Author: roymorgansocial

Big miners, banks lift bourse

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Original article by Daniel Palmer
The Australian – Page: 28 : 27-Jul-16

The Australian sharemarket posted a small gain on 26 July 2016, with the S&P/ASX 200 adding 3.9 points to close at 5,537.5. Fortescue Metals Group was 1.7 per cent higher at $A4.12 and Qantas advanced 0.66 per cent to end the session at $A3.03. However, Woolworths shed 3.3 per cent to finish at $A23.50 and Santos was 2.4 per cent lower at $A4.56.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, FORTESCUE METALS GROUP LIMITED – ASX FMG, QANTAS AIRWAYS LIMITED – ASX QAN, WOOLWORTHS LIMITED – ASX WOW, SANTOS LIMITED – ASX STO, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, WOODSIDE PETROLEUM LIMITED – ASX WPL, NORTHERN STAR RESOURCES LIMITED – ASX NST, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, SEVEN WEST MEDIA LIMITED – ASX SWM, ALS LIMITED – ASX ALQ, SAI GLOBAL LIMITED – ASX SAI, MACQUARIE GROUP LIMITED – ASX MQG, RESERVE BANK OF AUSTRALIA, YAHOO! INCORPORATED, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX

Destination NSW: a regional perspective

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 26-Jul-16

A Roy Morgan Single Source survey, which was carried out in the year to March 2016, has found that 40.7 per cent of Australians aged 14+ named New South Wales as a potential domestic destination they would like to visit on holiday within the next two years. This compares with 41.9 per cent in the year to March 2015. Of the state’s six regions, preference for the Murray Riverina, Southern NSW, North Coast, Sydney Surrounds – North, and Sydney Surrounds – South as potential holiday destinations has seen moderate year-on-year growth, while interest in the Country and Outback region is stable. Meanwhile, the Southern NSW and North Coast regions are particularly attractive to high-value visitors (those who spend at least $200 per person per night).

CORPORATES
ROY MORGAN RESEARCH LIMITED

Harper slams effects test critics

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Original article by Michael Roddan
The Australian – Page: 21 : 26-Jul-16

Professor Ian Harper has expressed his support for the introduction of the "effects test" into Section 46 of the Competition & Consumer Act. He has accused critics of the proposed new regulation of misrepresenting its nature. Harper strongly objects to describing the test as a form of protectionism and rejects such criticism as "wilful distortion."

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION

Record prices for Australian cattle unsustainable: Merricks

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 11 & 27 : 26-Jul-16

The Eastern Young Cattle Indicator has risen to $A6.61 a kilogram. Adrian Redlich, the chief investment officer at Melbourne-based commodities hedge fund Merricks Capital, says the Australian beef price index is now at the highest level since it was set up in 1996. He advises farmers to forward sell, as prices are unlikely to stay at current levels for long.

CORPORATES
MERRICKS CAPITAL PTY LTD, AUSTRALIAN AGRICULTURAL COMPANY LIMITED – ASX AAC

New Woolies CEO shuts store doors on growth strategy

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Original article by Sue Mitchell
The Australian Financial Review – Page: 1 & 16 : 26-Jul-16

Shares in Woolworths closed 8.2 per cent higher at $A24.30 on 25 July 2016, after the retail giant unveiled a restructuring program. Woolworths’ financial results for fiscal 2016 will be hit by restructuring costs in excess of $A4bn, while its EBIT will fall sharply. The turnaround strategy includes the closure of underperforming stores, the retrenchment of 500 employees at its head office and the sale of EziBuy. CEO Brad Banducci says Woolworths could also consider further asset sales in the future in order to retain its investment grade credit rating.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, EZIBUY, BIG W DISCOUNT STORES, AUSTRALIAN LEISURE AND HOSPITALITY GROUP LIMITED, THE QUANTIUM GROUP PTY LTD, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, HOME TIMBER AND HARDWARE, CREDIT SUISSE (AUSTRALIA) LIMITED, PERPETUAL INVESTMENTS

Games site hostage to union ‘ploy’

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Original article by Sarah Elks
The Australian – Page: 1 & 2 : 26-Jul-16

The Federal Court has been told that stopwork action at a key 2018 Commonwealth Games construction site was unlawful and unconscionable. Fair Work Building & Construction claims that the industrial action by the Construction, Forestry, Mining & Energy Union was designed to get lead contractor Hansen Yuncken to accept a new enterprise bargaining agreement. The CFMEU says the two-hour stopwork meetings – which were held twice a day – were needed to inform workers about the Coalition’s proposed industrial relations reforms in the lead-up to the federal election.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FAIR WORK BUILDING AND CONSTRUCTION, FEDERAL COURT OF AUSTRALIA, HANSEN YUNCKEN PTY LTD, BROOKFIELD MULTIPLEX LIMITED, HUTCHINSON BUILDERS, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. OFFICE OF THE FAIR WORK BUILDING INDUSTRY INSPECTORATE

Strong interest as Exxon sells off Bass Strait oilfields

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Original article by Matt Chambers
The Australian – Page: 21 : 26-Jul-16

The daily output of the Bass Strait oilfields has fallen to 19,000 barrels, having peaked at more than 500,000 in the 1980s. ExxonMobil Australia chairman Richard Owen believes that the oilfields are likely to be most attractive to companies with expertise in extracting value from resources projects that are nearing the end of their production life. He says there has been good initial interest from potential buyers of the oilfields, which ExxonMobil operates in partnership with BHP Billiton.

CORPORATES
EXXONMOBIL AUSTRALIA PTY LTD, EXXONMOBIL CORPORATION, BHP BILLITON LIMITED – ASX BHP, WOOD MACKENZIE, APACHE CORPORATION, FOSUN INTERNATIONAL LIMITED, MITSUI AND COMPANY LIMITED

Turnbull throws down the gauntlet on IR reform

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Original article by Joe Kelly
The Australian – Page: 1 & 2 : 26-Jul-16

The Fair Work Commission is tipped to announce the outcome of its review of weekend penalty rates in sectors such as hospitality and retail in September 2016. Prime Minister Malcolm Turnbull has indicated that the Federal Government will abide by the FWC’s decision and will not intervene, despite being urged by Opposition Leader Bill Shorten to make a joint submission to the review. Turnbull in turn has called on Shorten to support proposed legislation to outlaw the payment of "corrupting benefits" by employers to unions in return for surrendering employee entitlements such as penalty rates.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, COLES SUPERMARKETS AUSTRALIA PTY LTD, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, VICTORIA. COUNTRY FIRE AUTHORITY, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, CLEANEVENT PTY LTD

Buoyant Woolies drives gains

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Original article by Daniel Palmer
The Australian – Page: 32 : 26-Jul-16

The Australian sharemarket posted solid gains on 25 July 2016, with the S&P/ASX 200 adding 0.64 per cent to close at 5,533.6. Woolworths advanced 7.8 per cent to end the session at $A24.19 and Telstra was 0.35 per cent higher at $A5.82. However, BHP Billiton shed 0.31 per cent to finish at $A19.24 and Santos was 3.3 per cent lower at $A4.67.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, WOOLWORTHS LIMITED – ASX WOW, TELSTRA CORPORATION LIMITED – ASX TLS, BHP BILLITON LIMITED – ASX BHP, SANTOS LIMITED – ASX STO, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, NEWCREST MINING LIMITED – ASX NCM, REGIS RESOURCES LIMITED – ASX RRL, NORTHERN STAR RESOURCES LIMITED – ASX NST, WESTPAC BANKING CORPORATION – ASX WBC, WESFARMERS LIMITED – ASX WES, TEN NETWORK HOLDINGS LIMITED – ASX TEN, WAM CAPITAL LIMITED – ASX WAM, IG MARKETS LIMITED, COLES SUPERMARKETS AUSTRALIA PTY LTD, RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX

Fresh blood for Ten board

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Original article by Darren Davidson, Daniel Palmer
The Australian – Page: 21 : 26-Jul-16

WIN Corporation CEO Andrew Lancaster has succeeded Brian Long as a director of Australian-listed Ten Network. WIN has a 14.9 per cent stake in Ten, and the two TV broadcasters commenced an affiliation agreement in mid-2016. Meanwhile, John Klepec has stepped down as Gina Rinehart’s nominee on the Ten board. He has been replaced by Australia’s former trade minister, Andrew Robb.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, WIN CORPORATION PTY LTD, BIRKETU PTY LTD, HANCOCK PROSPECTING PTY LTD, FOXTEL MANAGEMENT PTY LTD, LIBERAL PARTY OF AUSTRALIA, NATIONAL FARMERS’ FEDERATION LIMITED