Author: roymorgansocial

Banks face stress test on climate

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Original article by Michael Roddan
The Australian – Page: 1 & 2 : 20-Dec-19

Australian financial services providers may be required to disclose their exposure to climate risks in their financial statements. It is amongst reforms that are likely to be implemented by the Australian Prudential Regulation Authority and the Reserve Bank of Australia, which include subjecting banks and insurance companies to stress-testing with regard to climate change-related risks. The reforms have been proposed by the Network of Central Banks & Supervisors for Greening the Financial System. The RBA has been a member of it since 2018, while APRA has observer status.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, NETWORK OF CENTRAL BANKS AND SUPERVISORS FOR GREENING THE FINANCIAL SYSTEM

Seven grabs Prime stake as takeover tanks

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Original article by Lilly Vitorovich
The Australian – Page: 15 & 21 : 20-Dec-19

Seven West Media has become the biggest shareholder in Prime Media Group, after the latter’s shareholders rejected a merger proposal. Some 53.53 per cent of votes cast at Prime’s scheme meeting opposed the deal; chairman John Hartigan has described it as a "disappointing outcome" for both the majority of Prime’s shareholders and the regional TV sector. Meanwhile Seven has issued 30 million of its shares to Spheria Asset Management in return for 54.6 million shares in Prime, giving Seven a 14.9 per cent stake in its regional affiliate.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, SPHERIA ASSET MANAGEMENT PTY LTD, WIN CORPORATION PTY LTD, AUSTRALIAN COMMUNITY MEDIA, BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Energy giants make good on exploration promise

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 23 : 20-Dec-19

Chevron will spend $75.9m on oil and gas exploration in Australia over the next three years, while BP in turn will spend $40.6m. South Australia’s Energy Minister Dan van Holst Pellekaan has welcomed their commitment to spend a combined $60m on exploration in the state. Meanwhile, Centre Alliance MP Rebekha Sharkie has criticised the National Offshore Petroleum Safety & Environmental Management Authority’s decision to approve Equinor’s drilling program in the Great Australian Bight. Chevron and BP had both abandoned plans to undertake exploration in the Bight in recent years.

CORPORATES
CHEVRON CORPORATION, BP PLC, SOUTH AUSTRALIA. DEPT FOR TRANSPORT, ENERGY AND INFRASTRUCTURE, AUSTRALIA. NATIONAL OFFSHORE PETROLEUM SAFETY AND ENVIRONMENTAL MANAGEMENT AUTHORITY, EQUINOR ASA, CENTRE ALLIANCE, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

What do kids want for Christmas? Netflix, iPads & iPhones

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Dec-19

Roy Morgan’s pre-Christmas spending predictions, released in conjunction with the Australian Retailers Association, show that Australians are expected to spend nearly $53 billion in the lead-up to Christmas. This is up 2.6% on a year ago, and well above the latest ABS inflation level of 1.7%. Meanwhile, streaming service Netflix has topped the Kids’ Cool List in Roy Morgan’s Young Australians Survey for a second straight year; Netflix was nominated as ‘really cool’ by 66% of 6-13 year olds (up 3% points on 2018) and more than 70% of 10-13 year olds. In second place is former Number 1 (in 2016), the Apple iPad on 60%, followed by the Apple iPhone on 53%. Netflix is in top spot for both girls and boys, ahead of the iPad, with girls putting the Apple iPhone in third spot, although for boys it is the Sony PlayStation 4 that takes third spot. More than twice as many boys as girls say they consider the PlayStation 4 ‘really cool’. With around 2,500 young respondents per year, Roy Morgan’s Young Australians Survey has been measuring the changing tastes, opinions and activities of Aussie kids for many years, proving to be an invaluable resource for both retailers and parents keen to ensure they know what children and teens want.

CORPORATES
ROY MORGAN LIMITED, NETFLIX INCORPORATED, APPLE INCORPORATED, SONY COMPUTER ENTERTAINMENT AUSTRALIA PTY LTD

Stagnant wages and rising debt point to weak Christmas spending

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Original article by Euan Black
The New Daily – Page: Online : 19-Dec-19

Research by the Commonwealth Bank shows that 12 per cent of Australian adults will do most of their Christmas shopping at the last minute. Meanwhile, 26 per cent will look for discounts to save money on their Christmas shopping. The Commonwealth Bank’s chief economist Michael Blythe says growth in consumer spending is likely to be weak in 2019. Jim Stanford from the Centre for Future Work says factors such as small pay rises and high debt have prompted consumers to reduce their spending.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, THE AUSTRALIA INSTITUTE LIMITED. CENTRE FOR FUTURE WORK

Google settles $481m tax brawl

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Original article by David Swan
The Australian – Page: 3 : 19-Dec-19

The Australian Taxation Office’s deputy commissioner Mark Konza has welcomed Google’s decision to settle a long-running tax dispute. The technology company has agreed to pay $481m to resolve the dispute, which centred on tax audits covering the period from 2008 to 2018. A Google spokeswoman has emphasised that the settlement does not constitute an admission of liability. Google’s Australian earnings topped $1bn in 2018, but it paid just $25.6m in tax. Konza says the ATO will pursue at least one other technology company.

CORPORATES
GOOGLE INCORPORATED, GOOGLE AUSTRALIA PTY LTD, AUSTRALIAN TAXATION OFFICE, ATLASSIAN CORPORATION PLC, FACEBOOK INCORPORATED

Seven takeover bid has failed, Prime admits

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Original article by Lilly Vitorovich
The Australian – Page: 15 : 19-Dec-19

Seven West Media’s proposed acquisition of regional affiliate Prime Media Group has been cleared by the Australian Competition & Consumer Commission. The ACCC would require Seven to divest the Spirit and RedFM radio networks in regional Western Australia to comply with broadcasting laws. However, Prime has indicated that the proxy votes which have been cast to date suggest that the deal will not proceed. Prime shareholders will vote on the deal on 19 December. Prime has confirmed that chairman John Hartigan will retire following the shareholders’ meeting.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, WIN CORPORATION PTY LTD, SPIRIT RADIO, REDFM

Legendary corporate tycoon’s 207,000 child porn images

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Original article by Yoni Bashan, Emily Ritchie, Eli Greenblat
The Australian – Page: 1 & 4 : 19-Dec-19

Former corporate raider Sir Ron Brierley has been released on conditional bail after being charged with six counts of possessing child abuse material. The 82-year-old was arrested at Sydney airport prior to taking a flight to Fiji. Police will allege that his carry-on luggage contained a laptop computer and USB devices with a large quantity of pornographic photos and videos that featured young children. The police were acting on an anonymous Crime Stoppers tip-off. Sir Ron retired from corporate life in June.

CORPORATES
MERCANTILE INVESTMENT COMPANY LIMITED – ASX MVT, NEW SOUTH WALES POLICE FORCE

Bank stalled as ASIC demanded refunds

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Original article by Michael Roddan
The Australian – Page: 13 & 14 : 19-Dec-19

Court documents filed by the Australian Securities & Investments Commission show that National Australia Bank’s internal auditors had raised concerns about charging fees for services that were not provided in April 2016. NAB subsequently made a public admission about the practice, but ASIC executive Louise Macaulay told NAB in November 2017 that its customer remediation program was out of step with rival banks. ASIC subsequently rejected a number of proposed models for compensating NAB customers, while the bank continued to charge ongoing fees until February 2019.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Oil Search boosts Alaska oil outlook

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 20 : 19-Dec-19

Oil Search has upgraded the 2C contingent resource estimate for the Pikka oil project in Alaska to 728 million barrels following an independent assessment. This is 46 per cent higher than Oil Search had estimated when it acquired its stake in the project in 2018; the company’s share of the 2C contingent resource has been increased from 127 million barrels to 371 million barrels. Oil Search and its joint venture partners expect to make a decision on the commencement of front-end engineering and design work in early 2020.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, JP MORGAN AUSTRALIA LIMITED