Author: roymorgansocial

PM to end leadership turmoil

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Original article by Joe Kelly
The Australian – Page: 1 & 4 : 4-Dec-18

The federal government has announced changes to the Liberal Party’s leadership rules that will prevent a prime minister from being challenged during their term in office. Prime Minister Scott Morrison says the government understands the frustration and disappointment of ordinary Australians when an elected prime minister is ousted in a partyroom ballot. Morrison sought the views of former prime ministers John Howard and Tony Abbott regarding the reforms, although his immediate predecessor Malcolm Turnbull was not consulted. Labor implemented similar reforms under Kevin Rudd in 2013.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. DEPT OF THE TREASURY, LIBERAL-NATIONAL PARTY OF QUEENSLAND

GrainCorp holds out on $3.3bn bidder

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Original article by Andrew White
The Australian – Page: 17 & 20 : 4-Dec-18

Belinda Moore of Morgans Financial has described a $3.3bn takeover bid for GrainCorp as "opportunistic" due to the drought on Australia’s east coast. Meanwhile, GrainCorp directors are seeking more information on the financial backers of Long-Term Asset Partners, whose offer of $10.42 per share represents a premium of 43 per cent to GrainCorp’s closing price on 30 November. LTAP is chaired by Australian businessman Tony Shepherd. GrainCorp shares closed $1.95 higher at $9.25 on 3 December.

CORPORATES
RANCOR LIMITED – ASX GNC, LONG-TERM ASSET PARTNERS PTY LTD, MORGANS FINANCIAL LIMITED, GOLDMAN SACHS AUSTRALIA PTY LTD, ELLERSTON CAPITAL PTY LTD, PERPETUAL LIMITED – ASX PPT, ARCHER DANIELS MIDLAND COMPANY, BGH CAPITAL PTY LTD, AUSTRALIANSUPER PTY LTD, NAVITAS LIMITED – ASX NVT, HEALTHSCOPE LIMITED – ASX HSO, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, LONG TERM ALPHA ONE, LONG-TERM ASSET PARTNERS NOMINEES, AURIZON HOLDINGS LIMITED – ASX AZJ, DEUTSCHE BANK AG, WESTBOURNE CAPITAL PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Stop demonising us, says Adani chief

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Original article by Mark Ludlow
The Australian Financial Review – Page: 11 : 4-Dec-18

Adani Mining CEO Lucas Dow has called for the "demonisation" of its controversial Carmichael coal mining project in Queensland to end. Adani announced in the week ending 30 November that the project will finally go ahead, albeit on a much reduced scale, and that it will be self-funded. Dow says Adani accepts that some people are against the Carmichael project, but the debate about it proceeding or not should be based around facts, not "myths, half-truths and deceptions". He says Adani is sick of being used as a "political football".

CORPORATES
ADANI MINING PTY LTD, AUSTRALIAN LABOR PARTY, BHP GROUP LIMITED – ASX BHP, QUEENSLAND RESOURCES COUNCIL LIMITED, GETUP LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Bank pay backlash to hit pair

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Original article by Patrick Durkin
The Australian Financial Review – Page: 14 & 16 : 4-Dec-18

The Australian Shareholders’ Association has urged investors to vote against the re-election of Craig Dunn as a director of Westpac at its upcoming AGM, as has proxy adviser CGI Glass Lewis. Both have concerns about his role as the former CEO of AMP and his chairmanship of Westpac’s remuneration committee. CGI has also recommended that Paula Dwyer not be re-elected as a director of the ANZ Bank at its AGM, while fellow proxy firm ISS also has concerns about Dwyer’s re-election. Australia’s AGM season has been quite turbulent so far, with a number of directors recording a significant percentage of votes against their re-election.

CORPORATES
AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, CGI GLASS LEWIS PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, APA GROUP – ASX APA, COMPUTERSHARE LIMITED – ASX CPU, JAPARA HEALTHCARE LIMITED – ASX JHC, MYER HOLDINGS LIMITED – ASX MYR, AMP LIMITED – ASX AMP, RAMSAY HEALTH CARE LIMITED – ASX RHC, TABCORP HOLDINGS LIMITED – ASX TAH, HEALTHSCOPE LIMITED – ASX HSO, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

Nine swings axe as Fairfax newsrooms reviewed

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Original article by Lilly Vitorovich
The Australian – Page: 17 & 20 : 4-Dec-18

Nine Entertainment Company will comprise four divisions following its merger with Fairfax Media. Nine CEO Hugh Marks has advised staff that about 92 jobs will be lost as a result of the merger, although newsroom jobs will not be affected. Nine’s existing management team will largely helm the new divisions, while key Fairfax executives will exit following the merger. They include CEO Greg Hywood and CFO David Housego. The merger is expected to generate annual cost savings of around $50m.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, STUFF LIMITED, STAN ENTERTAINMENT PTY LTD, 9NOW, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, MACQUARIE MEDIA LIMITED – ASX MRN, FEDERAL COURT OF AUSTRALIA, DELOITTE TOUCHE TOHMATSU LIMITED

1.3 million Australians considering opening new bank accounts in next 6 months

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Original article by Roy Morgan
Market Research Update – Page: Online : 4-Dec-18

A Roy Morgan Single Source survey, which was undertaken in the 12 months to October 2018, shows that 1.3 million Australians aged 14+ (6.4%) are considering opening a new bank account in the next six months. This compares with 1.31 million in the year to October 2017. Some 341,000 Australians (26.3%) who are considering opening a new account in the next six months say that they are likely to do so with the CBA. The ANZ is in second place with 188,000 (14.5%), followed by Westpac (152,000) and NAB (125,000). Among the banks outside of the big four, ING is the best performer with 86,000, followed by Bendigo Bank with 66,000. The Single Source survey is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 2,500 with people who are considering opening a new bank account.

CORPORATES
ROY MORGAN LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ING BANK (AUSTRALIA) LIMITED, BENDIGO BANK

Seven welcomes YouTube’s TV challenge

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Original article by Natasha Gillezeau
The Australian Financial Review – Page: 21 : 4-Dec-18

Seven West Media’s chief digital officer Clive Dicken is not unduly concerned about YouTube’s decision to provide free access to its original TV content. Dickens says traditional TV broadcasters are looking to adopt YouTube’s advertising-supported model for streaming video. He also notes that all forms of TV are growing, despite initial fears that subscription video-on-demand services would result in the demise of traditional broadcasters. YouTube’s premium content will be viewable for free on smart TVs from 2019.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, YOUTUBE INCORPORATED, NETFLIX INCORPORATED, HULU LLC

Sharemarket in $30bn surge after thaw in US-China trade war

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Original article by David Rogers
The Australian – Page: 17 & 28 : 4-Dec-18

Materials and energy stocks posted the strongest gains on 3 December, with the Australian sharemarket rebounding from a big fall in the previous trading session. Investors responded positively to trade discussions between the US and China at the G20 meeting, as well as claims by President Donald Trump that China has agreed to remove tariffs on US cars. Meanwhile, the Australian dollar peaked at a four-month high of $US0.7384 in local trading.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, GROUP OF TWENTY (G-20), ROYAL BANK OF CANADA, BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, SOUTH32 LIMITED – ASX S32, OZ MINERALS LIMITED – ASX OZL, BLUESCOPE STEEL LIMITED – ASX BSL, BORAL LIMITED – ASX BLD, SANTOS LIMITED – ASX STO, BEACH ENERGY LIMITED – ASX BPT, ORIGIN ENERGY LIMITED – ASX ORG, SHANGHAI COMPOSITE INDEX, HANG SENG INDEX, NIKKEI 225 INDEX, KOSPI INDEX, FTSE 100 INDEX

Super loopholes cost retirees billions

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Original article by Anthony Klan, Olivia Caisley
The Australian – Page: 1 & 2 : 3-Dec-18

Professor Thomas Clarke says lobbyists from the financial sector have done a good job in persuading governments to go easy on the regulation of superannuation over recent decades. The University of Technology, Sydney academic says this has come at the expense of workers and retirees, who he claims are losing billions each year because of exemptions in various pieces of superannuation legislation. The Australian Institute of Superannuation Trustees, which funded Clarke’s research, states that both sides of politics have been guilty of watering down legislation.

CORPORATES
UNIVERSITY OF TECHNOLOGY, SYDNEY, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, RICE WARNER ACTUARIES PTY LTD, AUSTRALIAN LABOR PARTY, SUPERRATINGS PTY LTD

AMP’s new CEO starts in the hot seat

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Original article by Misa Han
The Australian Financial Review – Page: 15 & 20 : 3-Dec-18

Francesco De Ferrari starts his first day as CEO of AMP on 3 December, having previously been head of Credit Suisse’s Asia-Pacific private banking business. De Ferrari says he is determined to make the most of the impetus provided by the banking royal commission to bring about change in the way that AMP does business. Hamish Carlisle from Merlon Capital says De Ferrari should give AMP shareholders the opportunity to vote on the proposed sale of the AMP Life division, as well as renegotiating the deal if possible.

CORPORATES
AMP LIMITED – ASX AMP, AMP LIFE LIMITED, CREDIT SUISSE AG, MERLON CAPITAL PARTNERS PTY LTD, SHAW AND PARTNERS LIMITED, ATLAS FUNDS MANAGEMENT PTY LTD, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION