Free-to-air TV hit as streaming lifts off

Original article by Andrew White
The Australian – Page: 19 : 30-May-19

Morgan Stanley has warned that the profits and advertising revenue of traditional media companies will decline as streaming video and music providers become more popular. This in turn has implications for the valuation of print and broadcast media companies. Morgan Stanley also says the rising cost of sports broadcasting rights may be unsustainable as TV networks’ revenue declines. The firm expects 70 per cent of Australian households to have access to a streaming service within five years.

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MORGAN STANLEY AUSTRALIA LIMITEDSTAN ENTERTAINMENT PTY LTDNETFLIX INCORPORATEDNINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NECSEVEN WEST MEDIA LIMITED – ASX SWMTEN NETWORK HOLDINGS LIMITEDPRIME MEDIA GROUP LIMITED – ASX PRTSOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXLHT&E LIMITED – ASX HT1NOVA ENTERTAINMENT PTY LTDWIN CORPORATION PTY LTDAUSTRALIAN BROADCASTING CORPORATIONSPECIAL BROADCASTING SERVICE (SBS)

Labor clears decks for policy refit

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 30-May-19

Labor will decide the composition of its shadow cabinet team on 30 May. Finance spokesman Jim Chalmers is expected to replace Chris Bowen as shadow treasurer, and there is speculation that the latter could be given the infrastructure or industry portfolio. Senator Kristina Keneally will be given a frontbench portfolio on the insistence of Labor leader Anthony Albanese. Meanwhile, Albanese has ruled out backing the Coalition’s so-called ‘big stick’ energy policy, while he may resist a growing push within Labor’s ranks to support the government’s income tax cuts package.

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AUSTRALIAN LABOR PARTY

Quantitative easing on cards as economy falters

Original article by James Glynn
The Australian – Page: 27 : 30-May-19

The 10-year Australian government bond yield fell to a record low of 1.487 per cent in recent days, widening the gap with US Treasuries to 0.75 per cent, while the Australian dollar is close to a 10-year low. David Plank of the ANZ Bank says there has been some speculation in financial markets that the Reserve Bank could pursue quantitative easing in addition to interest rate cuts. However, Stephen Halmarick of the Commonwealth Bank says reducing the cash rate to one per cent and government policies such as income tax cuts should provide sufficient economic stimulus to rule out the need for quantitative easing.

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RESERVE BANK OF AUSTRALIAAUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZCOMMONWEALTH BANK OF AUSTRALIA – ASX CBAJP MORGAN AUSTRALIA LIMITEDUNITED STATES. FEDERAL RESERVE BOARD

Debt-free Galaxy Resources to back lithium processing plant in China

Original article by Brad Thompson
The Australian Financial Review – Page: 21 : 30-May-19

Galaxy Resources has revealed plans to acquire a minority stake in a new or existing lithium processing plant in China. The plant will process spodumene concentrate from Galaxy’s Mount Cattlin mine in Western Australia into lithium carbonate or lithium hydroxide. Galaxy chairman Martin Rowley says Mount Cattlin’s remaining mine life is relatively short, so it makes more sense to invest in a Chinese processing plant than to build one in Western Australia. Galaxy recently acquired a stake in rival lithium exporter Alliance Mineral Assets.

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GALAXY RESOURCES LIMITED – ASX GXYALLIANCE MINERAL ASSETS LIMITED – ASX A40POSCOJP MORGAN AUSTRALIA LIMITEDMINERAL RESOURCES LIMITED – ASX MINCOWAN LITHIUM LIMITED – ASX COW

Miners soar as new dividend heroes on ASX

Original article by William McInnes
The Australian Financial Review – Page: 29 : 30-May-19

Australia’s three major iron ore producers are widely tipped to continue to return excess cash to shareholders via dividends or share buybacks. The surging price of the steel input has bolstered the balance sheets of BHP, Rio Tinto and Fortescue Metals Group, and Michael Slack of Martin Currie says cash flows appear to be at or near their peak. However, he adds that the miners will eventually need to begin reinvesting in their businesses.

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BHP GROUP LIMITED – ASX BHPRIO TINTO LIMITED – ASX RIOFORTESCUE METALS GROUP LIMITED – ASX FMGMARTIN CURRIE INVESTMENT MANAGEMENT LIMITEDEPOCH INVESTMENT PARTNERS INCORPORATEDVALE SA

Vale Sir Arvi Parbo AC, Kt. Memorial Commemoration & Video of Service at Melbourne Town Hall, May 27, 2019

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Arvi Hillar Parbo, the second of four sons to Aado and Hilda (nee Rass), was born on 10th February 1926 in Tallinn, Estonia. His secondary education was interrupted by World War II. When the war ended in 1945, 19 year old Arvi Parbo entered a Displaced Persons Camp and became a refugee in Germany where he finished his secondary education, and in 1946 he enrolled at the Clausthal Mining Academy. After two years, he decided that because opportunities in mining were limited in Germany, he would emigrate.

He arrived in Melbourne in November 1949 and was sent to work in a quarry south of Adelaide. Arvi Parbo enrolled at Adelaide University and completed a degree in Mining Engineering (with First Class Honours) in 1955.

Professor John P. Morgan, from Adelaide University, helped Arvi secure a position with WMC in Western Australia. Arvi Parbo and Saima had met in a refugee camp in Germany, they travelled to Australia separately and did not meet again until a chance encounter in Adelaide years later. They married in Adelaide in 1953. Ellen was born in Adelaide and their two sons, Peeter and Martin, were born at Southern Cross, Western Australia.

In February 1968, Arvi Parbo was appointed General Manager of WMC, Director in September 1970, Managing Director in November 1971 and Chairman and Managing Director in October 1974.

In 1986, after 15 years as Managing Director of WMC, Sir Arvi Parbo relinquished the role, but remained Executive Chairman until December 1990 when he retired as an Executive, but remained Chairman until retirement in 1999.

In August, 1987, Sir Arvi Parbo was appointed a Director of The Broken Hill Proprietary Company Limited (BHP) and Chairman from May 1989 to May 1992.

Throughout his life, Sir Arvi Parbo was widely engaged in community and business organisations where his personal advice was welcomed and appreciated both in Australia and internationally.

Link to full Memorial Commemoration PDF here.

Watch full program of Memorial Commemoration here.

 

Fair Work Ombudsman accuses toy retailer Uncle Toys of underpaying workers

Original article by Josh Fagan
Herald Sun – Page: Online : 29-May-19

The Fair Work Ombudsman alleges that retailer Uncle Toys paid some of its employees just $6.70 an hour at its pop-up stores across Melbourne during the Christmas trading period. FWO Sandra Parker says the retailer and its owner Eyal Israel are the first to be prosecuted under the Protecting Vulnerable Workers laws. The eight employees of Uncle Toys who were underpaid are all on temporary working visas, and are said to be owed a total of $21,000 in wages and entitlements.

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AUSTRALIA. FAIR WORK OMBUDSMAN, UNCLE TOYS

Housing recovery on cards, says HSBC

Original article by Ben Wilmot
The Australian – Page: 23 : 29-May-19

Paul Bloxham of HSBC notes that Australian house prices have fallen by an average of eight per cent since the current downturn began. Prices in Sydney have fallen by 15 per cent, while prices in Melbourne are down 11 per cent. However, Bloxham says house prices are likely to stabilise during the second half of 2019 before improving in 2020. He says factors that should boost the market include the prospect of official interest rate cuts and the re-elected Coalition government’s proposed first-home buyers loan scheme.

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HSBC AUSTRALIA HOLDINGS PTY LTD, AMP CAPITAL INVESTORS LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA

Murdoch siblings catapult up list

Original article by Michael Bailey
The Australian Financial Review – Page: 1 & 2 : 29-May-19

Lachlan Murdoch is ranked 18th on the 2019 Financial Review Rich List, with estimated personal wealth of $18bn. His sister Prudence MacLeod is ranked 22nd and is estimated to be worth $3.1bn. Rupert Murdoch’s other four children are not eligible for inclusion in the Rich List as they are not Australian citizens. The wealth of Murdoch’s children was boosted after they were each given 17 million shares in Walt Disney Company following the media giant’s acquisition of 21st Century Fox. Disney’s shares recently reached a record high.

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WALT DISNEY COMPANY, 21ST CENTURY FOX INCORPORATED, NOVA ENTERTAINMENT PTY LTD, MACDOCH VENTURES, NEWS CORPORATION – ASX NWS, CANVA PTY LTD, ARTESIAN CAPITAL MANAGEMENT (AUSTRALIA) PTY LTD, TEN NETWORK HOLDINGS LIMITED

Jones in $4m deal to stay on radio

Original article by Nick Tabakoff
The Australian – Page: 3 : 29-May-19

Macquarie Media has signed up Alan Jones for another two years as the host of 2GB’s breakfast program, following protracted negotiations. Jones has stressed that both himself and Macquarie chairman Russell Tate are happy with the new deal, and that it does not feature any onerous conditions. Jones has not ruled out remaining at 2GB beyond his new two-year contract, but says it is too soon to make such a commitment.

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MACQUARIE MEDIA LIMITED – ASX MRN, 2GB, RADIO 4BC BRISBANE PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC