Author: roymorgansocial

Zero to hero: Andrews opens economy at last

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Original article by Rachel Baxendale
The Australian – Page: 1 & 5 : 27-Oct-20

Victoria recorded no new coronavirus cases on 26 October, and the number of active cases statewide has fallen to 91. It was the first day with zero new cases since 9 June, prompting Premier Daniel Andrews to announce major changes to lockdown measures from 11.59pm on 27 October. Amongst other things, Melbourne retailers and hospitality venues will be permitted to re-open, although there will be limits on the number of patrons, while Melbourne residents will be allowed to leave their home for any reason for the first time since 9 July. However, some restrictions will remain in place until at least 8 November, including the 25km travel limit.

CORPORATES
VICTORIA. DEPT OF PREMIER AND CABINET

CC Amatil and Coke Europe in merger talks

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Original article by Sue Mitchell
The Australian Financial Review – Page: 14 & 20 : 26-Oct-20

Shares in Coca-Cola Amatil were placed in a trading halt on 23 October, pending an announcement on a "potential material transaction". Bloomberg has reported that the beverages group is in advanced talks with Coca-Cola European Partners regarding a takeover proposal that could be worth around $10bn. The Coca-Cola Company has a 30.4 per cent stake in CCA and a 19.3 per cent stake in CCEP, positioning it to play a key role in any deal that emerges. A takeover of Australia’s largest non-alcoholic beverage would most likely need to be approved by the Foreign Investment Review Board.

CORPORATES
COCA-COLA AMATIL LIMITED – ASX CCL, COCA-COLA EUROPEAN PARTNERS, THE COCA-COLA COMPANY, BLOOMBERG LP, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

ASIC overhaul as chair faces exit

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Original article by Richard Gluyas
The Australian – Page: 13 & 16 : 26-Oct-20

An independent review into the expenses of Australian Securities & Investments Commission chairman James Shipton is expected to be completed before the end of 2020. Shipton has stepped aside pending the outcome of the review, but sources have suggested that he is unlikely to remain in the role. ASIC’s acting chair Karen Chester is tipped to succeed Shipton, who has agreed to repay the expenses he incurred in relocating from the US to Australia. ASIC’s deputy chair Daniel Crennan will also repay expenses associated with moving from Melbourne to Sydney.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Seven floated merger with ViacomCBS’ Ten

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Original article by Zoe Samios
The Age – Page: Online : 26-Oct-20

Sources have indicated that Seven West Media chairman Kerry Stokes held informal talks earlier in 2020 about a potential merger with the rival Ten Network. The discussions between Stokes and ViacomCBS president and CEO Bob Bakish are said to have ended after they agreed that such a deal would not be possible under Australia’s existing media ownership rules. Any such deal would also have faced scrutiny by the Australian Competition & Consumer Commission. The talks have heightened speculation that Stokes may be keen to exit the media sector.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, TEN NETWORK HOLDINGS LIMITED, VIACOMCBS INCORPORATED

Digital dossiers designed to blackmail, intimidate

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Original article by Angus Grigg
The Australian Financial Review – Page: 3 : 26-Oct-20

Matt Pottinger has confirmed to the London think tank Policy Exchange that China is constructing ‘digital dossiers’ of millions of people around the world. The comments of Pottinger, who is the Deputy National Security Adviser to US President Donald Trump, follow the revelation that a Chinese military contractor had a database with profiles of over 2.4 million people globally, with the Australians listed including Prime Minister Scott Morrison and technology billionaire Mike Cannon-Brookes. Pottinger says the compilation of such ‘dossiers’, aimed at influencing, humiliating, dividing and blackmailing opponents, has always been a feature of Leninist regimes.

CORPORATES
POLICY EXCHANGE, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Fan-free Cup day as crowds banned

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Original article by Damon Johnston
The Australian – Page: 5 : 26-Oct-20

The four-day Melbourne Cup Carnival attracted about 275,000 people in 2019. The Victoria Racing Club had hoped that 10,000 people would be able to attend each day of the flagship event in 2020, with appropriate coronavirus measures in place. However, VRC chair Amanda Elliott has advised that Flemington racecourse will be closed to the general public for the entire event. The VRC remains hopeful that some racehorse owners can attend in person. The state government barred owners from attending the Cox Plate on 24 October.

CORPORATES
VICTORIA RACING CLUB LIMITED

Whitehaven won’t alter dividend policy despite setbacks

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Original article by Peter Ker
The Australian Financial Review – Page: 16 : 26-Oct-20

Whitehaven Coal’s lenders recently agreed to relax its debt covenants after the company sought relief due to a severe downturn in coal prices. However, a condition of that relaxation will constrain the company’s ability to pay dividends until its debt levels fall below certain thresholds. Whitehaven had paid out a record final dividend of $298 million in August 2019, and chairman Mark Vaile says he has no regrets about the payment. He says the company may need to be a bit more conservative about capital management in the future, while he notes that the 2019 payout followed two successive years of record profits.

CORPORATES
WHITEHAVEN COAL LIMITED – ASX WHC

Reform taxes to help economy recover, IMF tells Australia

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Original article by John Kehoe
The Australian Financial Review – Page: 2 : 26-Oct-20

Harald Finger of the International Monetary Fund has expressed support for federal government measures such as the JobKeeper wage subsidy scheme in response to the coronavirus pandemic. Finger also agrees that the JobKeeper scheme needs to be wound back as the domestic economy recovers, and the focus should shift to economic reforms that boost growth in productivity and investment. The IMF Mission chief to Australia also advocates a reduction in the corporate tax rate and increasing the goods and services tax.

CORPORATES
INTERNATIONAL MONETARY FUND

Economic reward in virus suppression

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Original article by Matthew Denholm
The Australian – Page: 4 : 26-Oct-20

CommSec’s latest ‘State of the States’ report shows that Tasmania is Australia’s best performing economy for a third successive quarter. Tasmania is ranked first with regard to a number of indicators, including housing finance and retail trade. Craig James of CommSec says there is a link between a state’s success in suppressing COVID-19 and its economic performance. Tasmania has had no recorded cases since August, and the release of the CommSec report coincides with Tasmania’s borders being re-opened to all other states except Victoria and New South Wales.

CORPORATES
COMMONWEALTH SERVICES LIMITED

Daniel Andrews under fire over delayed easing of restrictions

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Original article by Calla Wahlquist
The Guardian Australia – Page: Online : 26-Oct-20

Victoria recorded seven new coronavirus cases on 25 October, including six that are linked to an outbreak in Melbourne’s northern suburbs. Premier Daniel Andrews says an easing of lockdown restrictions for the retail and hospitality sectors will be delayed until about 1,000 coronavirus tests in the northern suburbs have been processed. He has stressed that it is a "cautious pause" and the government still hopes to relax the restrictions within days. Andrews’ backdown has been criticised by business leaders and Prime Minister Scott Morrison. Melbourne’s 14-day rolling average of new cases has fallen to 4.6.

CORPORATES
VICTORIA. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET