Author: roymorgansocial

Exit of irreplaceable Ailes would be an ‘existential tailspin’ for Fox

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Original article by John Kehoe
The Australian Financial Review – Page: 12 : 21-Jul-16

21st Century Fox has downplayed media reports in the US which have suggested that Fox News chairman and CEO Roger Ailes is poised to step down. Ailes has been accused of sexually harassing a former Fox News employee. Fox News has become the highest-rating and most profitable news channel since it was launched in 1996, and contributes more than $US1bn in free cash flow to 21st Century Fox each year. Media experts believe that Ailes’ departure would have a big impact on 21st Century Fox, with some saying that there is no obvious successor.

CORPORATES
21ST CENTURY FOX INCORPORATED, FOX NEWS, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, BTIG LLC, CHARTER COMMUNICATIONS, 20TH CENTURY FOX INCORPORATED, STAR TV, SKY PLC

ANZ-Roy Morgan Australian Consumer Confidence edges lower to 114.9 (down 0.3pts)

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 20-Jul-16

ANZ-Roy Morgan Australian Consumer Confidence has fallen for the fourth week in a row, down 0.3 per cent to 114.9 in the week ending 17 July 2016. The headline index is now 3.3 per cent lower than four weeks ago. Consumers’ views of their current finances edged 0.2 per cent higher last week, while consumers’ views of the economic outlook in the next 12 months rose by 3.1 per cent.

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

Brexit forces IMF to clip growth outlook

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 11 : 20-Jul-16

The International Monetary Fund has scaled back its forecast for global economic growth in 2016 from 3.1 per cent to three per cent. The global economy is now forecast to expand by 3.4 per cent in 2017, compared with previous expectations of 3.5 per cent growth. The UK’s vote to leave the European Union contributed to the decision to downgrade the growth forecasts, while the IMF adds that a range of geopolitical risks could also affect global growth.

CORPORATES
INTERNATIONAL MONETARY FUND, RESERVE BANK OF AUSTRALIA

CFA bosses all aboard

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Original article by Matt Johnston
Herald Sun – Page: 13 : 20-Jul-16

The Victorian Government will be able to press ahead with plans to impose a contentious enterprise bargaining agreement on the Country Fire Authority, after confirming the last four appointments to its board. The Government had sacked the previous board due to its opposition to the EBA, amid concerns that it represented a takeover of the CFA by the United Firefighters’ Union. The last four appointees are CFA nominees, although the Government’s nominees dominate the new board.

CORPORATES
VICTORIA. COUNTRY FIRE AUTHORITY, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, VICTORIA. DEPT OF PREMIER AND CABINET, SUPREME COURT OF VICTORIA, AUSTRALASIAN FIRE AND EMERGENCY SERVICES AUTHORITIES COUNCIL LIMITED

Rio misses the mark on iron ore

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Original article by Matt Chambers
The Australian – Page: 19 & 28 : 20-Jul-16

Rio Tinto now expects its iron ore shipments from the Pilbara region of Western Australia to total 330 million tonnes in 2016, compared with previous guidance of 335 million tonnes. However, Rio has not revised its forecast for global iron ore shipments, which remains at 350 million tonnes. Meanwhile, the group has reported that iron ore shipments from the Pilbara totalled 82.2 million tonnes in the June quarter, and 159 million tonnes for the first half of the calendar year. Paul McTaggart of Credit Suisse expects Rio’s Pilbara shipments for the full year to total 328 million tonnes.

CORPORATES
RIO TINTO LIMITED – ASX RIO, CREDIT SUISSE (AUSTRALIA) LIMITED, FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, CITIGROUP PTY LTD

Former Liberal boss gets five years’ jail, and a further AFP probe

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Original article by Rick Wallace, Pia Akerman
The Australian – Page: 3 : 20-Jul-16

The Australian Federal Police may undertake an investigation into Damien Mantach, the former director of the Liberal Party of Victoria. The Victorian County Court has given him a maximum jail term of five years after he was convicted of defrauding the party of $A1.56m using false invoices. Mantach will be eligible for parole after two years and eight months. The Federal Government has referred Mantach’s case to the AFP, amid concerns that he may also have embezzled federal party funds.

CORPORATES
LIBERAL PARTY OF VICTORIA, AUSTRALIAN FEDERAL POLICE, COUNTY COURT OF VICTORIA, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF FINANCE

News Corp in undisclosed $75m tax fight

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 3 : 20-Jul-16

News Corp Australia’s submission to a Senate inquiry into tax avoidance in February 2015 stated that the media group believed that it fully complied with Australia’s income tax laws. Just days later the Australian Taxation Office issued a tax assessment regarding some $A75m in undeclared income from fiscal 2010. News Corp subsequently lodged an objection to the tax assessment, one day after former CEO Julian Clarke appeared before the Senate inquiry. The media group has since lodged a Federal Court appeal against the tax assessment.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN TAXATION OFFICE, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Crossbench spurns super tax hike

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Original article by David Crowe
The Australian – Page: 4 : 20-Jul-16

Prime Minister Malcolm Turnbull has signalled that the Coalition is open to some changes to its proposed superannuation reforms, amid unrest within its own ranks. Allowing exemptions to the lifetime cap on non-concessional contributions is believed to be under consideration. Meanwhile, the Opposition and the Greens have both indicated that they are open to negotiation regarding the super reforms, although Senator-elect Derryn Hinch says Turnbull must put the election policy reforms to parliament rather than bow to pressure from backbenchers.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, FINANCIAL SERVICES COUNCIL, NICK XENOPHON TEAM

RBA keeps open door for August interest rate cut

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 20-Jul-16

The minutes of the Reserve Bank of Australia’s monthly board meeting show that inflation data for the June 2016 quarter will be a key factor in its monetary policy decision in August. The central bank’s board expects the inflation rate to remain below its target range of 2-3 per cent in the near-term. Meanwhile, board members anticipate that the UK’s exit from the European Union will have a "modest adverse effect" on global economic growth, but they noted that it is too soon to assess the extent of the impact.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Cancellations, price rises slow subscriber growth at Netflix

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Original article by Max Mason
The Australian Financial Review – Page: 18 : 20-Jul-16

US-based Netflix has posted a profit of $US40.8 million for the June 2016 quarter, which is 54.8 per cent higher than the same period in 2015. However, Netflix increased its global subscriber base by just 1.7 million during the quarter, compared with its own expectations that it would gain 2.5 million customers. An increase in its prices also resulted in a rise in Netflix’s customer churn rate. The company has noted that lower growth in international subscribers was to be expected after it launched in markets such as Australia in 2015.

CORPORATES
NETFLIX INCORPORATED