Author: roymorgansocial

Reserve in no hurry to lift rates

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Original article by David Uren
The Australian – Page: 2 : 18-Oct-17

The minutes of the Reserve Bank of Australia’s board meeting for October suggest that the cash rate will remain at 1.5 per cent for some time. The central bank stresses that while the global trend toward monetary policy tightening is a "welcome development", it has no implications for Australian interest rates, which stayed much higher than in many nations in the wake of the global financial crisis. Meanwhile, the RBA anticipates that inflation will gradually move towards its target range.

CORPORATES
RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD, BANK OF CANADA, BANK OF ENGLAND, EUROPEAN CENTRAL BANK

Oil Search production levels hit a new record

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Original article by James Thomson
The Australian Financial Review – Page: 25 : 18-Oct-17

Australian-listed Oil Search has reported production of 7.91 million barrels of oil equivalent for the September quarter, which is nine per cent higher than previously. The company has advised that the record quarterly production means full-year output should be at the higher end of its forecast of between 29 mboe and 30.5 mboe. Oil Search benefited from a strong contribution from the Papua New Guinea LNG project, for which expansion plans are being developed.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, EXXONMOBIL CORPORATION, TOTAL SA, RBC CAPITAL MARKETS

Labor vows to end pay-slashing ‘sham’ deals

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Original article by Ewin Hannan
The Australian – Page: 6 : 18-Oct-17

Labor intends to change the Fair Work Act if it wins the next federal election, to prevent what it refers to as "sham" enterprise agreements being used by companies. The Opposition’s workplace relations spokesman Brendan O’Connor says Labor wants to do away with the sort of agreements that led to the recent dispute at Carlton & United Breweries in Melbourne, namely agreements that are voted on by workers that are not actually impacted by the pay and conditions that come under the agreement.

CORPORATES
AUSTRALIAN LABOR PARTY, CARLTON AND UNITED BREWERIES, ESSO AUSTRALIA PTY LTD, AUSTRALIA. FAIR WORK COMMISSION, ACTU, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Open market the death of car makers

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Original article by Simon Evans
The Australian Financial Review – Page: 7 : 18-Oct-17

Holden’s share of Australia’s new car market has fallen from about 20 per cent in the 1990s to just seven per cent. Holden will be the last car maker to cease local manufacturing when its Adelaide plant closes on 20 October. Former Mitsubishi Motors Australia CEO Tom Phillips says local car-makers struggled due to the influx of international car brands, with some 65 models competing in a relatively small market in terms of population. He adds that a change in consumers’ vehicle preferences also contributed to the demise of the local industry.

CORPORATES
GM HOLDEN LIMITED, MITSUBISHI MOTORS AUSTRALIA LIMITED, TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED, FORD MOTOR COMPANY AUSTRALIA LIMITED, GENERAL MOTORS CORPORATION, FLINDERS UNIVERSITY

Debenhams sets up shop in Australia

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Original article by Sue Mitchell
The Australian Financial Review – Page: 14 : 18-Oct-17

Pepkor will open the first Debenhams department store in Melbourne on 24 October, and Pepkor executive Graham Dean says the store format it has chosen has not been used by Debenhams before, nor has it been seen in Australia. Dean, who used to work for Myer, says the traditional "big-store" format that department stores are known for are no longer viable. Pepkor intends to open 10 Debenhams stores in Australia under a franchise agreement with the UK retailer.

CORPORATES
PEPKOR, DEBENHAMS RETAIL PLC, MYER HOLDINGS LIMITED – ASX MYR, HARRIS SCARFE HOLDINGS LIMITED, DAVID JONES LIMITED, JP MORGAN AUSTRALIA LIMITED

Warburton appointed APN Outdoor chief

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Original article by Max Mason
The Australian Financial Review – Page: 13 : 18-Oct-17

Former Ten Network CEO James Warburton will succeed Richard Herring as CEO of APN Outdoor Group in January 2018. APN Outdoor CFO Wayne Castle will continue in the role of acting CEO until Warburton joins the outdoor advertising group. Warburton will step down as CEO of V8 Supercars at the end of 2017. Its EBITDA and revenue rose strongly with him at the helm. Warburton’s past roles included being a director of the Eye Corp outdoor advertising business when it was owned by Ten.

CORPORATES
APN OUTDOOR GROUP LIMITED – ASX APO, TEN NETWORK HOLDINGS LIMITED – ASX TEN, V8 SUPERCARS AUSTRALIA PTY LTD, EYE CORP LIMITED, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, DDB NEEDHAM, McCANN-ERICKSON ADVERTISING PTY LTD, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, OOH!MEDIA LIMITED – ASX OML, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Strong backing for energy plan

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 18-Oct-17

The Australian Energy Regulator will be responsible for ensuring that electricity retailers comply with carbon emission reduction targets under the Federal Government’s National Energy Guarantee. The new energy policy also requires electricity retailers to meet reliability standards. Business leaders are generally supportive of the policy, although the Opposition has some concerns about it, while some state governments are highly critical. Former prime minister Tony Abbott maintains that the energy policy should not include an emissions reduction target.

CORPORATES
AUSTRALIAN ENERGY REGULATOR, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN LABOR PARTY, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, THE AUSTRALIAN INDUSTRY GROUP, AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, THE AUSTRALIA INSTITUTE LIMITED, LIBERAL-NATIONAL PARTY OF QUEENSLAND, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, VICTORIA. DEPT OF PREMIER AND CABINET, QUEENSLAND. DEPT OF ENERGY AND WATER SUPPLY, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, CLEAN ENERGY COUNCIL LIMITED

Rio sticks with record iron ore target

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Original article by Peter Ker
The Australian Financial Review – Page: 13 : 18-Oct-17

Rio Tinto scaled back its forecast for Pilbara iron ore shipments in 2017 to 330 million tonnes earlier in the year. The resources group is confident of meeting this guidance, after shipments rose by 11 per cent to 85.8 million tonnes in the September quarter. However, Rio Tinto’s export volumes will have to rise to a record 89.8 tonnes in the December quarter to achieve its revised guidance. Meanwhile, Rio Tinto has reduced its forecast for copper production in 2017 for a second time. It now expects global output to be within the range of 460,000 to 480,000 tonnes.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, YANCOAL AUSTRALIA LIMITED – ASX YAL, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SHAW AND PARTNERS LIMITED, DEUTSCHE BANK AG

ANZ-Roy Morgan Australian Consumer Confidence Rating weakens 1.2% to 112.4

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 18-Oct-17

ANZ-Roy Morgan Australian Consumer Confidence fell 1.2% to 112.4 in the week ended 15 October 2017, dragging the index below its long-term average. The loss was broad-based, with four out of the five sub-components showing a decline. Consumers’ views about the current financial situation fell 1.6%, although the index remains comfortably above its long-term average. Households’ outlook on near and medium-term economic conditions worsened for the second consecutive week, with the indices declining by 2.0% and 2.4% respectively. Both the indices remain below their long-term averages.

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

SMSF costs to blow out as $1.6m cap bites

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Original article by Joanna Mather
The Australian Financial Review – Page: 8 : 17-Oct-17

Accountants involved in providing services to self-managed superannuation funds have called on the federal government to take a more lenient approach to new transfer balance rules. The government has imposed a $A1.6 million cap on tax-free balances, but it is requiring all SMSFs to report on their account activity, regardless of the size of their balance. The average SMSF balance for someone who is 60 and close to retirement is just $A285,000; accountants suggest only those SMSFs with a balance of more than $A1 million should have to report account activity under the new laws.

CORPORATES
AUSTRALIAN TAXATION OFFICE, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED