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Roy Morgan Retail Sales outlook for 2024

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Original article by By Roy Morgan’s Retail & Consumer Trends Expert Laura Demasi
Market Research Update – Page: Online : 6-Mar-24

Despite the intense cost-of-living pressures on households over 2023 the much-feared consumer spending ‘cliff’ did not come to pass, with retail sales steadied by record population growth, continued strong employment, and the dwindling remains of record household savings. With 2024 set to be another uncertain year, Roy Morgan unveils its retail sales forecast and steps through some of the factors that will shape how the year might unfold. Roy Morgan’s preliminary retail forecast for 2024 sees the year ending with retail sales still about 8.4% higher than the pre-pandemic trend; based on retail sales growing at the normal rate of 3.4% each year, which is the annual average growth rate from 2010-2023, excluding the much higher pandemic years (2020-22).

CORPORATES
ROY MORGAN LIMITED

Lake Resources cutting jobs as lithium stabilises

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Original article by Matt Bell
The Australian – Page: 16 : 5-Mar-24

Australian-listed Lake Resources has advised that it is seeking a partner for its Kachi lithium project in Argentina, which will continue to be the company’s priority. CEO David Dickson says Lake Resources will seek expressions of interest from prospective partners, with a view to making a final investment decision on Kachi in 2025. Dickson has also indicated that Lake Resources will review its non-core assets and lithium tenements, while it will retrench about 50 per cent of its global workforce; the job cuts will be focused on non-core operational and administrative roles.

CORPORATES
LAKE RESOURCES NL – ASX LKE

Tabcorp to pull form guide from three News Corp papers

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 16 : 28-Feb-24

News Corp Australia may cease publishing racing form guides in the print editions of its metropolitan mastheads in Adelaide, Hobart and Darwin. Tabcorp currently sponsors the form guides, and the wagering group has indicated that it wants to redirect this expenditure elsewhere; however, sources have indicated that it is likely to keep spending the same amount at News Corp. Tabcorp will also continue to sponsor the form guides in News Corp’s newspapers in Sydney, Melbourne and Brisbane. Meanwhile, News Corp may be open to deals for non-wagering companies to sponsor its form guides in Adelaide, Hobart and Darwin.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TABCORP HOLDINGS LIMITED – ASX TAH

Saint-Gobain wins over CSR board in $4.3b takeover

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Original article by Simon Evans
The Australian Financial Review – Page: 19 : 27-Feb-24

French firm Saint-Gobain has said in a statement that the board of CSR has unanimously recommended that shareholders of the building products firm accept its $4.3 billion takeover bid, with the two firms having signed a scheme implementation deed. CSR chairman John Gillam said that the two companies had been in discussions since early January, when CSR had rejected a lower bid by Saint-Gobain. Saint-Gobain stated that it expected to achieve $60 million in synergies by the third year of its ownership of CSR, of which $50 million would come from the cost side.

CORPORATES
CSR LIMITED – ASX CSR, SAINT-GOBAIN

Lynas set to expand despite glut fears

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Original article by Nick Evans
The Australian – Page: 16 : 27-Feb-24

Lynas Rare Earths has posted a 2023-24 interim net profit of $39.5m, which is 74 per cent lower than previously; revenue was down 37 per cent at $234.8m. The half-year result was marred by a six-week shutdown of its refinery in Malaysia, although Lynas took the opportunity to expand its production capacity. Lynas has advised that it now has the capacity to produce about 10,500 tonnes of neodymium and praseodymium (NdPr) annually. Lynas also intends to increase production at its cracking and leaching plant at Kalgoorlie in Western Australia, although Lacaze notes that Lynas will need to find an alternative source of sulphuric acid if BHP closes its Kalgoorlie nickel smelter.

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC, BHP GROUP LIMITED – ASX BHP

Tabcorp to pay $35m-$40m for Melbourne Cup broadcast rights in new deal

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Original article by John Stensholt
The Australian – Page: 17 : 21-Feb-24

Tabcorp will sub-licence the free-to-air broadcasting rights to the Melbourne Cup to Nine Entertainment Company. Tabcorp has finalised a six-year deal with the Victoria Racing Club for exclusive broadcasting rights for the Melbourne Cup Carnival, at a cost of between $35m and $40m a year. Tabcorp was required to secure a sub-licensing deal with a free-to-air network to comply with the anti-siphoning laws for major sporting events; the Melbourne Cup will also be broadcast on Tacorp’s Sky Channel service. Nine’s deal with Tabcorp will commence with the 2024 Melbourne Cup Carnival; the rights were previously held by the Ten Network.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, TABCORP HOLDINGS LIMITED – ASX TAH, SKY CHANNEL, VICTORIA RACING CLUB LIMITED, TEN NETWORK HOLDINGS LIMITED

Network 10 to axe local jobs in global Paramount redundancies

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Original article by Calum Jaspan
The Age – Page: Online : 16-Feb-24

US media group Paramount Global has confirmed that the Ten Network will be impacted by its move to cut 800 jobs across its operations. Ten’s staff were advised on Thursday that those who will be affected by the downsizing would be informed by the end of the day. However, a local source within Paramount has indicated that the impact of the job cuts on its operations in Australia will be minimal. The restructuring has coincided with Paramount’s recent discussions regarding potential mergers.

CORPORATES
TEN NETWORK HOLDINGS LIMITED, PARAMOUNT GLOBAL

Australians share the Valentine’s Day love today

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Original article by
Australian Retailers Association – Page: Online : 14-Feb-24

Research from the Australian Retailers Association, in conjunction with Roy Morgan, shows that 3.4 million Australians will spend an average of $135 per head on Valentine’s Day gifts in 2024, up from $118 in 2023. In total, Australians are predicted to spend $465 million on traditional gifts for loved ones, as well as gifts for themselves. ARA CEO Paul Zahra has highlighted the importance of inclusivity in the traditional Valentine’s gifting experience this year, noting the opportunity for all individuals to use the day as a time of self-appreciation. Amongst the top gifts of choice for survey respondents this year are flowers, chocolates and hospitality outings.

CORPORATES
AUSTRALIAN RETAILERS ASSOCIATION, ROY MORGAN LIMITED

Seven eyes rebound after worst TV market fall ever

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 16 : 14-Feb-24

Seven West Media has posted a 2023-24 interim net profit of $54m, which is 53 per cent lower than previously. EBITDA was down 40 per cent at $124m, and revenue was fiver per cent lower at $775m. Recent data from ThinkTV shows that television advertising revenue fell by 10.4 per cent in 2023, amid an economic slowdown and rising interest rates; Seven’s outgoing CEO James Warburton notes that TV revenue is typically the first to decline in a crisis and the first to rebound. CFO Jeff Howard is slated to succeed Warburton by the end of the financial year.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, THINK TV

ABC accused of bias over Israel-Hamas war

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Original article by James Madden, Sophie Elsworth
The Australian – Page: 3 : 14-Feb-24

The ABC has received more than 3,000 complaints about its coverage of the Israel-Hamas war since the conflict began in October. The public broadcaster’s editorial director Gavin Fang notes that the majority of complaints were about the ABC’s alleged bias, with a similar proportion of viewers accusing it of being pro-Israel or pro-Palestine. Meanwhile, MD David Anderson has emphasised the importance of the ABC’s impartiality and objectivity in an appearance before a Senate estimates hearing.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION