O77 Public Order Safety and Regulatory Services

ACCC to monitor Ten takeover bid

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Original article by Darren Davidson
The Australian – Page: 25 : 8-Dec-14

Australian Competition & Consumer Commission (ACCC) chair Rod Sims has foreshadowed official confirmation that it will watch the takeover negotiations for Ten Network. A joint bid valued at $A590m for the free-to-air TV group has been prepared by pay TV provider Foxtel and US-based Discovery Communications. There are possible regulatory concerns due to the involvement of Foxtel, which in 2012 gained permission for its merger with rival Austar only after the ACCC noted the emergence of internet streaming TV services

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS, AUSTAR UNITED COMMUNICATIONS LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, CITIGROUP PTY LTD, NETFLIX INCORPORATED, CONSOLIDATED MEDIA HOLDINGS LIMITED, NEWS CORPORATION – ASX NWS, SILVER EAGLE ACQUISITION CORPORATION, SABAN CAPITAL GROUP INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, DEUTSCHE BANK AG

Foxtel puts ACCC in picture on Ten

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Original article by Darren Davidson
The Australian – Page: 19 : 5-Dec-14

The stock of Ten Network on 4 December 2014 closed $A0.025 lower at $A0.20, as investors assessed the modest offers made by takeover suitors. Pay TV group Foxtel has formed an alliance with US-based Discovery Communications to launch a bid worth $A590m for the free-to-air TV business, and a briefing on the proposal has been given to the Australian Competition & Consumer Commission by Foxtel’s legal counsel. Meanwhile Foxtel CEO Richard Freudenstein says a recent discounting campaign has brought a marked increase in new subscriber growth

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FOX SPORTS AUSTRALIA PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, V8 SUPERCARS AUSTRALIA PTY LTD, CONSOLIDATED MEDIA HOLDINGS LIMITED, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, CITIGROUP PTY LTD, SABAN CAPITAL GROUP INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, DEUTSCHE BANK AG

Nexus investors lash ASIC inaction

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Original article by Leo Shanahan
The Australian – Page: 23 : 20-Nov-14

Piper Alderman lawyer Amanda Banton, who represents investors in Nexus Energy opposed to its acquisition by Seven Group Holdings, has criticised the Australian Securities & Investments Commission. The watchdog has taken no action after Seven made a low offer of $A0.02 and then moved to buy the collapsed Nexus following the rejection by stockholders of the original bid. A major issue is the dual role of Don Voelte as Seven CEO and Nexus chair

CORPORATES
SEVEN GROUP HOLDINGS LIMITED – ASX SVW, NEXUS ENERGY LIMITED – ASX NXS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PIPER ALDERMAN, AZURE CAPITAL PTY LTD, LIBERAL PARTY OF AUSTRALIA, SUPREME COURT OF NEW SOUTH WALES

Big retailers warn of chill to competition

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Original article by Katie Walsh
The Australian Financial Review – Page: 4 : 19-Nov-14

An Australian National Retailers Association (ANRA) submission to the Harper review of competition law has expressed concern about the proposed "effects test". It warns that this would adversely affect competition and would have no long-term benefit for consumers. The ANRA has supported some of the other recommendations of the review, while small retailers say the proposal to deregulate trading hours will ultimately increase the dominance of retail giants Coles and Woolworths

CORPORATES
AUSTRALIAN NATIONAL RETAILERS ASSOCIATION LIMITED, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, WESFARMERS BUNNINGS LIMITED, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, INDEPENDENT GROCERS OF AUSTRALIA, AUSTRALIAN CONSUMERS’ ASSOCIATION, AUSTRALIAN TAXI INDUSTRY ASSOCIATION

Regulator eyes bloated goodwill

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Original article by Ben Butler, Sarah Danckert
The Australian – Page: 22 : 17-Nov-14

A growing number of Australian-listed groups, especially in the private education and health services sectors, show excessive levels of goodwill. Those with a ratio of 70% or above on their balance sheets include Affinity Education, Vocation, Primary Health Care, iBuy Group, Vision Eye Institute, Allmine, Asaplus Resources and G8 Education. The issue has prompted a warning to companies about increased scrutiny of such accounting claims by the Australian Securities & Investments Commission

CORPORATES
AFFINITY EDUCATION GROUP LIMITED – ASX AFJ, VOCATION LIMITED – ASX VET, PRIMARY HEALTH CARE LIMITED – ASX PRY, IBUY GROUP LIMITED – ASX IBY, ASAPLUS RESOURCES LIMITED – ASX AJY, G8 EDUCATION LIMITED – ASX GEM, VISION EYE INSTITUTE LIMITED – ASX VEI, ALLMINE GROUP LIMITED – ASX AZG, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FIL INVESTMENT MANAGEMENT LIMITED, FIDELITY AUSTRALIAN EQUITIES FUND, K CAPITAL PTY LTD, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED, ENDEAVOUR COLLEGE OF NATURAL HEALTH, BAWM GROUP PTY LTD, ASPIN PTY LTD, PERPETUAL LIMITED – ASX PPT, FORGE GROUP LIMITED, LIVINGSOCIAL

Outrage as ACCC rubbishes plans for free range egg standard

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Original article by Esther Han
The Sydney Morning Herald – Page: 13 : 14-Nov-14

Australian Competition & Consumer Commission chairman Rod Sims argues that the nation does not need a standard on what constitutes free-range eggs. John Coward of Australian Egg Farmers warns that Sims’ comments could affect the progress that has been made to date on developing a standard for the industry. Choice also favours a national standard in order to protect consumers

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN EGG FARMERS PTY LTD, AUSTRALIAN CONSUMERS’ ASSOCIATION, FEDERAL COURT OF AUSTRALIA, PIROVIC FAMILY FARMS, NEW SOUTH WALES. DEPT OF COMMERCE. OFFICE OF FAIR TRADING

I don’t blame police: father

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Original article by Grant Taylor
The West Australian – Page: 3 : 11-Nov-14

Western Australian police shot and killed a 38-year-old man in the Perth suburb of Carlisle on 8 November 2014. The deceased’s father said the police were just doing their job when they shot and killed his son after he took a woman hostage and stabbed her. The man’s father says the mental health system had not done enough to assist his son, who had a history of drug abuse and mental illness

CORPORATES
POLICE UNION OF WESTERN AUSTRALIA

Mate’s death leads to cancer cluster probe

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Original article by Phoebe Wearne
The West Australian – Page: 9 : 5-Nov-14

Western Australia’s Department of Fire & Emergency Services will investigate the high incidence of kidney cancer among staff at the Success fire station. Four firefighters have been diagnosed with the disease over a six-year period, prompting concerns about a cancer cluster. The United Firefighters Union has suggested that the cancer problems could be linked to the nearby Water Corporation water treatment facility

CORPORATES
WESTERN AUSTRALIA. DEPT OF FIRE AND EMERGENCY SERVICES, UNITED FIREFIGHTERS’ UNION OF WESTERN AUSTRALIA, WATER CORPORATION OF WESTERN AUSTRALIA

APRA rules to hit banks’ funding costs

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Original article by Michael Bennet
The Australian – Page: 21 : 5-Nov-14

The Australian Prudential Regulation Authority on 4 November 2014 announced the details for the liquidity coverage ratio (LCR) under the Basel III reforms, which will take effect from 1 January 2015. To meet the LCR requirements, Australian banks can seek committed liquidity facilities from the Reserve Bank, and the fee for this has now been set at 15 basis points. This equates to some $A400m for the four main banks combined. The sector had strongly lobbied against such an impost, in the submissions to the Federal Government’s financial system inquiry

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BANK FOR INTERNATIONAL SETTLEMENTS. BASEL COMMITTEE ON BANKING SUPERVISION, RESERVE BANK OF AUSTRALIA, MOODY’S INVESTORS SERVICE INCORPORATED

Red tape war raises the bar for regulators

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Original article by Damon Kitney
The Australian – Page: 19 : 29-Oct-14

The Australian Government will on 29 October 2014 issue its response to the Productivity Commission’s review of the relationship between regulators and small business. There will be half a dozen new performance indicators against which agencies such as the Australian Competition & Consumer Commission, Australian Securities & Investments Commission, Australian Taxation ­Office and Australian Prudential Regulation Authority will be gauged. The Business Council of Australia and Australian Chamber of Commerce & Industry had lodged submissions to the inquiry

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET