Author: roymorgansocial

Different audiences: ACCC won’t oppose Nine-Fairfax deal

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 9-Nov-18

The Australian Competition & Consumer Commission advised on 8 November that it would not oppose the proposed merger between Nine Entertainment and Fairfax Media. Fairfax shareholders will now vote on the transaction on 19 November, while the Federal Court will then need to approve the deal. If both Fairfax shareholders and the Federal Court give the go-ahead for the merger, the combined entity, to be known as Nine, will begin on trading on 10 December. The ACCC cited the fact that Nine and Fairfax had mostly different content that targeted different audiences as the main reason for not opposing their merger.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, FEDERAL COURT OF AUSTRALIA, CGI GLASS LEWIS PTY LTD, OWNERSHIP MATTERS PTY LTD, ISS PROXY AUSTRALIA, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

APA shares plunge after Canberra blocks CKI buy bid

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Original article by Matt Chambers, Perry Williams
The Australian – Page: Online : 9-Nov-18

Shares in APA Group fell by 10 per cent on 8 November after Treasurer Josh Frydenberg indicated his "preliminary view" on Hong Kong-listed CK Infrastructure’s $13 billion bid for the pipeline operator. Frydenberg stated he did not consider the bid to be in the "national interest"; he is expected to make his final decision in around two weeks. Superannuation fund infrastructure investor IFM is seen as the local entity most likely to make an approach to APA with a bid if Frydenberg’s views remain unchanged; any Australian-based bid for APA is expected to be lower than CKI’s

CORPORATES
APA GROUP – ASX APA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, IFM INVESTORS PTY LTD, WOOD MACKENZIE, COOPER ENERGY LIMITED – ASX COE, DUET GROUP, MOODY’S ANALYTICS AUSTRALIA PTY LTD

BHP expects to resume iron ore exports in mid-November after WA derailment

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Original article by Peter Ker, Simon Evans
The Australian Financial Review – Page: Online : 9-Nov-18

BHP CEO Andrew Mackenzie told its AGM on 8 November that he expected its iron ore exports from Western Australia to resume in mid-November. Deliveries from its mines to Port Hedland have been halted after BHP was forced to deliberately derail an iron ore train that had departed without any driver. Mackenzie said it was too early to determine the financial impact of the incident. BHP chairman Ken MacKenzie told shareholders it had no plans to sell either its Mount Arthur thermal coal mine in New South Wales or its Olympic Dam copper mine in South Australia.

CORPORATES
BHP BILLITON LIMITED – ASX BHP

Housing builder Tamawood warns first-half sales will fall 15pc

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Original article by Su-Lin Tan
The Australian Financial Review – Page: Online : 9-Nov-18

Tamawood chairman Robert Lynch told shareholders at the housing builder’s AGM on 8 November that it expected that home sales for the first half would be done by 15 per cent. He noted the housing market was facing a number of challenges at the moment, including the tightening of lending criteria by banks as the result of the banking royal commission. Lynch said the biggest fall in current sales was being seen in Sydney and Melbourne, while he told shareholders that Tamawood was well placed to increase its market share in what was a "tightening market"

CORPORATES
TAMAWOOD LIMITED – ASX TWD, RESERVE BANK OF AUSTRALIA

Leading magazines increase readership on a year ago

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Nov-18

A total of 15,117,000 Australians aged 14+ (74.1 per cent) read magazines whether in print or online either via the web or an app. That is up 0.7 per cent, or 110,000, from a year ago according to the results released on 8 November from the Roy Morgan Australian Readership report for the 12 months to September 2018. Readership of print magazines was at over 13.6 million Australians aged 14+ (66.8 per cent), down 0.4 per cent, or 57,000, from a year ago. Nine of Australia’s Top 15 magazines grew their print readership over the past year, with six of the leading titles growing their readership by at least 5 per cent on a year ago. National Geographic had the strongest performance of Australia’s leading magazines growing its print readership by 21.2 per cent to 1,275,000, on the back of its special ‘Plastic or Planet’ edition. Roy Morgan CEO Michele Levine says print magazine readership in Australia is growing with over 15 million Australians reading magazines whether in print or online

CORPORATES
ROY MORGAN LIMITED

Budget moves closer to surplus on back of RBA upgrade

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Original article by John Kehoe
The Australian Financial Review – Page: 2 : 8-Nov-18

The federal government’s May 2018 Budget papers had forecast average real GDP growth of 2.75 per cent in 2018-19, rising to three per cent in 2019-20. The Budget could potentially return to surplus earlier than projected if the government upwardly revises its GDP forecasts in line with the latest forecasts issued by the Reserve Bank. The government will update its forecasts in December. Peter Downes of Outlook Economics says a surplus is possible in 2018-19, depending on the outlook for commodity prices, the Australian dollar and profits in the mining sector.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, OUTLOOK ECONOMICS, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIA. DEPT OF FINANCE

Roy Morgan CEO Michele Levine talks to Stan Grant on "Matter Of Fact"

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Original article by Roy Morgan
Market Research Update – Page: Online : 8-Nov-18

Roy Morgan CEO Michele Levine joins Stan Grant’s panel on the ABC’s "Matter Of Fact" program and reveals some enlightening insights into what is driving Queensland electors. Levine says the next federal election will be fought on economic issues in Queensland, and she discusses the factors that prompted a large swing against the Liberal-National Party in the Longman by-election. She also notes that the L-NP could lose a number of marginal seats in Queensland at the next election, and adds that disillusionment with both the L-NP and Labor could see a rise in support for independents and minor parties.

CORPORATES
ROY MORGAN LIMITED, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Divided US wakes to stalemate

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 12 : 8-Nov-18

The Republican Party is set to gain up to five seats in the US Senate and retain control of the upper house following the mid-term elections. President Donald Trump has described the elections as a "tremendous success" despite relinquishing control of the House of Representatives to the Democrats, with the party poised to gain up to 35 seats. CNN’s exit polls showed that Trump had a disapproval rating of 56 per cent, while the disapproval rating of Democrat House leader Nancy Pelosi was 55 per cent.

CORPORATES
REPUBLICAN PARTY (UNITED STATES), DEMOCRATIC PARTY (UNITED STATES), UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, CNN

BHP train wreck hits contracts

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Original article by Brad Thompson
The Australian Financial Review – Page: 17 & 22 : 8-Nov-18

BHP Billiton hopes to partially resume rail operations in the Pilbara in the next week, after it was forced to deliberately derail a train that was carrying iron ore to Port Hedland. BHP is using its iron ore stockpiles at Portland to meet its contractual obligations, but the resources giant has conceded that they will be exhausted before rail shipments resume. Glyn Lawcock of UBS says the benchmark price of iron ore could rally, depending on the length of BHP’s supply disruption.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, UBS HOLDINGS PTY LTD, AUSTRALIAN TRANSPORT SAFETY BUREAU, AUSTRALIA. OFFICE OF THE NATIONAL RAIL SAFETY REGULATOR

China’s steel mills thriving

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Original article by Glenda Korporaal
The Australian – Page: 20 : 8-Nov-18

Fortescue Metals Group Elizabeth Gaines says the trade war with the US has not affected China’s steel production, which was higher than expected in September. Gaines adds that China’s infrastructure investment program has been a key driver of the high level of steel production, which in turn has prompted a rally in the iron ore price. Fortescue has signed memorandums of understanding with eight public and private steel mills at the China import expo in Shanghai.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BAOWU STEEL GROUP, HEBEI WENFENG IRON AND STEEL COMPANY LIMITED