Author: roymorgansocial

Twitter wants to partner with TV on sports rights

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Original article by Max Mason
The Australian Financial Review – Page: 22 : 7-Jun-19

Twitter executive Kay Madati says the social media platform does not want to compete with TV networks for the right to broadcast sports. Instead, Madati says Twitter wants to act as a partner with them to help increase their audience and generate more revenue. SBS has partnered with Twitter to help promote the public broadcaster’s telecast of the 2019 Women’s World Cup. SBS will have a live daily show on Twitter during the event, along with interviews and highlights.

CORPORATES
TWITTER INCORPORATED, SPECIAL BROADCASTING SERVICE (SBS), NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, AMAZON.COM INCORPORATED, SEVEN NETWORK LIMITED, AUSTRALIAN BROADCASTING CORPORATION, TEN NETWORK HOLDINGS LIMITED

Risk of criminalising media

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Original article by Richard Ferguson
The Australian – Page: 1 & 6 : 7-Jun-19

The fallout from police raids on the ABC’s Sydney office and the home of newspaper journalist Annika Smethurst is continuing. The Australia Federal Police’s acting commissioner Neil Gaughan says the AFP is investigating criminal allegations, and it is too soon to know whether charges will be laid as a result of the raids. He adds that journalists and media companies should not assume that they are immune from criminal prosecution. News Corp Australasia executive chairman Michael Miller has stressed the importance of professional news reporting, and he has warned of the implications for democracy if journalism is criminalised.

CORPORATES
AUSTRALIAN FEDERAL POLICE, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIAN SIGNALS DIRECTORATE

Banks not passing on cut nothing new: Treasury

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Original article by Matthew Cranston, James Eyers
The Australian Financial Review – Page: 4 : 7-Jun-19

Westpac and ANZ have been criticised for withholding part of the Reserve Bank’s official interest rate cut. The central bank has cut the cash rate a total of 19 times since 2008, and analysis by the Treasury shows that there have been 13 occasions when at least one of the four major banks failed to pass on the full rate. The banks have also reduced their rates by a higher margin than the official interest rate cut on several occasions since the global financial crisis.

CORPORATES
RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. DEPT OF THE TREASURY

Rate cut to spur ASX to even greater heights

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Original article by Sarah Turner
The Australian Financial Review – Page: 17 & 30 : 7-Jun-19

Australia’s benchmark S&P/ASX 200 has gained more than12 per cent so far in 2019, including a one per cent gain since the Reserve Bank reduced the cash rate on 4 June. The first interest rate cut in almost three years may provide the catalyst for further sharemarket gains, particularly given the higher yields at present from equities than bonds and cash products such as term deposits. There is also growing expectations of further monetary policy easing before the end of 2019.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, RESERVE BANK OF AUSTRALIA, AMP CAPITAL INVESTORS LIMITED, JP MORGAN AUSTRALIA LIMITED

Housing at its most affordable

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Original article by Mackenzie Scott, Samantha Bailey
The Australian – Page: 2 : 7-Jun-19

The ANZ-CoreLogic Housing Affordability report shows that Sydney and Melbourne are still the least affordable markets in Australia for buying a home. However, the report notes that overall, housing affordability has reached its highest level since December 2016. The downturn in the housing market also means that it is cheaper to buy rather than rent in many suburbs across Australia. The report is based on housing data from December 2018.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CORELOGIC AUSTRALIA PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC

Vocus has no regrets as turnaround proves too risky for EQT

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Original article by James Fernyhough
The Australian Financial Review – Page: 13 & 20 : 6-Jun-19

Vocus Group CEO Kevin Russell says he is not aware of any other potential takeover approaches for the telco, after EQT Infrastructure chose not to make a binding offer for the company. EQT undertook due diligence on Vocus after approaching it with a non-binding offer of $5.25 per share. The Sweden-based private equity firm’s decision to walk away from a deal prompted a sell-down of Vocus shares on 5 June, with the stock closing almost 18 per cent lower at $3.77. Russell says Vocus is making progress in its turnaround strategy.

CORPORATES
VOCUS GROUP LIMITED – ASX VOC, EQT INFRASTRUCTURE, M2 GROUP LIMITED, AGL ENERGY LIMITED – ASX AGL, SINGTEL OPTUS PTY LTD, GREENCAPE CAPITAL PTY LTD

Facebook, Google unlikely to steal TV sport: Marks

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Original article by Max Mason
The Australian Financial Review – Page: 16 : 6-Jun-19

There is speculation that digital platforms such as Facebook could bid for exclusive broadcasting rights to key sports when existing deals expire. However, Nine Entertainment Company CEO Hugh Marks says digital players are unlikely to seek exclusive rights to sports such as the Australian Football League and the National Rugby League in the near-term. Broadcasting right for both codes expire in 2022.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, TWITTER INCORPORATED, AMAZON.COM INCORPORATED, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE TREASURY

Builder insolvencies soar, subbies call for safety net

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Original article by Michael Bleby
The Australian Financial Review – Page: 29 : 6-Jun-19

Data from the Australian Securities & Investments Commission highlights the impact of the slowing residential market on the construction industry. Some 153 building firms across Australia were placed in administration during March, including 64 in New South Wales. Subcontractors have backed a 2017 proposal to establish deemed statutory trusts, which would ‘ringfence’ payments to subcontractors for projects worth more than $1m.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SUBCONTRACTORS ALLIANCE, HOUSING INDUSTRY ASSOCIATION LIMITED, SCHIAVELLO GROUP PTY LTD, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN

Ex-RBA deputy queries rate cut

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Original article by John Kehoe
The Australian Financial Review – Page: 1 & 6 : 6-Jun-19

Stephen Grenville was the Reserve Bank of Australia’s deputy governor when it introduced inflation targeting in 1996. However, he has questioned whether the inflation target of 2-3 per cent is still necessary, as well as the central bank’s decision to reduce the cash rate to a record low of 1.25 per cent. Grenville argues that there needs to be more focus on the role of fiscal policy in stimulating the economy. Inflation has been below the RBA’s target range for several years, but governor Philip Lowe says there is no need for any changes to the monetary policy framework at present.

CORPORATES
RESERVE BANK OF AUSTRALIA, LOWY INSTITUTE FOR INTERNATIONAL POLICY, OUTLOOK ECONOMICS, AUSTRALIA. DEPT OF THE TREASURY, INTERNATIONAL MONETARY FUND

ANZ-Roy Morgan Consumer Confidence breaks to 116.9

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Original article by Roy Morgan
Market Research Update – Page: Online : 6-Jun-19

ANZ-Roy Morgan Australian Consumer Confidence fell 1.4% to 116.9 in the week ended 2 June, after two weekly gains. Households’ views towards current financial conditions fell 4.7% after four consecutive increases, while views towards future financial conditions were down 2.8%. Consumers’ views toward current economic conditions rose by 2.1% (up for a third consecutive week), but future economic conditions were down 0.3% after rising 4.5% in the previous reading. The ‘time to buy a household item’ index fell 1.3%.

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