Author: roymorgansocial

Hambro tips iron ore discounts to persist

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Original article by Peter Ker
The Australian Financial Review – Page: 20 : 13-Dec-17

BlackRock fund manager Evy Hambro expects lower-grade iron ore to continue to trade at a discount to the benchmark price for some time. The discount has widened amid growing demand in China for higher-grade ore. Hambro notes that Australian miners may find it increasingly difficult to maintain the quality of their iron ore, as some of the best-quality reserves in the Pilbara have been exhausted. Brazil-based Vale is also increasing production of higher-grade iron ore at its S11D project.

CORPORATES
BLACKROCK WORLD MINING TRUST PLC, VALE SA, FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

ANZ life sale could pave way for buybacks

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Original article by Alice Uribe, Joyce Moullakis, Sarah Thompson
The Australian Financial Review – Page: 17 & 21 : 13-Dec-17

CEO Shayne Elliott concedes that the ANZ Bank’s earnings will be lower following recent asset sales, although he believes that refocusing the group is in the best interests of shareholders. ANZ shares closed 1.1 per cent higher at $A28.82 on 12 December after it announced the sale of its life insurance division to Zurich for $A2.85bn. ANZ had sold the OnePath business to IOOF Holdings earlier in 2017. Elliott has indicated that ANZ could potentially use the proceeds of the latest deal to finance a share buyback.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ZURICH FINANCIAL SERVICES AUSTRALIA LIMITED, ZURICH INSURANCE COMPANY, ONEPATH AUSTRALIA LIMITED, IOOF HOLDINGS LIMITED – ASX IFL, UBS HOLDINGS PTY LTD, SHAW AND PARTNERS LIMITED

Gas price plunge after exporters toe PM’s line

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Original article by Matt Chambers
The Australian – Page: 1 & 2 : 13-Dec-17

A new report shows that wholesale gas prices on the east coast have fallen by up to 50 per cent since the Federal Government flagged plans to impose LNG export controls in order to boost domestic gas supplies. The Australian Competition & Consumer Commission will release the second report on its investigation into the east coast gas market on 13 December. The report notes that rather than a forecast gas shortage of up to 107 petajoules in 2018, there is the potential for a surplus of around 20 petajoules as LNG producers redirect export volumes to the domestic market.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ROYAL DUTCH SHELL PLC, SANTOS LIMITED – ASX STO, ORIGIN ENERGY LIMITED – ASX ORG, INCITEC PIVOT LIMITED – ASX IPL, AGL ENERGY LIMITED – ASX AGL

Shorten facing split as Dastyari departs

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Original article by Andrew Clennell, Rachel Baxendale
The Australian – Page: 1 & 6 : 13-Dec-17

Some members of the Australian Labor Party’s New South Wales right faction have expressed concern that Sam Dastyari was pressured into resigning from the Senate. Opposition Leader Bill Shorten has praised Dastyari’s decision to resign in the wake of revelations about his links with China. There is speculation that Dastyari’s seat in the upper house could be filled by Kristina Keneally if she fails to win the upcoming by-election in the seat of Bennelong. United Voice’s Tara Moriarty is also seen as a contender to replace Dastyari.

CORPORATES
AUSTRALIAN LABOR PARTY, UNITED VOICE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Union leader ordered to halt illegal Port of Melbourne picket

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 13-Dec-17

Victorian Trades Hall secretary Luke Hilakari and union officials will be barred from blockading Victorian International Container Terminal’s site at Webb Dock. VICT CEO Andres Dommestrup has welcomed the Supreme Court’s decision to grant injunctions against Hilakari, the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia. VICT had claimed that Hilakari had been the leader of picketers who have blocked access to the company’s Webb Dock facility for several weeks.

CORPORATES
VICTORIAN TRADES HALL COUNCIL, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, VICTORIAN INTERNATIONAL CONTAINER TERMINAL PTY LTD, SUPREME COURT OF VICTORIA, AUSTRALIA. FAIR WORK COMMISSION, ACTU, AUSTRALIAN LABOR PARTY, HEALTH SERVICES UNION OF AUSTRALIA, COMMUNITY AND PUBLIC SECTOR UNION, QUBE HOLDINGS LIMITED – ASX QUB

Media buyers divided on News Corp’s pull from AMAA audit

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Original article by Zoe Samios
Mumbrella – Page: Online : 13-Dec-17

Nunn Media MD Chris Walton and Tom Rankin of 303MullenLowe are among media agency executives to have criticised News Corp Australia’s decision to withdraw its newspapers from the Audited Media Association of Australia’s circulation audit. Meanwhile, Roy Morgan CEO Michele Levine says there is a need for an independent research body to measure media. "I’m sure the AMAA will be described as unnecessary expenditure. But it comes at a time when advertisers and their agencies are crying out for truth and accuracy in measurement," Levine said. "The time for media and their industry bodies (OzTAM, EMMA etc) measuring themselves is fast drawing to an end. The confluence of digital media, outdoor, direct, point of sale and traditional media means more than ever advertisers and their agencies want , and need, a single source of truth – not media’s own claims or industry’s own claims."

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUDITED MEDIA ASSOCIATION OF AUSTRALIA LIMITED, ROY MORGAN LIMITED, NUNN MEDIA PTY LTD, 303 MULLENROWE, HAVAS MEDIA PTY LTD, PHD GROUP PTY LTD

Lowys accept $33bn takeover

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Original article by Ben Wilmot, Turi Condon
The Australian – Page: 1 & 4 : 13-Dec-17

Paris-based Unibail-Rodamco will own a portfolio of 104 shopping centres worldwide after striking a deal to acquire Westfield Corporation for $US24.7bn ($A32.76bn). The deal comprises Westfield’s 35 shopping centres in the US and the UK, but it does not include Westfield-brand shopping centres in Australia, which are owned by the separately-listed Scentre Group. Unibail-Rodamco intends to rebadge its existing portfolio of shopping centres with the Westfield brand.

CORPORATES
WESTFIELD CORPORATION – ASX WFD, UNIBAIL-RODAMCO, SCENTRE GROUP – ASX SCG, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT

Fairfax finds a friend on Google

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Original article by Darren Davidson
The Australian – Page: 19 : 13-Dec-17

Fairfax Media has indicated that a deal for Google to sell and market programmatic advertising across the newspaper publisher’s websites will have limited impact on its sales team. Meanwhile, Fairfax CEO Fairfax chief executive Greg Hywood says the deal may allow the media group to increase its investment in journalism. Google is believed to be holding discussions with other media companies regarding similar partnerships. Fairfax already uses Google’s Ad Exchange program to sell online advertising inventory.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, GOOGLE INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GROUPM COMMUNICATIONS PTY LTD, WPP PLC

ANZ-Roy Morgan Australian Consumer Confidence still above average at 115.1 after 0.6% fall

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Dec-17

ANZ-Roy Morgan Australian Consumer Confidence slipped 0.6% to 115.1 in the week ended 10 December, effectively unwinding the 0.7% gain in the previous week, but remaining above its long-run average. The details were mixed; sentiment around financial conditions declined, but the remaining indexes posted small gains. Households continue to remain upbeat about both current and future economic conditions, with the sub-indices up 0.9% and 0.8% respectively. In four-week moving average terms, views towards current economic conditions are at their highest point since late 2013. Views towards current financial conditions fell 2.7%, more than reversing the 1.7% gain previously, and bringing the sub-index to a six-week low. Views towards future financial conditions fell 2.8%. Even so, both sub-indices currently sit above their long-term averages.

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

Conspiracy claim over docks dispute

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Original article by Nick Toscano
The Age – Page: 3 : 12-Dec-17

Victorian International Container Terminal (VICT) has told the Supreme Court that an ongoing blockade of its Webb Dock terminal is doing "immeasurable" harm to its business. VICT has alleged that Trades Hall secretary Luke Hilakari and other unionists are involved in a conspiracy against the company, and is seeking an ongoing injunction against Hilakari and the Maritime Union of Australia. Justice Michael McDonald said the ongoing blockade is an example of "plainly unlawful conduct".

CORPORATES
VICTORIAN INTERNATIONAL CONTAINER TERMINAL PTY LTD, SUPREME COURT OF VICTORIA, VICTORIAN TRADES HALL COUNCIL, MARITIME UNION OF AUSTRALIA