Author: roymorgansocial

Lawyers sniff a settlement out of BHP

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 22 : 10-Aug-18

BHP Billiton has agreed to settle a class action launched by US shareholders over losses arising from the Samarco iron ore tailings dam collapse in Brazil. BHP has offered to pay $US50m ($67.2m) in compensation to settle the case, although it will not admit any liability for the disaster. Brett Spiegel of Australian law firm Phi Finney McDonald says its class action is based on similar underlying issues, adding that the US settlement has vindicated his firm’s contention that BHP had misled investors and failed to comply with disclosure requirements.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, SAMARCO MINERACAO SA, PHI FINNEY McDONALD PTY LTD, FEDERAL COURT OF AUSTRALIA, MAURICE BLACKBURN PTY LTD, HERBERT SMITH FREEHILLS PTY LTD

Victoria digs in on bare minimum NEG demands

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 10-Aug-18

Federal Energy Minister Josh Frydenberg will meet with his state counterparts on 10 August to discuss ratifying the National Energy Guarantee. Victoria’s Energy Minister Lily D’Ambrosio says Frydenberg needs to be prepared to compromise with Labor states on the NEG if they are to agree to it. Victoria’s conditions for agreeing to the NEG include that its renewable emission targets will never go backwards and that future targets are to be set every three years.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, VICTORIA. DEPT OF ENVIRONMENT, LAND, WATER AND PLANNING, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. ENERGY SECURITY BOARD

Sky News ban exposed in train wreck interview

roymorgansocial Leave a comment

Original article by Stephen Brook, Olivia Caisley
The Australian – Page: 2 : 10-Aug-18

The Victorian Government has banned Sky News broadcasts on Melbourne train station platforms in the wake of the channel’s controversial interview with right-wing extremist Blair Cottrell. Transport Minister Jacinta Allan sought to defend the ban during an interview on Sky News, but she was informed that the Cottrell interview had not been broadcast on the rail network. Sky News content has been broadcast at train stations since 2015, but it is limited to news stories, sports highlights and weather reports.

CORPORATES
SKY NEWS, VICTORIA. DEPT OF ECONOMIC DEVELOPMENT, JOBS, TRANSPORT AND RESOURCES, APN OUTDOOR GROUP LIMITED – ASX APO, AMERICAN EXPRESS COMPANY, KIMBERLY-CLARK AUSTRALIA PTY LTD, SPECSAVERS OPTICAL GROUP LIMITED

Vesey to stay put as AGL profit surges

roymorgansocial Leave a comment

Original article by Andrew White
The Australian – Page: 17 & 21 : 10-Aug-18

AGL Energy has posted a 2017-18 net profit of $1.59bn, compared with $539m previously. The electricity generator and retailer’s underlying profit rose by 28 per cent to $1.02bn. AGL has reported revenue of $12.8bn, a modest increase from the previous fiscal year, while shareholders will receive a partially franked final dividend of $0.63 per share. CEO Andy Vesey has refuted suggestions that he may step down, stressing that he will remain at the helm while AGL implements its three-year strategy.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, SANTOS LIMITED – ASX STO, ALINTA ENERGY (AUSTRALIA) PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, MACQUARIE GROUP LIMITED – ASX MQG

RBA’s Lowe has his share of doubters

roymorgansocial Leave a comment

Original article by Jonathan Shapiro
The Australian Financial Review – Page: 32 : 10-Aug-18

The Reserve Bank of Australia has not increased the official cash rate since November 2010, but governor Philip Lowe indicated on 8 August that it may not be long before it has to lift rates. An increase in interest rates would mean that the RBA felt that its inflation target of 2.5 per cent might be not be far off being reached, but some economists are not so certain about this, given the experience of economies in other parts of the world.

CORPORATES
RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE GROUP LIMITED – ASX MQG

NAB chief insists acts not a crime

roymorgansocial Leave a comment

Original article by James Frost
The Australian Financial Review – Page: 1 & 8 : 10-Aug-18

The banking royal commission has heard that National Australia Bank is being investigated over more than 100 alleged breaches of the law. The alleged breaches relate to actions by its superannuation and wealth management units, with the investigations being carried out by the Australian Securities & Investments Commission. NAB CEO Andrew Thornburn says that it does not consider that the alleged claims against it amounted to criminal breaches, and he is absolutely certain that they were not criminal acts.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, MLC LIMITED, AMCOR LIMITED – ASX AMC, BHP BILLITON LIMITED – ASX BHP, SOUTH32 LIMITED – ASX S32, CARLTON AND UNITED BREWERIES

Time for companies to splash the buyback cash

roymorgansocial Leave a comment

Original article by David Rogers
The Australian – Page: 27 : 10-Aug-18

Berowne Hlavaty of JP Morgan says key indicators suggest that the August reporting season in Australia will be a strong one. The firm’s poll of analysts shows that 33 per cent of stocks are expected to post an earnings surprise on the upside, while only 17 per cent of stocks will surprise on the downside. JP Morgan has identified a number of companies that could potentially announce share buybacks during the reporting season. They include BHP Billiton, Westpac, Woolworths, Insurance Australia Group and Vicinity Centres.

CORPORATES
JP MORGAN AUSTRALIA LIMITED, BHP BILLITON LIMITED – ASX BHP, WESTPAC BANKING CORPORATION – ASX WBC, WOOLWORTHS GROUP LIMITED – ASX WOW, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, VICINITY CENTRES – ASX VCX, BLUESCOPE STEEL LIMITED – ASX BSL, ANSELL LIMITED – ASX ANN, MIRVAC GROUP – ASX MGR, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, SUNCORP GROUP LIMITED – ASX SUN, PLATINUM ASSET MANAGEMENT LIMITED – ASX PTM, WESFARMERS LIMITED – ASX WES, PERPETUAL LIMITED – ASX PPT, SIMS METAL MANAGEMENT LIMITED – ASX SGM, SEVEN WEST MEDIA LIMITED – ASX SWM, NATIONAL STORAGE REIT – ASX NSR, CHARTER HALL LONG WALE REIT – ASX CLW, LYNAS CORPORATION LIMITED – ASX LYC, IRESS LIMITED – ASX IRE, GROWTHPOINT PROPERTIES AUSTRALIA – ASX GOZ, CHARTER HALL RETAIL REIT – ASX CQR, PERSEUS MINING LIMITED – ASX PRU, CROMWELL PROPERTY GROUP – ASX CMW, PROPERTYLINK GROUP LIMITED – ASX PLG, TASSAL GROUP LIMITED – ASX TGR, CARDNO LIMITED – ASX CDD, MYOB GROUP LIMITED – ASX MYO, MAGELLAN FINANCIAL GROUP LIMITED – ASX MFG, CROWN RESORTS LIMITED – ASX CWN, STANDARD AND POOR’S ASX 200 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Magazine readership up on a year ago powered by a wide variety of titles

roymorgansocial Leave a comment

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

Roy Morgan has released the Australian Magazine Readership report for the 12 months to June 2018. A total of 15,040,000 Australians aged 14+ (74.1 per cent) read magazines either in print or online, up 0.7 per cent from a year ago. Readership of print magazines was over 13.6 million Australians (67.3 per cent), up 0.5 per cent from a year ago. Ten 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. The free "Coles Magazine" remains the most widely-read print magazine, with an average readership of 4,563,000 per issue (up 21.5 per cent), while "Better Homes & Gardens" remains the most widely read paid magazine with more than 1.6 million readers. Meanwhile, Taste.com.au remains the best-read magazine title across print and digital formats, with a total cross-platform audience of more than 3.1 million.

CORPORATES
ROY MORGAN LIMITED

Four out of five Australians continue to read newspapers

roymorgansocial Leave a comment

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

Roy Morgan has released the latest readership results for Australian newspapers for the 12 months to June 2018. Over 16 million Australians aged 14+ (79.3%) now read or access newspapers in an average 7-day period via print or online, an increase of 3.3 per cent from a year ago. Four of Australia’s top five leading mastheads have grown their cross-platform audiences. "The Sydney Morning Herald" is still Australia’s most widely-read masthead, with a cross-platform audience of 4,279,000, up 1 per cent from a year ago. Meanwhile, "Good Weekend" remains Australia’s most widely-read newspaper inserted magazine, with print readership of 1,139,000 (down 10.3 per cent).

CORPORATES
ROY MORGAN LIMITED

Howard urges action on unfinished IR reform

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 9-Aug-18

Ex-prime minister John Howard has highlighted the contribution that his government’s commitment to industrial relations reform had on wages growth and the labour market. In a recent address at a private dinner, Howard expressed concern about the lack of government action on workplace reform in recent years, and urged the Coalition to take more action on the issue. Howard praised the Coalition for reinstating the Australian Building & Construction Commission, but argued that further workplace reform is needed.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF FINANCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ACTU, PATRICK CORPORATION LIMITED