Author: roymorgansocial

Bellamy’s steps up overtures to daigou traders

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Original article by Simon Evans, John Kehoe
The Australian Financial Review – Page: 15 : 18-Sep-19

Shares in infant formula maker Bellamy’s Australia rose a further 1.1 per cent on 17 September, following a 55 per cent jump on 16 September after it disclosed it was the subject of a $1.5 billion takeover by China Mengniu Dairy. Bellamy’s shares had declined 62 per cent in the 18 months prior to the offer, largely due to regulatory problems in China. Some crossbench senators have suggested the Chinese government sought to depress Bellamy’s share price to make it easier for Chinese companies to bid for it, while Bellamy’s will accelerate a push to boost the sales it makes through daigou traders.

CORPORATES
BELLAMY’S AUSTRALIA LIMITED – ASX BAL, CHINA MENGNIU DAIRY COMPANY LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, CENTRE ALLIANCE, AUSTRALIAN GREENS, BURRA FOODS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY

ANZ-Roy Morgan Consumer Confidence down to a two year low at 109.3

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Original article by Roy Morgan
Market Research Update – Page: Online : 18-Sep-19

ANZ-Roy Morgan Australian Consumer Confidence fell 3.5% to 109.3 in the week ending 15 September, its lowest level in more than two years. The financial conditions subcomponents dropped sharply, while the economic conditions subindices were also down. The four-week moving average for inflation expectations increased by 0.1ppt to 4.1%, while the ‘Time to buy a household item’ was the only subindex in the positive, eking out a 0.2% gain.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ROY MORGAN LIMITED

Labor’s double-dipping motion fails

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Original article by Adam Zuchetti
mybusiness.com.au – Page: Online : 17-Sep-19

The Senate has defeated a disallowance motion moved by Labor against the Fair Work Amendment (Casual Loading Offset) Regulations 2018. The regulations were introduced by the federal government to prevent casual employees ‘double-dipping’ on annual leave and other entitlements, and were adopted in the wake of the WorkPac decision. The motion, which was put by Labor Senator Don Farrell, was defeated by 33 votes to 29 on 16 September. The motion’s defeat was welcomed by Australian Chamber of Commerce and Industry CEO James Pearson, with Pearson saying he was thankful common sense had prevailed.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, WORKPAC PTY LTD

Film industry wants local content requirements for streaming services

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Original article by Lilly Vitorovich
The Australian – Page: Online : 18-Sep-19

Australian actors, producers and directors are calling on the federal government to introduce local content requirements for streaming platforms such as Stan and Netflix. Communications Minister Paul Fletcher has previously indicated this was something the government would consider. The screen industry is also calling for existing local content rules for free-to-air and pay television operators to be retained, while the Media, Entertainment & Arts Alliance notes that the industry generates around $3 billion in economic activity each year.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, STAN ENTERTAINMENT PTY LTD, NETFLIX INCORPORATED

Sydney median house price rises in June quarter

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Original article by Michael Bleby
The Australian Financial Review – Page: Online : 18-Sep-19

The median price for Sydney homes rose $5,000 to $875,000 in the June quarter, according to the Australian Bureau of Statistics, while Melbourne’s median house price held at $680,000. Prices for prices for detached dwellings fell nationally by 0.6 per cent, compared to a 3.1 per cent decline in the March quarter, while prices for attached dwellings fell by 0.8 per cent, compared to a three per cent decline in the March quarter.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

HK pleads for patience

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Original article by Michael Smith
The Australian Financial Review – Page: 1 & 13 : 17-Sep-19

Hong Kong businessman and politician Bernard Chan believes it can end the unrest in the former UK colony without the need for Chinese military intervention. Chan, who is on the board of Cathay Pacific and who is president of Asia Financial Holdings and Asia Insurance, says no one wants to see such intervention, including Beijing itself. Chan believes the unrest is more about the Hong Kong government’s failure to address economic and social challenges than concern about Chinese political interference, and he hopes Hong Kong Chief Executive Carrie Lam’s upcoming annual policy address, which she will give in October, will act as a ‘circuitbreaker’ for the unrest.

CORPORATES
CATHAY PACIFIC AIRWAYS LIMITED, ASIA FINANCIAL HOLDINGS, ASIA INSURANCE COMPANY

The $10m men reap benefits of high returns

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 17-Sep-19

Australian Council of Superannuation Investors research reveals Australia’s 10 highest paid CEOs earned over $10 million in realised pay in fiscal 2018, with realised pay including the actual value of vested equity. Only one eligible ASX 100 CEO did not get their bonus in fiscal 2018, compared to six in fiscal 2017. ACSI CEO Louise Davidson says corporate Australia appears to view bonuses as "fixed pay under another name", rather than as a reward for "stretch performance"

CORPORATES
AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP

Challenge to ruling on shift workers’ leave

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Original article by Ewin Hannan
The Australian – Page: 5 : 17-Sep-19

The federal government and Mondelez International plan to challenge a Federal Court decision regarding shift workers’ leave entitlements in the High Court. Mondelez, with the support of the government, had sought to cut personal and carers leave entitlements for shift workers at its Cadbury factory in Tasmania, but the Federal Court rejected its bid. Employer groups state the decision would give those who work industry-specific rosters or long hours much greater leave entitlements than those who work standard 38-hour weeks. Attorney-General Christian Porter said the Federal Court’s decision would create inequality between workers, while he noted employers had estimated the decision could increase their costs by up to $2 billion a year.

CORPORATES
FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA, MONDELEZ AUSTRALIA (FOODS) LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, CADBURY AUSTRALIA LIMITED

Rebel Liberals call spill against NSW Premier

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Original article by Andrew Clennell
The Australian – Page: 1 & 2 : 17-Sep-19

Three Liberal MPs will launch a ’empty chair’ spill motion against New South Wales Premier Gladys Berejiklian on 17 September over abortion legislation. The legislation has passed the NSW Lower House on a conscience vote, despite most Liberal MPs voting against it. The three MPs – Lower House member Tanya Davies and Upper House members Matthew Mason-Cox and Lou Amato – have stated they are launching their motion against Berejiklian because of the unwillingness of her and her government to agree to proposed amendments to the legislation that would be put to the Upper House.

CORPORATES
NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, LIBERAL PARTY OF NEW SOUTH WALES

‘Bittersweet’: agricultural exports reach record high amid stock sell-off

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Original article by Ean Higgins
The Australian – Page: Online : 17-Sep-19

Australian agricultural exports reached a record high of $50.7 billion in 2018-19, according to Rural Bank’s Australian Agricultural Trade report. Agricultural commodities to record growth in 2018-19 included cotton, diary, sheep and wine, while commodities that declined in value included seafood and wool. Beef recorded the biggest rise in export value growth, up $1.9 billion to $12.3 billion. However, Rural Bank described this growth as ‘bittersweet’, it being a reflection of farmers not able to feed all their stock because of drought and therefore having to sell some of them.

CORPORATES
RURAL BANK LIMITED