Author: roymorgansocial

Fortescue keeps contract in-house to cuts costs

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Original article by Paul Garvey
The Australian – Page: 20 : 5-Apr-16

Downer EDI’s contract to provide mining services at Fortescue Metals Group’s Christmas Creek iron ore mine will not be renewed when it expires in September 2016. Fortescue has already dispensed with mining contractors at its other iron ore mines, and CEO Nev Power says the move will result in further cost reductions. Downer EDI has previously estimated that the contract was worth $A720m, but says its financial results for fiscal 2016 are unlikely to be affected.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, DOWNER EDI LIMITED – ASX DOW, MACMAHON HOLDINGS LIMITED – ASX MAH

RBA budget day cut ‘close’

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 8 : 4-Apr-16

The consensus of economists polled by Fairfax Media is for the Reserve Bank of Australia to leave official interest rates unchanged on 5 April 2016. However, about 25 per cent of the 12 economists expect the cash rate to be reduced on 3 May, when the Federal Government will also hand down the Budget. Some economists suggest that the recent rise in the value of the Australian dollar will prompt a rate cut.

CORPORATES
RESERVE BANK OF AUSTRALIA, FAIRFAX MEDIA LIMITED – ASX FXJ, NOMURA AUSTRALIA LIMITED, AMP CAPITAL INVESTORS LIMITED, UBS HOLDINGS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, HSBC AUSTRALIA HOLDINGS PTY LTD, ST GEORGE BANK LIMITED, CAPITAL ECONOMICS LIMITED, UNITED STATES. FEDERAL RESERVE BOARD

ATO targets 800 wealthy in global tax haven probe

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 1 & 6 : 4-Apr-16

The records of several thousand Australian clients of Panama-based law firm Mossack Fonseca are among the 11 million-plus documents that have been leaked. The Australian Taxation Office has confirmed that it is investigating the tax affairs of more than 800 high-net-wealth Australians who are clients of the firm. Mossack Fonseca’s clients include companies and individuals who have previously been the subject of the "Project Wickenby" probe into tax evasion.

CORPORATES
MOSSACK FONSECA, AUSTRALIAN TAXATION OFFICE, INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS, AUSTRALIAN FEDERAL POLICE, AUSTRALIAN CRIME COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, COMMERZBANK AG, BHP BILLITON LIMITED – ASX BHP, STRACHAN SA, RIO TINTO LIMITED – ASX RIO, ANCHORVILLE HOLDINGS LIMITED, SAMOA INTERNATIONAL FINANCE AUTHORITY, TOLL HOLDINGS LIMITED, HENDRICKS DEVELOPMENT LIMITED, STEPPE FILMS INTERNATIONAL LIMITED, FITALL DEVELOPMENT LIMITED, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, GLOBAL WEALTH GROUP, GUARDIAN CARE PROPERTIES, FOOTBALL FEDERATION AUSTRALIA LIMITED

Business urges extreme COAG makeover

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 2 : 4-Apr-16

Australian Institute of Company Directors CEO John Brogden has called for greater co-operation between the federal and state governments. He has suggested major changes to the Council of Australian Governments, after a proposal by Prime Minister Malcolm Turnbull for states to raise income tax revenue was rejected. Brodgen has suggested that an independent chair and secretariat could be put in charge of COAG in order to facilitate the reform process.

CORPORATES
AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. NATIONAL COMMISSION OF AUDIT

‘We must live within our means’

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

Prime Minister Malcolm Turnbull has signalled that the May 2016 Budget will not include significant government spending measures. He says Budget finances mean the Government cannot afford the expenditure on services such as health and education that was promised by the Australian Labor Party prior to the 2013 election. The Coalition announced an $A80m reduction in spending on health and education in May 2014.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, SKY NEWS, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET

Nine and Ten to duke it out for Big Bash League

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 4-Apr-16

Nine Entertainment Company will seriously consider bidding for the rights to the domestic Twenty20 cricket tournament, says CEO Hugh Marks. The 2015-16 Big Bash League was a ratings success for the Ten Network, whose current broadcasting rights deal is worth $A20m a year. Media industry analysts have suggested that the next deal could cost between $A50m and $A60m a year. Ten CEO Paul Anderson says the network is keen to retain the BBL rights.

CORPORATES
NINE FILMS AND TELEVISION PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, BIG BASH LEAGUE, CRICKET AUSTRALIA, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE, AUSTRALIAN RUGBY FOOTBALL UNION, NETFLIX INCORPORATED

Marks’ roadshow moves suggest Nine contemplating a merger with Southern Cross

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Original article by Jake Mitchell
The Australian – Page: 23 : 4-Apr-16

A merger between Nine Entertainment Company and regional broadcaster Southern Cross Media Group is widely tipped if cross-media ownership reforms proceed. Nine CEO Hugh Marks indicated in March 2016 that the group had no plans to resume merger discussions. However, he is believed to have told investors that synergies from a merger with Southern Cross could be worth about $A90m annually.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, TEN NETWORK HOLDINGS LIMITED – ASX TEN, WIN CORPORATION PTY LTD, NBN TELEVISION, RGM ARTISTS PTY LTD, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, CREDIT SUISSE (AUSTRALIA) LIMITED

Rinehart’s Hancock Prospecting bullish on iron ore prices

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Original article by Perry Williams
The Australian Financial Review – Page: 13 & 20 : 4-Apr-16

Hancock Prospecting is upbeat about the outlook for the iron ore price in the near-term. Executive director Tad Watroba is optimistic that it will remain within the range of $U55 to $U60 per tonne for the remainder of 2016. He notes that about 25 million tonnes of the Roy Hill iron ore project’s output of 55 million tonnes will be shipped to Chinese buyers. The project’s first shipment to China will shortly arrive at the port of Caofeidian.

CORPORATES
HANCOCK PROSPECTING PTY LTD, ROY HILL HOLDINGS PTY LTD, BOAO FORUM FOR ASIA, RIO TINTO LIMITED – ASX RIO, HOPE DOWNS IRON ORE PTY LTD, POSCO, MARUBENI CORPORATION, CHINA STEEL CORPORATION, CREDIT SUISSE (AUSTRALIA) LIMITED, METAL BULLETIN LIMITED, CHINA IRON AND STEEL INDUSTRY ASSOCIATION

TV licence fee cuts could fall short of networks’ hopes

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Original article by Dominic White
The Australian Financial Review – Page: 29 : 4-Apr-16

The Australian Government has not made a final decision on whether to include a reduction in TV broadcasting licence fees in the May 2016 Budget. The fees are currently set at 4.5 per cent of broadcasters’ revenue, and TV networks want them to be scrapped or reduced to just one per cent of revenue. Credit Suisse’s Fraser McLeish expects a progressive reduction in fees to about 2.5 per cent over several years. Communications Minister Mitch Fifield recently agreed that the licence fees are high compared with the networks’ overseas peers.

CORPORATES
CREDIT SUISSE (AUSTRALIA) LIMITED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, GOOGLE INCORPORATED, NETFLIX INCORPORATED, MELBOURNE PRESS CLUB, AUSTRALIAN LABOR PARTY, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, SEVEN WEST MEDIA LIMITED – ASX SWM

ALP increases support in all Australian States. Queensland electors narrowly turn down new election after Referendum on 4 year terms successful

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Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 1-Apr-16

An SMS Morgan Poll on State voting intention, which was carried out from 25-28 March 2016, has found that support for Queensland’s ALP Government has risen by four per cent to 52 per cent on a two-party preferred basis. The poll also shows that Premier Annastacia Palaszczuk’s rating as "Better Premier" has risen by two per cent to 63.5 per cent. In New South Wales, support for the L-NP Government has fallen by 4.5 per cent to 55.5 per cent on a two-party preferred basis, while Mike Baird’s rating as "Better Premier" has fallen by 7.5 per cent to 64.5 per cent. In Victoria, support for the ALP Government has risen by 1.5 per cent to 55 per cent on a two-party preferred basis, while Daniel Andrews’ rating as "Better Premier" has risen by 0.5 per cent to 63 per cent.

CORPORATES
MORGAN POLL, ROY MORGAN RESEARCH LIMITED, LIBERAL PARTY OF NEW SOUTH WALES, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, LIBERAL-NATIONAL PARTY OF QUEENSLAND, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, LIBERAL PARTY OF VICTORIA, VICTORIA. DEPT OF PREMIER AND CABINET, LIBERAL PARTY OF WESTERN AUSTRALIA, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, LIBERAL PARTY OF SOUTH AUSTRALIA, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, LIBERAL PARTY OF TASMANIA, TASMANIA. DEPT OF PREMIER AND CABINET, AUSTRALIAN GREENS, PALMER UNITED PARTY, CHRISTIAN DEMOCRATIC PARTY, COUNTRY ALLIANCE, KATTER’S AUSTRALIAN PARTY, FAMILY FIRST PARTY AUSTRALIA LIMITED, NICK XENOPHON TEAM