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Bushfires likely to impact Australian retailers, analysts say

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Original article by Dominic Powell
The Age – Page: Online : 9-Jan-20

Bryan Raymond of Citigroup says the bushfires crisis is likely to have a near-term impact on major retailers, as the smoke blanketing large cities will reduce foot traffic and some stores in bushfire-affected areas have closed temporarily. Hardware and outdoor equipment retailers are expected to be among the hardest hit, although Raymond notes that they may receive a boost as the nation rebuilds after the disaster. He adds that there is unlikely to be much impact on the sales of grocery giants Coles and Woolworths.

CORPORATES
CITIGROUP PTY LTD, COLES GROUP LIMITED – ASX COL, WOOLWORTHS GROUP LIMITED – ASX WOW, WESFARMERS LIMITED – ASX WES, BUNNINGS GROUP LIMITED, METCASH LIMITED – ASX MTS, SUPER RETAIL GROUP LIMITED – ASX SUL, JB HI-FI LIMITED – ASX JBH, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN

Cyclone Blake brings good news to WA’s Pilbara with heavy rains a boon to the Bamboo Creek operations of Haoma Mining NL

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Kitchener Open-Cut Mine at Bamboo Creek (Haoma Mining NL) filling with water after Cyclone Blake dumps copious amounts of precipitation on Western Australia’s Pilbara Region near Marble Bar – January 8, 2020.

 

Flooding rains at Bamboo Creek (Haoma Mining NL) after Cyclone Blake dumps significant precipitation on WA’s Pilbara Region near Marble Bar – January 8, 2020.

 

Bamboo Creek - Flooding River 01

Picture of creek filled with flooding rains at Bamboo Creek (Haoma Mining NL) after Cyclone Blake dumps significant precipitation on WA’s Pilbara Region near Marble Bar – January 8, 2020.

 

Bamboo Creek - Flooding River 02

Picture of creek filled with flooding rains at Bamboo Creek (Haoma Mining NL) after Cyclone Blake dumps significant precipitation on WA’s Pilbara Region near Marble Bar – January 8, 2020.

 

Bamboo Creek - Filling Mine 01

Picture of Kitchener Open-Cut Mine at Bamboo Creek (Haoma Mining NL) filling with water after Cyclone Blake dumps copious amounts of precipitation on Western Australia’s Pilbara Region near Marble Bar – January 8, 2020.

 

Bamboo Creek - Filling Mine 02

Picture of Kitchener Open-Cut Mine at Bamboo Creek (Haoma Mining NL) filling with water after Cyclone Blake dumps copious amounts of precipitation on Western Australia’s Pilbara Region near Marble Bar – January 8, 2020.

 

Bamboo Creek - River Flowing into Open Cut Mine 01

Picture of Kitchener Open-Cut Mine at Bamboo Creek (Haoma Mining NL) filling with water after Cyclone Blake dumps copious amounts of precipitation on Western Australia’s Pilbara Region near Marble Bar – January 8, 2020.

 

Bamboo Creek - River Flowing into Open Cut Mine 02

Picture of Kitchener Open-Cut Mine at Bamboo Creek (Haoma Mining NL) filling with water after Cyclone Blake dumps copious amounts of precipitation on Western Australia’s Pilbara Region near Marble Bar – January 8, 2020.

Harris Scarfe to cut 440 jobs, shut 21 stores

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Original article by Lucas Baird
The Australian Financial Review – Page: 14 : 7-Jan-20

Failed department store group Harris Scarfe will be restructured prior to its sale. This will result in the closure of 21 stores nationwide, including eight in New South Wales and three in Victoria. This will leave 44 stores for prospective buyers of the group, which collapsed in late December. The store closures will result in the loss of about 440 jobs; Shop, Distributive & Allied Employees’ Association secretary Josh Peak says the union’s priority will be to ensure that retrenched workers receive their full entitlements.

CORPORATES
HARRIS SCARFE HOLDINGS LIMITED, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, DELOITTE RESTRUCTURING SERVICES, ALLEGRO FUNDS PTY LTD, GREENLIT BRANDS

Maurice Newman demands ABC apologise over Tex Perkins obscene gesture at NY Eve performance

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Original article by David Ross
The Australian – Page: Online : 2-Jan-20

Former ABC chairman Maurice Newman has accused the public broadcaster of breaching its charter during its New Year’s Eve coverage. The ABC aired footage of singer Tex Perkins making an obscene gesture towards Prime Minister Scott Morrison. Newman said the ABC should apologise for the incident, while Liberal senator Eric Abetz said both Perkins and the ABC should apologise for what occurred. A spokesperson for the ABC said it had no prior knowledge that Perkins was going to make such a gesture, while it noted its New Year’s Eve coverage had help to raise more than $2 million to help communities affected by the bushfires.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Yuletide bounce falls flat for shops

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Original article by Patrick Commins
The Australian – Page: 3 : 24-Dec-19

AMP Capital’s Shane Oliver says the bushfire crisis is likely to affect consumer sentiment during the retail sector’s crucial Christmas trading period. He notes that consumer confidence had already been dampened by factors such as low wages growth, a high underemployment rate and economic uncertainty. The Australian Retailers Association has forecast that consumer spending will by rise 2.6 per cent to $52.7bn between 14 November and 24 December, while it expects spending at post-Christmas sales to rise 2.4 per cent to $18.7bn.

CORPORATES
AMP CAPITAL INVESTORS LIMITED, AUSTRALIAN RETAILERS ASSOCIATION, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Warning on coverage as Rugby Australia toys with Optus deal

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Original article by Lilly Vitorovich, Zoe Samios
The Australian – Page: 15 : 23-Dec-19

Rugby Australia commenced talks with Optus regarding a broadcasting rights deal in November, after rejecting a ‘rollover’ agreement with incumbent broadcaster Foxtel. However, WPP AUNZ director John Steedman warns that a deal with Optus would be ‘disastrous’ for rugby due to the telco’s smaller audience. He also notes that advertisers would prefer a deal with a free-to-air or pay-TV network. Atomic 212 chairman Barry O’Brien agrees that rugby should be on free-to-air or pay-TV.

CORPORATES
RUGBY AUSTRALIA, SINGTEL OPTUS PTY LTD, FOXTEL MANAGEMENT PTY LTD, WPP AUNZ LIMITED – WPP, ATOMIC 212, ENGLISH PREMIER LEAGUE, SEVEN WEST MEDIA LIMITED – ASX SWM, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Seven grabs Prime stake as takeover tanks

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Original article by Lilly Vitorovich
The Australian – Page: 15 & 21 : 20-Dec-19

Seven West Media has become the biggest shareholder in Prime Media Group, after the latter’s shareholders rejected a merger proposal. Some 53.53 per cent of votes cast at Prime’s scheme meeting opposed the deal; chairman John Hartigan has described it as a "disappointing outcome" for both the majority of Prime’s shareholders and the regional TV sector. Meanwhile Seven has issued 30 million of its shares to Spheria Asset Management in return for 54.6 million shares in Prime, giving Seven a 14.9 per cent stake in its regional affiliate.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, SPHERIA ASSET MANAGEMENT PTY LTD, WIN CORPORATION PTY LTD, AUSTRALIAN COMMUNITY MEDIA, BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Seven takeover bid has failed, Prime admits

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Original article by Lilly Vitorovich
The Australian – Page: 15 : 19-Dec-19

Seven West Media’s proposed acquisition of regional affiliate Prime Media Group has been cleared by the Australian Competition & Consumer Commission. The ACCC would require Seven to divest the Spirit and RedFM radio networks in regional Western Australia to comply with broadcasting laws. However, Prime has indicated that the proxy votes which have been cast to date suggest that the deal will not proceed. Prime shareholders will vote on the deal on 19 December. Prime has confirmed that chairman John Hartigan will retire following the shareholders’ meeting.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, WIN CORPORATION PTY LTD, SPIRIT RADIO, REDFM

Primed: Harto poised to sign off

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Original article by Caroline Overington
The Australian – Page: 13 & 18 : 18-Dec-19

Prime Media Group’s chairman John Hartigan expects shareholders to reject Seven West Media’s takeover offer for its regional affiliate on 18 December. He says the deal is likely to be blocked by major shareholders Bruce Gordon and Anthony Catalano, noting that they have a different agenda to other Prime investors. Hartigan supports the merger with Seven, arguing that cross-media ownership rules governing regional broadcasters are outdated and do not reflect the rise of streaming services. Hartigan has downplayed speculation that he will step down after the vote.

CORPORATES
PRIME MEDIA GROUP LIMITED – ASX PRT, SEVEN WEST MEDIA LIMITED – ASX SWM

Hazy outlook for Prime as moguls hedge their bets

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 16-Dec-19

Prime Media Group shareholders will vote on a proposed takeover by Seven West Media on 19 December. Prime’s major shareholders include Australian Community Media’s Antony Catalano and WIN Corporation owner Bruce Gordon, whose combined stake would be sufficient to block the deal. They have both expressed interest in buying Prime, but ACM would have to sell some of its regional newspapers, while any bid by Gordon would be dependent on further changes to media ownership rules. Communications Minister Paul Fletcher has indicated that this is unlikely in the near-term.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, AUSTRALIAN COMMUNITY MEDIA, WIN CORPORATION PTY LTD, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC