Author: roymorgansocial

Cross-media ownership rules may go back on the table

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Original article by Dominic White
The Australian Financial Review – Page: 15 : 17-Sep-15

Prime Minister Malcolm Turnbull has advocated changing Australia’s cross-media ownership laws in the past, and comments in his first official press conference suggest that it may be back on the agenda. Turnbull noted that he first talked about the need for reforms in 1977, and said he will look forward to discussing the issue with cabinet ministers. Media law reforms were put on hold by former prime minister Tony Abbott earlier in 2015.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SEVEN WEST MEDIA LIMITED – ASX SWM, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ

Woodside takes takeover offer directly to Oil Search investors

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Original article by Perry Williams, Sarah Thompson
The Australian Financial Review – Page: 21 : 16-Sep-15

Woodside Petroleum’s rejected takeover bid for Oil Search was pitched at a premium of 14 per cent, but it will most likely need to increase this to at least 20 per cent before Oil Search will consider the bid. Meanwhile, Bank of America Merrill Lynch and Gresham – which are advising Woodside on the bid – have directly approached Oil Search shareholders regarding the offer.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, GRESHAM PARTNERS LIMITED, EXXONMOBIL CORPORATION, PAPUA NEW GUINEA. OFFICE OF THE PRIME MINISTER, NATIONAL PETROLEUM COMPANY OF PNG LIMITED, CITIGROUP PTY LTD

Top CFMEU official quits over IVF funding scandal

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Original article by Ewin Hannan
The Australian Financial Review – Page: 3 : 16-Sep-15

It has been revealed that Dave Hanna stepped down as national president of the Construction, Forestry, Mining & Energy Union after being linked to payments made by two subcontractors to finance IVF treatment for the partner of a union organiser. Hanna resigned in August 2015, and he is the subject of an investigation by the Royal Commission into Trade Union Governance & Corruption over an unrelated matter. He had cited health issues as the reason for his resignation.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, DB SCAFFOLDING AND RIGGING AUSTRALIA PTY LTD, GLOBAL HR PTY LTD, BUILDERS’ LABOURERS’ FEDERATION CHARITY FOUNDATION

G8 Education backs rival deal for Affinity

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Original article by Tim Binsted
The Australian Financial Review – Page: 22 : 16-Sep-15

Directors of Affinity Education Group have endorsed Anchorage Capital Partners’ takeover bid, which is pitched at $A0.92 per share. Rival childcare group G8 Education will no longer pursue its bid for Affinity and will instead accept the $A212m offer from Anchorage. G8 Education had offered $A0.80 per share for Affinity, and it has built a stake of 24.6 per cent when acceptances for its offer are taken into account.

CORPORATES
AFFINITY EDUCATION GROUP LIMITED – ASX AFJ, G8 EDUCATION LIMITED – ASX GEM, ANCHORAGE CAPITAL PARTNERS PTY LTD, PETRA CAPITAL PTY LTD, ORD MINNETT GROUP LIMITED, AUSTRALIA. TAKEOVERS PANEL

New PM a win for retail, media and tech shares

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 31 : 16-Sep-15

David Bassanese of BetaShares expects consumer and business confidence to rise in the near-term under new Prime Minister Malcolm Turnbull. He adds that Turnbull’s success in pursuing economic reform will determine whether a rise in business confidence is sustained. He says stocks in the retail, technology and construction sectors are likely to benefit from the leadership change. ST Wong of Prime Value Management say a Turnbull government may be positive for media stocks in particular.

CORPORATES
BETASHARES CAPITAL LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, PRIME VALUE ASSET MANAGEMENT LIMITED, PEAK ASSET MANAGEMENT PTY LTD, IG MARKETS LIMITED, UNITED STATES. FEDERAL RESERVE BOARD, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NEWS CORPORATION – ASX NWS, AUSTRALIAN ETHICAL INVESTMENT LIMITED – ASX AEF, AUSTRALIA. DEPT OF THE ENVIRONMENT

Incitec predicts further growth in US, China

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Original article by Jared Lynch
The Australian Financial Review – Page: 24 : 16-Sep-15

Incitec Pivot CEO James Fazzino says that the US will account for around 50 per cent of the group’s earnings when its ammonia plant in Louisiana is fully operational. He notes that US shale gas prices have fallen sharply since Incitec decided to proceed with the plant, adding that the Louisiana facility provides investors with a "compelling" reason to buy the group’s shares. Fazzino also remains upbeat about the outlook for the Chinese economy.

CORPORATES
INCITEC PIVOT LIMITED – ASX IPL, UBS HOLDINGS PTY LTD, CHS, CF INDUSTRIES HOLDINGS INCORPORATED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

ANZ-Roy Morgan Australian Consumer Confidence on the Slide to 105.3 before Turnbull deposes Abbott as Prime Minister

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 15-Sep-15

The ANZ-Roy Morgan Consumer Confidence rating for Australia fell by 1.3 per cent to 105.3 in the week ended 13 September 2015. This follows a decline of 5.8 per cent in the previous week, and leaves confidence at its weakest level since July 2014. Confidence in the economic outlook continues to be much weaker than views on household finances. The subindex on "economic conditions in the next five years" fell by six per cent, following a 5.2 per cent fall in the previous week. This is the lowest level since the weekly survey began in October 2008. However, the subindex "finances compared to a year ago" rose by 1.6 per cent, and it is the only subindex to remain above its long-run average.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Retail gets highest marks in REIT reporting season

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Original article by Matthew Cranston
The Australian Financial Review – Page: 40 : 16-Sep-15

Analysis by CLSA shows that the operating income of Australian retail-focused real estate investment trusts rose by 2.9 per cent during the August 2015 reporting season. This compares with growth of 2.2 per cent for industrial property trusts and 1.5 per cent for those with a focus on the office market. Michael Scott of CLSA is upbeat about the outlook for retail REITs, citing factors such as the improving outlook for retail sales.

CORPORATES
CSM AUSTRALIA, SCENTRE GROUP – ASX SCG, FEDERATION CENTRES – ASX FDC, WESTFIELD CORPORATION – ASX WFD, STOCKLAND – ASX SGP, MIRVAC GROUP – ASX MGR, GOODMAN GROUP – ASX GMG, CHARTER HALL GROUP – ASX CHC, DEXUS PROPERTY GROUP – ASX DXS

Turnbull unites Coalition as business hopes surge

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 16-Sep-15

New Australian Prime Minister Malcolm Turnbull has committed to retaining the Coalition’s stance on key issues such as climate change and same-sex marriage. He will also support a proposal to add a so-called "effects test" to competition laws, although such a move is opposed by the Business Council of Australia. The business sector generally supports the dumping of former prime minister Tony Abbott in favour of Turnbull, while a snap Morgan Poll shows that 70 per cent of electors rate Turnbull as the preferred Prime Minister.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, MORGAN POLL, ROY MORGAN RESEARCH LIMITED, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. NATIONAL COMMISSION OF AUDIT, WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF AGRICULTURE, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. DEPT OF THE ENVIRONMENT, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. DEPT OF SOCIAL SERVICES, MURRAY-DARLING BASIN AUTHORITY

NAB intensifies pitch for Clydesdale float

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Original article by Clancy Yeates
The Australian Financial Review – Page: 19 & 24 : 16-Sep-15

National Australia Bank (NAB) CFO Craig Drummond has not ruled out a trade sale for the UK’s Clydesdale Bank if a suitable offer is made, but he says a demerger and partial IPO remains the preferred option. NAB shareholders will be offered up to 80 per cent of shares in Clydesdale if the previously outlined plan proceeds. Clydesdale CEO David Duffy is confident that so-called "challenger banks" such as Clydesdale can compete with the major UK banks, particularly in sectors such as retail banking and retail and lending to small business.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, BANCO SABADELL, CREDIT SUISSE (AUSTRALIA) LIMITED, CBA EQUITIES LIMITED