Author: roymorgansocial

Deserter fuels Coalition chaos

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Original article by Simon Benson, Rosie Lewis, Joe Kelly
The Australian – Page: 1 & 4 : 28-Nov-18

The federal government will require the support of at least two crossbenchers to pass bills in the lower house after Victorian MP Julia Banks resigned from the Liberal Party to become an independent. Banks’ defection to the crossbench means the Coalition has just 73 seats in the House of Representatives. This could give Labor sufficient support to refer Home Affairs Minister Peter Dutton to the High Court over his eligibility to be in Parliament. The government in turn has questioned the eligibility of several Labor MPs. Banks has promised to support the government on issues of confidence and supply.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, CENTRE ALLIANCE

PM puts budget relief on fast track

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Original article by Michael Roddan
The Australian – Page: 1 & 4 : 28-Nov-18

A federal election seems likely to be held on either 11 or 18 May, after the government announced that it will bring forward the 2019 Budget to 2 April. The government is also set to post the first Budget surplus since 2007-08 on the back of higher tax revenue. The Treasury has previously forecast a surplus of $2.2bn in 2019-20, following a deficit of $14.5bn in 2018-19. Shadow treasurer Chris Bowen advocates greater action on Budget repair due to the downside risks to the global economy.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, DELOITTE ACCESS ECONOMICS PTY LTD

Telstra to offer Kayo Sports streaming service

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Original article by Supratim Adhikari
The Australian – Page: 24 : 28-Nov-18

Telstra has advised that Foxtel’s new Kayo Sports video-on-demand service will be available to users of its own streaming platform. Telstra’s Michael Ackland says the telco does not expect Kayo to cannibalise the audience for its own sports streaming content, which includes AFL, NRL and A-League matches. Kayo subscriptions are priced from $25 per month, but Ackland notes that Telstra’s Live Pass subscribers will be able to access Kayo for free. It will also be available via the Telstra TV device.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, KAYO SPORTS, FOXTEL MANAGEMENT PTY LTD, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE, THE A LEAGUE PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

‘Totally frigging mad’: Harvey lashes critics

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 & 18 : 28-Nov-18

Furniture and consumer electronics retailer Harvey Norman incurred a "first strike" against its remuneration report at its AGM on 27 November. It will face a board spill in 2019 if a sufficient number of shareholders vote down the remuneration report again. Chairman Garry Harvey was not very happy about those who have criticised it over various issues, including the independence of its directors and loans to franchisees. Commenting on its share price, which has by fallen 22 per cent in 2018, Harvey said it presents a good opportunity for Harvey Norman to be privatised.

CORPORATES
HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, DEUTSCHE BANK AG, UBS HOLDINGS PTY LTD

Fracking decision a blow to Forrest

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Original article by Andrew Clennell
The Australian – Page: 22 : 28-Nov-18

Western Australia’s Premier Mark McGowan announced new hydraulic fracturing regulations on 27 November, following a review. He said that fracking will not be allowed in 98 per cent of the state, even though the review had found the risks associated with it are "low and manageable". Some of the licences held by a joint venture between Andrew Forrest’s Squadron Energy and Goshawk Energy will be impacted by the new regulations. Australian Petroleum Production & Exploration Association CEO Malcolm Roberts says it would have been preferable if the moratorium on fracking had been removed across the whole state.

CORPORATES
WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, SQUADRON ENERGY, GOSHAWK ENERGY PTY LTD, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, BEACH ENERGY LIMITED – ASX BPT, BURU ENERGY LIMITED – ASX BRU, MITSUBISHI CORPORATION

Nine gets claws into Fairfax as Catalano walks

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Original article by Lilly Vitorovich
The Australian – Page: 19 & 24 : 28-Nov-18

The Federal Court’s Justice Jacqueline Gleeson has approved the $4bn merger between Nine Entertainment Company and Fairfax Media. Former Domain CEO Antony Catalano has indicated that he is unlikely to appeal the decision, although he maintains that the deal undervalues Fairfax. Catalano had sought to challenge the merger with the financial backing of businessman Nick Bolton. Fairfax shares will be delisted on 29 November.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, FEDERAL COURT OF AUSTRALIA, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, STAN ENTERTAINMENT PTY LTD, MACQUARIE MEDIA LIMITED – ASX MRN, 2GB, 3AW SOUTHERN CROSS RADIO PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

UK gold miner eyes dual listing

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Original article by Paul Garvey
The Australian – Page: 28 : 28-Nov-18

London-listed Greatland Gold has indicated that it is considering the option of a dual listing on the Australian sharemarket. The company’s shares rallied after it announced that a drilling program in Western Australia’s Paterson Range had intercepted high-grade gold and copper mineralisation. MD Gervaise Heddle says Australian investors have a greater appreciation of the local mining sector than their British counterparts, so it could make sense to make it easier for Australians to buy Greatland’s stock.

CORPORATES
GREATLAND GOLD PLC, RIO TINTO LIMITED – ASX RIO, NEWCREST MINING LIMITED – ASX NCM, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, DDH1 DRILLING PTY LTD

ANZ-Roy Morgan Australian Consumer Confidence rises to 118.6

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Original article by Roy Morgan
Market Research Update – Page: Online : 28-Nov-18

ANZ-Roy Morgan Australian Consumer Confidence rose 0.7% to 118.6 in the week ended 25 November, partially reversing the previous week’s fall. Households’ views towards current and future financial conditions fell by 0.5% and 3% respectively. The economic conditions readings were mixed, with households’ views towards current economic conditions rising 5%, while future economic conditions eased 0.8%.. The "time to buy a household item" sub-index was up 2.6%, its second straight gain.

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

Henry: NAB board was too soft

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Original article by James Frost, James Eyers
The Australian Financial Review – Page: 9 : 28-Nov-18

National Australia Bank’s chairman Ken Henry appeared before the financial services royal commission again on 27 November. He told the inquiry that NAB’s "toxic" relationship with the Australian Securities & Investments Commission had affected the bank’s ability to compensate customers in a timely manner for losses incurred as a result of misconduct. He also conceded that NAB’s board could have done more to compel the bank’s executives to seek improved relations with ASIC.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Boosted powers, travel ban plan to cut avoidance

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Original article by Emma Koehn
The Age – Page: 25 : 27-Nov-18

A recent Treasury discussion paper flagged measures aimed at those who avoid tax as part of a crackdown on the black economy. These include imposing overseas travel bans on persons with outstanding tax obligations, as well as giving the Australian Taxation Office the power to access telecommunications data and third-party information such as bank accounts. Submissions to Treasury concerning the discussion paper can be made until 21 December.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, BDO AUSTRALIA LIMITED