Author: roymorgansocial

Department stores aren’t dying, says DJ’s owner

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Original article by Sue Mitchell
The Australian Financial Review – Page: 23 : 24-Aug-18

David Jones’s operating profit fell by 49.6 per cent to $64 million in the year to June 2018, as advised by parent company Woolworths Holdings. This compared to an operating profit of $127 million for the previous corresponding period. Department store earnings were down 58 per cent to $5 million. Sales for the second half of the reporting period increased by 2.2 per cent, while sales for the first seven weeks of 2018-19 have risen by 3.7 per cent.

CORPORATES
DAVID JONES LIMITED, WOOLWORTHS HOLDINGS LIMITED, COUNTRY ROAD LIMITED, ZARA, HENNES OCH MAURITZ AB, LOUIS VUITTON, CHANEL INCORPORATED, WALT DISNEY COMPANY

Northern Star not budging on cash stash

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Original article by Brad Thompson
The Australian Financial Review – Page: 27 : 24-Aug-18

Gold miner Northern Star Resources has posted a 2017-18 net profit of $194.1m, which is three per cent higher than previously. EBITDA rose by four per cent to $442.9m and revenue was up 11 per cent at $964m. The company has spent $212m on exploration in the last five years, and it has allocated a further $60m for exploration in 2018-19. Northern Star Resources has cash reserves of $443m, but CEO Bill Beament has downplayed talk of capital management initiatives. He says a healthy balance sheet is desirable given that the company is in growth mode.

CORPORATES
NORTHERN STAR RESOURCES LIMITED – ASX NST, RBC CAPITAL MARKETS, S&P GLOBAL MARKET INTELLIGENCE

Exposure was good for banks: Elliott

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Original article by Richard Gluyas
The Australian – Page: 21 : 24-Aug-18

ANZ Bank CEO Shayne Elliott has no regrets about his involvement in calling for the financial services royal commission, even though the evidence it has presented has been "confronting". The CEOs and chairmen of the major banks urged Treasurer Scott Morrison to hold the inquiry in a letter sent to him in November 2017. They noted that confidence in the financial system was being hurt by the ongoing speculation about the prospect of a royal commission.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE TREASURY

PM’s house of chaos

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Original article by Simon Benson, Geoff Chambers, Joe Kelly, Rachel Baxendale
The Australian – Page: 1 & 8 : 24-Aug-18

Mathias Cormann and Mitch Fifield are among 10 ministers who resigned on 23 August, as the federal government’s leadership crisis deepened. A second leadership spill is expected to be held on 24 August, with Peter Dutton, Scott Morrison and Julie Bishop set to run. Coalition MPs who have backed a petition for a second ballot are believed to be close to securing the 43 signatures which Prime Minister Malcolm Turnbull says will be necessarily for a spill to be held; he has also threatened to resign from parliament if there is a second spill. Thirteen ministers in total have offered to resign since the leadership crisis began.

CORPORATES
AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. OFFICE OF THE GOVERNOR-GENERAL, AUSTRALIA. OFFICE OF THE SOLICITOR-GENERAL

Nats to reclaim power in new deal

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Original article by Tom McIlroy
The Australian Financial Review – Page: 7 : 24-Aug-18

National Party MP Kevin Hogan claims he will move to the crossbenches if Prime Minister Malcolm Turnbull is replaced as Liberal leader on 24 August. Hogan, who represents the seat of Page in New South Wales, says the Liberal Party does not "deserve my support". It is understood that the Nationals will move to reassert their power within the Coalition agreement if Turnbull is ousted, while Nationals leader Michael McCormack says the decision as to who should be Liberal leader is up to its MPs.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA 21 LIMITED

‘I was not in breach’: Peter Dutton releases new legal advice on eligibility to be MP

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Original article by Latika Bourke
The Age – Page: Online : 24-Aug-18

Former Home Affairs Minister Peter Dutton has used social media to publish legal advice which suggests that his beneficial interest in several child care centres is not in breach of the Constitution. Dutton said he was advised by former solicitor-general David Bennett that he is eligible to be in parliament, and noted that Guy Reynolds SC has also previously advised that he is not in breach of section 44 of Constitution. Bennett has also provided Prime Minister Malcolm Turnbull with advice regarding section 44 in the past.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. OFFICE OF THE SOLICITOR-GENERAL, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, LIBERAL PARTY OF AUSTRALIA, ONE NATION PARTY

Content and data to underpin Nine growth

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Original article by Max Mason
The Australian Financial Review – Page: 21 : 24-Aug-18

Nine Entertainment Company has posted a 2017-18 underlying net profit of $156.7m, which is 26.8 per cent higher than previously. Underlying EBITDA was up 25.1 per cent at $257.2m and revenue rose 6.5 per cent to $1.3bn. Nine boasted a 38.6 per cent share of free-to-air metropolitan advertising revenue in 2017-18, ahead of Seven West Media with a 38.1 per cent share. Nine CEO Hugh Marks is upbeat about the media group’s outlook, highlighting its capabilities in delivering content across media platforms and targeted advertising via its addressable TV technology.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, 9NOW, STAN ENTERTAINMENT PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, FAIRFAX MEDIA LIMITED – ASX FXJ, WILSON ASSET MANAGEMENT

Australians worried about Government’s instability, favouritism towards big business and climate change if an L-NP Government is re-elected. Concerns if the ALP is elected to Government centre on union influence, poor economic management and policies on immigration and refugees

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Original article by Roy Morgan
Market Research Update – Page: Online : 24-Aug-18

Australians have responded to the unprecedented leadership instability at the head of the Turnbull Government by outlining their concerns about a re-elected L-NP Government and their worries about an ALP Government should it be elected at the next Federal Election – which could be held at any time between now and May 2019. Australians are most concerned about the continuing instability that would impact on a re-elected L-NP Government while the L-NP’s perceived favouritism towards "big business", and policies towards climate change and refugees and immigration are pressing concerns. If an ALP Government were elected at the next Federal Election Australians are worried about the perceived strong union influence on a Bill Shorten-led Government as well as the ALP’s poor economic management abilities, reckless spending and concerns from both ALP & L-NP supporters about the ALP’s policies towards immigration and refugees. For full details, including verbatim responses from Australian electors, click through.

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

Latest Morgan Poll shows Julie Bishop (64%) easily preferred as Prime Minister to Bill Shorten (36%)

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Original article by Roy Morgan
Market Research Update – Page: Online : 24-Aug-18

Deputy Liberal Leader Julie Bishop has easily the strongest performance against Opposition Leader Bill Shorten in a head-to-head matchup while fellow leadership aspirant Scott Morrison is in a virtual "dead-heat" with Shorten. Julie Bishop (64%) clearly leads Bill Shorten (36%) while Bill Shorten (50.5%) and Scott Morrison (49.5%) can barely be separated according to a special Snap SMS Morgan Poll conducted with a cross-section of more than 2,000 Australian electors on Thursday. An earlier SMS Morgan Poll showed PM Malcolm Turnbull (54%) ahead of Shorten (46%) while Shorten (62%) easily leads Peter Dutton (38%). Bishop’s strong performance in a head-to-head match-up with Shorten shows that if the Liberal Party wants its best chance of winning the next Federal Election Julie Bishop is the smart choice to lead the party. Follow this link to see the latest Morgan Poll results with interview between Roy Morgan CEO Michele Levine and ABC TV’s Matter of Fact with Stan Grant to follow.

CORPORATES
MORGAN POLL, ROY MORGAN LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Dutton’s $7.5b GST idea a budget blower

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 23-Aug-18

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have criticised a proposal by Peter Dutton to reduce the cost of electricity by exempting household power bills from the goods and services tax. Turnbull has warned that the states would have to be compensated for loss of GST revenue, while Morrison says it would result in a Budget blowout. Dutton has also proposed royal commissions into the electricity and fuel sectors, as well a reduction in Australia’s annual migrant intake.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY