Author: roymorgansocial

NBN ready to pull plug on a million phones

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Original article by Anthony Klan
The Australian – Page: 7 : 15-Jan-18

NBNCo has advised that more than 926,000 premises will be disconnected from their existing telephone network in the first half of 2018, having been connected to the National Broadband Network. A spokesman for NBNCo says homes and businesses are given plenty of warning regarding their upcoming disconnection, with up to five letters being sent to them. These letters are in addition to any advice given to them by their telecommunications provider. The rollout of the National Broadband Network is expected to be completed in 2020.

CORPORATES
NBN CO LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD

$100m lost in Plutus tax scam

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Original article by Geoff Winestock, David Marin-Guzman
The Australian Financial Review – Page: 1 & 4 : 15-Jan-18

The liquidators of Plutus Payroll, the company at the centre of a tax fraud case, have released their first report to its creditors. Plutus Payroll and its associated companies have total debts of $A136 million. Based on how much Tim Norman of Deloitte Financial Advisory estimates will be recoverable from Plutus Payroll itself, it appears that the Australian Taxation Office may have to forgo around $A100 million. It is owed all but $A2 million of the debt.

CORPORATES
PLUTUS PAYROLL AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, DELOITTE FINANCIAL ADVISORY, SYNEP, HARTFORD INVESTMENTS, KISMETS

Public sector costs squeeze households

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Original article by David Uren
The Australian – Page: 1 & 4 : 15-Jan-18

The Australian Bureau of Statistics’ latest household expenditure survey shows that consumers’ spending on essential services has risen by 23 per cent since 2009-10. Electricity, education and childcare are among the services for which household expenditure has risen sharply over the last six years. Meanwhile, household spending on food has increased by 15 per cent over this period, while there has been 46.9 per cent growth in expenditure on holidays.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF EDUCATION AND TRAINING

Wesfarmers: Tax cut spurs wages growth

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Original article by Joanna Mather, Brad Thompson, Andrew Tillett
The Australian Financial Review – Page: 1 & 8 : 15-Jan-18

A number of US companies have announced plans to increase minimum pay rates or provide bonuses to staff in response to the Trump administration’s company tax cuts. The Australian Government will reintroduce its across-the-board company tax cuts package when parliament resumes in February, and Revenue Minister Kelly O’Dwyer has stressed the need for the nation’s tax regime to remain competitive. Wesfarmers CEO Rob Scott and the Group of 100’s Australian president Andrew Porter argue that company tax cuts could boost local wages.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, WESFARMERS LIMITED – ASX WES, GROUP OF 100 INCORPORATED, WAL-MART STORES INCORPORATED, FIAT CHRYSLER AUTOMOBILES NV, AMERICAN AIRLINES INCORPORATED, AT&T CORPORATION, BANK OF AMERICA CORPORATION, WELLS FARGO BANK, REPUBLICAN PARTY (UNITED STATES), COLES SUPERMARKETS AUSTRALIA PTY LTD, TARGET AUSTRALIA PTY LTD, BUNNINGS GROUP LIMITED, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI

Cyclone Joyce drenches Pilbara as Port Hedland resumes exports

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 15-Jan-18

Tropical Cyclone Joyce forced the closure of Port Hedland for about 43 hours, although it is not expected to have much impact on iron ore export volumes. The cyclone resulted in heavy rains near iron ore mines operated by BHP Billiton, Rio Tinto and Fortescue Metals Group in the Pilbara region, with 132 millimetres of rain recorded at Barimunya over four days and 102 millimetres recorded at Solomon Airport. Meanwhile, some 105 millimetres of rain fell at Marble Bar in a 24-hour period.

CORPORATES
PORT OF PORT HEDLAND, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, NEWCREST MINING LIMITED – ASX NCM, AUSTRALIA. BUREAU OF METEOROLOGY, DEUTSCHE BANK AG

PM, Shorten to go to battle on cost of living

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Original article by Andrew Tillett
The Australian Financial Review – Page: 7 : 15-Jan-18

Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten will return from their summer break in the week beginning 15 January. They will both highlight their parties’ policies aimed at addressing electors’ concerns about the rising cost of living. Turnbull and Shorten will both also start the new political year with their leadership credentials again under scrutiny, while Labor may face the prospect of having to contest up to four by-elections as a result of the dual citizenship crisis.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, HIGH COURT OF AUSTRALIA, LIBERAL-NATIONAL PARTY OF QUEENSLAND

Rio, BHP output boosts payout hopes

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Original article by Matt Chambers
The Australian – Page: 15 & 17 : 15-Jan-18

Deutsche Bank expects Rio Tinto to report three per cent growth in iron ore output in the Pilbara for the December 2017 quarter, to 87.7 million tonnes, while BHP Billiton’s Pilbara production is forecast to rise by 10 per cent to a record 70.9 million tonnes. Meanwhile, Hayden Bairstow of Macquarie Group expects Rio Tinto to pay a 2017 final dividend of $US1.95 per share, for a full-year payout of $US3.05 per share. Analysts generally also expect BHP to increase its dividend payout for the 2017-18 financial year. Both companies may also boost returns to shareholders via the proceeds of asset sales.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, DEUTSCHE BANK AG, MACQUARIE GROUP LIMITED – ASX MQG, BLOOMBERG LP, LIBERTY HOUSE GROUP, PACIFIC ALUMINIUM PTY LTD, SAMARCO MINERACAO SA, VALE SA

Long queue forming as Australian cricket rights go up for grabs

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Original article by John Stensholt
The Australian Financial Review – Page: 5 : 13-Jan-18

Cricket Australia expects all three free-to-air networks to bid for the Big Bash League broadcasting rights, with the Nine Network tipped to retain rights to Test and one-day international matches. Fox Sports could also bid for the cricket rights in partnership with a free-to-air network, while potential contenders for digital broadcasting rights are said to include Optus and YouTube. Cricket Australia is expected finalise a new rights deal by April.

CORPORATES
CRICKET AUSTRALIA, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED, CBS CORPORATION, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, FOX SPORTS AUSTRALIA PTY LTD, SINGTEL OPTUS PTY LTD, YOUTUBE INCORPORATED, GOOGLE INCORPORATED, BIG BASH LEAGUE, TELSTRA CORPORATION LIMITED – ASX TLS

US inflation stirs global rate rise bets

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 27 : 15-Jan-18

Thierry Albert Wizman of Macquarie Group notes that the Reserve Bank of Australia is the only major central bank among developed countries that has not flagged a rise in official interest rates. The Bank of Canada is widely tipped to tighten monetary policy again in mid-January, while the general consensus of economists is that US interest rates will rise in March. Meanwhile, New York Federal Reserve president William Dudley recently warned that factors such as the low unemployment rate in the US and the Trump administration’s tax cuts could potentially see the US economy "overheat".

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD, FEDERAL RESERVE BANK OF NEW YORK, BANK OF CANADA, EUROPEAN CENTRAL BANK, BANK OF JAPAN, FIS GROUP, BANK OF AMERICA CORPORATION, CAPITAL ECONOMICS LIMITED, LEHMAN BROTHERS INCORPORATED, RBC CAPITAL MARKETS, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Nestle sells Violet Crumble back into Australian hands

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Original article by Misa Han
The Australian Financial Review – Page: 3 : 12-Jan-18

Adelaide-based confectionery maker Robern Menz will hire an additional 30 workers after buying the iconic Violet Crumble brand from Swiss multinational Nestle for an undisclosed sum. Robern Menz CEO Phil Sims says Nestle approached his company about buying the brand in early 2017, adding that Nestle’s focus is on global brands rather than Australian ones. Production of Violet Crumble chocolate bars will shift from Melbourne to Adelaide.

CORPORATES
ROBERN MENZ GROUP, NESTLE SA, BEGA CHEESE LIMITED – ASX BGA, MONDELEZ INTERNATIONAL INCORPORATED, SOUTH AUSTRALIA. DEPT OF STATE DEVELOPMENT. INVESTMENT ATTRACTION SOUTH AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, CADBURY CONFECTIONERY LIMITED