Author: roymorgansocial

ANZ-Roy Morgan Consumer Confidence steady at long-term average – now 113.0

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 12-Jul-17

ANZ-Roy Morgan Australian Consumer Confidence slipped 1.3% to 113.0 in the week ended 9 July 2017, following a 2.4% rise the previous week. The details were mixed. Consumers were less optimistic about economic conditions but relatively more upbeat about their current finances. Households’ views around current financial conditions continued to climb last week, (up 1.4%) after a solid 3.8% rise previously. Consumers were less optimistic about future financial conditions, however. This sub-index fell 0.8% last week, entirely unwinding its previous rise. Confidence around current economic conditions fell 6.2%, largely reversing gains over the previous three weeks. Views around future economic conditions fell 2.5%. This sub-index remains below its long-term average.

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

Woolworths, BP brace for ACCC fuel stations decision

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 : 11-Jul-17

BP will have a similar number of petrol retailing sites as Caltex if a deal to acquire Woolworths’ petrol business is approved by the Australian Competition & Consumer Commission. The deal would also increase BP’s share of the wholesale fuel market to 30 per cent, compared with about 18 per cent at present. Grant Saligari of Credit Suisse says the ACCC may raise some issues regarding the proposed $A1.8bn deal, although they might not be of sufficient concern to completely veto the transaction.

CORPORATES
BP AUSTRALIA LIMITED, WOOLWORTHS LIMITED – ASX WOW, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, CALTEX AUSTRALIA LIMITED – ASX CTX, CREDIT SUISSE (AUSTRALIA) LIMITED, SHELL COMPANY OF AUSTRALIA LIMITED, COLES EXPRESS, MILEMAKER PETROLEUM PTY LTD, WOOLWORTHS LIMITED – ASX WOW

Set energy target or feel price pain: gas boss

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Original article by Matt Chambers
The Australian – Page: 1 & 6 : 11-Jul-17

EnergyAustralia has urged the Federal Government to introduce a clean energy target within 12 months. This would allow the company to proceed with two gas-fired power stations in New South Wales. EnergyAustralia says the two plants would help offset the loss of the output from AGL Energy’s Liddell coal-fired power station, which is slated to close in 2022. However, EnergyAustralia warns that there is a limited time-frame to commence these projects, as gas-fired power stations typically take three years to build.

CORPORATES
ENERGYAUSTRALIA PTY LTD, AGL ENERGY LIMITED – ASX AGL, CLP HOLDINGS LIMITED, ALCOA OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY

ACCC appeals Tabcorp-Tatts merger ruling

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Original article by Ben Butler
The Australian – Page: 17 & 20 : 11-Jul-17

The Australian Competition & Consumer Commission will challenge the Competition Tribunal’s decision to approve the $A11bn merger between Tabcorp and Tatts Group. The ACCC has argued in the Federal Court that the tribunal made three legal errors in approving the deal. Amongst other things, it claims that the tribunal only considered whether the merger would be detrimental if it resulted in a "substantial" lessening of competition. The ACCC is of the view that the tribunal should have considered whether there would be any lessening of competition.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. COMPETITION TRIBUNAL, FEDERAL COURT OF AUSTRALIA, PACIFIC BRANDS LIMITED

Local content slides at ABC

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Original article by Stephen Brook
The Australian – Page: 1 & 2 : 11-Jul-17

New figures show that the ABC produced 52 hours of drama in 2015-16, compared with 69 in 2012-13, while its output of factual programs fell from 547 hour to just 87. The ABC’s content budget fell by nine per cent over the four-year period. The ABC’s former head of TV, Kim Dalton, has claimed in the past that local content has become a lower priority for the public broadcaster since he stepped down in 2013. The ABC argues that it broadcasts more Australian-made content than its commercial rivals, and it should not be subject to local content quotas.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, SCREEN PRODUCERS AUSTRALIA, AUSTRALIAN FILM COMMISSION, AUSTRALIAN GREENS, NETFLIX INCORPORATED, AMAZON.COM INCORPORATED

Miner may cut iron ore guidance: UBS

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Original article by Peter Ker
The Australian Financial Review – Page: 14 : 11-Jul-17

UBS estimates that Rio Tinto’s Western Australian iron ore exports fell by nearly eight per cent month-on-month in June 2017, to 24.8 million tonnes. The firm also estimates that Rio Tinto’s iron ore export volumes for the first half of 2017 totalled 154 million tonnes, which puts it well below the full-year target of 330 to 340 million tonnes. As a result, UBS suggests that Rio Tinto may scale back its full-year guidance when its production results for the second quarter are released in mid-July.

CORPORATES
RIO TINTO LIMITED – ASX RIO, UBS HOLDINGS PTY LTD, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, ROY HILL HOLDINGS PTY LTD, HANCOCK PROSPECTING PTY LTD, BLOOMBERG LP, VALE SA

Fears a Trump tariff will spike dumping

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Original article by Andrew Tillett
The Australian Financial Review – Page: 4 : 11-Jul-17

Australian Steel Institute CEO Tony Dixon has welcomed reports that Australian steel and aluminium will be exempt from proposed new US import tariffs. However, Dixon has raised concerns that Australia could face an influx of low-cost imported steel from countries that are barred from the US market under the new tariffs regime. The Opposition has also stressed the need to protect local industries and jobs by ensuring that anti-dumping laws are enforced.

CORPORATES
AUSTRALIAN STEEL INSTITUTE LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, BLUESCOPE STEEL LIMITED – ASX BSL

We’re not conservatives: PM

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Original article by Simon Benson, Tony Shepherd
The Australian – Page: 1 & 4 : 11-Jul-17

Amid growing tensions between the moderate and conservative factions of the Liberal Party, Prime Minister Malcolm Turnbull has argued that the party has always been centrist rather than conservative. He said Robert Menzies’ intention was for the party to be centre-right when it was founded in 1944. Turnbull held talks with British Prime Minister Theresa May on 10 July, covering issues such as trade and investment between the two nations when the UK leaves the European Union.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER, AUSTRALIAN LABOR PARTY, POLICY EXCHANGE

Company tax cut eligibility ‘mind-boggling’

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Original article by Joanna Mather
The Australian Financial Review – Page: 5 : 11-Jul-17

Tax experts say the Australian Taxation Office’s updated advice on the application of small business tax cuts to passive family investment companies does little to clarify the situation. The ATO previously advised that the 27.5 per cent tax rate will apply to companies whose activities are "passive", but this has been changed to "relatively passive" in a revised statement. Mark Leibler of law firm Arnold Bloch Leibler says the Federal Government clearly intended for the tax cuts to apply solely to businesses that actively trade.

CORPORATES
AUSTRALIAN TAXATION OFFICE, ARNOLD BLOCH LEIBLER, THE TAX INSTITUTE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COUNCIL OF SOCIAL SERVICE

South32 mine closure takes toll on shares

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Original article by Tess Ingram
The Australian Financial Review – Page: 13 : 11-Jul-17

The price of coking coal could be boosted by the continued shutdown of South32’s Appin mine in New South Wales. South32 shares closed 3.2 per cent lower at $A2.72 on 10 July, as the company signalled that production at the mine will remain on hold for some time, pending a safety review. Work at the mine was suspended in May after South32 detected high levels of gas. South32 has stressed that the safety of workers is its top priority.

CORPORATES
SOUTH32 LIMITED – ASX S32, UBS HOLDINGS PTY LTD, MORGANS FINANCIAL LIMITED, STANDARD AND POOR’S ASX 200 INDEX, NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT