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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

Lithium, nickel need bailout now

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Original article by Brad Thompson
The Australian Financial Review – Page: 20 : 13-Feb-24

Liontown Resources CEO Tony Ottaviano has called for royalty relief for lithium and nickel producers in a bid to prevent further mine closures and job losses. The Western Australian government implemented a 12-month, 50 per cent royalty break for the lithium sector in late 2020 when lithium prices last tumbled, and Ottaviano says it is time for similar royalty relief for lithium and in the collapsing nickel sector. Ottaviano said royalty relief would not impact Liontown straight away, as its Kathleen Valley lithium project in WA is still around six months away from its first production but it would be good to factor it into cash flow.

CORPORATES
LIONTOWN RESOURCES LIMITED – ASX LTR

Australia’s top lithium mine to trim output

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Original article by Peter Ker
The Australian Financial Review – Page: 11 : 30-Jan-24

IGO has confirmed that production at the Greenbushes lithium mine in Western Australia would be likely to be "marginally reduced" over the next five months, with Greenbushes being Australia’s biggest and most lucrative lithium mine. IGO and Tianqi own 51 per cent of Greenbushes under a joint venture, with the remaining 49 per cent owned by New York-listed Albemarle. The owners of Greenbushes place a priority on the production of battery-grade lithium chemicals, and with reduced demand for battery-grade lithium chemicals resulting from weaker-than-expected electric vehicle sales, Albemarle and Tianqi have elected to order less lithium from Greenbushes.

CORPORATES
IGO LIMITED – ASX IGO, TIANQI LITHIUM CORPORATION, ALBERMARLE CORPORATION

‘Abhorrent’: Buttrose lashes ABC staff revolt

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Original article by James Madden
The Australian – Page: 1 & 2 : 24-Jan-24

The ABC’s board unanimously passed a vote of confidence in MD David Anderson at an emergency meeting on Tuesday. This followed a union-led motion of no-confidence that was passed by the vast majority of 128 staff members on Monday. Amongst other things, they were critical of the public broadcaster’s coverage of the Israel-Hamas war and its decision to sack journalist Antoinette Lattouf in December. The ABC’s outgoing chair Ita Buttrose has defended Anderson, saying any suggestion that he has ever shown a lack of support for independent journalism is "abhorrent and incorrect".

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

ABC staff pass no-confidence vote in boss as senior journalist lashes leadership

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Original article by Calum Jaspan, Michael Bachelard
The Age – Page: Online : 23-Jan-24

The ABC board will hold an emergency meeting on Tuesday after the public broadcaster’s union members passed a motion of no-confidence in MD David Anderson by 125 to 3 at a meeting on Monday. The meeting was prompted by the public broadcaster’s sacking of journalist Antoinette Lattouf in December, while ABC global affairs editor John Lyons is said to have told the meeting he was embarrassed by it, accusing it of pro-Israel bias and of failing to protect its staff. The meeting outlined five demands it wants Anderson and senior ABC management to address in order to win back the confidence of its staff and the public, including upholding a transparent complaints process and developing clearer and fairer social media policies.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION