Author: roymorgansocial

Let market decide local content

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Original article by Dean Smith
The Australian Financial Review – Page: 38 : 4-Jan-16

Abolishing the "reach rule" is on the Australian Government’s agenda in 2016, with general consensus that it is no longer relevant. The "two-out-of-three rule" may also be scrapped, and the issue of local content in regional areas has now become a key focus of the debate on cross-media ownership reform. Regional TV broadcasters have proposed that a minimum level of local content must be maintained if cross-media laws are abolished. However, the Government must avoid replacing existing media regulations with new ones that may prove to be equally onerous.

CORPORATES
PRIME MEDIA GROUP LIMITED – ASX PRT, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, WIN CORPORATION PTY LTD, IMPARJA TELEVISION PTY LTD, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

CBA’s heavily traded shares look to tip BHP from perch

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Original article by Peter Ker
The Australian Financial Review – Page: 60 : 23-Dec-15

Turnover in the Commonwealth Bank’s shares has totalled $A64.94bn so far in 2015, and the banking major seems poised to claim the title of the most heavily-traded stock by value for the year. BHP Billiton held this title for the previous five years, but just $A56.88bn worth of its shares have changed hands in the year to date, compared with $A152.9bn in 2010. BHP’s shares have fallen sharply in 2015, due to factors such as the downturn in commodity prices and the tailings dam disaster in Brazil.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BHP BILLITON LIMITED – ASX BHP, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, TELSTRA CORPORATION LIMITED – ASX TLS, STANDARD AND POOR’S ASX 200 INDEX, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, SOUTH32 LIMITED – ASX S32

Brookfield ruling could go ‘either way’

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 54 : 23-Dec-15

The Australian Competition & Consumer Commission (ACCC) will make a final decision on Brookfield Infrastructure Partners’ takeover bid for Asciano on 18 February 2016. Brookfield has indicated that it is prepared to sell the intermodal freight operations of Asciano-owned Pacific National to secure approval for its $A9bn bid. The deadline for submissions to the ACCC on Brookfield’s latest proposal is 22 January.

CORPORATES
ASCIANO LIMITED – ASX AIO, BROOKFIELD INFRASTRUCTURE PARTNERS LP, PACIFIC NATIONAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, DALRYMPLE BAY COAL TERMINAL PTY LTD, QUBE HOLDINGS LIMITED – ASX QUB, CANADA PENSION PLAN INVESTMENT BOARD, GLOBAL INFRASTRUCTURE PARTNERS

World Square sale caps $7.6b investment surge

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Original article by Mercedes Ruehl
The Australian Financial Review – Page: 57 : 23-Dec-15

Some $A7.6bn worth of shopping centres have changed hands in 2015, including a record $A2.7bn in the fourth quarter. In one of the latest deals, ISPT will pay $A285m for a 50 per cent stake in Sydney’s World Square shopping centre. Other groups that have been active in Australia’s retail property sector in recent months include Blackstone, AMP Capital, Vicinity Centres and Challenger.

CORPORATES
ISPT PTY LTD, BLACKSTONE REAL ESTATE ADVISORS LLC, AMP CAPITAL INVESTORS LIMITED, VICINITY CENTRES – ASX VCX, CHALLENGER LIMITED – ASX CGF, BROOKFIELD ASSET MANAGEMENT INCORPORATED, ABU DHABI INVESTMENT COMPANY, WORLD SQUARE PTY LTD, JONES LANG LASALLE AUSTRALIA PTY LTD, WESTFIELD CORPORATION – ASX WFD, SCENTRE GROUP – ASX SCG, CITY OF SYDNEY, SHOPPING CENTRE NEWS

Heavy holiday hit for retailers as workers ring up penalty bonanza

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Original article by Joe Kelly, Gina Rushton, Elizabeth Colman
The Australian – Page: 4 : 23-Dec-15

Australian retailers that choose to trade between Christmas and New Year face a huge staff penalty rates bill. Australian Retailers Association executive director Russell Zimmerman notes that just three days between 25 December and 3 January will attract standard hourly wage rates. He has welcomed the Productivity Commission’s recommendation to reduce Sunday penalty rates to the level that applies on Saturdays.

CORPORATES
AUSTRALIAN RETAILERS ASSOCIATION, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN LABOR PARTY, ACTU, UNIVERSITY OF ADELAIDE, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, THE AUSTRALIAN INDUSTRY GROUP, BING LEE ELECTRICS PTY LTD

Chevron slashes 1200 jobs from Gorgon project

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Original article by Andrew Burrell, Rebecca Puddy
The Australian – Page: 1 & 4 : 23-Dec-15

Chevron and its contractors are reducing the workforce at the Gorgon LNG project in Western Australia, with more job cuts expected as the construction phase of the project winds down. About 1,200 jobs have been cut at the Gorgon gas plant on Barrow Island in recent weeks, while Chevron is also believed to have downsized the workforce at its Australian head office in Perth. Data from the Australian Bureau of Statistics shows that the state economy shed about 10,000 jobs in November 2015.

CORPORATES
CHEVRON CORPORATION, GORGON PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, ROY HILL IRON ORE PTY LTD, ACIL TASMAN PTY LTD, ELECTRICAL TRADES UNION, AUSTRALIAN MANUFACTURING WORKERS’ UNION, CHICAGO BRIDGE AND IRON COMPANY NV, KENTZ (AUSTRALIA) PTY LTD, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE

Business push to cut Sunday penalty rates

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Original article by Ewin Hannan
The Australian Financial Review – Page: 4 : 23-Dec-15

Business leaders want Fair Work Commission (FWC) president Iain Ross to consider the Productivity Commission’s recommendations on penalty rates in his review of the system. However, labour unions will fight the proposal to bring Sunday penalty rates in some industries in line with those for working on Saturday. The Federal Government’s 2016 election platform will include some of the Productivity Commission’s recommendations, although it is not expected to endorse a proposal to split the functions of the FWC.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF EMPLOYMENT, THE AUSTRALIAN INDUSTRY GROUP, UNITED VOICE, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Iron will lets Harding keep Rio fighting fit

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Original article by Amanda Saunders
The Australian Financial Review – Page: 53 & 54 : 23-Dec-15

The head of Rio Tinto’s iron ore division, Andrew Harding, downplays suggestions that he could become the resources giant’s next CEO. Rio Tinto’s earnings are heavily weighted toward iron ore, and Harding has gained a high public profile in 2015 amid the downturn in the iron ore price, criticism of the iron ore expansion plans of Rio Tinto and BHP Billiton, and speculation that Glencore will make a new takeover bid for Rio Tinto.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, GLENCORE PLC, FORTESCUE METALS GROUP LIMITED – ASX FMG, ARGO INVESTMENTS LIMITED – ASX ARG

Top iron ore shipper predicts prices to fall 19pc in 2016

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Original article by Jasmine Ng
The Australian Financial Review – Page: Online : 23-Dec-15

The iron ore price recently rose above $US40 per tonne, after reaching a low of $US38.50 in early December 2015. However, Australia’s Department of Industry, Innovation & Science is bearish about the outlook for the steel input. It now expects the spot price of iron ore with 62 per cent content to average $US41.30 per metric ton in 2016, after previously forecasting an average price of $US51.20.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, METAL BULLETIN LIMITED, GOLDMAN SACHS AUSTRALIA GROUP HOLDINGS PTY LTD

Scott’s media skills ‘crucial’

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Original article by Michael Bodey
The Australian – Page: 3 : 23-Dec-15

Media and journalism experience was given a relatively low priority in the selection criteria for the successor to ABC MD Mark Scott. However, former members of the public broadcaster’s board have said that Scott’s editorial experience at Fairfax Media had been a key factor in the decision to appoint him to the role in 2006. Scott will step down in May 2016.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, FAIRFAX MEDIA LIMITED – ASX FXJ, NEW SOUTH WALES. STATE RAIL AUTHORITY