Author: roymorgansocial

Cabinet looks at workplace changes in growth package

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 27-Jan-16

Strategies for lifting economic growth and employment will be on the agenda at the first meeting of federal Cabinet ministers for 2016. Industrial relations reforms may be part of the Federal Government’s election package, which could include a Productivity Commission recommendation to introduce enterprise contracts for companies that have at least 20 employees. The Government is also believed to favour increasing the GST and widening its scope to include fresh food. This would be accompanied by a reduction in the personal income and corporate tax rates.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION

BHP’s ratings under pressure as S&P cuts commodity prices

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Original article by Matt Chambers
The Australian – Page: 19 : 25-Jan-16

A move by Standard & Poor’s to reduce its price assumptions for key commodities could jeopardise BHP Billiton’s credit rating. The ratings agency has scaled back its iron ore price forecast for 2016 and 2017 by 20 per cent, to $US40 per tonne, while price forecasts for other metals have also been downgraded. Meanwhile, Richard Knights of Liberum Capital has warned that BHP may need to undertake a rights issue to protect its credit rating.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, STANDARD AND POOR’S CORPORATION, LIBERUM CAPITAL LIMITED, MERRILL LYNCH AND COMPANY INCORPORATED

Moody’s may cut Woodside, Origin ratings

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Original article by Brian Robins
The Australian Financial Review – Page: 15 : 25-Jan-16

Ratings agency Moody’s Investors Service has scaled back its Brent crude oil price assumptions by $US10 per barrel in both 2016 and 2017, to $US33 and $US38 respectively. The firm notes that there is a risk of a further downturn in the crude oil price. Meanwhile, Moody’s has indicated that it expects to complete a review of the credit ratings of Origin Energy and Woodside Petroleum by the end of March, which could potentially result in downgrades.

CORPORATES
MOODY’S INVESTORS SERVICE INCORPORATED, ORIGIN ENERGY LIMITED – ASX ORG, WOODSIDE PETROLEUM LIMITED – ASX WPL, SCHLUMBERGER LIMITED

Gold Coast property ‘the pick’ for 2016

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Original article by Matthew Cranston
The Australian Financial Review – Page: 2 : 25-Jan-16

Ray White Group’s joint chairman Brian White is upbeat about the outlook for the Gold Coast’s residential property market in 2016. He notes that the region is attracting growing interest from interstate buyers. Ray White sold more than $A27m worth of Gold Coast properties on 23 January, at the annual auction known as "The Event". The clearance rate was 53 per cent.

CORPORATES
RAY WHITE GROUP, SQM RESEARCH PTY LTD

Abbott saddles up for another run

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Original article by Sid Maher
The Australian – Page: 4 : 25-Jan-16

Former prime minister Tony Abbott has advised that he wants to contest the 2016 federal election. He has held the New South Wales seat of Warringah since 1994, and has nominated for pre-selection for another term in parliament. Abbott has downplayed recent speculation that his former chief of staff Peta Crudlin has urged him to make another bid for the prime ministership.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, LIBERAL PARTY OF NEW SOUTH WALES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, SYDNEY HARBOUR FEDERATION TRUST, AUSTRALIAN LABOR PARTY, SUTHERLAND SHIRE COUNCIL

Takeaways from 7-Eleven wage fraud inquiry must stop the rot

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Original article by Adele Ferguson
The Australian Financial Review – Page: 40 : 25-Jan-16

The wage exploitation scandal has embroiled a number of franchise-based companies, including 7-Eleven, United Petroleum, Subway, Pizza Hut and Baker’s Delight. With a Senate inquiry due to release its recommendations in February 2016, the Australian Government should action to address the issue prior to the federal election. A range of reforms are needed, including changes to industrial relations laws, ensuring that financial penalties for wage fraud are sufficient to deter the practice, and increasing the powers of the Fair Work Ombudsman.

CORPORATES
7-ELEVEN STORES PTY LTD, UNITED PETROLEUM PTY LTD, SUBWAY SANDWICHES PTY LTD, PIZZA HUT AUSTRALIA, BAKER’S DELIGHT HOLDINGS LIMITED, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, NANDO’S AUSTRALIA PTY LTD, EAGLE BOYS DIAL A PIZZA AUST PTY LTD, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIAN TAXATION OFFICE, MAI PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION, FEDERAL CIRCUIT COURT OF AUSTRALIA

Treasury against debt tax trade-off

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Original article by Joanna Mather, Primrose Riordan
The Australian Financial Review – Page: 1 & 4 : 25-Jan-16

Federal Treasurer Scott Morrison says that reducing tax deductions will not generate sufficient revenue to fund tax reforms. However, the Treasury’s submission to parliament’s economics committee has argued against financing a corporate tax cut via the abolition of tax deductions for corporate debt. This view is shared by the Business Council of Australia and companies such as CSL and Inpex, which have also made submissions to the inquiry.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, BUSINESS COUNCIL OF AUSTRALIA, CSL LIMITED – ASX CSL, INPEX CORPORATION, KPMG AUSTRALIA PTY LTD, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, LIBERAL PARTY OF AUSTRALIA

Producers add voice to deregulation calls

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Original article by Michael Bodey
The Australian – Page: 23 : 25-Jan-16

FremantleMedia Australia CEO Ian Hogg supports the push for changes to cross-media ownership laws, arguing that the current regime is "archaic". He has also backed recent calls for an increase in the offset for TV producers. Meanwhile, FremantleMedia COO Simon Rabbitt says TV ratings demonstrate that Australian viewers want to watch local content. He has also criticised current rules which allow New Zealand TV programs to be treated as local content.

CORPORATES
FREMANTLEMEDIA LIMITED, NETFLIX INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN BROADCASTING CORPORATION, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOXTEL MANAGEMENT PTY LTD

TV on track for licence fee cut

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Original article by Dominic White
The Australian Financial Review – Page: 5 : 25-Jan-16

The Department of Communications has recommended a reduction in the annual licence fee paid by Australia’s free-to-air TV networks. Such a move could increase industry support for proposed changes to cross-media ownership laws, although Communications Minister Mitch Fifield has warned that any reduction in licence fees would have to be accompanied by increased revenue or measures to cut costs elsewhere.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE TREASURY, SEVEN WEST MEDIA LIMITED – ASX SWM, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, GOOGLE INCORPORATED, NETFLIX INCORPORATED, FACEBOOK INCORPORATED, TELSTRA CORPORATION LIMITED – ASX TLS, WIN CORPORATION PTY LTD, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, SCREEN PRODUCERS AUSTRALIA, AUSTRALIAN LABOR PARTY

Big Bash can get bigger, says Ten

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Original article by John Stensholt
The Australian Financial Review – Page: 31 : 25-Jan-16

Australia’s domestic Twenty20 competition has been a ratings success for the Ten Network, with each match in the 2015-16 season attracting an average of 1.02 million viewers. Ten’s head of sports David Barham is confident that the network can gain even higher ratings in 2016-17. Ten has paid $A20m a year under its current rights deal, and some industry observers have suggested that the next BBL broadcasting deal could be worth at least $A50m a year.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, BIG BASH LEAGUE, CRICKET AUSTRALIA