Author: roymorgansocial

Lexus set to be named as Cup sponsor as prizemoney rises

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Original article by Brendan Cormick
The Australian – Page: 36 : 8-Nov-17

Lexus is expected to replace Emirates as the naming rights sponsor of the Melbourne Cup, with a deal likely to be finalised in coming weeks. The car-maker is already the sponsor of the Lexus Stakes during the Melbourne Cup Carnival. The Victoria Racing Club is also expected to announce an increase in prizemoney for the Melbourne Cup, although it will still fall well short of The Everest, which boasted prizemoney of $A10m in its first year. More than 90,000 people attended the 2017 Melbourne Cup, which was won by the Lloyd Williams-owned "Rekindling".

CORPORATES
THE EMIRATES MELBOURNE CUP, LEXUS, EMIRATES AIRLINES, VICTORIA RACING CLUB LIMITED, RACING NSW, AUSTRALIAN TURF CLUB LIMITED

Swearing ruling lowers bar on behaviour

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 8-Nov-17

The Fair Work Commission has ruled that Construction, Forestry, Mining & Energy Union official Brad Upton is not a "fit and proper" person to hold a workplace right-of-entry permit. The ruling concerns his use of offensive language while addressing workers at the Gorgon LNG project. Meanwhile, the FWC has issued a separate ruling in which South32 was ordered to reinstate a CFMEU official for using similar language and making physical threats against eight workers.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, SOUTH32 LIMITED – ASX S32, K&L GATES LLP, CLAYTON UTZ, AUSTRALIAN HUMAN RESOURCES INSTITUTE, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN LABOR PARTY, ELECTRICAL TRADES UNION

Doubts raised on mine job numbers

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Original article by Andrew Burrell
The Australian – Page: 9 : 8-Nov-17

Data from the 2016 Census shows that just 907 of the 8,000 Aboriginals who live in the Pilbara region currently work in the iron ore industry. In contrast, Rio Tinto, BHP Billiton and Fortescue Metals Group claim that they employ about 1,850 Aboriginal people in the Pilbara. Perth-based lawyer Franklin Gaffney says the census figures give credence to claims that Aboriginal employment numbers in the mining sector are being inflated. He has proposed independent monitoring of native title agreements to ensure that companies are meeting their targets for employing indigenous people.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, LAVAN LEGAL, AUSTRALIAN BUREAU OF STATISTICS

Murdoch’s Fox shares rise on talk of sale of key assets to rival Disney

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Original article by John Kehoe
The Australian Financial Review – Page: 20 : 8-Nov-17

The share price of 21st Century Fox has risen by more than nine per cent in response to media reports that it had held talks about selling most of its assets to the Walt Disney Company. The discussions were said to be preliminary and have been discontinued, but it is believed that the talks could resume. The reports suggested that Fox would sell assets such as its film and TV studios to Disney, while retaining its news and sports broadcasting assets. Fox has a market capitalisation of $US50bn, while Disney’s market capitalisation is $US155bn.

CORPORATES
21ST CENTURY FOX INCORPORATED, WALT DISNEY COMPANY, CNBC, GABELLI FUNDS, SKY PLC, TIME WARNER INCORPORATED, AT&T CORPORATION, 20TH CENTURY FOX INCORPORATED, FOX NEWS CHANNEL, STAR INDIA, NEWS CORPORATION – ASX NWS, FOXTEL MANAGEMENT PTY LTD, REA GROUP LIMITED – ASX REA, HARPERCOLLINS

Kroger lashes Libs over GetUp!

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Original article by Simon Benson, Andrew Clennell
The Australian – Page: 1 & 4 : 8-Nov-17

Liberal Party of Victoria president Michael Kroger has criticised several federal Liberal MPs for holding "secret" meetings with representatives of GetUp. Cabinet minister Christopher Pyne and backbenchers Tim Wilson and Trent Zimmerman are among the members of the Liberal Party’s moderate faction to have held meetings with the left-wing activist group. However, Prime Minister Malcolm Turnbull argues that GetUp meets with politicians from all political parties.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, LIBERAL PARTY OF VICTORIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GETUP LIMITED, AUSTRALIAN LABOR PARTY

Surge to 6000 puts GFC to rest

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Original article by David Rogers
The Australian – Page: 19 & 27 : 8-Nov-17

A number of factors contributed to the S&P/ASX 200’s rise above the 6,000-point level on 7 November 2017, including the Reserve Bank’s decision to leave the cash rate on hold, a rise in the iron ore price and a new record high for the S&P 500. The S&P/ASX 200 has taken nearly 10 years to reach 6,000 points again. Tony Brennan of Citigroup still expects it to reach 6,250 by mid-2018, while Hasan Tevfik of Credit Suisse forecasts that it will rise to 6,500 in 2018.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S 500 INDEX, CITIGROUP PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, RESERVE BANK OF AUSTRALIA, LEHMAN BROTHERS INCORPORATED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Growth hopes up as rates stay low

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Original article by David Uren
The Australian – Page: 2 : 8-Nov-17

Financial markets expect the Reserve Bank of Australia to leave official interest rates at 1.5 per cent until the second half of 2018, after it made no change to monetary policy on 7 November. RBA governor Philip Lowe noted that business conditions are improving, particularly the outlook for business investment in non-mining sectors of the economy. He also said growth in wages will remain low in the near-term but an upturn in the labour market will eventually have a flow-on effect, while he has forecast a further decline in the unemployment rate.

CORPORATES
RESERVE BANK OF AUSTRALIA, AMP LIMITED – ASX AMP, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, STANDARD AND POOR’S ASX 200 INDEX

ANZ-Roy Morgan Australian Consumer Confidence: headline index eases slightly

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 8-Nov-17

ANZ-Roy Morgan Australian Consumer Confidence slipped 0.7% to 112.6 in the week ended 5 November 2017, a touch under its long-term average of 112.9. The details were broadly negative, with four out of five sub-indices showing falls. The outlook on economic conditions in the next year rose 2.1%, partially offsetting a 4.5% fall in the previous week. The sub-index on longer-term future economic conditions fell 2.8% to its lowest value in eight weeks. Meanwhile, consumers’ views about current financial conditions eased 0.5% after a solid 5.3% jump the previous week, and the outlook for future financial conditions fell for the third straight week, bringing the index down to its lowest point in 11 weeks.

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

$30bn boost for PM’s tax reform plan

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 8-Nov-17

A new report from the Treasury has concluded that the Federal Government’s proposed $A65bn corporate tax cuts proposal would result in a total tax revenue gain of about $A30bn. The research paper estimates that reducing the company tax rate from 30 per cent to 25 per cent will increase the size of the domestic economy by more than one per cent over the long-term. The report also notes that the average company tax rate among OECD nations has fallen to 24 per cent, compared with 32 per cent in 2000, and it warns that Australia could face a permanent reduction in both GDP and real wages if it fails to take similar action.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Weatherill’s tax grab to sting local bank

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Original article by Michael Owen
The Australian – Page: 2 : 7-Nov-17

BankSA CEO Nick Reade contends the Weatherill government’s proposed bank levy will have a much greater impact on it than the government has claimed. He says the South Australian government has suggested the levy might only push up its company tax rate by as little as 0.1 per cent, but Reade says it will increase it by around three per cent. Meanwhile, the Weatherill government remains determined that the tax should go ahead, with Treasurer Tom Koutsantonis saying on 6 November there was "no chance at all" that it would change its mind.

CORPORATES
BANK OF SOUTH AUSTRALIA LIMITED,SOUTH AUSTRALIA. DEPT OF TREASURY AND FINANCE,SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET