Author: roymorgansocial

Tax lost as $16bn profits go offshore

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Original article by Adam Creighton
The Australian – Page: 19 : 19-Jun-18

Profit-shifting by multinationals is estimated to cost Australia about $A5.4bn a year in foregone corporate tax revenue, according to international research. Economists from the University of California, Berkeley and the University of Copenhagen concluded that Australia loses about seven per cent of its corporate tax revenue due to the practice of shifting profits to tax havens. The research is based on data from 2015, which precedes Federal Government initiatives such as its Diverted Profits Tax and the Multinational Anti-Avoidance Law.

CORPORATES
UNIVERSITY OF CALIFORNIA, BERKELEY, UNIVERSITY OF COPENHAGEN, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GOOGLE INCORPORATED

World Cup fail: Optus gives SBS games

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Original article by Tom McIlroy
The Australian Financial Review – Page: 3 : 19-Jun-18

The problems Optus has experienced with its live streaming coverage of the soccer World Cup has prompted it to allow SBS to simulcast extra matches. Optus CEO Allen Lew says the telco has resolved the technical issues, although some customers are expected to continue to experience problems for several days. As a result, SBS will broadcast six matches that were to have been exclusive to the Optus Sport streaming video service. The technical problems were caused by a surge in demand for the Optus service. Meanwhile, England has defeated Tunisia 2-1 in the latest World Cup match.

CORPORATES
SINGTEL OPTUS PTY LTD, SPECIAL BROADCASTING SERVICE (SBS), SINGAPORE TELECOMMUNICATIONS LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Customers win as Amazon, eBay face off

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Original article by Chris Griffith
The Australian – Page: 3 : 19-Jun-18

E-commerce giant Amazon has advised that Australians who join its premium subscription service will receive free delivery on many items in just two business days. Amazon Prime will be officially launched in Australia on 19 June, and it will compete with the recently launched eBay Plus service. Australians will be able to take out a free trial subscription to both services, while Amazon and eBay are also offering a discounted annual subscription package for a limited time.

CORPORATES
AMAZON.COM INCORPORATED, EBAY AUSTRALIA AND NEW ZEALAND PTY LTD, EBAY INCORPORATED, MYER HOLDINGS LIMITED – ASX MYR, TARGET AUSTRALIA PTY LTD, CHEMIST WAREHOUSE

Rio’s flexible approach in production revamp

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Original article by Matt Chambers
The Australian – Page: 17 & 20 : 19-Jun-18

Rio Tinto has advised that its iron ore production and rail capacity is expected to rise to 360 million tonnes by the end of 2019, in line with its port capacity. The resources group has previously forecast that iron ore production for 2018 will be within the range of 330 million to 340 million tonnes. Rio Tinto has also signalled that it will adopt a "value over volume" strategy for its Pilbara operations, which will allow it to adjust production of different iron ore products in response to demand from buyers or changes in the price of the steel input.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, ROY HILL HOLDINGS PTY LTD

Billionaire battle as Rinehart bids $390m for Atlas

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Original article by Paul Garvey
The Australian – Page: 17 & 20 : 19-Jun-18

Hancock Prospecting’s cash offer of $A0.042 per share for Atlas Iron and follows its recent acquisition of a substantial shareholding in the iron ore miner. Mineral Resources has previously offered $A0.036 per share for Atlas in a scrip bid, while Andrew Forrest’s Fortescue Metals Group has acquired a 19.9 per cent stake in Atlas. There is speculation that mining magnate Gina Rinehart is primarily interested in two proposed new berths at Port Hedland, which are adjacent to Hancock’s existing berths. However, the Western Australian Government would have to back down on its stance that junior iron ore miners should have priority access to the new berths.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, HANCOCK PROSPECTING PTY LTD, MINERAL RESOURCES LIMITED – ASX MIN, FORTESCUE METALS GROUP LIMITED – ASX FMG, REDSTONE CORPORATION, SHAW AND PARTNERS LIMITED, WESTERN AUSTRALIA. DEPT OF TRANSPORT, AWE LIMITED, MITSUI AND COMPANY LIMITED

Game of chicken on tax cuts

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 : 19-Jun-18

A meeting of Labor MPs on 19 June is expected to endorse the first stage of the Federal Government’s personal income tax cuts package. However, Labor’s continued opposition to the rest of the tax package means the Government will require the support of One Nation and Centre Alliance to pass the full tax cuts in the Senate. Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have again ruled out splitting the tax bill to enable the first stage of the tax cuts to proceed on 1 July.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

How We Shop: Trends in Australian Shopping Behaviours

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Jun-18

Recent research by Roy Morgan found that 9.46 million Australians aged 14+ now shop online. While all demographics are recording a positive growth rate, the strongest growth is from the less affluent demographics. Australians in the FG Socio-Economic Quintile, those classified as Light Spenders, and those belonging to the Roy Morgan Value Segments of "Fairer Deal" (a 9.5ppts increase) and "Something Better" (15ppts increase) all recorded higher growth rates of internet shopping between March 2015 and March 2018 than their wealthier counterparts. The late adopters of the technology community are also now the highest growing demographic for online shopping. Analysis using Roy Morgan’s Technology Adoption Segments shows that Technology Traditionalists have recorded growth of 7ppts in online shopping, while Technophobes grew by 7.1ppts, the highest of all segments. Comparatively, the Technology Early Adopters saw growth of only 3.9ppts, and the Digital Life segment recorded growth of just 4ppts.

CORPORATES
ROY MORGAN LIMITED

eBay king of online shopping ahead of Gumtree, Amazon, Kogan & Groupon

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Jun-18

A Roy Morgan Single Source survey shows that nearly 14 million Australians aged 14+ (or almost 70%) now visit online shopping or auction sites in an average four weeks, although recent research revealed that around 47% of Australians actually purchase something online in an average four weeks. Meanwhile, over 9.4 million Australians visit eBay in an average four weeks, ahead of Gumtree (5.6 million visitors), Amazon (4.7 million) and Kogan.com (nearly 2.3 million). Analysis by gender shows that over 7 million women visit an online shopping or auction site in an average four weeks, compared with around 6.9 million men. eBay is easily the top online shopping site for both women and men; nearly 4.9 million men visit eBay in an average four weeks, compared to 4.5 million women.

CORPORATES
ROY MORGAN LIMITED, EBAY INCORPORATED, EBAY AUSTRALIA AND NEW ZEALAND PTY LTD, GUMTREE.COM AUSTRALIA PTY LTD, AMAZON.COM INCORPORATED, KOGAN.COM LIMITED – ASX KGN

Industry Funds satisfy top investors

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Jun-18

A Roy Morgan Single Source survey has found that industry superannuation funds had the highest level of customer satisfaction among Australians aged +14 with account balances of more than $5,000 in the six months to April 2018. Retail funds showed the highest relative performance among funds with less than $5,000, although these accounts only represent 0.1% of the monetary value of the super market. Industry funds also had the highest satisfaction among members with account balances of $700,000 or more. Among the top 15 funds, QSuper has the highest level of satisfaction (72.3%), followed by Unisuper (69.1%) and VicSuper (67.9%).

CORPORATES
ROY MORGAN LIMITED, QSUPER LIMITED, UNISUPER LIMITED, VICSUPER PTY LTD

Legal standoff leaves mining leases in limbo

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Original article by Brad Thompson
The Australian Financial Review – Page: 10 : 18-Jun-18

Mining companies continue to face uncertainty over the validity of their Western Australian mining leases in the wake of a High Court ruling in 2017. The state government committed to legislating to ensure that leases affected by the ruling are valid, but it has received legal advice to the effect that the federal government must first make amendments to the Native Title Act. The federal government in turn maintains that WA must first amend its Mining Act. The WA government estimates that nearly 25 per cent of mining leases that have been granted since 2006 could potentially be invalid.

CORPORATES
HIGH COURT OF AUSTRALIA, FORTESCUE METALS GROUP LIMITED – ASX FMG, ROY HILL HOLDINGS PTY LTD, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ASSOCIATION OF MINING AND EXPLORATION COMPANIES