Author: roymorgansocial

Abbott loses the plot on debt

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 19-Mar-15

Prime Minister Tony Abbott seems to have abandoned his commitment to economic reform. He said on 18 March 2015 that the May 2015 Budget will be "dull". Abbott no longer insists on reducing debt as quickly as possible and accepts that it could take 40 years to achieve a Budget surplus. Australia’s national debt is currently at 15 per cent of GDP, but it is forecast to rise to 60 per cent by 2055

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, AUSTRALIA. DEPT OF THE TREASURY, WESTPAC BANKING CORPORATION – ASX WBC, STANDARD AND POOR’S CORPORATION, BANK OF AMERICA CORPORATION, MERRILL LYNCH (AUSTRALIA) PTY LTD, BUSINESS COUNCIL OF AUSTRALIA

Virgin, Delta keep Pacific capacity

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Original article by Jamie Freed
The Australian Financial Review – Page: 25 : 19-Mar-15

Virgin Australia and Delta Air Lines will seek regulatory approval to extend their alliance for another 10 years. However, the carriers have ruled out increasing their capacity on the Australia-US route. Delta president Edward Bastian has also indicated that the US carrier does not intend to introduce flights between Melbourne and Los Angeles. Qantas increased its capacity on several routes between Australia and the US in 2014

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VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, DELTA AIR LINES, QANTAS AIRWAYS LIMITED – ASX QAN, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA

Couples on holiday: two much fun or double trouble?

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 18-Mar-15

A Roy Morgan Single Source survey has found that almost 13 million Australians aged 14+ took at least one holiday in the year to December 2014, while 32 per cent reported travelling with their partner. The survey also shows that people who take a holiday with their partner are more likely than the average Australian holiday-goer to visit historical sites, go to museums and art galleries, go bushwalking, play poker machines, dine out at restaurants and go to the theatre

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ROY MORGAN RESEARCH LIMITED

Poles and wires sale no threat to budget: Baird

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Original article by Geoff Winestock
The Australian Financial Review – Page: 1 & 12 : 19-Mar-15

New South Wales Premier Mike Baird has downplayed concerns raised by UBS about the potential impact of the proposed electricity network privatisation on the state’s Budget. The "poles and wires" contribute about $A700m to government coffers each year, but Baird argues that the loss of this revenue will be offset by an economic benefit of $A300m over two decades arising from the state’s asset-recycling program. He also does not expect the unpopularity of the Federal Government to affect the state election

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NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, UBS HOLDINGS PTY LTD, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD, NEW SOUTH WALES. THE TREASURY, LIBERAL PARTY OF NEW SOUTH WALES, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COUNCIL FOR THE AUSTRALIAN FEDERATION, RESERVE BANK OF AUSTRALIA

Boral launches $236m program to buy back shares

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Original article by Tim Binsted
The Australian Financial Review – Page: 21 : 19-Mar-15

Australian-listed building materials group Boral has revealed plans for an on-market share buyback. The group aims to repurchase about five per cent of its shares over the next year, which could cost up to $A236m. Boral boasted cash holding of $A357m at the end of 2014, and Andrew Peros of Credit Suisse says the buyback will place the group in a strong financial position to pursue acquisitions

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BORAL LIMITED – ASX BLD, CREDIT SUISSE (AUSTRALIA) LIMITED, RIO TINTO LIMITED – ASX RIO, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, ORICA LIMITED – ASX ORI, AMCOR LIMITED – ASX AMC, USG CORPORATION, TRANSPACIFIC INDUSTRIES GROUP LIMITED – ASX TPI

Ex-Orica CEO admits he can be ‘aggressive’

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Original article by Tim Binsted
The Australian Financial Review – Page: 19 & 24 : 19-Mar-15

Shares in explosives group Orica closed 5.3 per cent lower at $A18.20 on 18 March 2015, in response to the imminent departure of CEO Ian Smith. He will remain in the role until Orica concludes an international search for his successor. Smith concedes that his management style had sometimes caused conflict with other Orica executive, but stresses that he had been working hard to change for the better. Chairman Russell Caplan says the group will continue to pursue its current strategy

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ORICA LIMITED – ASX ORI, THE BLACKSTONE GROUP LP, BHP BILLITON LIMITED – ASX BHP

Local investors get behind BHP demerger

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Original article by Amanda Saunders
The Australian Financial Review – Page: 21 : 19-Mar-15

BHP Billiton will incur total costs of $US738m ($A966m) in demerging non-core assets into the South32 entity. Tim Schroeders of Pengana Capital says the costs are higher than anticipated, while Argo Investments’ Jason Beddow says investors are likely to seek information from BHP on the likely productivity gains arising from the demerger. Both fund managers say that as yet there are no compelling reasons to vote against the deal on 6 May 2015

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BHP BILLITON LIMITED – ASX BHP, SOUTH32 LIMITED, PENGANA CAPITAL LIMITED, ARGO INVESTMENTS LIMITED – ASX ARG, ABERDEEN ASSET MANAGEMENT LIMITED, BERNSTEIN AND ASSOCIATES, GLENCORE PLC, X2 RESOURCES PARTNERS LP, WARBURG PINCUS AND COMPANY

Hockey claim for ‘substantial’ damages in Fairfax case

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Original article by Marianna Papadakis
The Australian Financial Review – Page: 2 : 18-Mar-15

The defamation case brought by Federal Treasurer Joe Hockey against Fairfax Media continued on 17 March 2015. Hockey is being represented by Bruce McClintock, SC, who told the court that in addition to general damages his client should receive aggravated damages. McClintock argued that the three Fairfax newspapers that published the allegedly defamatory articles should be treated separately in any assessment of general damages

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FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIA. DEPT OF THE TREASURY, NORTH SYDNEY FORUM, LIBERAL PARTY OF AUSTRALIA

Insider trader gets seven years’ jail

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Original article by Patrick Durkin
The Australian Financial Review – Page: 3 : 18-Mar-15

The Supreme Court of Victoria has jailed two men on insider trading charges. Lukas Kamay will be eligible for parole after serving four and a half years in jail, while Christopher Hill can apply for parole after two years. Kamay was working as a foreign exchange trader at National Australia Bank when the illegal bets on the Australian dollar were made during 2013 and 2014. Kamay was also jailed on money laundering and identity theft offences

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SUPREME COURT OF VICTORIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN BUREAU OF STATISTICS, UNIVERSITY OF MELBOURNE, MONASH UNIVERSITY, VICTORIA. DIRECTOR OF PUBLIC PROSECUTIONS, AXICORP PTY LTD, PEPPERSTONE FINANCIAL PTY LTD

ME Bank maintains high growth targets

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Original article by Shaun Drummond
The Australian Financial Review – Page: 14 : 18-Mar-15

ME Bank boasted about 312,000 customers in July 2014, but it aims to lift this to one million by 2020. ME Bank has reported an underlying profit of $A29.1m for the first half of 2014-15, which is 14 per cent higher than previously, and it expects full-year profit to rise by 25 per cent to around $A60m. Home loan settlements rose by 41 per cent to $A2.4bn in the half-year, and its loan book rose by $A1.5bn to $A16.4bn

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MEMBERS EQUITY BANK PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY