Author: roymorgansocial

Kiwi publisher says consortium keen to buy Financial Review

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 15-Nov-18

New Zealand businessman Todd Scott has expressed interest in buying "The Australian Financial Review" if Fairfax Media’s proposed merger with Nine Entertainment Company proceeds. Scott owns "The National Business Review", a weekly business newspaper that boasts about 5,000 subscribers. He says a deal to acquire the AFR would be backed by a consortium of wealthy New Zealanders. Scott adds that the consortium would look at acquiring Fairfax’s NZ division, Stuff, if the AFR were not for sale.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, STUFF LIMITED, TPG CAPITAL LP, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NZME LIMITED – ASX NZM, NEW ZEALAND. COMMERCE COMMISSION, COURT OF APPEAL (NEW ZEALAND), NEIGHBOURLY, MEDIAWORKS (NZ) LIMITED

Fairfax within reach as Nine sticks to script

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Original article by Lilly Vitorovich
The Australian – Page: 17 & 21 : 15-Nov-18

Shareholders at Nine Entertainment Company’s AGM have been told that it will be better placed to compete with digital giants for advertising revenue if the merger with Fairfax Media proceeds. Nine chairman Peter Costello and CEO Hugh Marks expect Fairfax shareholders to approve the deal on 19 November, saying the feedback from Fairfax directors and investors has been positive. Costello has also stressed that Nine will retain all of Fairfax’s brands. Meanwhile, Nine has advised that it still expects 2018-19 earnings to be within the range of $280m to $300m.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, STAN ENTERTAINMENT PTY LTD, MACQUARIE MEDIA LIMITED – ASX MRN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, SEVEN WEST MEDIA LIMITED – ASX SWM, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, OWNERSHIP MATTERS PTY LTD, CGI GLASS LEWIS PTY LTD, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, CITIGROUP PTY LTD, NETFLIX INCORPORATED, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Wage growth hits a 3-year high

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Original article by David Scutt
Business Insider Australia – Page: Online : 15-Nov-18

Wage price index data from the Australian Bureau of Statistics shows that wages increased by 0.62 per cent in the September quarter and 2.29 per cent year-on-year. The figures also show that real wage growth was 0.4% in the year to September. Meanwhile, public sector wages increased by an average of 2.47 per cent year-on-year, compared with wages growth of just 2.14 per cent in the private sector. The ABS notes that the 3.5 per cent increase in the minimum wage that took effect in July contributed to wages growth in the September quarter.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, CAPITAL ECONOMICS LIMITED, INDEED INCORPORATED, RESERVE BANK OF AUSTRALIA

Blue-chip beating adds to rout

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Original article by David Rogers
The Australian – Page: 17 & 27 : 15-Nov-18

The Australian sharemarket has now shed more than 10 per cent since it peaked at a 10-year high in August. The 3.5 per cent decline in the last two trading sessions followed a rebound in recent weeks, after the local market fell 6.1 per cent in October. Blue-chip stocks in particular have been heavily sold down, and traders suggest that offshore selling has been a major driver of the pullback. Richard Coppleson of Bell Potter says this could potentially result in a rebound in the next week or so.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, BELL POTTER SECURITIES LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESFARMERS LIMITED – ASX WES, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, WOODSIDE PETROLEUM LIMITED – ASX WPL, SOUTH32 LIMITED – ASX S32, CSL LIMITED – ASX CSL, FORTESCUE METALS GROUP LIMITED – ASX FMG, SANTOS LIMITED – ASX STO, COCHLEAR LIMITED – ASX COH, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, PACT GROUP HOLDINGS LIMITED – ASX PGH, RAMSAY HEALTH CARE LIMITED – ASX RHC, BINGO INDUSTRIES LIMITED – ASX BIN, AUSNET SERVICES LIMITED – ASX AST, COMPUTERSHARE LIMITED – ASX CPU, MEDIBANK PRIVATE LIMITED – ASX MPL, SHANGHAI COMPOSITE INDEX, HANG SENG INDEX, NIKKEI 225 INDEX, KOSPI INDEX, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, ORGANISATION OF PETROLEUM EXPORTING COUNTRIES, AUSTRALIAN LABOR PARTY, CREDIT SUISSE (AUSTRALIA) LIMITED

Union beats $51k fine for shorts call

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Original article by Ewin Hannan
The Australian – Page: 8 : 14-Nov-18

The Federal Circuit Court’s decision to fine the Construction, Forestry, Maritime, Mining & Energy Union’s for failing to comply with a dress code for workers on a building site has been overturned on appeal. The CFMMEU was fined $51,000 over strike action after a project manager ordered construction workers to wear trousers and long-sleeved shirts at the Newcastle site. Union organiser Pomare Auimatagi was fined $7,500. The Federal Court has ruled that the fines were "manifestly excessive".

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, FEDERAL CIRCUIT COURT OF AUSTRALIA, JOHN HOLLAND PTY LTD

Woodside boss rejects west-east gas pipeline

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Original article by David Swan
The Australian – Page: 22 : 14-Nov-18

The economic viability of a gas pipeline linking Australia’s east and west coasts has been questioned by Woodside Petroleum CEO Peter Coleman. He argues that a "virtual pipeline" linked to LNG import terminals would be a more sensible solution to the east coast gas crisis than the construction of a west-east pipeline, which would cost around $5bn. Coleman has also advocated an increase in Australia’s hydrogen exports.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, THE MELBOURNE MINING CLUB

Fund managers count the cost of Red October meltdown

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Original article by Melissa Yeo
The Australian – Page: 28 : 14-Nov-18

Platinum Investment Management CEO Andrew Clifford notes that October 2018 was the most challenging month for global markets since February 2009. The Australian sharemarket lost 5.4 per cent during October, extending its losses since an August peak to more than 10 per cent. The Platinum Global Fund and Monash Capital’s Absolute Investment Fund posted losses of 5.9 per cent and 5.69 per cent respectively, although hedge fund VGI Partners posted a modest gain of 0.8 per cent.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, PLATINUM INVESTMENT HOLDING PTE LTD, PLATINUM GLOBAL FUND, MONASH CAPITAL PTY LTD, MONASH ABSOLUTE INVESTMENT FUND, VGI PARTNERS PTY LTD, GRYPHON CAPITAL INCOME TRUST – ASX GCI, L1 LONG SHORT FUND LIMITED – ASX LSF, OPHIR ASSET MANAGEMENT PTY LTD, CONTANGO INCOME GENERATOR LIMITED – ASX CIE, K2 GLOBAL EQUITIES FUND, WCM GLOBAL GROWTH LIMITED – ASX WQG, CARSALES.COM LIMITED – ASX CAR, VIVA ENERGY GROUP LIMITED – ASX VEA, THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR, GWA GROUP LIMITED – ASX GWA, PERPETUAL LIMITED – ASX PPT, VIRTUS HEALTH LIMITED – ASX VRT, AMAZON.COM INCORPORATED, CORPORATE TRAVEL MANAGEMENT LIMITED – ASX CTD, BLOOMBERG LP, MSCI WORLD INDEX

Wages data crucial factor for RBA interest rates decision

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Original article by John Kehoe, Vesna Poljak
The Australian Financial Review – Page: 8 : 14-Nov-18

The general consensus of economists is for annual wage price index growth of 2.3 per cent when official data for the September quarter is released on 14 November. Paul Bloxham of HSBC says the Reserve Bank could potentially increase the cash rate sooner than expected if WPI growth is stronger than expected. HSBC forecasts that the cash rate will be increased in mid-2019, although financial markets generally do not expect a rate rise until at least November.

CORPORATES
HSBC AUSTRALIA HOLDINGS PTY LTD, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. FAIR WORK COMMISSION

Rio execs say good faith in assets call

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Original article by Ben Butler
The Australian – Page: 22 : 14-Nov-18

Rio Tinto and former executives Tom Albanese and Guy Elliott have denied any wrongdoing over the 2013 write-down of its coking coal assets in Mozambique. Albanese and Elliott have argued that they had acted in good faith and therefore should be excused from any liability. Both the Australian Securities & Investments Commission and the US Securities & Exchange Commission have launched legal action over the write-down.

CORPORATES
RIO TINTO LIMITED – ASX RIO, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, RIVERSDALE MINING LIMITED, FEDERAL COURT OF AUSTRALIA, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION

ALP’s tax hike would strangle economic growth

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Original article by Adam Creighton, Michael Roche
The Australian – Page: 1 & 2 : 14-Nov-18

Marcel Thieliant of Capital Economics expects Labor to win the next federal election, and he warns that the party’s proposed tax and regulatory reforms will result in slower economic growth over the next several years. The economist also expects growth in consumption to slow under a Labor government, while the Australian dollar could also fall sharply. Labor plans to increase taxes by $34bn over two years if it wins the election.

CORPORATES
CAPITAL ECONOMICS LIMITED, AUSTRALIAN LABOR PARTY, IFM INVESTORS PTY LTD