Author: roymorgansocial

Sydney, Melbourne price surge continues

roymorgansocial Leave a comment

Original article by Su-Lin Tan
The Australian Financial Review – Page: 11 : 2-Sep-16

House prices in Sydney and Melbourne are still rising, and this trend has a negative impact on affordability which has fallen to an all-time low. Corelogic Home Value Index shows that house prices in Sydney rose 1.5 per cent while Melbourne prices increased 1.4 per cent in August 2016. Corelogic head of research Tim Lawless said the problem of low affordability necessitates the creation of a ministry of housing at the federal level.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, SQM RESEARCH PTY LTD, MACQUARIE CAPITAL PTY LTD, MISSION AUSTRALIA

In private, Top 500 a blast from the past

roymorgansocial Leave a comment

Original article by Phil Ruthven
The Australian Financial Review – Page: 42 : 1-Sep-16

IBISWorld has compiled a list of Australia’s 500 largest private companies by revenue. The five biggest groups in this category are: Co-operative Bulk Handling with revenue of $A3,828 billion in 2015-16; 7-Eleven Stores ($A3,823 billion); BGC ($A2,973 billion); Teys Australia – a Cargill Joint Venture ($A2,914 billion) and Meriton Apartments ($A2,900 billion).

CORPORATES
IBISWORLD PTY LTD, CO-OPERATIVE BULK HANDLING LIMITED, BGC, 7-ELEVEN STORES PTY LTD, TEYS AUSTRALIA PTY LTD, MERITON APARTMENTS PTY LTD, VISY INDUSTRIES AUSTRALIA PTY LTD, TERRY WHITE GROUP LIMITED, SUTTONS MOTORS PTY LTD, GOOD GUYS, JB HI-FI LIMITED – ASX JBH, QUEST APARTMENTS PTY LTD, ANYTIME AUSTRALIA PTY LTD, ASI SOLUTIONS PTY LTD

Jackson faces jail over fraud charges

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 1-Sep-16

Former union leader Kathy Jackson has been charged with 70 offences. The former national secretary of the Health Services Union (HSU) will appear in the Melbourne Magistrates’ Court on 19 September 2016. The case was triggered by HSU’s complaint to police that Jackson misappropriated $900,000 from the union. Jackson declared bankruptcy in 2015.

CORPORATES
AUSTRALIAN FEDERAL POLICE, HEALTH SERVICES UNION OF AUSTRALIA, MELBOURNE MAGISTRATES’ COURT, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIA. FAIR WORK COMMISSION

Atlas highly vulnerable to iron ore price decline

roymorgansocial Leave a comment

Original article by Tess Ingram
The Australian Financial Review – Page: 21 : 1-Sep-16

Atlas Iron has reported net loss of $A159 million for 2015-16. The company lost $A1.38 billion in 2014-15. Revenue increased nine per cent to $A785.8 million. Auditor KPMG warned that Atlas Iron’s future is uncertain to such an extent that the group’s "ability to continue as a going concern" may be under question. At the end of June 2016, Atlas had debt of $A182.2 million and cash of $A80.9 million.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, McALEESE LIMITED – ASX MCS, KPMG AUSTRALIA PTY LTD

Stellar Harvey Norman saves best for last

roymorgansocial Leave a comment

Original article by Sue Mitchell
The Australian Financial Review – Page: 15 : 1-Sep-16

Australian-listed retailer Harvey Norman has reported a 30 per cent increase in net profit to $A348.6 million for 2015-16. EBIT rose 27 per cent to $A522.5 million. Chairman Gerry Harvey said on 31 August 2016 that the company was ‘flush with cash’ and could afford to be generous to shareholders. Harvey Norman’s final dividend was raised from $A0.11 to $A0.17 a share, payable on 1 December.

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, DICK SMITH HOLDINGS LIMITED

Estia founder Arvanitins resigns and sells stake

roymorgansocial Leave a comment

Original article by Matthew Cranston
The Australian Financial Review – Page: 31 : 1-Sep-16

Estia Health’s poor financial results have made investors nervous. The resignation of founder of the Australian-listed aged care operator and developer, Peter Arvanitis, is likely to deepen the crisis in the company. Arvanitis also sold his 17.74 million shares at a price of $A3.15 a share for $A55 million in total.

CORPORATES
ESTIA HEALTH LIMITED – ASX EHE, BANK OF AMERICA MERRILL LYNCH, PERPETUAL LIMITED – ASX PPT, KENNEDY AGED CARE, VGI PARTNERS PTY LTD, SLATER AND GORDON LIMITED – ASX SGH, WATERMARK CAPITAL PTY LTD, TOTUS CAPITAL PTY LTD, AUSTRALIA. DEPT OF HEALTH, MORGAN STANLEY AUSTRALIA LIMITED, QUADRANT CAPITAL PTY LTD, MERCURY CAPITAL PTY LTD

ASX ends earnings season on sour note

roymorgansocial Leave a comment

Original article by Jens Meyer, Patrick Commins
The Australian Financial Review – Page: 28 : 1-Sep-16

The S&P/ASX 200 index closed 0.8 per cent lower at 5,433.0 on 31 August 2016. Mining and energy stocks were out of favour. Analysts are rather disappointed with the earnings season which ended on 31 August. Goldman Sachs found only five companies whose performance was judged impressive: Fortescue, Seven Group Holdings, GWA Group, JB Hi-Fi and Mayne Pharma.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, GOLDMAN SACHS AUSTRALIA PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, GWA GROUP LIMITED – ASX GWA, JB HI-FI LIMITED – ASX JBH, MAYNE PHARMA GROUP LIMITED – ASX MYX, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN

Cal for new ETS based on emission intensity

roymorgansocial Leave a comment

Original article by Ben Potter, Mark Ludlow
The Australian Financial Review – Page: 4 : 1-Sep-16

The Climate Change Authority has proposed the introduction of a market-based emissions intensity scheme for the electricity industry. Under the proposed scheme, the power industry could use local carbon credits to offset the liability but would not have access to international credits. Power generators support the idea while the LNG industry stresses the importance of competitiveness which may be under threat under the proposed scheme.

CORPORATES
AUSTRALIA. CLIMATE CHANGE AUTHORITY, ORIGIN ENERGY LIMITED – ASX ORG, CLIMATE INSTITUTE (AUSTRALIA) LIMITED, ENGIE SA, MITSUI AND COMPANY LIMITED

Union leader denies threats of violence

roymorgansocial Leave a comment

Original article by Patrick Durkin, Aaron Patrick, David Marin-Guzman
The Australian Financial Review – Page: 5 : 1-Sep-16

Victorian Premier Daniel Andrews triggered a political crisis when he decided to give the union more influence over the Country Fire Authority. The Volunteer Firefighters Association Victoria took the matter to the Supreme Court. Jane Garrett resigned as Emergency Services Minister in June 2016 as she did not agree with Andrews’ tactics. She was allegedly bullied by United Firefighters Union leader Peter Marshall who was reported as telling Garrett "I am coming to get you" and "you’re all f—ing dead".

CORPORATES
VICTORIA. COUNTRY FIRE AUTHORITY, SUPREME COURT OF VICTORIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, VOLUNTEER FIREFIGHTERS ASSOCIATION VICTORIA, VOLUNTEER FIRE BRIGADES VICTORIA, AUSTRALIA. NATIONAL OCCUPATIONAL HEALTH AND SAFETY COMMISSION, VICTORIA. DEPT OF PREMIER AND CABINET

Labor kept at bay over banks

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 : 1-Sep-16

The Australian Government has announced an inquiry into the practices of small business lenders. The inquiry, to be led by Small Business Ombudsman Kate Carnell, will examine "the adequacy of the law" to deal with lending practices that may need tighter regulatory provisions. About 23 cases will be examined which were identified as problematic by the Parliamentary Joint Committee on Corporations & Financial Services.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, BANK OF WESTERN AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CEC GROUP LIMITED – ASX CEG