Author: roymorgansocial

Regions plan a thought bubble: ALP

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Original article by Rachel Baxendale
The Australian – Page: 2 : 10-Oct-18

Labor has criticised the federal government’s proposal to ban some immigrants from settling in major capital cities for up to five years. Shadow workplace relations minister Brendan O’Connor has described it as a "thought bubble", arguing that the government’s priority should be to take action on the issue of temporary work visa holders. He notes that 1.6 million people are now on such visas, while 1.8 million Australians are unemployed or underemployed and looking for more work.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

At long last, Gina Rinehart’s Hancock Prospecting claims win in Atlas Iron takeover saga

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Original article by Stuart McKinnon
The West Australian – Page: Online : 10-Oct-18

Hancock Prospecting has gained acceptances for more than 90 per cent of Atlas Iron’s shares, allowing it to move to the compulsory acquisition stage of its takeover bid. Hancock had initially offered $0.042 per share for Atlas, valuing its bid at $390m, before subsequently increasing it to $427m. Atlas’s assets include the Mt Webber iron ore mine, while Hancock has a controlling stake in the Roy Hill iron ore mine and a 50 per cent stake in the Hope Downs project.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, HANCOCK PROSPECTING PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, MINERAL RESOURCES LIMITED – ASX MIN

Economic outlook clouded but IMF forecasts may be wide of the mark

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Original article by Glenda Korporaal
The Australian – Page: 25 : 10-Oct-18

The International Monetary Fund’s chief economist Maurice Obstfeld has conceded that rising trade tensions means its previous forecast for global economic growth may have been "over optimistic". The IMF has cut its growth forecast from 3.9 per cent to 3.7 per cent, but the ANZ Bank’s chief economist Richard Yetsenga anticipates global growth of nearly four per cent. ANZ also expects China’s economy to grow at a slightly higher pace in 2019 than the IMF has forecast.

CORPORATES
INTERNATIONAL MONETARY FUND, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, UNITED STATES. FEDERAL RESERVE BOARD, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Rio reverse reveals investor ire on pay

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Original article by Patrick Durkin
The Australian Financial Review – Page: 15 : 10-Oct-18

Rio Tinto has advised that it will not proceed with plans to adopt a new executive remuneration model after meetings with key shareholders indicated that it was unlikely to secure sufficient support from investors. A number of Australian-listed companies have adopted so-called hybrid remuneration structures, including Telstra, AMP and Wesfarmers. However, investors have raised concerns about the hybrid model, and the issue has attracted scrutiny by the financial services royal commission.

CORPORATES
RIO TINTO LIMITED – ASX RIO, TELSTRA CORPORATION LIMITED – ASX TLS, AMP LIMITED – ASX AMP, WESFARMERS LIMITED – ASX WES, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, QBE INSURANCE GROUP LIMITED – ASX QBE, PERPETUAL LIMITED – ASX PPT, JB HI-FI LIMITED – ASX JBH, ISENTIA GROUP LIMITED – ASX ISD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

US, China trade war warning

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Original article by Simon Benson, David Uren
The Australian – Page: 1 & 4 : 10-Oct-18

The International Monetary Fund expects Australia’s economic growth to slow to just 2.8 per cent in 2019, citing the impact of the US-China trade war. However, the IMF now expects the domestic economy to expand by 3.2 per cent in 2018, which is slightly higher than its previous forecast. Federal Treasurer Josh Frydenberg says a resolution of the trade tensions between the US and China is in the interests of Australia and the world. The IMF has scaled back its global economic growth forecasts for both 2018 and 2019 to 3.7 per cent.

CORPORATES
INTERNATIONAL MONETARY FUND, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, UNITED STATES. DEPT OF THE TREASURY, UNITED STATES. DEPT OF STATE, CHINA. MINISTRY OF COMMERCE

Banks to end charging dead, conflicted fees

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Original article by James Frost
The Australian Financial Review – Page: 13 & 17 : 10-Oct-18

The Australian Banking Association has proposed a number of changes to the banking code of practice in response to the misconduct exposed by the financial services royal commission. Amongst other things, banks have agreed to take action to ensure that they do not continue to charge fees after a customer has died, while the banks will ensure that they do not charge fees for services that are not provided or are not needed by a customer. The ABA and its members will also lobby for the complete abolition of trailing commissions for financial advice.

CORPORATES
AUSTRALIAN BANKING ASSOCIATION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AMP LIMITED – ASX AMP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE PRIVATE WEALTH MANAGEMENT PTY LTD, CLSA AUSTRALIA PTY LTD, COMMONWEALTH FINANCIAL PLANNING LIMITED, COUNT FINANCIAL LIMITED, FINANCIAL WISDOM LIMITED, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT

ANZ-Roy Morgan Australian Consumer Confidence consolidates to 117.3

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Oct-18

ANZ-Roy Morgan Australian Consumer Confidence fell 0.7% to 117.3 in the week ended 7 October, reversing the gain of 0.7% in the previous week. Households’ views towards current financial conditions fell 2%, after three consecutive weekly gains. Sentiment towards future financial conditions fell 0.6%, adding to the fall of 1.2% in the previous week. Sentiment towards current and future economic conditions fell by 0.2% and 2.0% respectively, after both indices rose in the previous week. The "time to buy a household item" sub-index increased by 1.2%, its second consecutive weekly gain.

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

Bidders are swinging hard for assets in M&A frenzy

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 17 : 10-Oct-18

Data from Dealogic shows that some $US88bn ($124bn) worth of mergers and acquisitions have been announced in Australia so far in 2018. This compares with $US89.3bn for the whole of 2017. Bankers and lawyers expect M&A activity to remain strong, with cashed-up local private equity firms competing with foreign players. Recently announced M&A transactions include KKR’s bid for MYOB and Affinity Equity Partners’ deal to buy Scottish Pacific Group.

CORPORATES
DEALOGIC (AUSTRALIA) PTY LTD, KKR AND COMPANY LP, MYOB GROUP LIMITED – ASX MYO, AFFINITY EQUITY PARTNERS (AUSTRALIA) PTY LTD, SCOTTISH PACIFIC GROUP LIMITED – ASX SCO, PACIFIC EQUITY PARTNERS PTY LTD, LIFEHEALTHCARE GROUP LIMITED, NEXTDC LIMITED – ASX NXT, ASIA PACIFIC DATA CENTRE GROUP – ASX AJD, APA GROUP – ASX APA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, TRANSURBAN GROUP LIMITED – ASX TCL, WESTCONNEX, WESTFIELD CORPORATION, MINTER ELLISON, SIRTEX MEDICAL LIMITED, CDH INVESTMENTS FUND MANAGEMENT COMPANY, GREENHILL AND COMPANY, NM ROTHSCHILD AUSTRALIA HOLDINGS PTY LTD, WESFARMERS LIMITED – ASX WES, UBS HOLDINGS PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, MACQUARIE CAPITAL PTY LTD

It’s cricket, but not as we know it

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Original article by Stephen Brook
The Australian – Page: 19 : 10-Oct-18

Foxtel will broadcast 97 days of cricket during the 2018-19 summer, including exclusive coverage of some matches. The Fox Cricket channel was officially launched on 9 October, and to date Foxtel has secured eight premium sponsors for its cricket coverage. CEO Patrick Delany says live coverage will be advertisement-free, and ads will only be shown during lunch and tea breaks. Foxtel currently has about 5.4 million subscribers, while data from Roy Morgan shows that about 10 million Australians now have access to a Netflix subscription.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, FOX CRICKET CHANNEL, NETFLIX INCORPORATED, ROY MORGAN LIMITED, MULTI CHANNEL NETWORK PTY LTD, CRICKET AUSTRALIA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN NETWORK LIMITED, NINE NETWORK AUSTRALIA LIMITED

ABCC warns of union rally fines

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Original article by Ewin Hannan
The Australian – Page: 2 : 9-Oct-18

Work at building sites across Australia is likely to be disrupted by a series of protest rallies organised by the ACTU over the next month. However, the Australian Building & Construction Commission says building workers who participate in the rallies without written approval from their employee risk both having their pay docked and being prosecuted for unprotected industrial action. The penalty for such action is $42,00. Fair Work Ombudsman Sandra Parker has also warned of the potential for legal action against unions and workers.

CORPORATES
ACTU, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. FAIR WORK OMBUDSMAN, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA