Author: roymorgansocial

Wilson confident she can defeat Bauer Media appeal over payout

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Original article by Broede Carmody
The Age – Page: 5 : 20-Apr-18

Bauer Media is challenging the size of its payout to actress Rebel Wilson after a Victorian jury found in 2017 that it had defamed her. Justice John Dixon awarded Wilson damages of $A4.5 million, which Bauer is now contesting in the Court of Appeal. Media is not challenging the judgment, but only the amount, which it claims is "manifestly excessive". It is also contesting Justice Dixon’s finding that Wilson should be compensated for roles she claims to have missed out on because of its actions, claiming that there was insufficient evidence on this issue.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, COURT OF APPEAL (VICTORIA), FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN BROADCASTING CORPORATION

Frydenberg confident energy deal can be made

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Original article by Nicole Hasham
The Age – Page: 5 : 20-Apr-18

Federal Energy Minister Josh Frydenberg says he has held "constructive" discussions with his state counterparts regarding the proposed national energy guarantee ahead of a Council of Australian Governments meeting on 20 April. Frydenberg is optimistic that the states and territories will reach agreement on the final design stage of the NEG. The Victorian, Queensland and Australian Capital Territory governments have reservations about the NEG, particularly its carbon emission reduction targets. Frydenberg has ruled out any compromise to increase the reduction targets.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIAN LABOR PARTY

CFMEU boss wants Shorten to restore rights of workers

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 20-Apr-18

John Setka says that Labor has been criticised in the past for being a party that does not really stand for anything. However, the Construction, Forestry, Maritime, Mining & Energy Union’s Victorian secretary says this seems to have changed under Bill Shorten. Setka says he is happy to endorse Shorten as an alternative prime minister, despite the fact that he used to represent the Australian Workers’ Union, with which Setka’s union has traditionally been at odds. Setka hopes Shorten takes action to restore the rights of workers if Labor wins the next federal election.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN RAIL, TRAM AND BUS INDUSTRY UNION

Banks face fines up to $210m

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Original article by Simon Benson, Ben Butler, Richard Gluyas
The Australian – Page: 1 & 2 : 20-Apr-18

The Federal Government has responded to scandals exposed by the banking royal commission by flagging plans for harsher civil and criminal penalties for misconduct in the financial services sector. Individuals will face fines of up to $A1.05m and companies could be fined up to $A210m in changes to civil penalties. Individuals will also risk maximum jail terms of 10 years and fines of up to $A945,000 for criminal convictions, with companies to be fined up to $A9.45m or 10 per cent of their turnover. The Australian Securities & Investments Commission will also be given more power to investigate and prosecute misconduct in the sector.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COUNT FINANCIAL LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COLONIAL LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

CBA charges dead customers for advice

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Original article by James Frost
The Australian Financial Review – Page: 9 : 20-Apr-18

The Commonwealth Bank of Australia has apologised to the families of deceased customers who had continued to be charged fees for financial advice after their death. The banking royal commission has been told that four deceased customers of CBA subsidiary Count Financial had been charged fees, in one case for more than 10 years after their death. The inquiry has also been told that CBA had been made aware of a fees-for-no-service scandal at Count Financial in November 2012, but it did not inform ASIC until 2014.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COUNT FINANCIAL LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DELOITTE TOUCHE TOHMATSU LIMITED, AMP LIMITED – ASX AMP, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC

ACSI backs Rio lobby group review

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Original article by James Thomson
The Australian Financial Review – Page: 21 : 20-Apr-18

The Australasian Centre for Corporate Responsibility and Local Government Super will ask Rio Tinto shareholders to back a motion calling for the mining giant to review its relationship with industry groups. BHP Billiton undertook such a review after the ACCR instigated a similar push prior to its AGM in November. The Australian Council of Superannuation Investors is understood to be supportive of the ACCR’s motion at Rio Tinto’s AGM, which will be held in May. BHP’s review prompted it to leave the World Coal Association.

CORPORATES
RIO TINTO LIMITED – ASX RIO, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, LGSS PTY LTD, BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, WORLD COAL ASSOCIATION, UNITED STATES CHAMBER OF COMMERCE, MINERALS COUNCIL OF AUSTRALIA, GLASS LEWIS AND COMPANY LLC

BHP trims iron ore guidance due to maintenance issues

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Original article by James Thomson
The Australian Financial Review – Page: 17 : 20-Apr-18

BHP Billiton’s iron ore production in the Pilbara totalled 57.6 million tonnes in the March quarter, which is eight per cent higher than the previous corresponding period. However, the resources group has advised that full-year output for 2017-18 will be within the range of 272 million to 274 million tonnes, due to the need for maintenance work on equipment that is used to unload rail cars. BHP had previously forecast full-year output of 275 million to 280 million tonnes. BHP has also indicated that it hopes to secure deals to sell its US shale assets in the second half of 2018.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, SHAW AND PARTNERS LIMITED

Buy the dip: bullish strategist sticks to his guns

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Original article by David Rogers
The Australian – Page: 26 : 20-Apr-18

Australia’s benchmark S&P/ASX 200 shed five per cent in the March 2018 quarter, marking its worst performance in the first three months of a calendar year since 2008. However, Hasan Tevfik of Credit Suisse remains upbeat about the outlook for the local bourse, arguing that the recent sell-off presents a buying opportunity for investors. He notes amongst other things that earnings-per-share growth is expected to be within the range of 5-10 per cent, while the S&P/ASX 200 is currently trading on a price-to-earnings ratio of 15 times consensus earnings per share for the next 12 months.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, CREDIT SUISSE (AUSTRALIA) LIMITED

Singapore Airlines & Cathay Pacific top for international airline customer satisfaction

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Apr-18

Singapore Airlines has won the Roy Morgan international airlines customer satisfaction award for February 2018 with a customer satisfaction rating of 88.2%, securing the airline’s first monthly victory since December 2015. Rival Asia-Pacific airline Cathay Pacific came in second with a customer satisfaction rating of 87.7% in February, slightly down on its January result, when it won the monthly Roy Morgan customer satisfaction award. Air New Zealand, which won the Annual 2017 Roy Morgan Customer Satisfaction Award, came in third in February with a customer satisfaction rating of 85.9%, just ahead of Dubai-based Emirates on 85.0%. Qantas is the leading Australian international airline with a customer satisfaction rating of 79.8%, ahead of main rival Virgin Australia on 75.3%; both are well ahead of Jetstar and Tigerair.

CORPORATES
ROY MORGAN LIMITED, SINGAPORE AIRLINES LIMITED, CATHAY PACIFIC AIRWAYS LIMITED, AIR NEW ZEALAND LIMITED – ASX AIZ, EMIRATES AIRLINES, QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, JETSTAR AIRLINES PTY LTD, TIGERAIR

Shorten defends super cash grab

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Original article by Greg Brown
The Australian – Page: 4 : 19-Apr-18

Opposition Leader Bill Shorten has responded to criticism of a proposal to abolish cash refunds for excess dividend imputation credits. He says claims that the policy could cost retail superannuation funds more than $3.75bn over 10 years are "rubbish", and he has refuted suggestions that the policy will hit pensioners. Shorten adds that taxpayers’ funds should be spend on infrastructure rather than giving cash refunds to people who do not pay tax.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY