Author: roymorgansocial

Raw goods stocks make two-speed sharemarket

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Original article by Philip Baker
The Australian Financial Review – Page: 26 : 24-Nov-15

Australia’s benchmark S&P/ASX 200 Index has shed 2.57 per cent so far in 2015, but the energy and materials indices have shed 26 per cent and 15 per cent respectively. The selldown of commodity stocks has resulted in a two-speed sharemarket, with sectors such as utilities, industrials and health outperforming the broader market. Meanwhile, the end of the resources boom means the eastern states’ economies are now outperforming Western Australia.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, BHP BILLITON LIMITED – ASX BHP, SANTOS LIMITED – ASX STO, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, UBS HOLDINGS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG

Capex data to test Turnbull

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Original article by Vesna Poljak
The Australian Financial Review – Page: 20 : 23-Nov-15

The national capital spending survey for the September 2015 quarter will be a key focus for Australian investors in the week beginning 23 November 2015. Data from Bloomberg shows that economists generally expect the September quarter forecast for capex intentions in 2015-16 to be around $A120bn, compared with $A114bn in the June quarter. National Australia Bank is more upbeat, forecasting full-year capex of $A124bn.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BLOOMBERG LP, STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S 500 INDEX, DOW JONES INDUSTRIAL AVERAGE INDEX, UNITED STATES. FEDERAL RESERVE BOARD, FEDERAL RESERVE BANK OF SAN FRANCISCO, EUROPEAN CENTRAL BANK, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

‘Sham contracts’ undercut Pizza Hut drivers’ agreed pay

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Original article by Adele Ferguson, Sarah Danckert
The Australian Financial Review – Page: 15 : 23-Nov-15

The employment contracts of Pizza Hut Australia are under scrutiny amid allegations of wage exploitation. It has been claimed that some home delivery drivers are paid just $A6 per delivery, and are restricted to making only two deliveries on each round trip. A number of Pizza Hut franchisees have launched a class action for alleged breaches of the franchise code. Other franchise-based businesses have also accused of wage exploitation, including 7-Eleven.

CORPORATES
PIZZA HUT AUSTRALIA, 7-ELEVEN STORES PTY LTD, MAURICE BLACKBURN PTY LTD, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP

Cathay Pacific to trial cargo flight from Australia’s food bowl

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Original article by Jared Lynch
The Australian Financial Review – Page: 22 : 23-Nov-15

Bindaree Beef will participate in Cathay Pacific’s test flight from Wellcamp Airport in regional Queensland to China. The trial run is intended to gauge whether regular fresh produce flights from regional Australia to Asia are commercially viable. Bindaree currently ships chilled beef to Asia via Sydney Airport, but flights from Toowoomba would allow for next-day delivery of its cargoes to Asian destinations.

CORPORATES
BINDAREE BEEF PTY LTD, CATHAY PACIFIC AIRWAYS LIMITED, SYDNEY AIRPORT – ASX SYD, SHANDONG DELISI, AUSTRALIAN BUREAU OF AGRICULTURAL AND RESOURCE ECONOMICS AND SCIENCES

Fixed rates fall as banks chase loans

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Original article by Clancy Yeates
The Australian Financial Review – Page: 16 : 23-Nov-15

Data from RateCity shows that 11 Australian mortgage lenders have reduced their three-year fixed interest rates since early November 2015. Peter Arnold of RateCity notes that the majority of these lenders have passed on interest rate cuts to both owner-occupiers and property investors. Meanwhile, Jessica Darnbrough of Mortgage Choice says the number of customers opting for a fixed-interest loan fell to a four-year low of 13.9 per cent in October.

CORPORATES
RATECITY PTY LTD, MORTGAGE CHOICE LIMITED – ASX MOC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CORELOGIC AUSTRALIA PTY LTD, RP DATA LIMITED

Cbus, Brookfield team up in $150m apartment plan

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 33 : 23-Nov-15

Cbus Property and Brookfield Property Partners will undertake two upmarket apartment projects in the inner-city suburb of East Melbourne. The projects comprise an 11-storey apartment building at 178 Wellington Parade and the conversion of Mosspennoch House at 22 Clarendon Street into six apartments. A seven-storey apartment building will also be developed on the latter site.

CORPORATES
CBUS PROPERTY PTY LTD, BROOKFIELD PROPERTY PARTNERS LP, ACCOR ASIA PACIFIC, PULLMAN ON THE PARK, BATES SMART ARCHITECTS PTY LTD, THAKRAL HOLDINGS GROUP, HILTON HOTELS CORPORATION

TransGrid bidders cleared

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Original article by Angela Macdonald-Smith, John Kehoe
The Australian Financial Review – Page: 1 & 4 : 23-Nov-15

Australia’s Foreign Investment Review Board has vetted the shortlisted bidders for New South Wales-based TransGrid and given clearance for them to proceed with the acquisition. The four consortiums were shortlisted by the State Government in September 2015, and the successful bidder is expected to be named soon. The Government is tipped to gain around $A9bn from the privatization of TransGrid, which operates the state’s electricity grid and a fibre optic cable network.

CORPORATES
TRANSGRID, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, NEW SOUTH WALES. THE TREASURY, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, STATE GRID CORPORATION OF CHINA, MACQUARIE INFRASTRUCTURE AND REAL ASSETS, QIC LIMITED, IFM INVESTORS PTY LTD, AUSTRALIANSUPER PTY LTD, CANADA PENSION PLAN INVESTMENT BOARD, BOREALIS INFRASTRUCTURE MANAGEMENT INCORPORATED, SPARK INFRASTRUCTURE GROUP – ASX SKI, HASTINGS FUNDS MANAGEMENT LIMITED, PORT OF DARWIN, S KIDMAN AND COMPANY PTY LTD, ARCHER DANIELS MIDLAND COMPANY, GRAINCORP LIMITED – ASX GNC

Santos pitches value of shares in long term

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 : 23-Nov-15

Retail investors will be offered shares in Santos at $A3.85 apiece in the oil and gas producer’s entitlement offer. Santos is seeking to raise $A1.375bn from retail investors and $A2.5bn overall. The rights issue is part of a broader strategy aimed at reducing group debt. Neil Beveridge of Bernstein suggests that Santos could attract another private equity buyer, after the group rebuffed a bid from Scepter Partners in October 2015.

CORPORATES
SANTOS LIMITED – ASX STO, BERNSTEIN AND ASSOCIATES, SCEPTER PARTNERS, HONY CAPITAL LIMITED, BLOOMBERG LP

Media reform debate could go to the wire

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Original article by Dominic White
The Australian Financial Review – Page: 31 : 23-Nov-15

The Australian Government’s proposed changes to cross-media ownership laws may still be discussed by cabinet before parliament rises for the year, although other issues are likely to take priority in the coming week. Meanwhile, pay-TV group Foxtel has proposed removing sports events such as the FA Cup and the US Masters Golf from the anti-siphoning list. Australian Subscription Television & Radio Association chairman Tony Shepherd has also advocated changes to the list.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, FOOTBALL ASSOCIATION LIMITED, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE

Bauer targets Southern Cross

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Original article by Jake Mitchell, Darren Davidson
The Australian – Page: 23 : 23-Nov-15

Bauer Media is believed to be considering a takeover bid for Southern Cross Media Group in order to diversify its Australian business. Bauer approached rival radio group Nova Entertainment in 2014, but Nova has ruled out a sale. Southern Cross Media’s network of metropolitan and regional radio stations accounts for the bulk of its revenue, and Bauer is said to be keen to reduce its reliance on revenue from magazines. Bauer is the leading player in Europe’s radio sector.

CORPORATES
BAUER MEDIA KG, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, SOUTHERN CROSS AUSTEREO PTY LTD, NOVA ENTERTAINMENT PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE GROUP LIMITED – ASX MQG, MACQUARIE MEDIA LIMITED – ASX MRN, ACP MAGAZINES LIMITED, HIT NETWORK, TRIPLE M CORPORATION PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, ILLYRIA PTY LTD, AUSTRALIAN RADIO NETWORK PTY LTD, APN NEWS AND MEDIA LIMITED – ASX APN, NEWS CORPORATION – ASX NWS, KIIS1065, SMOOTHFM, ALLAN GRAY AUSTRALIA PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, WIN CORPORATION PTY LTD