Author: roymorgansocial

Gordon plots as Ten creditors back CBS

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Original article by Darren Davidson
The Australian – Page: 19 & 26 : 20-Sep-17

WIN Corporation owner Bruce Gordon is considering his options after Ten Network’s creditors endorsed a takeover offer from CBS Corporation. Gordon could pursue further legal action, including a potential appeal after the Supreme Court of New South Wales rejected his bid to block the CBS deal. Meanwhile, Mark Korda of Ten administrator KordaMentha says the CBS deal is likely to be completed within 4-5 weeks. CBS secured the support of creditors after agreeing to increase the total value of its offer to $A209.7m, including upping the amount it will pay unsecured creditors from $A32m to more than $A40m.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, WIN CORPORATION PTY LTD, KORDA MENTHA AND COLLEAGUES PTY LTD, SUPREME COURT OF NEW SOUTH WALES, 21ST CENTURY FOX INCORPORATED, NEWS CORPORATION – ASX NWS, PPB ADVISORY, AUSTRALIAN TAXATION OFFICE

It’s Official: Terry White tops for Pharmacy Satisfaction

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 20-Sep-17

Terry White Chemists has again taken out top position in the Roy Morgan Pharmacy Satisfaction awards for July with a customer satisfaction rating of 90.3%, following on from a victory in June. Rival My Chemist was in second position with a customer satisfaction rating of 89.9%, followed by Terry White Chemists’ merger partner Chemmart on 88.9%. As a combined entity TerryWhite Chemmart scores a combined customer satisfaction of 89.8% in July. Roy Morgan Research CEO Michele Levine says that in this incredibly competitive market, it is vital for pharmacies to know exactly who their customers are, and how to cater for their specific expectations, attitudes and preferences, or their satisfaction levels may suffer.

CORPORATES
ROY MORGAN RESEARCH LIMITED, TERRY WHITE CHEMISTS, MY CHEMIST PTY LTD, CHEMMART PTY LTD

Competition probe shakes ‘four pillars’

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Original article by Richard Gluyas
The Australian – Page: 19 & 22 : 20-Sep-17

Australian Competition & Consumer Commission chairman Rod Sims says it has a "neutral" position on the issue of mergers between the nation’s four major banks. However, the ACCC has used its submission to the Productivity Commission’s inquiry into competition in the financial system to urge it to examine the impact of the so-called "four pillars" policy. The ACCC has also asked the inquiry to consider whether the four pillars policy should be expanded to include smaller banks.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

BHP clears the air on climate change disagreements

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Original article by Matt Chambers
The Australian – Page: 19 & 26 : 20-Sep-17

BHP Billiton executive Mike Henry says the resources group supports the recommendations of the Finkel Review, including the introduction of a Clean Energy Target. The head of BHP’s Australian minerals division adds that the company is of the view that reducing carbon emissions must be a key element of Australia’s energy policy, including the use of carbon capture and storage technology in coal-fired power generation. BHP’s position is at odds with that of the Minerals Council of Australia, which supports the construction of clean-coal power plants but without the use of carbon capture and storage solutions.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, MINERALS COUNCIL OF AUSTRALIA, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, RIO TINTO LIMITED – ASX RIO, AUSTRALIAN COAL ASSOCIATION, AUSTRALIA-ISRAEL CHAMBER OF COMMERCE

ANZ-Roy Morgan Australian Consumer Confidence rises across the board, up 5pts to 114.8

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 20-Sep-17

ANZ-Roy Morgan Australian Consumer Confidence bounced 4.6% to 114.8 in the week ended 17 September 2017, more than offsetting the loss over the previous week. The strength in the index was broadly based, with four out of five indicators rising. The index is currently at the highest level in eight weeks. Consumers’ views towards current and future economic conditions surged, up 5.8% and 12.9% respectively. This broadly offset the sharp falls over the previous week. However, the four-week moving average aggregate economic conditions index remains well below its long-run average. Households’ views towards current financial conditions rose 2.6%, bringing the index to the highest level in 15 weeks. In contrast, confidence around future financial conditions slipped, down 0.3%. The four-week moving average aggregate financial conditions’ index has edged above its long term average and seems to be showing some momentum.

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

Low income earners hit hardest by fees

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Original article by Michael Roddan
The Australian – Page: 22 : 20-Sep-17

KPMG has released a report which shows that the average superannuation fund balance on retirement is 6.2 per cent lower for members who have a default life insurance policy. However, life insurance fees means the average super balance on retirement is 14 per cent lower in the case of women whose annual income is less than $A37,000. Default insurance accounted for about 50 per cent of the $A14bn worth of insurance benefits that were paid out in the three years to June 2016. The Insurance in Superannuation Working Group will release its draft code of practice on 20 September.

CORPORATES
KPMG AUSTRALIA PTY LTD, INSURANCE IN SUPERANNUATION WORKING GROUP, RICE WARNER ACTUARIES PTY LTD, RAINMAKER INFORMATION SERVICES PTY LTD, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. PRODUCTIVITY COMMISSION

Enterprise deals unworkable, bosses warn

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Original article by Ewin Hannan
The Australian – Page: 5 : 20-Sep-17

Australian Industry Group CEO lnnes Willox has called for changes to the way the "better-off-overall test" is applied in approving enterprise bargaining agreements. He argues that applying the test equally to all workers at a company has become unworkable in the wake of the Fair Work Commission’s decision to strike down an EBA at Coles in 2016. Willox favours a recommendation of the Productivity Commission that the test be applied to different classes of employees.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, THE AUSTRALIAN INDUSTRY GROUP, COLES SUPERMARKETS AUSTRALIA PTY LTD, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, AUSTRALIA. DEPT OF EMPLOYMENT

Union demands action over ‘rogue’ building watchdog

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Original article by Ewin Hannan
The Australian – Page: 5 : 20-Sep-17

The Electrical Trades Union’s national secretary Allen Hicks has criticised the Australian Building & Construction Commission for pursuing costs against the union. The ETU challenged the validity of the national building code in court earlier in 2017, but subsequently abandoned the case. However, former ABCC head Nigel Hadgkiss sought a ruling against the union on costs. Hicks argues that Hadgkiss should have been aware that there was little chance of costs being awarded, and he wants the Federal Government to ensure that the ABCC is accountable for its expenditure on litigation.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, ELECTRICAL TRADES UNION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF EMPLOYMENT, SA POWER NETWORKS, ASHURST AUSTRALIA, FEDERAL COURT OF AUSTRALIA

New threat to power supply

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Original article by Mark Ludlow, Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 6 : 20-Sep-17

Consumers and businesses face further electricity price rises as operators of coal-fired power plants in New South Wales are having to pay higher prices for coal under new supply contracts. NSW power stations’ coal usage has also risen sharply in the wake of the closure of the Hazelwood plant in Victoria, while the state’s coal mines are struggling to meet demand as 80 per cent of their output is exported. Limited capacity on the NSW rail freight network is also a challenge for power generators, while there is an ongoing industrial dispute at Glencore’s coal mines.

CORPORATES
GLENCORE PLC, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AGL ENERGY LIMITED – ASX AGL, ENERGYAUSTRALIA PTY LTD, DELTA ELECTRICITY AUSTRALIA PTY LTD, AUSTRALIAN ENERGY COUNCIL

Abbott to ‘cross floor on energy’

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 20-Sep-17

Up to six Coalition backbenchers are said to support former prime minister Tony Abbott in his stance against a clean energy target. Abbott has warned that he would vote against a government bill to introduce a CET, while he has called for Australia to adopt a reliable energy target of 100 per cent in place of a renewable energy target. Prime Minister Malcolm Turnbull has conceded that the RET is too generous, but noted that it was introduced in its current form during Abbott’s prime ministership.

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