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Lynas on short leash as Malaysia extends licence

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Original article by Brad Thompson
The Australian Financial Review – Page: Online : 16-Aug-19

Malaysian authorities have extended Lynas Corporation’s operating licence for its $1 billion rare earths processing plant at Kuantan for just six months, with the licence due to expire on 2 September. The plant processes rare earths from Lynas’s Mt Weld mine in Western Australia, and is the largest source of rare earths outside of China. Lynas CEO Amanda Lacaze had said recently that it would be happy with a three-year extension to its licence, although a five-year extension would be ideal.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC, WESFARMERS LIMITED – ASX WES

Program interruption: Nine caught on back foot as CFO Barnes exits

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Original article by Zoe Samios
The Australian – Page: 19 : 15-Aug-19

Nine Entertainment has confirmed speculation that CFO Greg Barnes is to leave the company, with Nine stating Barnes will finish with it after the release of its full year results on 22 August. Nine’s integration with Fairfax following their $4 billion merger is currently in progress, and it is considered unusual for a CFO to be leaving at such a time. Barnes had been CFO at CSR before joining Nine, while recruiting firm Spencer Stuart has been hired to find his replacement.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED, CSR LIMITED – ASX CSR, SPENCER STUART AND ASSOCIATES

JB Hi-Fi bucks trend, lifts sales and profit

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 & 16 : 13-Aug-19

JB Hi-Fi released its results for the 12 months ending June on 12 August, with Australia’s largest consumer electronics retailer reporting a net profit of $249.8 million, up 7.1 per cent. Sales rose by 3.5 per cent to $7.09 billion, while JB Hi-Fi declared a final dividend of $0.51 per share, bringing its total dividends for the year to $1.42. CEO Richard Murray says he is "cautiously optimistic" about the coming year, while he is forecasting sales of around $7.25 billion for 2019-20.

CORPORATES
JB HI-FI LIMITED – ASX JBH

Reynolds welcomes deal on rare earths with non-Chinese customer

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Original article by Brad Thompson
The Australian Financial Review – Page: Online : 13-Aug-19

Federal Defence Minister Linda Reynolds says it is important that Australia ensures it has secure supplies of critical resources, in particular rare earths. Reynolds notes that defence firms need access to rare earths, as rare earths are used in the production of defence equipment. She welcomed the announcement on 12 August by heavy rare earths supplier Northern Minerals that it had signed a 100 per cent off-take agreement with Thyssenkrupp, which is one of the largest materials distributors to the Western world. The announcement followed just days after Northern Minerals terminated an off-take agreement with Chinese firm Lianyugang Zeyu New Materials Sales Company.

CORPORATES
AUSTRALIA. DEPT OF DEFENCE, NORTHERN MINERALS LIMITED – ASX NTU, LIANYUGANG ZEYU NEW MATERIALS SALES COMPANY, LYNAS CORPORATION LIMITED – ASX LYC

Nine jumps on remaining Macquarie stake for $113.9m

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Original article by Max Mason
The Australian Financial Review – Page: 15 : 13-Aug-19

Nine has announced a $1.46 per share offer for the remaining 45.5 per cent of Macquarie Media that it does not already own, with Nine to pay around $114 million for the stake. Macquarie Media is the owner of radio stations 2GB in Sydney and 3AW in Melbourne. Businessman John Singleton, who owns 32.3 per cent of Macquarie Media, stands to receive $81 million if the deal goes through. Nine acquired its majority stake in Macquarie Media as a result of its $4 billion merger with Fairfax Media in 2018.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED, 2GB, 3AW SOUTHERN CROSS RADIO PTY LTD

Aunty vows to lift regional focus

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Original article by Lilly Vitorovich
The Australian – Page: Online : 12-Aug-19

Federal Communications Minister Paul Fletcher has moved to change the ABC’s charter, so to boost its coverage of rural and regional areas. He has also reintroduced legislation that would require two members of the ABC’s board to have links to regional areas. Judith Whelan, the ABC’s recently appointed director of regional and local operations, believes it is already doing a lot of work in regional areas. Whelan also rejects suggestions that the ABC has a left-wing bias.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN BROADCASTING CORPORATION, FAIRFAX MEDIA LIMITED

News Corp Australia revenues fall as advertising drops and subscriptions stay flat

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Original article by Ben Butler
The Guardian Australia – Page: Online : 9-Aug-19

Rupert Murdoch’s News Corporation has reported a profit of $US155 million ($228 million) for the year to June, compared to a loss of around $US1.5 billion for the previous corresponding period. The company’s News UK division recorded a revenue decline of 10 per cent in the last three months of 2018-19, while News Corp Australia’s revenue was down by seven per cent in the same period. Revenue from News Corp’s subscription division, which includes pay TV unit Foxtel and its on-demand sports service Kayo, was down 13 per cent for 2018-19.

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

Lynas calls for US backing of rare earth firms

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Original article by Nick Evans
The Australian – Page: 20 : 8-Aug-19

Lynas Corporation MD Amanda Lacaze addressed the annual Diggers & Dealers forum on 7 August. She said the US will need to provide financial support to rare earths producers in order to ensure that it has a secure long-term supply of the minerals, which are critical for electric vehicles and military weapons. Lacaze says she expects Lynas to receive support from the US, given that the company is set to become the only producer of heavy rare earths outside of China.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC, DIGGERS AND DEALERS FORUM, BLUE LINE CORPORATION

Secretive government agency linked to AFP raid on ABC, documents show

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Original article by John Lyons
abc.net au – Page: Online : 7-Aug-19

The Australian Federal Police has released documents relating to the recent raid on the Sydney offices of the ABC, in response to a Freedom of Information request from Centre Alliance senator Rex Patrick. However, the AFP has withheld some documents on the grounds that they contain material relating to a government agency that is exempt from FOI laws. Patrick says the AFP’s actions show that a second agency was involved in the investigation that led to the raid, and he believes that it is either ASIO or the Australian Signals Directorate. He has urged the federal government to reveal which agency was involved.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN FEDERAL POLICE, CENTRE ALLIANCE, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIAN SIGNALS DIRECTORATE, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN SECRET INTELLIGENCE SERVICE

Home Affairs fights to restrict media

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Original article by Mark Schliebs
The Australian – Page: 6 : 7-Aug-19

The Department of Home Affairs has used its submission to a parliamentary inquiry into press freedom to argue that the existing rules governing police search warrants are adequate. The Right to Know Coalition recently told the inquiry that the media industry should have the right to challenge warrants that are used to gather evidence against journalists. Home Affairs has contended that there is the potential for material evidence to be destroyed if there is advance notice that a warrant is to be issued. The ABC has rejected this suggestion, arguing that the destruction of ­evidence is a criminal offence under existing laws.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. PARLIAMENTARY JOINT COMMITTEE ON INTELLIGENCE AND SECURITY, AUSTRALIA’S RIGHT TO KNOW COALITION OF MEDIA COMPANIES, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN FEDERAL POLICE, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC