Author: roymorgansocial

Westpac’s $1m-a-day IT glitch

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 1 & 6 : 28-Jul-15

The Commonwealth and ANZ banks increased their mortgage interest rates for property investors in late July 2015, while cutting fixed interest rates for owner-occupiers. However, Westpac and National Australia Bank currently have a single reference rate for both types of customers, which has forced the latter to increase interest rates for both. Westpac’s IT systems do not allow it to charge different interest rates at present, which is said to be costing it about $A1.15m each day.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, BANK OF MELBOURNE LIMITED, ST GEORGE BANK LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSSIE HOME LOANS LIMITED, DEUTSCHE BANK AG, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Turnbull looks at licence fee cuts

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Original article by Darren Davidson
The Australian – Page: 26 : 27-Jul-15

Australia’s commercial TV networks have received some support from Communications Minister Malcolm Turnbull for their push to have broadcasting licence fees reduced. It is believed that Free TV Australia will be invited to press its case for a licence fee reduction to key policymakers, while Commercial Radio Australia will push for a reduction in radio broadcasting licence fees. However, Turnbull seems unlikely to pursue changes to anti-siphoning laws for broadcasting sporting events.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS, FREE TV AUSTRALIA LIMITED, COMMERCIAL RADIO AUSTRALIA LIMITED, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NETFLIX INCORPORATED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY

Water assets next targets to be privatised

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 15 : 27-Jul-15

Graeme Samuel will use an Infrastructure Partnerships Australia symposium to argue the case for selling government-owned assets such as water utilities. He strongly supports the privatisation of assets such as dams, water pipes and desalination plants, but concedes that it is a politically sensitive issue. Infrastructure Partnerships Australia CEO Brendan Lyon also believes that privatization of water assets is necessary, and suggests that they are an ideal investment for superannuation funds.

CORPORATES
INFRASTRUCTURE PARTNERSHIPS AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Rinehart lieutenant bullish on ore, flags Roy Hill delays

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Original article by Perry Williams
The Australian Financial Review – Page: 13 & 18 : 27-Jul-15

Iron ore was trading at $US51 per tonne on 24 July 2015, but Hancock Prospecting executive director Tad Watroba expects it to rebound to $US80, due to factors such as continued strong demand from China. Meanwhile, Watroba has indicated that factors such as inclement weather and safety concerns will delay the start of production at the Roy Hill iron ore project until early October. Production had been initially slated to commence in September.

CORPORATES
HANCOCK PROSPECTING PTY LTD, ROY HILL HOLDINGS PTY LTD, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, VALE SA, FORTESCUE METALS GROUP LIMITED – ASX FMG, CHINA IRON AND STEEL INDUSTRY ASSOCIATION, POSCO, MARUBENI CORPORATION, CHINA STEEL CORPORATION, CREDIT SUISSE (AUSTRALIA) LIMITED

News Corp websites cement digital standing

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Original article by Darren Davidson
The Australian – Page: 26 & 28 : 27-Jul-15

Data from Nielsen shows that News Corp’s news.com.au website boasted 3.7 million unique visitors in June 2015, making it Australia’s most popular free news website. Meanwhile, News Corp’s "The Australian" is the most popular paywalled news website, with one million unique visitors in June. The website of "The Australian Financial Review" had 452,000 unique visitors.

CORPORATES
THE NIELSEN COMPANY (AUSTRALIA) PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION, GUARDIAN NEWS AND MEDIA LIMITED, APN NEWS AND MEDIA LIMITED – ASX APN, DAILY MAIL AUSTRALIA, THE HUFFINGTON POST

Nine, Seven draw knives over cooking clashes

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Original article by Max Mason
The Australian Financial Review – Page: 31 : 27-Jul-15

Starcom MediaVest’s Andy Taylor has questioned the merits of free-to-air networks putting similar reality TV shows in the same timeslot. Nine Network will launch cooking show "The Hotplate" on 28 July 2015, while Seven Network will debut "Restaurant Revolution" in the same timeslot. Taylor expects both shares to attract big audiences, but warns of the potential for viewer fatigue. The final of Ten’s "MasterChef" will be broadcast on 27 July.

CORPORATES
STARCOM MEDIAVEST GROUP, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN NETWORK OPERATIONS, SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED – ASX TEN, SMI MEDIA INCORPORATED, YOUNG AND RUBICAM PTY LTD, UBS HOLDINGS PTY LTD

Shorten loss on gay marriage

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 27-Jul-15

The Australian Labor Party’s National Conference has endorsed the policy of Opposition Leader Bill Shorten to turn back asylum-seeker boats. Meanwhile, conference delegates have voted in favour of giving Labor MPs a conscience vote on the issue of same-sex marriage, although this will be limited to the current and next term of parliament. Shorten has committed to legalising same-sex marriage within 100 days if Labor wins the next federal election. Labor’s policy on a renewable energy target and an emissions trading scheme were also endorsed.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NATIONAL UNION OF WORKERS, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION

Symptoms mask flu trend

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Original article by Jessica Gardner
The Australian Financial Review – Page: 18 : 27-Jul-15

Australian pathology laboratories reported some 9,594 cases of flu during the June 2015 quarter, compared with just 4,591 in the previous corresponding period. Influenza Specialist Group chairman Alan Hampson says anecdotal evidence suggests that Australians have contracted flu earlier than usual in 2015. In contrast, Primary Health Care recently attributed lower patient numbers during the quarter to factors such as a less severe cold and flu season.

CORPORATES
INFLUENZA SPECIALIST GROUP, PRIMARY HEALTH CARE LIMITED – ASX PRY, AUSTRALIA. DEPT OF HEALTH, AUSTRALIAN MEDICAL ASSOCIATION LIMITED, SONIC HEALTHCARE LIMITED – ASX SHL

New front in war over super governance

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Original article by Jennifer Hewett
The Australian Financial Review – Page: 1 & 2 : 27-Jul-15

The Federal Government’s proposed superannuation reforms have been criticised by Industry Super Australia in its submission to Assistant Treasurer Josh Frydenberg. The reforms will require one-third of super fund directors, and the chairman, to be independent, while employers and unions will no longer need to have representatives on the board. ISA argues that under the current governance model industry funds’ returns have generally been higher than those of retail funds.

CORPORATES
INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, HOST-PLUS, NATIONAL SENIORS AUSTRALIA LIMITED, MASTER BUILDERS AUSTRALIA INCORPORATED

Murdochs on notice over Foxtel grab for Ten Network

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Original article by Dominic White
The Australian Financial Review – Page: 1 & 29 : 27-Jul-15

The Australian Competition & Consumer Commission (ACCC) will consider Foxtel’s equity alliance with the Ten Network in the context of the Murdoch family’s broader media holding, according to chairman Rod Sims. Foxtel proposes to acquire a 15 per cent stake in Ten, but the ACCC will take into account the fact that News Corp has a 50 per cent stake in Foxtel and News Corp executive Lachlan Murdoch has an 8.5 per cent stake in Ten. The effect on competition in bidding for sports broadcasting rights is likely to be a key consideration for the ACCC.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ILLYRIA PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, MULTI CHANNEL NETWORK PTY LTD, NOVA ENTERTAINMENT PTY LTD, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, FOX SPORTS AUSTRALIA PTY LTD, CONSOLIDATED MEDIA HOLDINGS LIMITED, NINE NETWORK AUSTRALIA LIMITED, NETFLIX INCORPORATED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, SEVEN WEST MEDIA LIMITED – ASX SWM, PRESTO ENTERTAINMENT PTY LTD, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY