Author: roymorgansocial

ANZ-Roy Morgan Australian Consumer Confidence continues recovery to 116.8

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

ANZ-Roy Morgan Australian Consumer Confidence rose 1.9% to 116.8 in the week ended 4 November. Consumer confidence has now regained almost two-thirds of the drop seen after the Wentworth by-election. Households’ views towards current financial conditions rose by 1.7%, but sentiment regarding the future financial situation fell by 0.4%. Sentiment towards current and future economic conditions fell by 1.9% and 0.4% respectively. The "time to buy a household item" sub-index rose by 9.7%.

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

Fairfax, Nine deal set to get the nod

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Original article by Lilly Vitorovich
The Australian – Page: 19 : 8-Nov-18

Brian Han of Morningstar expects the proposed merger between Nine Entertainment Company and Fairfax Media to receive regulatory approval on 8 November. Han says the Australian Competition & Consumer Commission is likely to take into account the impact of digital on traditional media when deciding whether to approve the $4bn deal. Nine Entertainment posted a 2017-18 net profit of $209.7m, while Fairfax made a loss of $63.8m.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, MORNINGSTAR PTY LTD, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, MST MARQUEE, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, STAN ENTERTAINMENT PTY LTD, MACQUARIE MEDIA LIMITED – ASX MRN, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Decade of banking’s dirty laundry aired

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Original article by James Frost
The Australian Financial Review – Page: 10 : 8-Nov-18

The financial services royal commission has released more than 200 documents that were submitted by banks in response to a request by the inquiry’s head Kenneth Hayne in late 2017. The documents highlight the wide range of incidents of misconduct that have occured in the sector over the last 10 years, including fraud, theft, money-laundering, the falsification of loan documents and breach of privacy laws.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, 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, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSSIE HOME LOANS LIMITED

Dollar rides rollercoaster of US mid-terms

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Original article by Melissa Yeo
The Australian – Page: 17 & 27 : 8-Nov-18

The Australian dollar peaked at $US0.7272 in local trading on 7 November, after the Democrats gained control of the US House of Representatives in the mid-term elections. The currency had fallen to $US0.7217 after it became clear that the Republicans would retain control of the Senate, erasing the gains it had made earlier in the session. Shane Oliver of AMP Capital says the Australian dollar may also have benefited from a delayed market reaction to the Reserve Bank’s latest economic forecasts.

CORPORATES
AMP CAPITAL INVESTORS LIMITED, RESERVE BANK OF AUSTRALIA, DEMOCRATIC PARTY (UNITED STATES), REPUBLICAN PARTY (UNITED STATES), BNY MELLON INVESTMENT MANAGEMENT, RBC CAPITAL MARKETS, STANDARD AND POOR’S ASX 200 INDEX

CBA vows to repair brand at fiery AGM

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Original article by Joyce Moullakis
The Australian – Page: 21 : 8-Nov-18

The Commonwealth Bank of Australia’s remuneration report was passed by a majority of votes cast at its 2018 AGM, with a dissenting vote of just six per cent. CBA chair Catherine Livingstone told shareholders that the bank will undertake a "systematic overhaul" of its compliance and governance structures in the wake of a series of scandals and the misconduct exposed by the banking royal commission. CEO Matt Comyn said the bank is also taking heed of feedback after he wrote to eight million customers in September.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FEDERAL COURT OF AUSTRALIA

Finance riddled with rent seekers

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Original article by Adam Creighton
The Australian – Page: 2 : 7-Nov-18

Productivity Commission chairman Michael Brennan says much of the Australian banking and wealth management industry’s revenue can be attributed to excessive fees that are a result of limited competition. Financial services is now the biggest sector of the domestic economy; it accounts for nearly nine per cent of economic output, compared with around four per cent in the early 1980s. Meanwhile, Brennan says that health and education reforms will be essential in lifting the nation’s productivity rate.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BANKING ASSOCIATION

Network CEOs strike back on power prices

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 7-Nov-18

Energy Minister Angus Taylor will meet with the CEOs of power retailers on 7 November, where he will give them until 1 January to begin reducing electricity prices. Meanwhile, the CEOs of electricity network operators argue that regulated network costs have been cut significantly. TransGrid CEO Paul Italiano says its costs now comprise only 3.4 per cent of the average household electricity bill in New South Wales. Electricity retailers in turn argue that network charges, renewable energy subsidies and wholesale tariffs are the major contributors to high electricity bills.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, TRANSGRID, AUSGRID PTY LTD, ORIGIN ENERGY LIMITED – ASX ORG, AGL ENERGY LIMITED – ASX AGL, ENERGYAUSTRALIA PTY LTD, ENDEAVOUR ENERGY LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

End to Godfreys deal paying $160 too little

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Original article by Ewin Hannan
The Australian – Page: 2 : 7-Nov-18

The Fair Work Commission has terminated an enterprise agreement for employees of vacuum cleaner retailer Godfreys that has been in place since 2009. The non-union agreement included wage rates that were $160 per week lower than the award minimum, while casual loadings were also well below the award rate. Godfreys argued that employees could be paid more than the award rate when commissions are taken into account. The enterprise agreement had expired in 2012.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, GODFREYS GROUP LIMITED, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION

RBA says it’s all systems go for booming economy

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Original article by David Uren
The Australian – Page: 1 & 2 : 7-Nov-18

The Reserve Bank of Australia is upbeat about the outlook for the domestic economy, forecasting growth of 3.5 per cent in 2018 and 2019. The central bank also expects the unemployment rate to fall to 4.75 per cent over the next two years, while inflation is forecast to rise above its target range in 2019 to an average of 2.25 per cent. Meanwhile, RBA governor Philip Lowe says growth in wages will be gradual. The RBA has again left interest rates on hold, and financial markets do not anticipate any change in monetary policy until 2020.

CORPORATES
RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC

PRRT changes may hold up oil and gas projects

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Original article by Matt Chambers
The Australian – Page: 20 : 7-Nov-18

Macquarie Group expects Woodside Petroleum to be affected the most by the federal government’s changes to the petroleum resource rent tax’s uplift rate. Meanwhile, Saul Kavonic of Credit Suisse warns that the review of the PRRT’s transfer pricing rules is a greater material risk to the value of existing LNG plants than the increase in the uplift rate, due to the potential for any changes to be retrospective. Macquarie has also cautioned that the transfer pricing review – which is slated to take 12-18 months – could result in delays to oil and gas projects and impact on the sector’s future earnings.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, MACQUARIE GROUP LIMITED – ASX MQG, CREDIT SUISSE (AUSTRALIA) LIMITED, AUSTRALIA. DEPT OF THE TREASURY, SANTOS LIMITED – ASX STO