Author: roymorgansocial

Shoes Of Prey chasing the ‘athleisure’ dollar

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Original article by Michael Bailey
The Australian Financial Review – Page: 13 & 20 : 19-Sep-17

Customised shoe maker Shoes of Prey is expanding into sneakers, the first unisex product it has offered since it was launched in 2009. Shoes of Prey is now solely an online retailer, having closed two outlets within David Jones and Nordstrom in October 2016. Founder Jodie Fox notes that this decision has helped to reduce its "cash burn", although she is unable to say when Shoes of Prey will become cash-flow positive.

CORPORATES
SHOES OF PREY PTY LTD, DAVID JONES LIMITED, NORDSTROM INCORPORATED, BLUE SKY PRIVATE EQUITY LIMITED, KHOSLA VENTURES, AMAZON.COM INCORPORATED, ADIDAS-SALOMON AG, PE NATION

Tax cuts won’t go to ‘bucket’ companies

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 19-Sep-17

Financial Services Minister Kelly O’Dwyer has confirmed that passive investment companies will not benefit from the reduced company tax rate of 27.5 per cent. The reduced rate applies to firms with turnover below $A50 million, but entities which generate more than 80 per cent of their income from passive assets such as share dividends will not qualify. Tax experts note that there will be both "winners and losers" from her decision, which comes after months of uncertainty over what types of companies would benefit from the tax cut.

CORPORATES
AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN TAXATION OFFICE, CHARTERED ACCOUNTANTS AUSTRALIA AND NEW ZEALAND, AUSTRALIA. DEPT OF THE TREASURY, INSTITUTE OF PUBLIC ACCOUNTANTS LIMITED

BIS warns on risks of digital currency

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

The Bank for International Settlements has noted the increased interest in cryptocurrencies like Bitcoin, while observing that such currencies could be issued by central banks. However, it notes that not enough has been done to assess the risks associated with digital currencies, including how resilient cryptocurrencies issued by central banks would be to cyberattacks. Meanwhile, JP Morgan Chase CEO Jamie Dimon has referred to bitcoin as a "fraud", saying that any JP Morgan employee found to be trading in it would be sacked on the spot.

CORPORATES
BANK FOR INTERNATIONAL SETTLEMENTS, JP MORGAN CHASE AND COMPANY

Renewables on the rise but world will still rely on coal

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Original article by Graham Lloyd
The Australian – Page: 2 : 19-Sep-17

The US Energy Information Administration has forecast 28 per cent growth in global energy consumption between 2015 and 2040. Its outlook report also shows that global production of coal will rise by three per cent over the 25-year period. Coal consumption is expected to fall in OECD nations and China, but this will be offset by an increase in countries such as India. The report concludes that fossil fuels will still account for more than 75 per cent of global energy consumption in 2040, although electric power generation via renewables is forecast to record the strongest growth over this period.

CORPORATES
UNITED STATES. DEPT OF ENERGY. ENERGY INFORMATION ADMINISTRATION, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Home loan arrears hit five-year high

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 4 : 19-Sep-17

The percentage of Australian mortgages on which a payment is more than 30 days overdue stood at 1.62 per cent in May 2017, according to Moody’s. This figure represents the highest level of mortgage arrears in five years, with arrear rates at record levels in South Australia, Western Australia and the Northern Territory. Arrear rates declined in both New South Wales and Victoria.

CORPORATES
MOODY’S INVESTORS SERVICE INCORPORATED, STANDARD AND POOR’S (AUSTRALIA) PTY LTD

Gold industry rallies against WA royalty hike

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Original article by Tess Ingram
The Australian Financial Review – Page: 16 : 19-Sep-17

The Chamber of Minerals & Energy of Western Australia has launched a "grassroots" campaign against the State Government’s proposed increase in the gold royalty rate. Social media will be the initial focus of the campaign, although the CME has not ruled out extending it to include radio advertising. As part of the campaign, about 1,500 employers of gold mining companies have held a rally in Kalgoorlie. Meanwhile, Treasurer Ben Wyatt has downplayed the gold industry’s concerns about the potential impact of the royalty increase on the sector.

CORPORATES
THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, NORTHERN STAR RESOURCES LIMITED – ASX NST, NEWMONT MINING CORPORATION, NEWCREST MINING LIMITED – ASX NCM, SARACEN MINERAL HOLDINGS LIMITED – ASX SAR, GOLD FIELDS LIMITED, ANGLOGOLD ASHANTI LIMITED – ASX AGG, SILVER LAKE RESOURCES LIMITED – ASX SLR, AUSDRILL LIMITED – ASX ASL, MACMAHON HOLDINGS LIMITED – ASX MAH, DDH1 DRILLING PTY LTD, BYRNECUT AUSTRALIA PTY LTD, ASSOCIATION OF MINING AND EXPLORATION COMPANIES, LIBERAL PARTY OF WESTERN AUSTRALIA, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY

Minimum-wage sting in Coles penalties deal

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 19-Sep-17

A draft enterprise agreement between Coles and the Shop, Distributive & Allied Employees’ ­Association is intended to guarantee that all employees will be paid more than the award rate for the retail industry. If the deal is approved, permanent ­employees who work at night and on weekends will receive award-level penalty rates, as well as the full $A22.10-per-week increase in the minimum wage. However, employees who work solely on weekdays and are now paid above-award rates will receive only 50 per cent of the minimum wage rise.

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

Gordon to appeal court ruling on Ten takeover

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Original article by Darren Davidson, John Durie
The Australian – Page: 17 & 28 : 19-Sep-17

The Supreme Court of New South Wales has ruled that the second meeting of Ten Network’s creditors can proceed on 19 September, after rejecting an application by Lachlan Murdoch and Bruce Gordon to have it postponed. They had argued that administrator KordaMentha did not fully consider their takeover offer for Ten when the firm endorsed the rival bid by CBS Corporation. Gordon is expected to lodge an appeal before the creditors’ meeting is held, which could further delay Ten’s sale. The court also rejected Gordon’s bid to prevent CBS from voting at the meeting.

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

Evolution offloads Edna May mine to Ramelius for $90m

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Original article by Tess Ingram
The Australian Financial Review – Page: 16 : 19-Sep-17

Evolution Mining has secured a deal to sell its Edna May gold mine to Ramelius Resources for $A90m. Evolution will receive an upfront payment of $A40m for the mine, while the deal also comprises an additional cash or scrip component and royalty payments. Ramelius MD Mark Zeptner says the company will consider expanding Edna May via either underground or open pit mining. The royalty payments will depend on which option Ramelius chooses, and these payments will not begin until production exceeds 200,000 ounces.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN, RAMELIUS RESOURCES LIMITED – ASX RMS, RBC CAPITAL MARKETS

Seven douses talk of deal with Fairfax

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

Sources close to Seven West Media have rejected speculation that a merger with Fairfax Media is under consideration, stating that no deal is imminent. Recent media reports suggested that Fairfax is courting the TV and print media group, but the Seven source said Fairfax may be merely seeking to attract interest from other media companies. Fairfax had previously held discussions with Nine Entertainment Company, its partner in the Stan streaming video joint venture.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, STAN ENTERTAINMENT PTY LTD, HT&E LIMITED – ASX HT1, AUSTRALIAN RADIO NETWORK PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, SHOWTIME, TPG CAPITAL LP, DOMAIN.COM.AU