Author: roymorgansocial

ABC boss looks at options for ‘monetisation’

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Original article by Dominic White
The Australian Financial Review – Page: 11 : 22-Dec-15

Google executive Michelle Guthrie will succeed ABC MD Mark Scott in May 2016. She has indicated that budgetary limitations may require the public broadcaster to consider new ways to make money from its content, and she has not ruled out options such as paywalling online content or introducing advertising to its TV channels. Guthrie will hold the dual roles of MD and editor-in-chief.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, GOOGLE INCORPORATED, NEWS CORPORATION – ASX NWS, NEWS INTERNATIONAL PLC, FOXTEL MANAGEMENT PTY LTD, STAR TV, SEVEN WEST MEDIA LIMITED – ASX SWM, SKY PLC, ALLENS, HONG KONG TELECOMMUNICATIONS LIMITED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Innovation tax breaks could be rorted

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Original article by Ben Potter
The Australian Financial Review – Page: 9 : 21-Dec-15

The Treasury has downplayed concerns that the Australian Government’s proposed tax incentives for investing in business start-ups could be subject to abuse. Grattan Institute CEO John Daley recently warned that promoters of tax schemes will seek to capitalise on the measures in the Government’s innovation statement, but a Treasury spokesman says Australia boasts strong anti-avoidance laws.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, GRATTAN INSTITUTE, MELBOURNE ECONOMIC FORUM, AUSTRALIAN NATIONAL UNIVERSITY, INNOVATION AND SCIENCE AUSTRALIA, UNIVERSITY OF MELBOURNE, VICTORIA UNIVERSITY

Exploited 7-Eleven workers will not lose their visas

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Original article by Max Mason
The Australian Financial Review – Page: 15 : 21-Dec-15

The Australian Government has advised that foreign workers who were underpaid by 7-Eleven will not have their visas cancelled if they assist with investigations into the scandal. Giri Sivaraman of law firm Maurice Blackburn says this is likely to encourage more exploited workers to come forward. The Shop, Distributive & Allied Employees’ Association claims that wage exploitation is still occurring.

CORPORATES
AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION, 7-ELEVEN STORES PTY LTD, MAURICE BLACKBURN PTY LTD, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION

Star Wars box office sales in hyperdrive, headed for $100m

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Original article by Primrose Riordan
The Australian Financial Review – Page: 3 : 21-Dec-15

Village Roadshow CEO Kirk Edwards says "Star Wars: The Force Awakens" could overtake "Avatar" as the highest-grossing film on record in Australia. The new Star Wars film’s local box-office takings exceeded $A25m on the weekend of 19-20 December 2015, and Edwards expects it to gross at least $A100m overall. It is estimated that the film’s global ticket sales have exceeded $US250m ($A348m) to date.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, RENTRAK CORPORATION, WALT DISNEY COMPANY

Costco profit surges as sales exceed $1b

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Original article by Sue Mitchell
The Australian Financial Review – Page: 15 : 21-Dec-15

Costco Wholesale Australia has posted a pre-tax profit of $A22.7m for the year ended August 2015, following a loss of $A10.7m previously. The grocery retailer’s revenue rose from $A878.5m to $A1.323bn, while its gross margin increased from 14.3 per cent to 14.6 per cent. IBISWorld estimates that Costco now boasts about 1.2 per cent of Australia’s grocery market, six years after opening its first Australian store.

CORPORATES
COSTCO WHOLESALE AUSTRALIA PTY LTD, IBISWORLD PTY LTD, COLES SUPERMARKETS AUSTRALIA PTY LTD, WOOLWORTHS LIMITED – ASX WOW, ALDI STORES SUPERMARKETS PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, DAVID JONES LIMITED, COSTCO WHOLESALE CORPORATION

Reward those who take risks: Packer

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Original article by Damon Kitney, Christine Lacy
The Australian – Page: 3 : 21-Dec-15

Australian businessman James Packer says the nation must encourage entrepreneurship and innovation, and reward businesses and individuals for taking risks in order to succeed. He also stresses the need for Australia to have a quality education system in order to become a "smart country" following the end of the resources boom. Packer is holding talks with groups such as private equity firms regarding a proposal to delist Crown Resorts.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, QANTAS AIRWAYS LIMITED – ASX QAN, BHP BILLITON LIMITED – ASX BHP, SEEK LIMITED – ASX SEK

Cash steps in to quell union penalty rate campaign

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Original article by Ewin Hannan
The Australian Financial Review – Page: 5 : 21-Dec-15

The Productivity Commission is scheduled to release its final report on the industrial relations system on 21 December 2015. Its recommendations are tipped to include reducing Sunday penalty rates for some industries to the same level that apply for working on Saturday. However, Employment Minister Michaelia Cash has stressed that the Fair Work Commission will be solely responsible for determining penalty rates.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, THE AUSTRALIAN INDUSTRY GROUP, UNITED VOICE, ACTU

Carbon capture key to coal future: IEA

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Original article by Matt Chambers
The Australian – Page: 16 : 21-Dec-15

The International ­Energy Agency (IEA) forecasts that India’s growing demand for coal will enable Australia to reclaim its status as the largest coal exporter. Meanwhile, IEA executive director Fatih Birol warns that a sustained upturn in coal prices will require coal producers to ramp up their investment in ­carbon capture and storage technology. He adds that carbon sequestration will be essential in meeting the Paris climate change summit’s targets for limiting growth in global warming.

CORPORATES
INTERNATIONAL ENERGY AGENCY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ADANI ENTERPRISES LIMITED, HANCOCK PROSPECTING PTY LTD

Nine batting for stronger Windies at Boxing Day, new year Tests

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Original article by Max Mason
The Australian Financial Review – Page: 14 : 21-Dec-15

Carat Australia CEO Simon Ryan is confident that the Nine Network will attract good ratings for its cricket coverage during the 2015-16 summer. The First Test against the West Indies in Hobart finished two days early, but advertising packages have been pre-sold across the summer’s cricket coverage, so Nine’s revenue will not be affected if the remaining two Tests do not run for five days.

CORPORATES
NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, CARAT AUSTRALIA PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN

BHP assets frozen as dam pressure rises

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Original article by Eric Johnston
The Australian – Page: 15 : 21-Dec-15

A spokesman for BHP Billiton has declined to comment on a court’s decision to freeze the Brazilian assets of both itself and Vale in the wake of the tailings dam disaster at the Samarco iron ore joint venture. Vale had claimed that Samarco should be fully liable for any damages arising from the disaster, but the court ruled that Samarco lacks sufficient funds to meet all claims associated with the incident. Meanwhile, the future of BHP’s progressive dividend policy remains under scrutiny, while Moody’s is reviewing its credit rating.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, VALE SA, SAMARCO MINERACAO SA, MOODY’S INVESTORS SERVICE INCORPORATED, GLENCORE PLC