Author: roymorgansocial

Profit down but Village Roadshow targets a strong year for cinema

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 26-Aug-16

Australian-listed Village Roadshow has posted a 2015-16 net profit of $A16.6m, which is 58.7 per cent lower than previously, while revenue rose by 6.7 per cent to $A1.1bn. The company’s cinemas division recorded EBITDA of $A73.6 million, an increase of 27.2 per cent, and its theme parks division’s EBITA rose from $A87.5m to $A88m. Shares in Village Roadshow closed 9.3 per cent lower at $A4.77 on 25 August.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, WARNER BROS MOVIE WORLD ENTERPRISES, WET `N’ WILD WATER PARK, CITIGROUP PTY LTD

Telstra launches "The Australian Digital Inclusion Index 2016" powered by Roy Morgan Research

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 25-Aug-16

Yesterday Telstra launched "The Australian Digital Inclusion Index 2016". Powered by Roy Morgan Research in conjunction with the Centre for Social Impact and Swinburne University of Technology. Based on Roy Morgan Research’s annual Single Source Survey of 50,000 extensive face-to-face interviews, the Index is the most detailed picture yet of digital inclusion in Australia. The key findings include that Digital inclusion is about social and economic participation; Overall, digital inclusion is growing in Australia; But many Australians are still missing out; Access is improving overall; But Digital Ability is an area for further improvement; Affordability is a challenge for some groups, although value has improved; The "age gap" is substantial, but steady; For people with disability, digital inclusion is low, but improving steadily; Indigenous digital inclusion is also low, but improving; The gender gap is narrow, but different attitudes toward technology remain; Some Australian communities are digitally excluded and Geography plays a critical role.

CORPORATES
ROY MORGAN RESEARCH LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, UNIVERSITY OF NEW SOUTH WALES. CENTRE FOR SOCIAL IMPACT, SWINBURNE UNIVERSITY OF TECHNOLOGY

Australian firms caught up in foreign bribe claims

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Original article by Nick McKenzie, Emmanuel Freudenthal, Michael Bachelard, Richard Baker
The Australian Financial Review – Page: 8 : 25-Aug-16

The Australian Federal Police is investigating allegations of bribery involving Sundance Resources and the Snowy Mountains Engineering Company (SMEC). The Sundance case implicates the son of the Republic of Congo’s president, Denis Sassou Nguesso, in arranging mining licences in 2016 for which he was rewarded with Sundance shares. SMEC’s employees allegedly bribed Sri Lankan officials in 2011.

CORPORATES
AUSTRALIAN FEDERAL POLICE, SUNDANCE RESOURCES LIMITED – ASX SDL, SNOWY MOUNTAINS ENGINEERING CORPORATION LIMITED, WORLD BANK, TRANSPARENCY INTERNATIONAL

Bring back watchdog: Boral

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Original article by Andrew White
The Australian – Page: 21 : 25-Aug-16

Listed building materials group Boral has posted a 2015-16 net profit of $A256m, which is in line with its previous result. Its after-tax profit rose by nine per cent to $A268m when significant items totalling $A12m are excluded. Meanwhile, CEO Mike Kane has called for bipartisan support for legislation to reinstate the Australian Building & Construction Commission. He has also rejected calls for the creation of an anti-corruption agency that has broader scope than the construction industry.

CORPORATES
BORAL LIMITED – ASX BLD, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CSR LIMITED – ASX CSR

Morrison’s ‘recession’ warning

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Original article by Phillip Coorey, Jacob Greber
The Australian Financial Review – Page: 1 & 2 : 25-Aug-16

Federal Treasurer Scott Morrison will use a speech on 25 August 2016 to highlight the risks to the economy if action is not taken to address the nation’s rising debt and Budget deficit. He will warn about the dangers of allowing complacency regarding Budget repair to set in, and stress that it will be much easier to pursue necessary reforms now rather than waiting until the country goes into recession. Morrison will argue that a balanced Budget, more private investment, and increased free trade and foreign investment are essential to avoid a recession.

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

PM’s new super obstacle

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Original article by David Crowe
The Australian – Page: 1 & 4 : 25-Aug-16

Opposition Leader Bill Shorten has signalled that the Australian Labor Party is prepared to support proposed superannuation reforms if the Federal Government agrees to further compromises. Labor wants the lifetime cap on non-concessional contributions to apply from 2016 rather than 2007. It will also push for the threshold for an increase in the contributions tax to be reduced to $A200,000 rather than $A250,000 as proposed by the Government. At present, people earning at least $A300,000 a year pay a contributions tax of 30 per cent instead of 15 per cent.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN GREENS, GRATTAN INSTITUTE

Woolies nets $1.5b as it exits from hardware

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Original article by James Thomson, Sarah Thompson, John Stensholt, Anthony Macdonald
The Australian Financial Review – Page: 15 & 22 : 25-Aug-16

Australian-listed retailer Woolworths has advised that its Masters Home Improvement stores will be closed by mid-December 2016. Woolworths will sell the Home Timber & Hardware business to Mitre 10 owner Metcash for $A165m. Meanwhile, the Home Consortium will pay $A725m for 61 Masters stores and 21 development sites, with plans to convert the stores into large-format retail centres with multiple tenants. In a separate deal, the Australian arm of US auction house Great American Group will pay about $A500m for the Masters hardware inventory.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, HOME TIMBER AND HARDWARE, METCASH LIMITED – ASX MTS, MITRE 10 LIMITED, HOME CONSORTIUM, GREAT AMERICAN GROUP, UBS HOLDINGS PTY LTD, SPOTLIGHT STORES PTY LTD, CHEMIST WAREHOUSE, AURRUM PTY LTD, ANACONDA STORES PTY LTD, JB HI-FI LIMITED – ASX JBH, THE GOOD GUYS, DAN MURPHY’S, BUNNINGS GROUP LIMITED, BAKER AND McKENZIE, THE BLACKSTONE GROUP LP, STOCKLAND – ASX SGP, CHARTER HALL GROUP – ASX CHC, VICINITY CENTRES – ASX VCX, MACQUARIE CAPITAL PTY LTD

ERA confident of covering Ranger rehabilitation costs

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Original article by Barry FitzGerald
The Australian – Page: 23 : 25-Aug-16

Energy Resources of Australia has posted a 2016 interim net loss of $A196.5m, down from $A255.3m previously. Revenue fell from $A174.4m to $A154.4m, and ERA boasted total cash resources of $A454m at the end of the half-year. Rehabilitation work at the Ranger uranium mine is expected to cost $A507m, but ERA is optimistic that it will not have to access a $A100m credit facility from Rio Tinto to complete the site remediation work.

CORPORATES
ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA, RIO TINTO LIMITED – ASX RIO

Qantas breaks dividend drought with record profit

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Original article by Michael Smith
The Australian Financial Review – Page: 15 & 22 : 25-Aug-16

Qantas has reported a 2015-16 net profit of $A1.029bn, compared with $A557m for the previous financial year. The airline’s pre-tax underlying profit rose from $A975m to a record $A1.53bn. Shareholders will receive a final dividend of $A0.07 per share, which is the carrier’s first payout since 2009, while Qantas will repurchase up to $A366m worth of its shares. Meanwhile, employees will receive a cash bonus ranging from $A2,500 to $A3,000.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, JETSTAR AIRLINES PTY LTD, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, CITIGROUP PTY LTD

Evolution strikes glittering $880m deal with Glencore

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Original article by Paul Garvey, Gretchen Friemann
The Australian – Page: 19 & 23 : 25-Aug-16

Australian-listed Evolution Mining will fund an $A880m deal to acquire an economic interest in Glencore’s Ernest Henry mine in Queensland via a $A401m equity ­raising and debt. Evolution will acquire all future gold production at the mine, whose annual output is about 80,000 to 850,000 ounces per year, plus 30 per cent of future copper output. Ernest Henry is expected to have a remaining mine life of about 11 years. Evolution will also undertake further exploration at the mine.

CORPORATES
EVOLUTION MINING LIMITED – ASX EVN, GLENCORE PLC, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, MINJAR GOLD PTY LTD