Author: roymorgansocial

Budget blitz: PM signs off on key measures early

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Original article by Simon Benson, Greg Brown
The Australian – Page: 1 & 4 : 10-Apr-18

Prime Minister Malcolm Turnbull still believes that he can win the next federal election, despite consistently underperforming in public opinion polls. He argues that polling is not always reliable, and notes that most polls suggest that the outcome of the next election will be very close. Meanwhile, senior government sources have indicated that Turnbull has endorsed the majority of policy initiatives in the May 2018 Budget, including personal income tax cuts. There had been dissent between Turnbull and his Cabinet colleagues regarding measures in the 2017 Budget.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, NEWSPOLL, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF EDUCATION AND TRAINING

New chief Comyn pledges to restore confidence in CBA

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Original article by Michael Roddan
The Australian – Page: 17 & 20 : 10-Apr-18

Commonwealth Bank of Australia CEO Matt Comyn has told staff that he is committed to changing the culture at the bank in the wake of a series of scandals. Comyn conceded that CBA had not done enough to protect the interests of its customers, and apologised for the mistakes made by himself and other top executives. Brett Le Mesurier of Shaw & Partners says acting on the recommendations of the banking royal commission will be a key challenge for Comyn, who formally succeeded Ian Narev as CEO on 9 April.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SHAW AND PARTNERS LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSSIE HOME LOANS LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, MAURICE BLACKBURN PTY LTD, UBS HOLDINGS PTY LTD, FEDERAL COURT OF AUSTRALIA

Business hits at dismal IR reform moves

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 10-Apr-18

Australian Industry Group CEO Innes Willox noted the Federal Government’s lack of significant progress on industrial relations reform in 2015. He will use a Brisbane Club speech on 10 April to stress that little has changed in the last three years, particularly with regard to implementing the recommendations of a review of the IR system by the Productivity Commission. Willox will also caution against IR reforms that have been proposed by the ACTU, stating that they would result in the widespread industrial action of the 1960s and 1970s.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, BRISBANE CLUB, AUSTRALIA. PRODUCTIVITY COMMISSION, ACTU, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIAN LABOR PARTY, PATRICK CORPORATION LIMITED

Rio tax take soars, but ATO sore points remain

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Original article by James Thomson
The Australian Financial Review – Page: 14 : 10-Apr-18

Rio Tinto has revealed that it paid a total of $A4.9bn in taxes and royalties in Australia during 2017, compared with $A3.9bn in 2016. The Federal Government’s share of taxes paid by Rio Tinto in 2017 was $A2.4bn, while its Western Australian counterpart received $A1.8bn. Rio Tinto continues to attract scrutiny over its use of a marketing hub in Singapore, where its total tax paid was just $A31m in 2017.

CORPORATES
RIO TINTO LIMITED – ASX RIO, AUSTRALIAN TAXATION OFFICE, BHP BILLITON LIMITED – ASX BHP

Sydney, Melbourne prices to fall 5pc

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Original article by Duncan Hughes
The Australian Financial Review – Page: 30 : 10-Apr-18

AMP Capital’s Shane Oliver forecasts that the median house price in both Melbourne and Sydney will decline by around five per cent in 2018. He expects a further downturn in house prices in 2019, although he adds that factors such as population growth and stricter lending standards will prevent a nationwide price crash. Meanwhile, analysis by valuer Herron Todd White suggests that Melbourne is the only mainland capital where apartment prices have not yet peaked.

CORPORATES
AMP CAPITAL INVESTORS LIMITED, HERRON TODD WHITE AUSTRALIA PTY LTD, CORELOGIC AUSTRALIA PTY LTD, THE REAL ESTATE INSTITUTE OF NEW SOUTH WALES

Cricket Australia engages on all free-to-air broadcast rights bid

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Original article by Max Mason
The Australian Financial Review – Page: 26 : 10-Apr-18

The Ten Network, Nine Entertainment Company and Cricket Australia have declined to comment on the progress of negotiations regarding a broadcasting rights deal. However, CA CEO James Sutherland and other key executives are believed to have travelled to Sydney to meet with Ten CEO Paul Anderson on 10 April. Ten and Nine have submitted a joint bid for all broadcasting rights, including free-to-air and digital. Pay-TV group Foxtel is also expected to hold talks with CA, despite recently withdrawing from negotiations.

CORPORATES
TEN NETWORK HOLDINGS LIMITED, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, CRICKET AUSTRALIA, FOXTEL MANAGEMENT PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED

Ore discounts force Atlas, MinRes link-up

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Original article by James Thomson, Sarah Thompson, Anthony Macdonald
The Australian Financial Review – Page: 11 & 16 : 10-Apr-18

Atlas Iron’s directors have endorsed a proposed merger with Mineral Resources, which requires the support of at least 75 per cent of Atlas shareholders. The deal values Atlas shares at $A0.0302, with stockholders to receive one Mineral Resources share for every 571 shares they hold. Atlas CEO Cliff Lawrenson has praised Mineral Resources, and he attributes the merger to the widening discount between lower-grade iron ore and the benchmark price. He says it is uncertain whether the discount is structural or cyclical.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, MINERAL RESOURCES LIMITED – ASX MIN, FORTESCUE METALS GROUP LIMITED – ASX FMG, AWE LIMITED – ASX AWE, MITSUI AND COMPANY LIMITED, HOULIHAN LOKEY HOWARD AND ZUKIN, DLA PIPER, GILBERT AND TOBIN LAWYERS

How to pick a winner as tariff tensions rise

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Original article by David Rogers
The Australian – Page: 26 : 10-Apr-18

Hasan Tevfik of Credit Suisse says a trade war between the US and China would negatively affect economic growth, bond markets and shares. He adds that investors should factor in the potential impact of an increase in tariffs, although a large-scale trade war is unlikely to occur. Tevfik says BHP Billiton, Fortescue Metals Group and QBE Insurance Group are among the Australian-listed companies that would be hard hit by increased protectionism by the US and China. He also warns of the potential for a further rise in bond yields.

CORPORATES
CREDIT SUISSE (AUSTRALIA) LIMITED, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, QBE INSURANCE GROUP LIMITED – ASX QBE, SIMS METAL MANAGEMENT LIMITED – ASX SGM, MONADELPHOUS GROUP LIMITED – ASX MND, BLUESCOPE STEEL LIMITED – ASX BSL, NUFARM LIMITED – ASX NUF, QANTAS AIRWAYS LIMITED – ASX QAN, BOEING COMPANY, STANDARD AND POOR’S ASX 200 INDEX, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

This week’s YouGov Galaxy Newspoll is very different to the Newspoll when Tony Abbott was Prime Minister -Gary Morgan, Executive Chairman, Roy Morgan

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Apr-18

Although the media has managed to work itself into a ‘frenzy’ in recent days over the latest Newspoll – which was released this week showing the ALP in front of the L-NP again for the 30th straight week – the facts are that today’s ‘YouGov Galaxy Newspoll’ is conducted very differently to the original Newspoll which current Prime Minister Malcolm Turnbull used to oust former Prime Minister Tony Abbott less than three years ago. Today’s ‘YouGov Galaxy Newspoll’ are ‘robo-polls’ with recorded questions using Australian landlines, then these results are ‘topped-up’ with ‘online’ polling. Whereas the 30 Newspolls that spelled the end of Tony Abbott were conducted using traditional personal telephone polling. Galaxy Research was awarded the Newspoll contract in July 2015, and was bought by UK polling organisation YouGov in December 2017. YouGov is famous for calling Brexit for the ‘Remainers’ on Brexit polling day June 23, 2016. Remain 52% cf. Leave 48% – ironically the same result ‘YouGov Galaxy Newspoll’ says the ALP today leads the L-NP. To paraphrase a rather famous politician – ‘Fake News’. The latest Morgan Poll released last Friday shows the next Federal Election is ‘too close to call’ with the ALP on 51% cf. L-NP 49%. This week’s latest Newspoll results analysed by Poll Bludger are available to view here – memories are short – Newspoll under-estimated the Liberal vote in the recent South Australia election by 4%!

CORPORATES
NEWSPOLL, YOUGOV LIMITED, GALAXY RESEARCH PTY LTD, MORGAN POLL, ROY MORGAN LIMITED, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Banks betting on AI to win back trust

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 16 : 9-Apr-18

IBM executive Marc Andrews believes that Australia’s banks will be looking to make use of artificial intelligence to help restore their corporate image in the wake of the banking royal commission. IBM’s work with banks in the area of AI has focused on a number of key areas, including regulatory compliance and anti-money laundering strategies. Andrews says other areas where banks can make use of AI include helping to prevent bullying, sexism and discrimination in their workplaces, and in the identification of poor culture within teams.

CORPORATES
IBM CORPORATION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE