Author: roymorgansocial

Opponents line up to resist Tabcorp deal

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Original article by John Stensholt
The Australian Financial Review – Page: 37 : 24-Apr-17

Racing NSW CEO Peter V’Landys rejects suggestions that a merger between Tabcorp Holdings and Tatts Group would reduce competition for broadcasting rights for horse racing. Some submissions to the Australian Competition & Consumer Commission have expressed concern that the merger would increase the market power of Tabcorp-owned Sky Racing at the expense of rivals such as Racing.com, which is a joint venture between Seven West Media and Racing Victoria.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, SKY RACING, RACING.COM, RACING NSW, SEVEN WEST MEDIA LIMITED – ASX SWM, RACING VICTORIA LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, CROWNBET PTY LTD, FOXTEL MANAGEMENT PTY LTD, PACIFIC CONSORTIUM

Prices of iron ore grades ‘will narrow’

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Original article by Tess Ingram, Lisa Murray
The Australian Financial Review – Page: 21 : 24-Apr-17

The price of iron ore with 62 per cent iron content averaged $US85.52 per tonne in the March 2017 quarter, while lower-grade iron ore averaged $US52.96 per tonne. However, some analysts do not expect the price differential to be sustained. Mark Pervan of AME Group notes that Chinese steel mills are already beginning to use lower-grade iron ore again. Meanwhile, China Iron & Steel Association vice-president Li Xinchuang has forecast that the iron ore price will average about $US65 per tonne in 2017.

CORPORATES
AME GROUP PTY LTD, CHINA IRON AND STEEL ASSOCIATION, FORTESCUE METALS GROUP LIMITED – ASX FMG, ATLAS IRON LIMITED – ASX AGO, UBS HOLDINGS PTY LTD, SHANGHAI STEELHOME INFORMATION TECHNOLOGY COMPANY LIMITED

Banks may have to sell rivals’ products

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Original article by James Eyers
The Australian Financial Review – Page: 3 : 24-Apr-17

Australian Securities & Investments Commission chairman Greg Medcraft says the regulator may use soon-to-be acquired powers to restrict the scope of banks to cross-sell products. He was speaking at a financial technology forum in London. He said it is also possible that banks could be compelled to sell products offered by rivals under its "product intervention" powers.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, INTERNATIONAL MONETARY FUND, AUSTRALIAN BRITISH CHAMBER OF COMMERCE

US company tax cut boost

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Original article by Joanna Mather, Matthew Cranston
The Australian Financial Review – Page: 1 & 4 : 24-Apr-17

US Vice-President Mike Pence says many other world economies benefit from a strong US economy, including Australia. With President Donald Trump understood to be announcing major tax reform plans on 26 April 2017, American Chamber of Commerce CEO Niels Marquardt says any cut to company taxes will benefit Australian companies that have a significant presence in the US. Pence, who is visiting Australia, notes that the economic relationship between the US and Australia is worth $A1.5 trillion.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, LEND LEASE GROUP LIMITED – ASX LLC, WESTFIELD CORPORATION – ASX WFD, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CHEVRON CORPORATION, AUSTRALIAN TAXATION OFFICE, CONOCOPHILLIPS, GENERAL ELECTRIC COMPANY, UNIVERSITY OF SYDNEY. UNITED STATES STUDIES CENTRE

Multiple SMSF strategy may prove illegal

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Original article by Sally Patten
The Australian Financial Review – Page: 5 : 24-Apr-17

Changes to superannuation tax rules from 1 July 2017 may prompt some investors who already have one self-managed super fund (SMSF) to set up a second one. However, the Australian Taxation Office has indicated that it will keeping a close eye what it perceives as any attempt to reduce tax by setting up a second SMSF. Fines, penalties and even disqualification are possible remedies available to the ATO.

CORPORATES
AUSTRALIAN TAXATION OFFICE, SMSF ASSOCIATION, HLB MANN JUDD

‘Fast and vast’ Amazon on its way

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Original article by Eli Greenblat
The Australian – Page: 17 & 20 : 20-Apr-17

US-based e-commerce group Amazon will expand its presence in Australia over the next several years, with a focus on low prices, fast deliver times and a wide range of merchandise. A new report from Morgan Stanley notes that Amazon already boasts annual sales of $A1bn in Australia, while some retail analysts believe that local retailers’ earnings could be slashed by around 50 per cent if Amazon opts to offer a full service in Australia. Amazon has commenced the process of recruiting a local CEO, while it is also scouting potential locations for distribution warehouses.

CORPORATES
AMAZON.COM INCORPORATED, MORGAN STANLEY AUSTRALIA LIMITED, JB HI-FI LIMITED – ASX JBH, MYER HOLDINGS LIMITED – ASX MYR, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, WESFARMERS LIMITED – ASX WES, COLES SUPERMARKETS AUSTRALIA PTY LTD, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, BUNNINGS GROUP LIMITED, WOOLWORTHS LIMITED – ASX WOW, FLINDERS INVESTMENT PARTNERS

Government may step in, PM warns gas sector

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Original article by Sarah Martin
The Australian – Page: 1 & 2 : 20-Apr-17

Prime Minister Malcolm Turnbull held further talks with energy industry CEOs on 19 April 2017, as part of the Federal Government’s efforts to resolve the gas crisis. However, the energy groups’ failure to offer new strategies to increase domestic gas supplies prompted Turnbull to raise the prospect of more government intervention in the sector. The Government has also asked the Australian Competition & Consumer Commission to use its inquiry powers to investigate the domestic gas market over the next three years.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, SANTOS LIMITED – ASX STO, ORIGIN ENERGY LIMITED – ASX ORG, ROYAL DUTCH SHELL PLC, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, THE AUSTRALIAN INDUSTRY GROUP

PM toughens citizenship test

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 20-Apr-17

The Federal Government will impose stricter rules for foreigners seeking to become Australian citizens, as part of sweeping changes to immigration and visa rules. Amongst other things, people applying for citizenship will have to demonstrate adherence with "Australian values", while they will be subject to stricter criminal background checks and have better English-language skills than required at present. People will also not be eligible for citizenship unless they have resided in Australia for a minimum of four years.

CORPORATES
AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Brokers slam ‘radical’ home loan reforms

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Original article by Duncan Hughes, James Frost
The Australian Financial Review – Page: 15 & 19 : 20-Apr-17

The recommendations of a review of remuneration in Australia’s retail banking industry have been criticised by mortgage brokers. The recommendations include banning volume-based incentives and so-called soft dollar payments. Mortgage Choice and Australian Finance Group are among the mortgage broking firms that have questioned the recommendations of the review, which was undertaken by Stephen Sedgwick on behalf of the Australian Bankers’ Association.

CORPORATES
MORTGAGE CHOICE LIMITED – ASX MOC, AUSTRALIAN FINANCE GROUP LIMITED – ASX AFG, MONEYQUEST, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN PUBLIC SERVICE COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Sport betting ads to be banned ‘siren to siren’

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Original article by Nick Tabakoff, Joe Kelly
The Australian – Page: 5 : 20-Apr-17

The Coalition of Major Professional & Participation Sports’ executive director Malcolm Speed has warned that a proposed ban on gambling advertisements during live sports broadcasts could affect the value of media rights deals. He adds that restrictions are already in place and further regulation will ultimately affect funding for sports at "grassroots" level. Federal Cabinet ministers are expected to approve the ban in late April 2017. Senator Nick Xenophon says the new regulations should be accompanied by a reduction in broadcasting licence fees.

CORPORATES
COALITION OF MAJOR PROFESSIONAL AND PARTICIPATION SPORTS, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE TREASURY, NICK XENOPHON TEAM, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE, SPORTSBET AUSTRALIA, CROWNBET PTY LTD