Author: roymorgansocial

Mongolia flags Rio mine exit

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Original article by Matt Chambers
The Australian – Page: 21 : 6-Feb-15

New Mongolian Prime Minister Saikhanbileg Chimed has signalled a changed approach that may benefit Australian-listed resources group Rio Tinto. It is the parent of Canada-based Turquoise Hill Resources, which in turn holds two thirds of the major Oyu Tolgoi gold and copper mine in Mongolia. A drawn-out dispute over the cost of an underground expansion with the Government may now be resolved, as the state is ready to divest most or all of its 34% stake. Rio would gain full control, but also pay increased royalties and take on more of the upgrade’s cost of $US5bn ($A6.4bn)

CORPORATES
RIO TINTO LIMITED – ASX RIO, TURQUOISE HILL RESOURCES LIMITED, OYU TOLGOI LLC

Lawyer fined for 16-year delay in case

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Original article by Amanda Banks
The West Australian – Page: 5 : 6-Feb-15

Western Australia’s Legal Professional Complaints Committee has fined Perth lawyer Carmelo Grasso $A5,000 for professional misconduct. Grasso had commenced a compensation claim on behalf of a dog attack victim in June 1998. However, the application for compensation was not filed until March 2014. The client was subsequently awarded $A2,246 in compensation. Grasso will also pay his client $A27,000

CORPORATES
WESTERN AUSTRALIA. LEGAL PROFESSION COMPLAINTS COMMITTEE, WESTERN AUSTRALIA. STATE ADMINISTRATIVE TRIBUNAL

Business confidence rebounds in January prior to the February RBA decision to drop rates

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 5-Feb-15

A Roy Morgan Business Single Source survey has found that Australian business confidence rose by 8.3 per cent to 114.9 in January 2015, compared with 105.3 in December 2014. This improvement was well above the average gain of 3.5 per cent for the month of January over the last four years. However, business confidence remains below the five-year average of 117.9. It is also well below the peak of 136.3 in October 2013, which followed the election of the Federal Government

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ROY MORGAN RESEARCH LIMITED

Attendance figures were Les Miz

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Original article by Bhakthi Puvanenthiran
The Age – Page: 12 : 6-Feb-15

The State of Victoria has declined to reveal how much it paid to host the "Les Miserables: From Page To Stage" exhibition in 2014. State Library Board president John Wiley concedes that the number of visitors was below expectations. It was the first time the library had charged an entry fee for an exhibition. It attracted some 25,000 visitors, although more than 83,000 people viewed the library’s previous exhibition in 2013

CORPORATES
STATE LIBRARY OF VICTORIA, BIBLIOTHEQUE NATIONALE DE FRANCE

Dump Credlin or Turnbull gets it, warn supporters

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 6-Feb-15

There is growing speculation that Prime Minister Tony Abbott will face a leadership spill when Parliament resumes in the week beginning 9 February 2015. One MP has said that Abbott is "on the brink" and say he should sack chief of staff Peta Credlin to gain himself some time to turn around the government’s fortunes. The MP adds that the Coalition could dump Abbott in favour of Malcolm Turnbull if Credlin remains in her post. National Party leader Warren Truss has declared his support for Abbott

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL PARTY OF AUSTRALIA

Angel investor Clive Mayhew leads $1.7m round in OpenLearning

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Original article by Caitlin Fitzsimmons
BRW – Page: online : 5-Feb-15

Australian online education platform OpenLearning has received $A1.7 million in funding from individual investors. Clive Mayhew contributed $A1 million. The company will use the new capital to fund expansion, aiming to raise the number of its users from 125,000 to a million globally by 2016

CORPORATES
OPEN LEARNING PTY LTD, MURU-D PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, ASX LIMITED – ASX ASX, ICSGLOBAL LIMITED – ASX ICS, BENESSE HOLDINGS PTY LTD, SKY SOFTWARE PTY LTD, SYDNEY SEEED FUND MANAGEMENT PTY LTD, ORCHARD STREET PTY LTD, COURSERA INCORPORATED

Telstra, Stockland and big four to benefit from rate cut

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Original article by Max Mason
The Australian Financial Review – Page: 23 : 6-Feb-15

More investors are expected to embrace equities as a result of the interest rate cut on 3 February 2015, due to low yields on government bonds and bank deposits. George Boubouras of Contango Asset Management notes that stocks such as banks, telcos, consumer staples and infrastructure typically rise in response to an interest rate cut. Healthy dividend yields means the four major banks and Telstra in particular are likely to receive continued strong support from investors

CORPORATES
CONTANGO ASSET MANAGEMENT LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, STOCKLAND – ASX SGP, DEXUS PROPERTY GROUP – ASX DXS, RESERVE BANK OF AUSTRALIA, PLATYPUS ASSET MANAGEMENT PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED

Fairfax’s 15.7pc tax rate draws Senate spotlight

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Original article by Darren Davidson
The Australian – Page: 19 : 5-Feb-15

Claims by the Tax Justice Network that major Australian corporations are using strategies such as profit shifting to minimise their tax burden have sparked a Senate Economics Committee investigation. In a submission prepared by senior research fellow Sinclair Davidson of the right-wing ­Institute of Public Affairs, newspaper publisher Fairfax Media is accused of enjoying an effective tax rate of a mere 15.78% rather than the statutory 30% in 2013-14. Fairfax had in 2014 published articles on alleged tax avoidance by rival News Corp Australia

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, TAX JUSTICE NETWORK, INSTITUTE OF PUBLIC AFFAIRS LIMITED, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, RMIT UNIVERSITY, ROYAL MELBOURNE INSTITUTE OF TECHNOLOGY

China’s steel production to fall

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Original article by Sarah-Jane Tasker, Matt Chambers
The Australian – Page: 20 : 5-Feb-15

The iron ore price may fall to below $US60 ($A77) a tonne, having dropped 50% between September 2013 and early February 2015. The commodity is now trading at $US63, but China Iron & Steel Association executive vice secretary-general Li Xinchuang forecasts a further weakening in demand. In response, dominant Australian producers Rio Tinto and BHP Billiton have ramped up their output while also cutting their cash costs by nearly half. Lourenco Goncalves, CEO of US-based rival Cliffs Natural Resources, has criticised the strategy

CORPORATES
CHINA IRON AND STEEL INDUSTRY ASSOCIATION, RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, CLIFFS NATURAL RESOURCES INCORPORATED, WHITEHAVEN COAL LIMITED – ASX WHC, ILUKA RESOURCES LIMITED – ASX ILU, SOUTH32 LIMITED, STANDARD AND POOR’S (AUSTRALIA) PTY LTD, NIKKO ASSET MANAGEMENT GROUP

Hird’s legal bill ‘above $1m’, as hearing nears end

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Original article by Jon Pierik
The Age – Page: 45 : 5-Feb-15

Lawyer Natalie Hickey suggests that Essendon coach James Hird has already racked up legal costs of at least $A1m in the long-running doping scandal. This includes Hird’s own legal expenses and the costs incurred by the Australian Sports Anti-Doping Agency (ASADA). Meanwhile, ASADA’s lawyers must present their final arguments to the Australian Football League’s anti-doping tribunal by 5 February 2015

CORPORATES
ESSENDON FOOTBALL CLUB, AUSTRALIAN FOOTBALL LEAGUE, AUSTRALIAN SPORTS ANTI-DOPING AGENCY, HIGH COURT OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA