Author: roymorgansocial

AMP warns planners on risky advice

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Original article by Alice Uribe
The Australian Financial Review – Page: 1 & 4 : 10-Jul-18

AMP appears reluctant to retain self-employed financial planners under its operating licence, as it continues to be impacted by the "fee for no service" scandal. AMP is understood to have given some self-employed planners just months to find a new operating licence. Meanwhile, the Australian Securities & Investments Commission has confirmed that plans to continue its investigation of AMP over the fees scandal.

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, HILLROSS FINANCIAL SERVICES LIMITED, IPAC FINANCIAL CARE LIMITED, CHARTER FINANCIAL PLANNING LIMITED, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, ADVISER SOLUTIONS PTY LTD, CONNECT FINANCIAL SERVICES BROKERS

All eyes on big four as Macquarie lifts rates

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 11 & 16 : 10-Jul-18

There is growing speculation that Australia’s four major banks will increase their mortgage interest rates independently of the Reserve Bank. Macquarie is the latest bank to have advised of a rise in its variable rates for new and existing customers. Jonathan Mott of UBS says the large banks may opt to lift their rates in coming months to reflect the increase in their wholesale funding costs, although Sean Fenton of Tribeca Investment Partners notes that the major banks may be wary of attracting further political scrutiny at present. Some smaller lenders recently increased their mortgage rates.

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, RESERVE BANK OF AUSTRALIA, UBS HOLDINGS PTY LTD, TRIBECA INVESTMENT PARTNERS PTY LTD, PEPPER GROUP LIMITED, AMP BANK LIMITED, SUNCORP BANK, AUSWIDE BANK LIMITED – ASX ABA, IMB LIMITED, ME BANK, BANK OF QUEENSLAND LIMITED – ASX BOQ, MORGAN STANLEY AUSTRALIA LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

ACCC: Click misled consumers

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Original article by Max Mason
The Australian Financial Review – Page: 14 : 10-Jul-18

Electricity and gas retailer Click Energy will dispute allegations of false and misleading conduct. The Australian Competition & Consumer Commission will allege in court that Click Energy’s offer of a 7-29 per cent discount for paying electricity bills on time applied only to its market offer rates, rather than its standard offer rates. ACCC chairman Rod Sims says the discounts were much lower than advertised when compared with Click Energy’s standing offer rates.

CORPORATES
CLICK ENERGY PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AMAYSIM AUSTRALIA LIMITED – ASX AYS, FEDERAL COURT OF AUSTRALIA

Retail investment rebounds to $2.4b

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Original article by Larry Schlesinger
The Australian Financial Review – Page: 29 : 10-Jul-18

Retail real estate investment in Australia rose from just $751m in the March 2018 quarter to $2.4bn in the June quarter, according to Cushman & Wakefield. Major deals in the second quarter included the sale of a 50 per cent stake in the Grande Plaza Shopping Centre in Brisbane to Invesco for $215 million. Cushman & Wakefield expects sales activity in the sector to remain strong in the second half of 2018.

CORPORATES
CUSHMAN AND WAKEFIELD PTY LTD, CANADA PENSION PLAN INVESTMENT BOARD, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, INVESCO ASSET MANAGEMENT LIMITED, QIC LIMITED, VICINITY CENTRES – ASX VCX, STOCKLAND – ASX SGP, RAM

Private sales: houses on market longer in Sydney

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 32 : 10-Jul-18

Data from Domain Holdings shows that it now takes an average of 63 days to sell a house privately in Sydney, compared with just 45 when the market was at its peak in 2017. Likewise, the average number of days required to sell a unit has risen from 54 days to 64. Meanwhile, the average number of days that a house is on the market in Melbourne is steady at 48, while the number of days required to sell a unit has fallen from almost 100 to just 75. The average discount on advertised sale prices has risen in both cities.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, CORELOGIC AUSTRALIA PTY LTD

Village Roadshow to target debt and cinemas

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Original article by Max Mason
The Australian Financial Review – Page: 13 : 10-Jul-18

Shares in Village Roadshow went into a trading halt on 9 July, pending an announcement on a possible capital raising. There is speculation that the cinemas, theme parks and film group will seek to raise about $50m. Village Roadshow has significantly reduced its debt in the last year, while it recently divested the Wet’n’Wild Water Park in Sydney. The new Topgolf business is one of its priorities looking forward.

CORPORATES
VILLAGE ROADSHOW LIMITED – ASX VRL, WET `N’ WILD WATER PARK, TOPGOLF, PARQUES REUNIDOS, ORANGE SKY GOLDEN HARVEST ENTERTAINMENT (HOLDINGS) LIMITED, WARNER BROS MOVIE WORLD ENTERPRISES, LGIASUPER, ARDENT LEISURE GROUP – ASX AAD, DREAMWORLD, LIONS GATE ENTERTAINMENT CORPORATION, JP MORGAN AUSTRALIA LIMITED, MINTER ELLISON

Susceptible $A tipped to fall to US70c

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Original article by Sarah Turner
The Australian Financial Review – Page: 27 : 10-Jul-18

Some economists are bearish about the outlook for the Australian dollar, which has traded at close to a 12-month low since mid-June. Stephen Roberts of Laminar Capital expects the currency to be trading at $US0.70 at the end of 2018, citing the prospect of a growing gap between official interest rates in Australia and the US. Elliot Clarke of Westpac in turn expects the Australian dollar to test the $US0.70 level in the second half of 2019.

CORPORATES
LAMINAR CAPITAL, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, RESERVE BANK OF AUSTRALIA

Austar coal workers in doubt

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Original article by Paul Garvey
The Australian – Page: 19 : 10-Jul-18

Yancoal Australia has redeployed most of the workers at its Austar coal mine in New South Wales after it was issued with two prohibition notices by the state’s Resources Regulator. Yancoal will seek a ruling from the Industrial Relations Commission on whether it can access the mine in the wake of the two most recent "coal burst" incidents that forced its closure. Yancoal hopes to at least retrieve longwall mining equipment, even if it cannot resume production.

CORPORATES
YANCOAL AUSTRALIA LIMITED – ASX YAL, NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT. RESOURCES REGULATOR, INDUSTRIAL RELATIONS COMMISSION OF NEW SOUTH WALES

Twiggy, Santos battle over gas developments

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Original article by Perry Williams
The Australian – Page: 17 & 27 : 10-Jul-18

Macquarie has suggested that Santos could find it hard to secure New South Wales government approval for its Narrabri coal-seam gas project if Australian Industrial Energy builds an LNG import terminal. AIE CEO James Baulderstone claims that the facility would be able to supply gas to NSW much faster and at much lower cost. However, Santos CEO Kevin Gallagher argues that gas from Narrabri would be much cheaper. The AIE consortium’s members include iron ore magnate Andrew Forrest.

CORPORATES
SANTOS LIMITED – ASX STO, AUSTRALIAN INDUSTRIAL ENERGY, MACQUARIE GROUP LIMITED – ASX MQG, NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT

PM pushed on power prices

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Original article by Greg Brown
The Australian – Page: 1 & 5 : 9-Jul-18

The Greens will push for a commission of ­inquiry into retail electricity pricing, with energy spokesman Adam Bandt urging Coalition backbenchers to cross the floor and support the proposed bill. A number of Senate crossbenchers have expressed support for an inquiry into retail electricity prices, while several Coalition MPs have advocated holding a royal commission unless electricity retailers take action to reduce their prices. However, Deputy Prime Minister ­Michael McCormack says a royal commission is not on the Coalition’s agenda at present.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, ENERGYAUSTRALIA PTY LTD, AUSTRALIAN ENERGY MARKET COMMISSION, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION