Author: roymorgansocial

Village eyes rebound as salaries, discounts cut

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Original article by Jemima Whyte
The Australian Financial Review – Page: 13 & 16 : 11-Jul-18

Village Roadshow will use the proceeds of a $51m right issue to reduce its debt. The new shares will be offered at $1.65 apiece, which represents a discount of 24 per cent to the stock’s most recent trading price. The theme parks and cinemas group has also advised that it will cease offering discounted tickets via resellers, with co-CEO Graham Burke noting that the majority of consumers now buy tickets directly from Village Roadshow. The company will reduce its joint CEOs’ salaries and its directors’ fees as part of a strategy to cut costs.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, WARNER BROS MOVIE WORLD ENTERPRISES, SEAWORLD, WET `N’ WILD WATER PARK, TOPGOLF, VILLAGE ROADSHOW CORPORATION LIMITED, ARDENT LEISURE GROUP – ASX AAD, DREAMWORLD, GROUPON AUSTRALIA PTY LTD

Facebook bill for 300,000 Aussies

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Original article by Ben Butler
The Australian – Page: 3 : 11-Jul-18

The Office of the Australian Information Commissioner has received a formal complaint about Facebook regarding the Cambridge Analytica scandal. The number of Australians who were affected by the data breach is estimated to exceed 300,000, and they may be entitled to compensation for breach of privacy. Nathan Landis of litigation funder IMF Bentham notes that the average compensation payout ranges from $1,000 to $10,000, which suggests that Facebook’s total liability could be between $3m and $3bn. The complaint was lodged by IMF Bentham and law firm Johnson Winter & Slattery.

CORPORATES
FACEBOOK INCORPORATED, CAMBRIDGE ANALYTICA LLC, AUSTRALIA. OFFICE OF THE AUSTRALIAN INFORMATION COMMISSIONER, IMF BENTHAM LIMITED – ASX IMF, JOHNSON WINTER AND SLATTERY, AUSTRALIA. OFFICE OF THE FEDERAL PRIVACY COMMISSIONER, GREAT BRITAIN. OFFICE OF THE INFORMATION COMMISSIONER, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

ANZ-Roy Morgan Australian Consumer Confidence cools down to 120.1

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Original article by Roy Morgan
Market Research Update – Page: Online : 11-Jul-18

ANZ-Roy Morgan Australian Consumer Confidence fell 0.2% to 120.1 in the week ended 8 July. Consumers’ views towards current financial conditions fell 2.7%, following two consecutive 2.8% rises in the previous weeks. Meanwhile, sentiment around future financial conditions rose 1.5% on the back of a 0.2% bounce previously. Households’ views towards current economic conditions bounced 2.7%, partially reversing the previous week’s 6.6% fall. Similarly, views towards future economic conditions improved 1.6%, following a 2.5% decline the previous week. Both sub-indices sit above their long-term average.

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

Power rip-offs: ACCC lines up energy giants

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Original article by Simon Benson
The Australian – Page: 1 & 6 : 11-Jul-18

The Australian Competition & Consumer Commission will release the final report on its investigation into retail energy pricing on 11 July. The ACCC has accused large energy companies of abusing their market power, and it has proposed major changes to the National Electricity Market in order to reduce electricity prices. Amongst other things, the ACCC has recommended banning companies from participating in mergers if they boast a 20 per cent share of the electricity generation market. It has also recommended giving the Australian Energy Regulator more powers to combat market manipulation.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN ENERGY REGULATOR, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, NEW SOUTH WALES. INDEPENDENT PRICING AND REGULATORY TRIBUNAL, QUEENSLAND MEDIA CLUB

BHP’s 100-year Pilbara mines plan gets green light

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Original article by Ben Harvey
The West Australian – Page: Online : 11-Jul-18

Western Australia’s Environmental Protection Authority has approved BHP Billiton’s long-term plan for its iron ore operations in the Pilbara. However, the EPA’s deputy chairman Robert Harvey has stressed that BHP will still need to submit each development proposal for environmental approval. BHP’s Pilbara Expansion-Strategic Proposal includes the expansion of existing iron ore mines and the potential development of up to 13 new mines in the Pilbara.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, WESTERN AUSTRALIA. ENVIRONMENTAL PROTECTION AUTHORITY

‘Far from PM’: ALP attacks ex-leader

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Original article by Joe Kelly, Rachel Baxendale
The Australian – Page: 4 : 11-Jul-18

Former Labor leader Mark Latham has recorded a robocall message on behalf of the Liberal Democrats in the seat of Longman, just days after recording a similar message for One Nation in which he called Opposition Leader Bill Shorten a liar. Latham has also indicated that he is considering a return to politics, and that he has been approached by four political parties. Senior Labor MPs have criticised Latham, including Deputy Leader Tanya Plibersek and shadow treasurer Chris Bowen, while Shorten has described the furore over Latham’s robocall message in support of One Nation as a "sideshow".

CORPORATES
AUSTRALIAN LABOR PARTY, ONE NATION PARTY, LIBERAL DEMOCRATIC PARTY

Rates must rise, APRA veteran says

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 11-Jul-18

Jeffrey Carmichael is the latest monetary policy expert to have urged the Reserve Bank of Australia to begin increasing official interest rates. The inaugural chairman of the Australian Prudential Regulation Authority has warned of the economic risks of failing to begin raising the cash rate when other central banks are doing so. He has suggested that there may be a need for up to eight rate rises, but stresses the need to do so gradually. He adds that the domestic economy is strong enough to absorb rate rises without any significant risk. Carmichael worked at the RBA for two decades.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN NATIONAL UNIVERSITY, UNITED STATES. FEDERAL RESERVE BOARD, EUROPEAN CENTRAL BANK, PROMONTORY AUSTRALASIA PTY LTD

Hooyah! Cave boys finally free after miracle rescue

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Original article by Jacquelin Magnay
The Australian – Page: 1 & 10 : 11-Jul-18

Divers have rescued the last four schoolboys who were trapped in Thailand’s flooded Tham Luang cave system for more than two weeks with their soccer coach. After completing the complex operation, Thai navy SEALs described it as an "extraordinary rescue mission" and praised the many people who contributed to it. Colleagues of Adelaide-based doctor Richard Harris have also praised his contribution to the rescue effort. The cave-diving expert went down to the cave system each day and determined that the schoolboys were medically fit before allowing them to ascend to the surface.

CORPORATES
THAILAND. OFFICE OF THE PRIME MINISTER

Dream run may be over as credit faces headwinds

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Original article by David Rogers
The Australian – Page: 28 : 11-Jul-18

The S&P/ASX 200 failed to reach a new 10-year high on 10 July, with the banking sector leading the market lower. Jonathan Mott of UBS notes that the Australian market had significantly outperformed its global peers between early April and early July, although this had followed a sharp fall in the March quarter. Meanwhile, a number of factors may weigh on the local bourse in the lead-up to the August reporting season, including the potential for the US-China trade war to escalate.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, UBS HOLDINGS PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, TELSTRA CORPORATION LIMITED – ASX TLS, MACQUARIE GROUP LIMITED – ASX MQG, BANK OF QUEENSLAND LIMITED – ASX BOQ, SUNCORP BANK, AMP BANK LIMITED, PEPPER GROUP LIMITED, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Dismay as candidates snub dual-citizenship checklist

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Original article by Rosie Lewis
The Australian – Page: 4 : 10-Jul-18

New voluntary checklists aimed at assuring voters that political candidates are eligible under Australian citizenship laws were introduced in the wake of the dual-citizenship fiasco. It has been revealed that of the 48 candidates taking part in five upcoming by-elections, 17 have either not completed the checklist or chosen not to have the details made public. Constitutional law expert Anne Twomey says electors may decide not to vote for candidates who have decided not to fully participate in the checklist process.

CORPORATES
UNIVERSITY OF SYDNEY, LIBERAL DEMOCRATIC PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN ELECTORAL COMMISSION, CENTRE ALLIANCE