Author: roymorgansocial

State embarks on a dazzling spending binge

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Original article by Patrick Durkin, Ben Potter
The Australian Financial Review – Page: 6 : 2-May-18

The Victorian Government’s May 2018 Budget has forecast a surplus of $A1.4bn in 2018-19, amid expectations that revenue will rise by almost nine per cent. The Government has attributed the strong Budget outlook to factors such as rising stamp duty and payroll tax revenue, the state’s economic growth and an increase in its share of GST revenue. The Government has also announced that it will invest $A13.7bn in infrastructure projects, including hospitals, schools and roads.

CORPORATES
VICTORIA. DEPT OF TREASURY AND FINANCE, SNOWY HYDRO LIMITED, MELBOURNE AIRPORT, MOODY’S INVESTORS SERVICE INCORPORATED, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF VICTORIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Macron to sign pact targeting cyber war

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 2-May-18

French President Emmanuel Macron will commence an official visit to Australia on 2 May. The Federal Government has declined to comment on speculation that Macron will sign a cyber-security agreement on the first day of his three-day visit. However, senior intelligence sources have indicated that the proposed agreement will be similar to one that Australia and the UK recently finalised. The cyber-security agreement with France would be Australia’s first with a country that is not a member of the Five Eyes intelligence network,

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, FRANCE. OFFICE OF THE PRESIDENT, AUSTRALIAN SIGNALS DIRECTORATE, COMMONWEALTH HEADS OF GOVERNMENT MEETING, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

US extends tariff exemptions

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Original article by Tom McIlroy
The Australian Financial Review – Page: 15 : 2-May-18

The US has indicated that an agreement to exempt Australia from tariffs on steel and aluminium will be finalised shortly. President Donald Trump announced an in-principle agreement on 1 May. Prime Minister Malcolm Turnbull said the deal reflects the "fair and reciprocal" trade relationship between Australia and the US, and ensures that this relationship will continue in such a manner. He added that the tariff exemptions will support jobs in both countries.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, UNITED STATES. DEPT OF STATE, BLUESCOPE STEEL LIMITED – ASX BSL, WORLD TRADE ORGANIZATION

No change in rate, and RBA predicting more economic acceleration

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Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 2-May-18

The Reserve Bank of Australia’s decision to leave official interest rates unchanged on 1 May was widely anticipated. The cash rate has now been on hold for an unprecedented 21 months. RBA governor Philip Lowe said the central bank still expects an increase in wages and inflation to be gradual, as will a fall in the unemployment rate. However, Lowe again said the Australian economy is likely to expand by more than three per cent in 2018 and 2019, compared with just 2.4 per cent in 2017.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

CBA stung: pay cuts for executives

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Original article by Andrew White
The Australian – Page: 1 & 6 : 2-May-18

The Commonwealth Bank of Australia will implement all 35 recommendations of an independent panel that was commissioned to examine its governance, culture and accountability. CEO Matt Comyn says the bank has already made a number of changes since the report was commissioned by the Australian Prudential Regulation Authority in the wake of Austrac’s money-laundering investigation. Amongst other things, senior executives will not receive bonuses and some have agreed to a pay cut.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AMP LIMITED – ASX AMP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

ATO targets 106 secret Credit Suisse accounts

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 3 : 2-May-18

The financial affairs of Credit Suisse’s private clients in Australia are under scrutiny by the Australian Taxation Office. The ATO contacted 77 of the Swiss bank’s local private clients on 1 May, and it will target 106 such clients in total. The ATO has identified more than 5,000 cross-border transactions that are deemed to be suspicious, and which exceed $A900m in total. The Australian clients are believed to have been advised by Switzerland-based relationship managers, who are alleged to have provided advice on tax evasion schemes.

CORPORATES
CREDIT SUISSE AG, CREDIT SUISSE (AUSTRALIA) LIMITED, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF FINANCE

ANZ-Roy Morgan Consumer Confidence in third consecutive rise up 0.8pts to 119.2

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Original article by Roy Morgan
Market Research Update – Page: Online : 2-May-18

ANZ-Roy Morgan Australian Consumer Confidence rose 0.7% to 119.2 in the week ended 29 April, its highest value in 11 weeks. Households’ views toward current financial conditions bounced 1.7% following a 2.4% decline previously. Views towards future conditions edged up 0.2%, the third straight weekly increase. Both sub-indices remain above their long-term averages. Consumers continued to be optimistic about year-ahead economic conditions, with sentiment rising a solid 3.9% after a similar rise in the previous week. Views towards future conditions were more restrained. This sub-index slipped 0.7%, partially reversing the previous week’s 3.2% rise. The "time to buy a household item" sub-index eased 0.9% off a solid 4.1% bounce previously. Inflation expectations remained steady at 4.4% on a weekly basis.

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

Rio faces new ASIC claims over Riversdale

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Original article by Matt Chambers
The Australian – Page: 22 : 2-May-18

A Rio Tinto spokesman says the mining giant will "vigorously" contest the latest allegations regarding a writedown of its coking coal assets in Mozambique. The Australian Securities & Investments Commission has alleged that a delay in writing down the value of the assets constituted misleading and deceptive conduct. Rio Tinto, former CEO Tom Albanese and ex-CFO Guy Elliott were already facing allegations that they had not informed shareholders of a significant downgrade in the resource estimate for the Mozambique assets.

CORPORATES
RIO TINTO LIMITED – ASX RIO, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, RIVERSDALE MINING LIMITED, FEDERAL COURT OF AUSTRALIA, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, MINERALS COUNCIL OF AUSTRALIA, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, BHP BILLITON LIMITED – ASX BHP, THE AUSTRALIA INSTITUTE LIMITED

Nine left without a major summer sport

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Original article by Dana McCauley
The Australian – Page: 21 : 2-May-18

Seven West Media CEO Tim Worner has confirmed that the Seven Network will broadcast cricket and tennis during the 2018-19 summer, despite some Test and Big Bash League matches being scheduled at the same time as the Australian Open. Nine Entertainment Company will take over tennis broadcasting rights in 2020, and there had been speculation that the two networks would cut a deal for Nine to commence its tennis coverage a year earlier.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, AUSTRALIAN OPEN TENNIS, BIG BASH LEAGUE, TENNIS AUSTRALIA, FOXTEL MANAGEMENT PTY LTD

Alinta Energy turns up heat on AGL with $250m Liddell bid

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 : 1-May-18

Ian Myles of Macquarie Group says Alinta Energy’s offer to buy AGL Energy’s Liddell coal-fired power station is "opportunistic", while Mark Busuttil of JP Morgan adds that AGL would be unlikely to consider such a low offer. AGL itself has repeatedly stressed that Liddell is not for sale as the power station will be required until its scheduled closure in 2022, with the site to then be used to generate renewable energy. Alinta recently signalled its intention to make a formal offer to buy Liddell.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, ALINTA ENERGY (AUSTRALIA) PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, JP MORGAN AUSTRALIA LIMITED, CHOW TAI FOOK ENTERPRISES LIMITED, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, MANUFACTURING AUSTRALIA LIMITED