfield’s full-year results, co-CEO Peter Lowy advised that there was "no plan B" in place. Westfield’s 2017 profit of $US1.55 billion is 13.5 per cent higher than previously.

CORPORATES
WESTFIELD CORPORATION – ASX WFD, UNIBAIL-RODAMCO, MACQUARIE GROUP LIMITED – ASX MQG, JP MORGAN AUSTRALIA LIMITED

Nine has options if cricket broadcast rights escalate

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Original article by Darren Davidson
The Australian – Page: 19 : 23-Feb-18

Nine Entertainment Company has posted a 2017-18 interim net profit of $A116m, compared with $A75m previously, with revenue rising nine per cent to $A720m. Meanwhile, CEO Hugh Marks says that while Nine wants to retain the cricket broadcasting rights, it will not pay an excessive price. He has also signalled that Nine may be open to a joint bid for the cricket rights. Nine paid $A500m for international cricket broadcasting rights under the current five-year deal, with Ten paying $A100m for Big Bash League rights. There has been speculation that the next rights deal could cost close to $A1bn.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, TEN NETWORK HOLDINGS LIMITED, BIG BASH LEAGUE, CRICKET AUSTRALIA

Joyce faces challenge to Nats leadership

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Original article by Andrew Tillett, Tom McIlroy
The Australian Financial Review – Page: 3 : 23-Feb-18

Barnaby Joyce’s future as leader of the National Party remains under scrutiny ahead of a party room meeting on 26 February. Nationals MP Andrew Broad will ask his colleagues to support a resolution calling for Joyce to resign, arguing that he should do so for the good of the party and the nation. Broad also believes that Joyce should step down from his ministerial portfolio and spend some time on the backbench in the wake of his affair with a former staffer. The National Party’s chief whip Michelle Landry says Joyce should have sufficient party room support to fend off a leadership spill.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF VETERANS’ AFFAIRS

BHP on brink of bigger shareholder returns

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Original article by Peter Ker
The Australian Financial Review – Page: 25 : 22-Feb-18

Hayden Bairstow of Macquarie Group says there is potential for BHP Billiton to return an additional $US1.9bn to shareholders in the second half of 2017-18 and at least $US2.4bn in 2018-19. He adds that the latter figure could be higher if BHP sells its US shale assets and opts to distribute the proceeds to investors. However, BHP CEO Andrew Mackenzie has declined to comment on the group’s plans for the proceeds of the exit from shale. Meanwhile, BHP is expected to make a decision on its proposed South Flank iron ore mine within six months.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, MACQUARIE GROUP LIMITED – ASX MQG, MORGANS FINANCIAL LIMITED, RIO TINTO LIMITED – ASX RIO, ROYAL DUTCH SHELL PLC