Author: roymorgansocial

Unions blasted for ‘owning Labor lock, stock and barrel’

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Original article by Sarah Elks
The Australian – Page: 2 : 27-Oct-17

Liberal-National Party leader Tim Nicholls says documents obtained under Right to Information law demonstrate the links between the Queensland Government and unions. He has accused the state branch of the Australian Labor Party of being "owned" by unions in the wake of revelations that Energy Minister Mark Bailey communicated with Electrical Trades Union official Peter Simpson via a personal email account during the union’s wage negotiations with a state-owned energy utility.

CORPORATES
LIBERAL-NATIONAL PARTY OF QUEENSLAND, AUSTRALIAN LABOR PARTY, QUEENSLAND. DEPT OF ENERGY AND WATER SUPPLY, ELECTRICAL TRADES UNION, QUEENSLAND. DEPT OF THE PREMIER AND CABINET

Woolworths denies Myer interest

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Original article by Sue Mitchell
The Australian Financial Review – Page: 19 : 27-Oct-17

Solomon Lew’s Premier Investments acquired a 10.8 per cent stake in department store chain Myer earlier in 2017, but the value of his investment has fallen by 35 per cent over the last six months. This has prompted Lew to launch a range of attacks against its board and its "new Myer" strategy. South African firm Woolworths Holdings has denied rumours that it was planning to launch a takeover bid for Myer at around the time that Lew made his investment. Lew in turn refutes suggestions that his investment was made to stop a possible Woolworths bid.

CORPORATES
PREMIER INVESTMENTS LIMITED – ASX PMV, MYER HOLDINGS LIMITED – ASX MYR, WOOLWORTHS HOLDINGS LIMITED, DAVID JONES LIMITED, COUNTRY ROAD LIMITED, QANTAS AIRWAYS LIMITED – ASX QAN, TREASURY WINE ESTATES LIMITED – ASX TWE

Packer concedes global strategy failed

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Original article by Aaron Patrick
The Australian Financial Review – Page: 5 : 27-Oct-17

Crown Resort’s controlling shareholder, James Packer, has conceded at the its AGM that the casino group’s offshore expansion was a failure. However, he said he is optimistic about the prospects of its Sydney casino, hotel and apartment complex, which Lendlease is building on Sydney Harbour. Packer also observed that Crown had made around $A2 billion from its international foray, which was possibly the best result of all Australian companies that have abandoned offshore expansion plans.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, LEND LEASE GROUP LIMITED – ASX LLC, MELCO CROWN ENTERTAINMENT LIMITED

Newcrest ramps up Cadia mine’s output

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Original article by Peter Ker
The Australian Financial Review – Page: 22 : 27-Oct-17

Newcrest Mining’s gold production for the September quarter was slightly below analysts’ forecasts, at 522,917 ounces. However, Newcrest had flagged lower output for the quarter due to maintenance work at its Lihir mine in Papua New Guinea. Newcrest has also advised that it has resumed production at both caves at the Telfer mine, where mining was disrupted by a "seismic event" in April. The company expects to have access to all parts of the mine by the end of 2017.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, RBC CAPITAL MARKETS

QBE makes first insurtech play

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Original article by Alice Uribe
The Australian Financial Review – Page: 20 : 27-Oct-17

QBE Insurance Group has invested in US artificial intelligence firm RiskGenius, with QBE executive Bob James saying it will help the insurer to develop new products more rapidly. The investment in RiskGenius is the first to be made via QBE’s $US50 million ($A64.85 million) "insurtech" fund. QBE CEO John Neal said at the time of the fund’s launch in March that its investments would focus on data analytics.

CORPORATES
QBE INSURANCE GROUP LIMITED – ASX QBE, RISKGENIUS, CB INSIGHTS

Cash staves off calls to quit, calls in cops

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Original article by Phillip Coorey, David Marin-Guzman
The Australian Financial Review – Page: 3 : 27-Oct-17

Employment Minister Michaelia Cash continues to attract scrutiny over allegations that her office leaked details of a police raid on the offices of the Australian Workers’ Union. She has suggested that the Australian Federal Police should investigate the source of the leak, and raised the possibility that it may have been the Registered Organisations Commission. Meanwhile, the Opposition has accused Cash of misleading Parliament after stating that her office was not the source of the leak. Her media adviser subsequently resigned after admitting that he had given the media advance notice of the raids.

CORPORATES
AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK OMBUDSMAN

The most common question on Wall Street: when will rally end?

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Original article by Philip Baker
The Australian Financial Review – Page: 31 : 27-Oct-17

Australia’s benchmark S&P/ASX 200 Index has gained four per cent so far in 2017, and it has not ended a month in positive territory since April. Meanwhile, the major US indices have finished in the black every month except for March, and the S&P 500 has gained nearly 15 per cent in the year to date. Wall Street’s sustained rally has prompted speculation as to when it will end, but there are strong indications that the current bull run will extend beyond seven months.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S 500 INDEX, DOW JONES INDUSTRIAL AVERAGE INDEX, NASDAQ COMPOSITE INDEX, CLIME INVESTMENT MANAGEMENT LIMITED – ASX CIW, CITIGROUP INCORPORATED, EPFR GLOBAL

Elliott wary as ANZ profit surges 18pc

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Original article by Michael Roddan
The Australian – Page: 19 & 22 : 27-Oct-17

The ANZ Bank has posted a 2016-17 cash profit of $A6.9bn, which is 18 per cent higher than previously. Revenue was one per cent lower, and CEO Shayne Elliott notes that strong competition in the banking sector is making it harder to achieve revenue growth. He adds that ANZ will continue to closely monitor its mortgage book, given the rising levels of household debt and low growth in wages. Shareholders will receive a final dividend of $A0.80 share, and a full-year payout of $A1.60.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, IOOF HOLDINGS LIMITED – ASX IFL, UBS HOLDINGS PTY LTD, DIGITAL FINANCE ANALYTICS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Fortescue adamant that wide iron ore discount will revert

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Original article by Tess Ingram
The Australian Financial Review – Page: 17 : 27-Oct-17

Fortescue Metals Group’s cash reserves rose from $US1.8bn to $US2.3bn in the September quarter. Iron ore shipments totalled 44 million tonnes, with "C1" costs falling marginally to $US12.15 per tonne. Fortescue has reduced its price realisation guidance for the second time in 2017-18, and now expects to receive between 70 and 75 per cent of the benchmark index price for its lower-grade ore. CEO Nev Power suggested earlier in 2017 that the price discount would not be sustained, but he now says it is difficult to predict when it will narrow.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, MACQUARIE GROUP LIMITED – ASX MQG

Wesfarmers’ Scott eyes the long game

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Original article by Sue Mitchell
The Australian Financial Review – Page: 15 & 24 : 26-Oct-17

Grocery giant Coles has reported an 0.3 per cent decline in sales for the September quarter, to $A9.4bn. Same-store food and liquor sales increased by just 0.4 per cent, down from 0.7 per cent growth in the previous three months and well below the forecasts of some analysts. Wesfarmers’ incoming MD Rob Scott remains upbeat about the outlook for Coles, forecasting that it will return to sales growth in the second half of 2017-18. Meanwhile, Kmart has reported same-store sales growth of 4.9 per cent, but Target has posted a 6.4 per cent decline.

CORPORATES
COLES GROUP LIMITED, COLES SUPERMARKETS AUSTRALIA PTY LTD, WESFARMERS LIMITED – ASX WES, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, OFFICEWORKS SUPERSTORES PTY LTD, BUNNINGS GROUP LIMITED, WOOLWORTHS LIMITED – ASX WOW, CITIGROUP PTY LTD, VIVA ENERGY AUSTRALIA LIMITED