Author: roymorgansocial

Rio hit with class action over Mozambique

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 25-Oct-17

US law firm Hagens Berman has filed a class action against Rio Tinto regarding the valuation of the resources group’s coal assets in Mozambique. Several Australian law firms are also considering a class action lawsuit, while the US Securities & Exchange Commission recently launched legal action against Rio Tinto. The company is also facing class actions over corruption allegations in Guinea.

CORPORATES
RIO TINTO LIMITED – ASX RIO, HAGENS BERMAN SOBOL SHAPIRO LLP, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, GREAT BRITAIN. SERIOUS FRAUD OFFICE, AUSTRALIAN FEDERAL POLICE

‘Citizenship seven’ have Friday on their minds

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Original article by Rosie Lewis
The Australian – Page: 7 : 25-Oct-17

The High Court’s ruling on the eligibility of seven MPs and senators to be in federal parliament will be handed down on 27 October. A by-election in Barnaby Joyce’s seat of New England is slated for 2 December if the court rules that his dual citizenship at the time of the 2016 election disqualifies him from being in parliament. George Williams, the dean of law at the University of New South Wales, expects the court to disqualify at least some of the parliamentarians.

CORPORATES
HIGH COURT OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, NICK XENOPHON TEAM, UNIVERSITY OF NEW SOUTH WALES

PC report urges fed-state tax revamp

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 25-Oct-17

The Productivity Commission has released a report which notes that the federal government is responsible for raising 80 per cent of all tax revenue. The report, which is titled "Shifting the Dial", advocates giving the states greater power to raise revenue for the provision of government services instead of being so reliant on the federal government for funding. The report will be on the agenda when Treasurer Scott Morrison meets with his state and territory counterparts on 27 October.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, VICTORIA. DEPT OF TREASURY AND FINANCE, AUSTRALIAN LABOR PARTY

Australia ‘must commit to one emission target’

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Original article by Andrew White
The Australian – Page: 4 : 25-Oct-17

The Australian Greens have welcomed the release of a Productivity Commission report which advocates the adoption of a carbon price. The commission has also recommended the introduction of a national renewable energy target rather than having separate state-based schemes. It argues that a national approach would make it easier for Australia to meet its emission reduction target under the Paris agreement and do more to encourage investment in new power generation.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY

Metro radio drags on Southern Cross

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Original article by Darren Davidson
The Australian – Page: 19 : 25-Oct-17

Southern Cross Austereo has advised that revenue fell by two per cent year-on-year in the September 2017 quarter, due to the sale of a TV station in northern New South Wales. The group’s revenue was seven per cent lower on a reported basis, and its metropolitan radio stations posted a revenue decline of six per cent. However, its regional radio stations reported revenue growth of two per cent, and regional TV revenue was 3.5 per cent higher.

CORPORATES
SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, SOUTHERN CROSS AUSTEREO PTY LTD, PODCASTONE, HIT NETWORK, TRIPLE M CORPORATION PTY LTD, NINE NETWORK AUSTRALIA LIMITED

Raids over Shorten donations

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Original article by Brad Norington, Ewin Hannan, Simone Fox Koob
The Australian – Page: 1 & 6 : 25-Oct-17

Australian Workers’ Union offices in Sydney and Melbourne have been the subject of simultaneous police raids. Australian Federal Police officers executed warrants issued to the Registered Organisations Commission as part of its investigation into donations the union made when Opposition Leader Bill Shorten was the head of the AWU. Police are believed to have seized documents relating to the 2006 and 2008 financial years, including the minutes of AWU meetings. The raids are said to have been prompted by concerns that the documents could be destroyed. The AWU intends to challenge the validity of the warrants in court.

CORPORATES
AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN LABOR PARTY, GETUP LIMITED, AUSTRALIA. DEPT OF EMPLOYMENT, ARNOLD BLOCH LEIBLER, ACTU

ANZ-Roy Morgan Australian Consumer Confidence up 0.8% to 113.3

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 25-Oct-17

ANZ-Roy Morgan Australian Consumer Confidence rose 0.8% to 113.3 in the week ended 22 October 2017. This takes the index back above its long-term average. The gain was driven by improvements in expectations for the near- and long-term economic outlook. The outlook on economic conditions over the coming year improved by 4.3% to 103.5, the highest since July, and above the long-term average for the first time in two months. Expectations about economic conditions in the next five years rose 3.5%. Meanwhile, consumers’ views about current financial conditions fell for a second consecutive week, bringing the index value close to the long-term average. The outlook for future financial conditions fell by 0.9% after two consecutive positive readings in the prior weeks.

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

CBA remains satisfaction leader among Australia’s major four banks

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 25-Oct-17

A Roy Morgan Single Source survey has found that customer satisfaction with the Commonwealth Bank of Australia was 79.9% in the six months to September 2017, and despite a decline of 0.3% points from August, it has remained the satisfaction leader among the four major banks since July 2015. Satisfaction with banks overall has declined from 81.7% to 80.8% over the last 12 months. The four major banks in total have declined by 1.0% points to 78.8%, the mutual banks have declined by 0.6% points to 90.0% and the foreign banks are down 0.6% points to 83.1%. Despite these declines, overall bank satisfaction remains well above the long-term average of 73.9% established since 2001. Meanwhile, the mortgage customers of each of the four major banks continue to be a drag on their overall satisfaction, despite historically low home-loan rates. Over the last 12 months, satisfaction among the big four’s home-loan customers has fallen by 0.2% to 75.7%, leaving it well below the satisfaction of non-mortgage customers with 79.6%.

CORPORATES
ROY MORGAN RESEARCH LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

‘Monster’ stamp duty tax should be slain

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Original article by Matthew Cranston
The Australian Financial Review – Page: 6 : 25-Oct-17

The property industry supports a recommendation of the Productivity Commission to replace stamp duty with a land tax regime. Urban Development Institute of Australia CEO Steve Mann notes that first-home buyers in Sydney now pay up to $A30,000 in stamp duty, while he adds that replacing this tax would encourage more people to downsize their home. However, it is estimated that a land tax would cost households around $A2,360 a year on average.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA, PROPERTY COUNCIL OF AUSTRALIA LIMITED, DELOITTE ACCESS ECONOMICS PTY LTD, MIRVAC GROUP – ASX MGR, LAING AND SIMMONS HOLDINGS PTY LTD, THE REAL ESTATE INSTITUTE OF NEW SOUTH WALES

Santos distrust ‘discount’ declines as confidence returns

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Original article by Simon Evans
The Australian Financial Review – Page: 13 & 16 : 24-Oct-17

Keith Spence will join the board of oil and gas company Santos on 1 January 2018, and he will replace Peter Coates as chairman in the following month. Spence was chairman of Clough from 2008 to 2013, when he worked with current Santos CEO Kevin Gallagher, who was MD of the engineering firm from 2011 to 2016. Spence will step down from the board of Oil Search to take up his new role. Fund managers have welcomed his appointment, seeing it as hopefully marking the end of a period when Santos was regarded as having bad managment and a poor culture.

CORPORATES
SANTOS LIMITED – ASX STO, CLOUGH LIMITED, OIL SEARCH LIMITED – ASX OSH, ARGO INVESTMENTS LIMITED – ASX ARG, WILSON ASSET MANAGEMENT (INTERNATIONAL) PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL, SHELL COMPANY OF AUSTRALIA LIMITED, ENN GROUP, HONY CAPITAL