Author: roymorgansocial

Exxon refines a growth story at Altona

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Original article by Peter Ker
The Australian Financial Review – Page: 17 : 13-May-16

Global energy group ExxonMobil will invest $A370m in its oil refinery in the Melbourne suburb of Altona over five years. This includes $A20m that will be spent on upgrading the plant’s daily production from 80,000 barrels to 90,000. The Altona refinery accounts for about 50 per cent of Victoria’s fuel supply, and ExxonMobil’s Andrew Warrell notes that the downturn of the Australian dollar in recent years has made the facility more competitive.

CORPORATES
EXXONMOBIL CORPORATION, BHP BILLITON LIMITED – ASX BHP, VIVA ENERGY AUSTRALIA LIMITED

7-Eleven dumps independent back-pay panel

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Original article by Adele Ferguson, Sarah Danckert
The Age – Page: 3 : 12-May-16

Allan Fels is concerned that employees who were underpaid by 7-Eleven may not be fully compensated after the convenience store chain moved to disband the independent panel that was established to assess compensation claims. Fels and fellow panel member David Cousins have been advised that 7-Eleven will now handle compensation claims in-house. Fels says the move is aimed at minimising the amount of compensation 7-Eleven must pay.

CORPORATES
7-ELEVEN STORES PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Retailers break ranks on right to refuse shifts

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Original article by Sue Mitchell
The Australian Financial Review – Page: 9 : 12-May-16

Four retail industry bodies have made a joint submission to the Fair Work Commission’s review of penalty rates in which they argue that employees should be able to refuse working on Sunday shifts if weekend penalty rates are reduced. However, the Australian Industry Group and the Pharmacy Guild – which represent hospitality industry workers – have in turn argued that there should be no such right of refusal, as it is the same as working a Saturday shift.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, RETAIL COUNCIL LIMITED, AUSTRALIAN RETAILERS ASSOCIATION, NATIONAL RETAIL ASSOCIATION LIMITED, MASTER GROCERS’ AUSTRALIA PTY LTD, THE PHARMACY GUILD OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, WOOLWORTHS LIMITED – ASX WOW, COLES GROUP LIMITED, BUNNINGS GROUP LIMITED, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN

Stan is on ‘clear path to profitability’

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Original article by Dominic White
The Australian Financial Review – Page: 45 : 12-May-16

Nine Entertainment CEO Hugh Marks and Fairfax Media CEO Greg Hywood are upbeat about the outlook for their subscription video-on-demand joint venture, Stan. Marks says Stan could gain a 25 per cent share of the SVOD market, and forecasts that there will be an average of one SVOD service in each Australian household within five years. The joint venture partners expect Stan’s active customer base to top 500,000 in May 2016, and Marks notes that the conversion rate to paid subscriptions is between 70-85 per cent.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, STAN ENTERTAINMENT PTY LTD, NETFLIX INCORPORATED, PRESTO ENTERTAINMENT PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, FOXTEL MANAGEMENT PTY LTD, NINE NETWORK AUSTRALIA LIMITED, SEVEN NETWORK LIMITED, TEN NETWORK HOLDINGS LIMITED – ASX TEN, WIN CORPORATION PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, SUPREME COURT OF NEW SOUTH WALES

No changes to super cuts: PM

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 12-May-16

Prime Minister Malcolm Turnbull has tried to pacify his electoral base by stating categorically that the proposed new limits on superannuation contributions for wealthy investors would not be retrospective. He said on 10 May 2016 that the substance of the new laws would not be changed but the Government is willing to discuss "the technicalities of the drafting." The proposed changes include a lifetime cap of $A500,000 on non-concessional contributions to super and a $A1.6 million limit on total super savings.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, INSTITUTE OF PUBLIC AFFAIRS LIMITED, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

$1 trillion foreign debt a rating risk

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Original article by David Uren
The Australian – Page: 1 & 6 : 12-May-16

Rating agencies have indicated that Australia’s ballooning foreign debt could prompt a review of the nation’s coveted "AAA" credit rating. Australia’s foreign debt has risen from 50 per cent of GDP to 62 per cent over the last three years, and it is now around $A1trn. Banks account for more than 50 per cent of Australia’s foreign debt, while the federal and state governments account for 25 per cent.

CORPORATES
STANDARD AND POOR’S CORPORATION, MOODY’S INVESTORS SERVICE INCORPORATED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Global real estate group grabs historic Myer stake

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Original article by Ben Wilmot
The Australian – Page: 26 : 12-May-16

Myer Family Investments has secured a deal to sell its 33 per cent stake in Myer Holdings’ flagship department store in the Melbourne CBD. TIAA subsidiary TH Real Estate has previously acquired stakes in a number of retail properties in Australia as part of its plans to expand its presence in the country. The deal values the 39,923sq m Myer store at around $A450m. Its other owners are Vicinity Centres and Singapore-based GIC Real Estate.

CORPORATES
MYER FAMILY INVESTMENTS, MYER HOLDINGS LIMITED – ASX MYR, TIAA HENDERSON GLOBAL REAL ESTATE, TH REAL ESTATE, VICINITY CENTRES – ASX VCX, GIC REAL ESTATE PTE LTD, JONES LANG LASALLE AUSTRALIA PTY LTD, ISPT PTY LTD, THE BLACKSTONE GROUP LP, LASALLE INVESTMENT MANAGEMENT INCORPORATED, AMP CAPITAL INVESTORS LIMITED

Investors puzzled as AWE rejects Lone Star bid

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Original article by Matt Chambers
The Australian – Page: 18 & 31 : 12-May-16

Shares in oil and gas producer AWE Limited closed 16 per cent higher at $A0.715 on 11 May 2016, after directors spurned an unsolicited takeover approach from a US private equity firm. Lone Star has offered $A0.80 per share, valuing the bid at $A420m, but AWE has described it as "opportunistic". The board was also concerned about some of the conditions attached to the bid, including a requirement for exclusivity. AWE’s shares have traded at an average of $A0.50 for much of 2016.

CORPORATES
AWE LIMITED – ASX AWE, LONE STAR FUNDS, LONE STAR JAPAN ACQUISITIONS LIMITED, DEUTSCHE BANK AG, CREDIT SUISSE (AUSTRALIA) LIMITED, PEMBROKE RESOURCES PTY LTD, PEABODY ENERGY CORPORATION, PENGANA GLOBAL RESOURCES FUND, PENGANA CAPITAL LIMITED, CUE ENERGY RESOURCES NL – ASX CUE, ELLERSTON CAPITAL PTY LTD, PERENNIAL INVESTMENT PARTNERS LIMITED, ANTARES ENERGY LIMITED – ASX AZZ

BHP plan to unlock $70bn hits right note

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Original article by Barry FitzGerald
The Australian – Page: 22 : 12-May-16

BHP Billiton’s base value is in line with its market capitalisation of $A98bn. CEO Andrew Mackenzie has told a mining conference in the US that the resources giant could increase its base value by $A70bn via a combination of its existing portfolio of assets and productivity improvements. He says this growth trajectory can be achieved even if there is no significant upturn in commodity prices. BHP shares closed $A0.72 higher at $A18.55 on 11 May 2016.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, UBS HOLDINGS PTY LTD

APN, Fairfax fast track NZ news retreat

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Original article by Jake Mitchell
The Australian – Page: 19 & 22 : 12-May-16

APN News & Media has confirmed plans to dual-list its NZME business on the New Zealand and Australian sharemarkets, as well as a $A182m rights issue. APN has also advised that it is holding talks with rival Fairfax Media regarding a merger between NZME and the latter’s own New Zealand business. They aim to complete any such merger by the end of 2016, although it may face opposition from the NZ Commerce Commission.

CORPORATES
APN NEWS AND MEDIA LIMITED – ASX APN, NZME, FAIRFAX MEDIA LIMITED – ASX FXJ, NEW ZEALAND. COMMERCE COMMISSION, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, MACQUARIE SECURITIES PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, CREDIT SUISSE (AUSTRALIA) LIMITED, UBS HOLDINGS PTY LTD