Author: roymorgansocial

Banks douse hot property fears

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Original article by Michael Bennet
The Australian – Page: 19 : 5-Feb-15

Commonwealth Bank of Australia and Westpac Banking on 4 February 2015 joined Bank of Queensland, ME Bank and ING Direct in passing on in full the Reserve Bank of Australia’s interest rate cut of 25 basis points to mortgage borrowers. Meanwhile sector experts have rejected claims that the new all-time low rate of 2.25% will exacerbate a price "bubble" in the residential real estate market, noting that the Australian Prudential Regulation Authority is tightening the rules on home lending

CORPORATES
RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, BANK OF QUEENSLAND LIMITED – ASX BOQ, MEMBERS EQUITY BANK PTY LTD, ING DIRECT, AUSSIE HOME LOANS LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SUNCORP GROUP LIMITED – ASX SUN, CITIBANK PTY LTD, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, MACQUARIE BANK LIMITED – ASX MBL, DEUTSCHE BANK AG

Industry funds hit out over default review

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Original article by James Eyers
The Australian Financial Review – Page: 21 : 5-Feb-15

It is estimated that around $A9bn is invested in default superannuation funds every year, while 80 per cent of employees fail to choose their own super fund. A report produced by Industry Super Australia rejects a proposal by the banking sector to remove responsibility for determining the list of default funds from the Fair Work Commission. It argues that the existing system is effective and should not be changed

CORPORATES
INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. FAIR WORK COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CHANT WEST FINANCIAL SERVICES PTY LTD, FINANCIAL SERVICES COUNCIL, BT FINANCIAL GROUP PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

Premier eyes new remit for CCC

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Original article by Daniel Emerson
The West Australian – Page: 11 : 5-Feb-15

Western Australian Premier Colin Barnett has flagged a review of the state’s Corruption & Crime Commission (CCC), conceding that its performance has been below expectations. Barnett has indicated that his preference is for the CCC to focus on investigating organised crime rather than police corruption. Plans to shift its focus to organised crime had been abandoned in September 2012

CORPORATES
WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, WESTERN AUSTRALIA. CORRUPTION AND CRIME COMMISSION, WESTERN AUSTRALIA. DEPT OF THE ATTORNEY-GENERAL

Police seek new deal with NSW Health on responding to crises

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Original article by James Robertson
The Sydney Morning Herald – Page: 13 : 5-Feb-15

The number of people with a mental illness taken to hospital by police in New South Wales rose from 3,000 in 2000 to close to 50,000 in 2014. Police believe the rise has been caused by the increasing use of drugs. Professor Ian Hickie, from Sydney University’s Brain & Mind Institute, said it was the job of health professionals to transport people with health illness

CORPORATES
NEW SOUTH WALES POLICE FORCE, UNIVERSITY OF SYDNEY. BRAIN AND MIND RESEARCH INSTITUTE, NEW SOUTH WALES AMBULANCE TRANSPORT SERVICE BOARD

Sinodinos deserts PM, points to spill ‘next week’

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Original article by Phillip Coorey, Joanna Heath
The Australian Financial Review – Page: 1 & 6 : 5-Feb-15

Treasurer Joe Hockey has refuted speculation that Prime Minister Tony Abbott will shortly face a leadership spill. His has come under further scrutiny after Senator Arthur Sinodinos told Sky News that his continued support for Abbott is "not unconditional". He also said that if Abbott is ousted his successor will need to adopt a "strategic" change in direction for the government. Several backbench MPs have openly criticised Abbott in recent weeks

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, SKY NEWS, AUSTRALIAN NEWS CHANNEL PTY LTD, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF HUMAN SERVICES. MEDICARE AUSTRALIA, YOUTUBE INCORPORATED, LIBERAL PARTY OF VICTORIA

Private equity firms to retain IPO stakes

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 21 : 5-Feb-15

Private equity floats are not necessarily superior as investments to other IPOs. A report by the Australian Private Equity & Venture Capital Association and advisory firm Rothschild shows that Australian-listed companies floated by private equity firms in 2104 returned 6.6 per cent by 31 December 2014. Non-private equity floats retuned 13.7 per cent. The study was limited to floats exceeding $A100 million in raised capital. Dividends were not taken into account

CORPORATES
AUSTRALIAN PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION LIMITED, MONASH IVF GROUP LIMITED – ASX MVF, IPH LIMITED – ASX IPH, GENESIS ENERGY LIMITED – ASX GNE, GRIFFITHS CONSULTING, THE PAS GROUP LIMITED – ASX PGR, BURSON GROUP LIMITED – ASX BAP, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED

Echo’s Star performer set for makeover

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Original article by Jessica Gardner, Vanessa Desloires
The Australian Financial Review – Page: 17 & 22 : 5-Feb-15

Australian-listed Echo Entertainment Group has posted a 2014-15 interim net profit of $A97.1m, which is 111 per cent higher than previously. Normalised revenue of $A1.2bn was up by 28.3 per cent, and Sydney’s The Star casino accounted for $A183m of normalised EBITDA of $A261m for the half-year. Echo Entertainment has spent $A870m on upgrading The Star in recent years, and it has flagged further expenditure on redeveloping the property

CORPORATES
ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, THE STAR, TREASURY CASINO AND HOTEL, CROWN RESORTS LIMITED – ASX CWN, JUPITERS LIMITED, CITIGROUP PTY LTD

BG writes down $9bn in LNG assets on oil slide

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Original article by Matt Chambers
The Australian – Page: 20 : 4-Feb-15

The recent rapid decline in the global crude oil price continues to affect the LNG sector in Australia. BG Group has been forced to announce provisioning worth $US6.8bn ($A8.87bn) for its Queensland Curtis LNG (QCLNG) project at Gladstone. Another factor in the writedown was the divestment of the pipeline bringing feedstock gas to the plant, to APA Group. BG owns some three quarters of the QCLNG operation. The rival Gladstone LNG and Australia Pacific LNG developments are lead managed by Santos and Origin Energy respectively, which may also soon announce impairments

CORPORATES
BG GROUP PLC, APA GROUP – ASX APA, SANTOS LIMITED – ASX STO, ORIGIN ENERGY LIMITED – ASX ORG, QUEENSLAND CURTIS LNG PTY LTD, GLADSTONE LNG PTY LTD, AUSTRALIA PACIFIC LNG LIMITED, SCHLUMBERGER LIMITED, BHP BILLITON LIMITED – ASX BHP, CONOCOPHILLIPS, GORGON JOINT VENTURE, CHEVRON AUSTRALIA PTY LTD, CHEVRON CORPORATION, MOBIL AUSTRALIA RESOURCES COMPANY PTY LTD, EXXONMOBIL CORPORATION, SHELL DEVELOPMENT (AUSTRALIA) PTY LTD, ROYAL DUTCH SHELL PLC

Novion, Federation seal $22bn mall merger

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Original article by Sarah Danckert
The Australian – Page: 19 : 4-Feb-15

Australian-listed real estate investment trusts (A-REITs) Novion and Federation Centres, active in the retail malls segment, will be merged in a deal worth $A22bn. The combined entity will be ranked third in the A-REITs category behind rival shopping centre owners Westfield Corporation and Scentre Group. Novion is the former CFS Retail, and along with Federation has 100-plus mall assets. Speculation is growing that a merger agreement may also soon be struck that could involve Dexus, GPT and Stockland

CORPORATES
NOVION PROPERTY GROUP – ASX NVN, FEDERATION CENTRES – ASX FDC, WESTFIELD CORPORATION – ASX WFD, SCENTRE GROUP – ASX SCG, DEXUS PROPERTY GROUP – ASX DXS, GPT GROUP – ASX GPT, STOCKLAND – ASX SGP, CHADSTONE SHOPPING CENTRE, CHATSWOOD CHASE, ASX LIMITED – ASX ASX, COMMONWEALTH PROPERTY OFFICE FUND, FRASERS CENTREPOINT LIMITED, AUSTRALAND PROPERTY GROUP, CANADA PENSION PLAN INVESTMENT BOARD, UBS HOLDINGS PTY LTD, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE BANK LIMITED – ASX MBL, CREDIT SUISSE (AUSTRALIA) LIMITED

News Corp’s $417m tax bill confounds critics

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Original article by Darren Davidson
The Australian – Page: 22 : 4-Feb-15

Australia’s Senate Economics Committee is looking into claims by unions and other organisations that major corporations engage in profit shifting to minimise their tax burden. In its submission to the inquiry, News Corp Australia says its payments of income and withholding tax between 2009-10 and 2013-14 totalled $A417.3m. The media group also notes that its combined goods and services, fringe benefits and payroll taxes for those years were worth a further $A900m

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, REA GROUP LIMITED – ASX REA, FEDERAL COURT OF AUSTRALIA, TAX JUSTICE NETWORK, UNITED VOICE, HARPERCOLLINS PUBLISHERS PTY LTD