Author: roymorgansocial

Exorbitant registry fees in ASIC’s sights

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Original article by Adam Creighton
The Australian – Page: 21 : 15-Aug-19

The Australian Competition & Consumer Commission is believed to be launching an investigation into the exit fees charged by share registry providers Computershare and Boardroom. This follows a complaint by fellow provider Automic, which stated to the ACCC in December that competition in the share registry sector was being stifled by the ‘exit fees’ that Computershare and Boardroom were charging clients who wanted to shift their business. A Computershare spokesperson has stated that it does not engage in anti-competitive practice.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, COMPUTERSHARE LIMITED – ASX CPU, BOARDROOM LIMITED, AUTOMIC

Tabcorp says lotteries demerger calls total nonsense

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Original article by James Thomson
The Australian Financial Review – Page: 15 : 15-Aug-19

Gambling company Tabcorp released its 2018-19 full year results, reporting an underlying net profit of $397.6 million, up 42.5 per cent. It was the first full-year results released by Tabcorp since its $11 billion merger with Tatts Group, with Tabcorp’s lotteries division reporting a 29 per cent increase in EBITDA to $509 million. However, its wagering and media division saw its EBITDA fall 7.9 per cent to $416 million. Commenting on calls for Tabcorp to demerge its lotteries business, CEO David Attenborough said there were no plans to do so.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED, PERPETUAL LIMITED – ASX PPT

Immunoglobulins: CSL tells rivals to lift supply

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 15 : 15-Aug-19

Blood product company CSL released its results for the year to 30 June on 14 August, reporting a net profit after tax of $US1.92 billion ($2.9 billion), up 11 per cent. CSL’s revenue was up by 7.9 per cent to $US8.5 billion, while the company advised that it expected its net profit to exceed $US2 billion in the 2019-20 financial year. CSL CEO Paul Perreault called on its competitors in the global immunoglobulin market to boost their output, or risk demand significantly outweighing supply.

CORPORATES
CSL LIMITED – ASX CSL

Are BHP shareholders on board with crusading boss?

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Original article by Janet Albrechtsen
The Australian – Page: Online : 14-Aug-19

BHP CEO Andrew Mackenzie has shown he is not averse to speaking out on issues such as climate change and a separate voice for indigenous people in the Constitution; he has indicated it is proper that he should do so. However, it is reasonable to ask whether BHP shareholders are comfortable with his stance, as well as querying where the BHP board stands on the issues he is raising and whether his views have their sanction. It is possible that giving indigenous Australians a separate voice could at some point impact on BHP’s shareholder value, so it is reasonable to ask whether Mackenzie has given the board any projections regarding this possibility.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Iron ore outlook not so bleak: analysts

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Original article by Al Root
The Australian – Page: Online : 15-Aug-19

Goldman Sachs analyst Paul Young has upgraded his rating for Fortescue Metals from ‘hold’ to ‘buy’, despite the recent slump in the price of iron ore. Young has also set a price target of $9.80 for Fortescue, around 35 per cent higher than recent levels. Although JP Morgan has noted recently that Vale is producing more ore and Chinese steel inventories are on the increase, Young notes that Goldman’s commodities team has recently upgraded 2019, 2020 and 20201 estimated iron ore prices.

CORPORATES
GOLDMAN SACHS AUSTRALIA PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, VALE SA, JP MORGAN AUSTRALIA LIMITED, CORONADO GLOBAL RESOURCES INCORPORATED – ASX CRN

Surveys to shed revealing light on health of the nation

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Original article by Sean Parnell
The Australian – Page: 4 : 14-Aug-19

Health Minister Greg Hunt will announce on 14 August details of the Intergenerational Health and Mental Health Study, which is expected to cost $90 million and take three years to complete. It will comprise four surveys that will be overseen by the Australian Bureau of Statistics, with the first being a mental health and wellbeing survey. It will be followed by a National Health Study, while there will also be a National Nutrition and Physical Activity Study and a National Health Measures Study. The surveys are being undertaken because of concerns that policy and reforms are being based on out-of-date information.

CORPORATES
AUSTRALIA. DEPT OF HEALTH, AUSTRALIAN BUREAU OF STATISTICS

Meat CEO’s beef with Hastie comments

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Original article by Glenda Korporaal
The Australian – Page: 19 : 14-Aug-19

Australian Meat Industry Council CEO Patrick Hutchinson has attacked Liberal MP Andrew Hastie over his recent comments regarding China. With Australian meat exports to China tipped to exceed $2 billion in 2019, Hutchinson says Hastie’s comments, which saw him compare the rise of China to that of Nazi Germany in the 1930s, were "inflammatory and ill-considered". Hutchinson says the comments do not reflect rural and regional Australia, which would suffer if the remarks led to a further downturn in the relationship between China and Australia. Hutchinson notes the meat processing sector represents over 50,000 full-time equivalent jobs, on top of the farmers who produce beef cattle.

CORPORATES
AUSTRALIAN MEAT INDUSTRY COUNCIL, LIBERAL PARTY OF AUSTRALIA

Hong Kong protests not terrorism: PM

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 14-Aug-19

Prime Minister Scott Morrison has questioned China’s use of the term terrorism in regard to the current protests in Hong Kong. With protesters having brought Hong Kong’s airport to a standstill on 12 August, China accused the protestors of "serious crimes with sprouts of terrorism emerging". Morrison says he would like to see the tensions in Hong Kong de-escalated, and for Hong Kong authorities to heed the concerns of its citizens. Morrison’s call for the de-escalation of tensions in Hong Kong has been echoed by Canadian Prime Minister Justin Trudeau.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

ACCC poised to take tech giants to court

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Original article by Patrick Durkin
The Australian Financial Review – Page: 10 : 14-Aug-19

The Australian Competition and Consumer Commission is close to launching five cases against Google and Facebook in the aftermath of its digital platforms inquiry. The cases are understood to involve alleged breaches of consumer, competition and privacy laws, with ACCC chairman Rod Sims saying on 13 August that Facebook and Google must comply with Australia’s laws if they wish to do business here. He said a decision on whether to proceed with the five cases would be made before the end of 2019.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FACEBOOK AUSTRALIA PTY LTD, GOOGLE AUSTRALIA PTY LTD

Toll back to logistics losses as Japanese parent loses face

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 13 : 14-Aug-19

Logistics company Toll Holdings made a net loss of $113.8 million for the 12 months to March, according to its latest annual report. This compares to a profit of $11.2 million for the previous corresponding period, with Toll attributing the loss in part to increased transport, fuel and restructuring costs. Toll’s woes appear to have continued since then, with its parent Japan Post advising in the week ending 9 August that its international logistics unit – which includes Toll, Toll Express and JP Toll Logistics – made a net loss of $24 million for the three months to June. This compares to a loss of $8 million for the previous corresponding period.

CORPORATES
TOLL HOLDINGS LIMITED, JAPAN POST COMPANY LIMITED