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Myer could be hit with class action

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Original article by Adele Ferguson
The Australian Financial Review – Page: 40 : 27/11/2017

Department store chain Myer still has much to worry about, even though Solomon Lew did not succeed with his bid to have three of its directors "voted down" at its AGM on 24 November. It is believed that two law firms are trying to gauge shareholder interest in a class action against Myer, while Lew, who is its biggest shareholder via his stake in Premier Investments, is understood to be still seeking an extraordinary general meeting at which he would seek a spill of its entire board. Meanwhile, the Australian Securities & Investments Commission is said to be monitoring Myer, apparently in regard to the "high carrying value" of its non-tangible assets.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR PREMIER INVESTMENTS LIMITED – ASX PMV AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION MACQUARIE GROUP LIMITED – ASX MQG STANDARD AND POOR’S ASX 200 INDEX JAPARA HEALTHCARE LIMITED – ASX JHC REGIS HEALTHCARE LIMITED – ASX REG ASALEO CARE LIMITED – ASX AHY NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC SEVEN WEST MEDIA LIMITED – ASX SWM AMAZON.COM INCORPORATED TESCO PLC DICK SMITH HOLDINGS LIMITED SUPREME COURT OF NEW SOUTH WALES

Georgie on $800k to sit next to Karl

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Original article by Darren Davidson
The Australian – Page: 5 : 24-Nov-17

New "Today"co-host Georgie Gardner has denied suggestions she initially knocked Nine’s offer to work alongside Karl Stefanovic. Gardner’s much anticipated appointment was confirmed by Nine on 23 November. It is understood that Gardner, who is replacing Lisa Wilkinson, will be paid $A800,000 a year, up from the $A500,000 she currently receives. Gardner previously worked on "Today" as its newsreader for seven years, but left in 2014.

CORPORATES
NINE NETWORK AUSTRALIA LIMITED, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, TEN NETWORK HOLDINGS LIMITED – ASX TEN

Woolies’ warning to suppliers

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 : 24-Nov-17

Woolworths chairman Gordon Cairns has urged food and grocery suppliers to think carefully before putting their goods for sale on Amazon. Speaking at its AGM on 23 November, he said retailers such as Woolworths might find that they could not compete with Amazon’s prices, and so might decide to start selling more of their private label goods in preference to brand-name products. CEO Brad Banducci said that Uber Eats could be as a big a threat to Woolworths’ business as Amazon over the next year.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, AMAZON.COM INCORPORATED, UBER AUSTRALIA PTY LTD, BIG W DISCOUNT STORES, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, BP AUSTRALIA LIMITED

Amazon’s retail invasion begins

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Original article by Sue Mitchell, James Thomson
The Australian Financial Review – Page: 17 : 23-Nov-17

Australian retailing is set for its biggest shake-up in decades on 23 November, when Amazon "soft-launches" its electronic commerce operations, with a full launch expected on 24 November. Ben Gilbert from UBS says Amazon’s arrival in Australia is likely to have a detrimental impact on the profit margins of local retailers, as they will have to invest more in delivery and service, as well as lowering their prices. However, he believes investors have perhaps over-reacted to Amazon’s pending arrival in terms of how much they have pushed down the share price of local retailers.

CORPORATES
AMAZON.COM INCORPORATED, UBS HOLDINGS PTY LTD, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, GREENCROSS LIMITED – ASX GXL, SUPER RETAIL GROUP LIMITED – ASX SUL, DYSON APPLIANCES LIMITED, BREVILLE GROUP LIMITED – ASX BRG

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