Author: roymorgansocial

Extensive raids reveal wage theft

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Original article by Anna Patty
The Sydney Morning Herald – Page: 11 : 12-Jul-18

An investigation by the Fair Work Ombudsman has found a high incidence of wage exploitation in the Illawarra region of New South Wales. The FWO raided businesses across the region in the wake of revelations by "The Sydney Morning Herald" that workers – including university students – were being underpaid. The FWO probe also found that many businesses have failed to comply with record-keeping requirements.

CORPORATES
AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN LABOR PARTY, UNIVERSITY OF WOLLONGONG

BHP’s shale sale to reap dividends

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Original article by Paul Garvey
The Australian – Page: 19 : 12-Jul-18

BHP Billiton chairman Ken MacKenzie has told shareholders that the resources group hopes to secure at least one deal for its US shale assets by the end of 2018. He said there has been strong interest in the assets due to factors such as US company tax cuts and a rise in the crude oil price. MacKenzie also signalled that BHP is likely to return some of the sale proceeds to shareholders via share buybacks or increased dividends. He also said there is still strong support at boardroom and executive level for BHP’s conventional oil assets.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, BP PLC, CHEVRON CORPORATION, ROYAL DUTCH SHELL PLC, ELLIOTT MANAGEMENT CORPORATION

Fox dangles $44bn carrot for Sky buyout

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Original article by Darren Davidson
The Australian – Page: 20 : 12-Jul-18

US media giant 21st Century Fox has increased its cash offer for UK-based pay-TV group Sky to Stg14 per share, trumping the rival cash bid of Stg12.50 per share from Comcast. Fox had initially offered Stg10.75 per share in late 2016, and the revised offer values Sky at Stg24.5bn ($43.8bn). Fox already has a 39 per cent stake in Sky, and it says the target’s independent directors have recommended that shareholders accept the revised offer.

CORPORATES
21ST CENTURY FOX INCORPORATED, SKY PLC, COMCAST CORPORATION, WALT DISNEY COMPANY, NETFLIX INCORPORATED, FACEBOOK INCORPORATED, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Brace for serious trade consequences

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Original article by Glenda Korporaal, Paul Garvey
The Australian – Page: 17 & 27 : 12-Jul-18

Grant Wardell-Johnson of KPMG says the latest move by the US to increase tariffs on Chinese imports has much greater implications for the Australian economy than the first round of tariffs. The Trump administration has signalled that it intends to subject some $US200bn worth of Chinese imports to a tariff of 10 per cent; Wardell-Jones says this would mean that tariffs would apply to nearly 50 per cent of US goods imported from China. Joseph Capurso of the Commonwealth Bank says the Australian economy would be unlikely to be hard hit by an expanded US-China trade war, arguing that relatively little of what Australia exports to China subsequently makes its way to the US market.

CORPORATES
KPMG AUSTRALIA PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, CITIGROUP INCORPORATED, UBS HOLDINGS PTY LTD, CHINA. MINISTRY OF COMMERCE, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Tax over-claimers gouge $8.7bn

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Original article by Rachel Baxendale
The Australian – Page: 2 : 12-Jul-18

The Australian Taxation Office will seek to recover more than $A1bn worth of tax liabilities over the next four years, according to second commissioner Neil Olesen. Analysis shows that the Federal Government lost $8.7bn in tax revenue in 2014-15 as a result of individuals failing to comply with their tax obligations. In contrast, it is estimated that forgone tax revenue from companies was just $2.5bn.

CORPORATES
AUSTRALIAN TAXATION OFFICE, THE TAX INSTITUTE, CHARTERED ACCOUNTANTS AUSTRALIA AND NEW ZEALAND

Exchange-traded funds set for take-off

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Original article by Glenda Korporaal
The Australian – Page: 19 : 12-Jul-18

ETF Securities founder Graham Tuckwell is upbeat about the outlook for Australia’s exchange-traded fund market, which he expects to grow significantly in the next five years. Tuckwell says Australians have been slow to embrace ETFs while financial advisers have instead favoured actively managed funds, as they receive a commission for recommending such products to clients. He adds that active fund managers often underperform the market after their fees are taken into account.

CORPORATES
ETF SECURITIES LIMITED

Fifield reassures Aunty: we’re not out to destroy you

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Original article by Stephen Brook
The Australian – Page: 3 : 12-Jul-18

ABC chairman Justin Milne has rejected calls by the commercial media sector for the ABC to exit the digital sphere, arguing that doing so would jeopardise the ABC’s future. He also noted that diversity of media voices in Australia has declined in recent years, and this trend would increase without a viable and competitive ABC. Milne added that Communications Minister Mitch Fifield has assured him that privatising the ABC is not on the Federal Government’s agenda.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, LIBERAL PARTY OF AUSTRALIA, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, NEWS CORPORATION – ASX NWS, TEN NETWORK HOLDINGS LIMITED, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AMAZON.COM INCORPORATED, APPLE INCORPORATED, NEWS CORP AUSTRALIA PTY LTD

House prices now set for sustained decline

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Original article by Matthew Cranston
The Australian Financial Review – Page: 31 : 12-Jul-18

A survey by the ANZ Bank and the Property Council of Australia has found that confidence in the nation’s residential property market has fallen sharply. The national survey of property professionals shows that there has been a significant rise in the number of respondents who expect a further decline in house prices, particularly in Sydney and Melbourne. Respondents were also bearish regarding the availability of finance, and ANZ’s David Plank says this suggests that building approvals will fall in the next 6-12 months.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, PROPERTY COUNCIL OF AUSTRALIA LIMITED, MIRVAC GROUP – ASX MGR, STOCKLAND – ASX SGP

Coal stays in energy fix

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Original article by Andrew Tillett, Mark Ludlow
The Australian Financial Review – Page: 1 & 4 : 12-Jul-18

The Australian Competition & Consumer Commission has made 56 recommendations in the final report of its investigation into retail energy pricing. Prime Minister Malcolm Turnbull has indicated that the Federal Government may support the ACCC’s recommendation that the cost of new dispatchable electricity generation be subsidised by taxpayers. This could potentially include coal-fired power stations. Other recommendations include replacing electricity retailer’s standing offers with default offers.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIA. ENERGY SECURITY BOARD, QUEENSLAND MEDIA CLUB, LIBERAL PARTY OF AUSTRALIA, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, VICTORIA. DEPT OF ENVIRONMENT, LAND, WATER AND PLANNING

Nine legendary lives of TV’s original star-maker

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Original article by Darren Davidson, Stephen Brook
The Australian – Page: 3 : 11-Jul-18

Australian media identities have praised the contribution of industry veteran Sam Chisholm, who has died at the age of 78. New Zealand-born Chisholm became CEO of the Nine Network in 1975, and it became Australia’s top-rating free-to-air broadcaster during his tenure. Chisholm subsequently took the helm of British pay-TV company Sky and oversaw its merger with British Satellite Broadcasting and its sharemarket listing. He returned to Australia in 1997, where he took on roles at Foxtel and Nine.

CORPORATES
NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SKY PLC, BRITISH SATELLITE BROADCASTING, BSKYB, FOXTEL MANAGEMENT PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS