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Wesfarmers dismisses Bunnings spin-off talk

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 : 22-Nov-17

New Wesfarmers CEO Rob Scott says he has no plans to spin off Bunnings, the home improvement chain regarded as its most important asset. Scott says while he has people telling him he should spin off Bunnings, he gets just as many people telling him that Wesfarmers should retain it. Bunnings accounts for just 30 per cent of Wesfarmers’ group earnings, but is reckoned to be worth $A23 billion, almost half of Wesfarmers’ overall market value of $A48 billion. Scott concedes Bunnings’ expansion into the UK has not been as successful to date as was hoped, but he is confident that UK consumers will eventually embrace its format.

CORPORATES
WESFARMERS LIMITED – ASX WES, BUNNINGS GROUP LIMITED, WOOLWORTHS LIMITED – ASX WOW, COLES SUPERMARKETS AUSTRALIA PTY LTD, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, OFFICEWORKS SUPERSTORES PTY LTD, DEUTSCHE BANK AG, AIRLIE FUNDS MANAGEMENT PTY LTD, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD

Sevior backs Lew push for Myer seats

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Original article by Sue Mitchell
The Australian Financial Review – Page: 12 : 22-Nov-17

Airlie Funds Management supports Solomon Lew’s bid to secure seats on the Myer board. Lew is the chairman of Premier Investments, which acquired a 10.8 per cent stake in Myer in March, only to see the value of its stake fall by over 40 per cent in six months. Airlie owns seven per cent of Premier, and Airlie founder John Sevior says it would be fair to say that Premier’s shareholders were not impressed by Lew’s decision to buy a stake in Myer.

CORPORATES
AIRLIE FUNDS MANAGEMENT PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV, CGI GLASS LEWIS PTY LTD, OWNERSHIP MATTERS PTY LTD, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, UBS HOLDINGS PTY LTD, SMIGGLE PTY LTD, PORTMANS PTY LTD, JUST JEANS PTY LTD, DOTTI, JAY JAY’S JEANS WAREHOUSE PTY LTD, BREVILLE GROUP LIMITED – ASX BRG

Bank inquiry bad for business: Bligh

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Original article by Michael Roddan
The Australian – Page: 4 : 21-Nov-17

Australian Bankers’ Association CEO Anna Bligh says a royal commission into the banking sector could hurt the reputation of Australian banks overseas. Her comments come as the prospect of a royal commission or a commission of inquiry into the banking sector grows increasing likely. A spokesperson for the National Australia Bank said it did not think either type of commission was needed, contending that the banking sector is both well regulated and well governed.

CORPORATES
AUSTRALIAN BANKERS’ ASSOCIATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLSA AUSTRALIA PTY LTD, NATIONAL PARTY OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN GREENS

Myer director hits back at Lew over experience

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Original article by Eli Greenblat
The Australian – Page: 19 : 21-Nov-17

Myer director Ian Cornell believes major shareholder Solomon Lew is wrong to claim that the Myer board lacks retail experience. Lew, whose Premier Investments owns 10.8 per cent of the department store chain’s shares, has been increasingly critical of the Myer board in recent months. Lew’s contention that it does not have enough retail experience has been one of his criticisms. Cornell’s retail experience includes over 20 years with Woolworths, and he is also on the board of retailer Baby Bunting. Myer will hold its AGM on 24 November, and Lew has promised to oppose all resolutions

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV, WOOLWORTHS LIMITED – ASX WOW, BABY BUNTING GROUP LIMITED – ASX BBN, WESTFIELD CORPORATION – ASX WFD, BABY BUNTING GROUP LIMITED – ASX BBN, FRANKLINS LIMITED

$40bn yearly disaster toll tipped

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Original article by Michael Roddan
The Australian – Page: 21 : 21-Nov-17

The Australian Business Roundtable has urged the federal government to spend more on mitigation and resilience when it comes to managing the impact of natural disasters. The Roundtable, whose members include Munich Re and Insurance Australia Group, argue that too much of the current focus of government spending when it comes to natural disasters is on recovery, and it believes this needs to change. Its research suggests that the cost of cleaning up after natural disasters could increase to nearly $A40 billion per annum by 2050, a figure that does not take into account the impact of climate change.

CORPORATES
MUNICH REINSURANCE COMPANY OF AUSTRALASIA LIMITED, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, WESTPAC BANKING CORPORATION – ASX WBC, QBE INSURANCE GROUP LIMITED – ASX QBE, AUSTRALIA. PRODUCTIVITY COMMISSION, THE INSTITUTE OF ACTUARIES OF AUSTRALIA

Jackson faces 166 charges of graft

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Original article by Pia Akerman
The Australian – Page: 3 : 21-Nov-17

Former Health Services Union national secretary Kathy Jackson is to stand trial over claims she defrauded and stole just under $A500,000 in union funds from the HSU. Jackson is facing a total of 166 charges, relating to the years between 2003 and 2011. She could face a maximum jail term of 10 years if found guilty. A date for her trial is yet to be set, with it being possible that she might not go to trial until early 2019.

CORPORATES
HEALTH SERVICES UNION OF AUSTRALIA, COUNTY COURT OF VICTORIA, AUSTRALIA. FAIR WORK COMMISSION

Western Sydney Airport will not fail, minister says

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 9 : 21-Nov-17

Urban Infrastructure Minister Paul Fletcher says he is very optimistic that the Western Sydney Airport will be a success when it opens for business in 2026. Fletcher, who was speaking at a business lunch on 20 November, noted that its rival Sydney airport, Kingsford Smith, will at some point run out of capacity. The federal government is building and paying for the $A5.3 billion airport. Fletcher said he was aware of overseas airports such as Madrid’s Mirabel that had been opened but then ended up closing because people did not want to use them, so it was important that Western Sydney Airport had a very strong business plan.

CORPORATES
AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, TOYOTA MOTOR CORPORATION, SYDNEY AIRPORT – ASX SYD

Bottleneck blitz: Liberals leader Matthew Guy promises to remove 55 road intersections

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Original article by Adam Carey
The Age – Page: Online : 20-Nov-17

Liberal leader Matthew Guy has committed to spending billions on reducing traffic congestion if he wins the next Victorian election, to be held in 2018. His plan involves removing more than 50 of the worst traffic intersections in Melbourne and Geelong, with underpasses to replace traffic lights and roundabouts. Guy cited figures that show that 74 per cent of Melburnians use cars each day to go to work as justification for his plan, with the Liberals aiming to remove the first 35 intersections between 2018 and 2022.

CORPORATES
LIBERAL PARTY OF VICTORIA, VICTORIA. LEVEL CROSSING REMOVAL AUTHORITY, AUSTRALIAN LABOR PARTY

Foxtel, Telstra and Apple launch TV-streaming devices to beat the Christmas non-ratings period

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Original article by Jennifer Dudley-Nicholson
The Weekly Times – Page: Online : 19-Nov-17

Foxtel, Telstra and Apple all intend to launch new set-top boxes prior to the commencement of the Christmas non-television ratings period. All three devices will provide access to a range of video streaming services, and media analyst Peter Cox notes that Australian consumers have been very quick to adopt video streaming for both films and television. Roy Morgan Research has found that over seven million Australians had used Netflix as of June 2017, while Telstra research shows that more than 60 per cent of Australians are streaming their entertainment.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, APPLE INCORPORATED, ROY MORGAN RESEARCH LIMITED, NETFLIX INCORPORATED

Patties takes a hot shot at American pie market

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Original article by Patrick Durkin
The Australian Financial Review – Page: 9 : 21-Nov-17

Patties Foods has signed an multi-year deal with National Basketball Association team the Philadelphia 76ers to help it gain a foothold in the US pie market. The club is home to Australian basketball star Ben Simmons. Patties Foods CEO Paul Hitchcock says it will start by selling its famous Four’n Twenty beef pie to spectators at 76ers’ games, rather than trying anything fancy. Hitchcock notes that currently around 24 million Americans eat 21 million pies a year, so given that there are 320 million Americans, there is huge potential for growth.

CORPORATES
PATTIES FOODS LIMITED, NATIONAL BASKETBALL ASSOCIATION, PHILADELPHIA 76ERS, PACIFIC EQUITY PARTNERS PTY LTD, NIKE INCORPORATED, AUSTRALIAN WHOLEFOODS, LEADER FOODS, THE MYER FAMILY COMPANY PTY LTD