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ABC won’t appeal Federal Court ruling that found AFP raids on public broadcaster valid

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Original article by
abc.net.au – Page: Online : 28-Feb-20

ABC MD David Anderson has advised that the public broadcaster will not contest the Federal Court’s recent decision to dismiss its challenge to the validity of police raids on its Sydney offices in mid-2019. The court found that the Australian Federal Police’s warrant to search the ABC’s premises was valid, and it ordered the broadcaster to pay costs. Anderson has described the ruling as a "blow to media freedom", adding that it has implications for journalists and the public’s right to know.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN FEDERAL POLICE, FEDERAL COURT OF AUSTRALIA

Nine to give sport, movies the chop

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Original article by Lilly Vitorovich
The Australian – Page: 19 : 27-Feb-20

Nine Entertainment Company has reported a 2019-20 interim net profit of $101.9m, which is 41 per cent lower than previously. The result was marred by write-downs totalling $75.2m. The Nine Network’s underlying earnings fell by 36 per cent to $103.5m and revenue was six per cent lower at $531.2m, while earnings from its digital and publishing assets rose by seven per cent to $46.7m. Nine CEO Hugh Marks has flagged cost cuts of $100m at the Nine Network over the next three years.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED

Slowing sales hit Woolies earnings

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Original article by Eli Greenblat
The Australian – Page: 19 : 27-Feb-20

Woolworths has posted a 2019-20 interim net profit of $887m, which is 7.7 per cent lower than previously. The retail giant’s half-year accounts included an $80m hit from its wage underpayments scandal. Woolworths has advised that its wage remediation costs have blown out to $315m, plus $80 million in interest payments. Meanwhile, CEO Brad Banducci notes that the group’s sales have been impacted by the coronavirus, particularly in suburbs that have a high proportion of Asian consumers and students from China.

CORPORATES
WOOLWORTHS GROUP LIMITED – ASX WOW

Saviour found for Jeanswest chain

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Original article by Eli Greenblat
The Australian – Page: 19 : 26-Feb-20

The Australian subsidiary of Hong Kong-based Harbour Guide has secured a deal to acquire failed clothing retailer Jeanswest. Harbour Guide is owned by businessman Chun Fan Yeung, who is a shareholder in Jeanswest’s former parent company, Howsea. The sale to Harbour Guidance Pty Ltd is conditional on landlords agreeing to new lease arrangements for Jeanswest stores. The deal will result in up to 106 stores remaining open, which will allow about 680 employees to keep their jobs.

CORPORATES
JEANSWEST CORPORATION PTY LTD, HARBOUR GUIDE LIMITED, HARBOUR GUIDANCE PTY LTD, HOWSEA LIMITED

News Corp underpaid super

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Original article by Lilly Vitorovich
The Australian – Page: 19 : 25-Feb-20

News Corp Australia says that about 2,500 current and former employees have not received their correct superannuation entitlements due to payroll system errors. A spokesman says that most of the affected employees were underpaid by less than $250, and they are collectively owed around $1.5m. The underpayments were discovered during a review of News Corp’s super contributions, which also revealed some instances of wages being overpaid.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Roy Morgan Customer Satisfaction Awards 2019: Australia’s retail winners announced

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Original article by Roy Morgan
Market Research Update – Page: Online : 25-Feb-20

The 2019 Roy Morgan Customer Satisfaction Awards have been presented in Melbourne. The winners of the retail categories included some of Australia’s biggest brands, as well as some lesser-known businesses, all of which have earned their place at the top of their respective industries. There were several winners in the retail category that won 12 straight monthly awards throughout 2019. These include The Reject Shop (Discount Variety Store), Bunnings Warehouse (Hardware Store), Subway (Major Quick Service Restaurant), Rebel (Sports Store) and Foodland (Supermarket). Myer (Department Store) and IKEA (Major Furniture/Electrical Store) followed on from their wins last year, while Supercheap Auto (Auto Store), The Athlete’s Foot (Shoe Store), First Choice Liquor (Liquor Store), Harris Scarfe (Discount Department Store), Betta Home Living (Furniture/Electrical Store), Crust Pizza (Quick Service Restaurant), Guardian (Chemist/Pharmacy) and Michel’s (Coffee Shop) returned to the winners list after absences. Just Jeans (Clothing Store) won its first annual award.

CORPORATES
ROY MORGAN LIMITED

Free-to-air TV takes a $2bn tumble

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Original article by Max Maddison
The Australian – Page: 25 : 24-Feb-20

Australia’s three commercial free-to-air networks have written down the value of their broadcasting licences by $2.276bn since 2015. Amongst other things, the networks are facing growing competition from subscription video-on-demand services, which are not subject to the same regulation as traditional broadcasters and do not pay tax in Australia. Research by Roy Morgan in 2019 showed that nearly 14 million Australians had a paid subscription to a streaming service.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, TEN NETWORK HOLDINGS LIMITED, ROY MORGAN LIMITED

ABC eclipses rivals on bias inquiry list

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Original article by Leo Shanahan
The Australian – Page: 23 & 25 : 24-Feb-20

Of the 40 published reports produced by the Australian Communications & Media Authority between July 2015 and June 2019 that were prompted by complaints, 25 related to the ABC. ACMA found four breaches as a consequence of its published reports, with three relating to the ABC in regard to issues of fairness, impartiality and reply, including one relating to a report on former prime minister Tony Abbott. The revelations regarding the ABC come at a time when ACMA is conducting a review into commercial influence on free-to-air and subscription television news.

CORPORATES
AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, AUSTRALIAN BROADCASTING CORPORATION

Seven slumps on downgrade

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Original article by Lilly Vitorovich
The Australian – Page: 17 & 23 : 19-Feb-20

Seven West Media has posted a 2018-19 interim net loss of $66.3m, with underlying EBIT down 21 per cent at $119.7 and revenue falling 3.2 per cent to $771.7m. The media group advised that its full-year earnings will be 13 per cent lower than previously forecast amid challenging condition in the advertising market, while CEO James Warburton has flagged the potential for "transformative" mergers and acquisitions. Seven will seek to reduce costs by 20 per cent in the second half, and it will consider asset sales.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM

Ten bounces back from Big Bash League loss

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Original article by Zoe Samios
The Age – Page: Online : 17-Feb-20

New figures show that the Ten Network increased its share of the free-to-air TV advertising market by four percentage points in January, to 20.5 per cent. Ten’s share of advertising revenue fell to 16.4 per cent in January 2019, due to factors such as the loss of the Big Bash League broadcasting rights. This compares with 27.9 per cent in 2018, which was its last year as the BBL’s free-to-air broadcaster. The Nine and Seven networks’ share of ad revenue was 42.7 per cent and 36.9 per cent respectively in January.

CORPORATES
TEN NETWORK HOLDINGS LIMITED, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, BIG BASH LEAGUE