Uncategorized

Westpac hit with record fine on loans

roymorgansocial Leave a comment

Original article by Clancy Yeates
The Age – Page: 25 : 5-Sep-18

Westpac has been hit with a fine of $35 million after having admitted to breaching consumer credit protection laws. The breaches occurred between 2011 and 2015, when Westpac used an automated system to approve 10,500 home loans. In settling its case with the Australian Securities & Investments Commission, which had been due to go before the Federal Court, Westpac agreed on 4 September that the loans should have been approved by a credit offer. ASIC had launched its case against Westpac over the loans in 2017.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

Seven accuses media regulator of censorship

roymorgansocial Leave a comment

Original article by Stephen Brook
The Australian – Page: Online : 5-Sep-18

The Seven Network has stated it plans to take the Australian Communications and Media Authority to court after ACMA ruled a segment on its ‘Sunrise’ program had breached broadcasting codes. The segment in question involved a discussion on child abuse and the adoption of indigenous children, with ACMA contending the segment provoked "serious contempt on the basis of race". Craig McPherson, Seven’s director of news and public affairs, contends that ACMA’s ruling amounts to "a form of censorship".

CORPORATES
SEVEN NETWORK LIMITED, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

Foxtel increases prices as sports and technology investment rises

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: Online : 4-Sep-18

Pay television provider Foxtel has advised that its basic service will increase by 11.5 per cent to $A29 per month as from 1 October. The increase, which is the first in two years, is more than five times Australia’s inflation rate. Its sports package will remain at $29 per month, while Foxtel’s platinum packages will increase by $2 to $139 per month. Foxtel had 2.8 million subscribers as of 30 June, while rising programming costs and increased investment in new technology were cited as the reason for its subscription increase.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, NATIONAL RUGBY LEAGUE, STAN ENTERTAINMENT PTY LTD, NETFLIX INCORPORATED, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN FOOTBALL LEAGUE, CRICKET AUSTRALIA

Ten pips Seven at post for Cup rights

roymorgansocial Leave a comment

Original article by John Stensholt
The Weekend Australian – Page: 5 : 1-Sep-18

‘The Ten Network is expected to announce on 3 September that it has secured the rights to broadcast the Melbourne Cup horse racing carnival as from 2019. It is understood that Ten will pay over $10 million a year for the rights, as much as five times more than current broadcaster Seven West is believed to be paying. Seven will also cease broadcasting the Australian Open tennis in 2019, but has teamed up with Foxtel to take the cricket from Nine, which will now show the tennis.

CORPORATES
TEN NETWORK HOLDINGS LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOXTEL MANAGEMENT PTY LTD

Nine pitches $3m Australian Open sponsor deals

roymorgansocial Leave a comment

Original article by Nick Tabakoff
The Australian – Page: Online : 3-Sep-18

Nine Entertainment is understood to be seeking sponsor deals of up to $3 million for the Australian Open tennis, which it will be covering for the first time in 2019. Nine has already met with some of the Open’s current sponsors, including the ANZ Bank, Kia and Emirates, with more meetings expected in the week beginning 3 September. Nine is seeking to charge more than Seven did for major sponsor packages, but it believes the extra cost is warranted, because of the greater opportunity for "cross-platform exposure".

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, KIA GROUP, EMIRATES AIRLINES, SEVEN NETWORK LIMITED, JACOB’S CREEK PTY LTD, BARILLA, OMNICOM GROUP

Orocobre rises on record profit

roymorgansocial Leave a comment

Original article by Matt Chambers
The Australian – Page: 22 : 29-Aug-18

Australian-listed Orocobre has posted a 2017-18 underlying profit of $US25.7m, compared with $US13.8m in 2016-17. However, impairment charges and tax law changes saw the lithium miner’s statutory net profit fall from $US4.6m previously to $US1.9m. Orocobre benefited from a 29 per cent rise in the lithium price, and MD Richard Seville expects the price to remain strong in the first half of 2018-19. Orocobre’s shares rose 5.8 per cent to $4.37 on 28 August.

CORPORATES
OROCOBRE LIMITED – ASX ORE, GALAXY RESOURCES LIMITED – ASX GXY, SOCIEDAD QUIMICA Y MINERA SA, POSCO, TOYOTA TSUSHO CORPORATION

Prime blames loss on ad decline

roymorgansocial Leave a comment

Original article by Stephen Brook
The Australian – Page: 21 : 29-Aug-18

The Seven Network’s regional affiliate Prime Media Group has posted a 2017-18 net loss of $12.28m, compared with a loss of $48m previously. Prime’s revenue of $219.16m was 8.7 per cent lower than the previous financial year, while EBITDA fell 29.5 per cent to $45.16m and operating expenses rose 10.2 per cent to $55.02m.

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

Buyer eyes Fairfax Media events arm

roymorgansocial Leave a comment

Original article by Joyce Moullakis, Max Mason
The Australian Financial Review – Page: 19 : 28-Aug-18

US-based Motiv has declined to comment on reports that it has made an informal approach to acquire Fairfax Media’s events business, which Macquarie Equities values at about $60m. Fairfax’s proposed merger partner, Nine Entertainment Company, divested its own events business in 2015. A Nine spokeswoman says it is too soon to comment on potential asset sales. There has been speculation that Nine could divest other Fairfax assets, including its regional newspapers.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, MOTIV, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN COMMUNITY MEDIA, STUFF LIMITED, MACQUARIE EQUITIES LIMITED, AUSTRALIAN METRO MEDIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AFFINITY EQUITY, TEG PTY LTD

BHP puts off potash mining plans

roymorgansocial Leave a comment

Original article by Matt Chambers
The Australian – Page: 20 : 28-Aug-18

BHP Billiton advised in its 2017-18 full-year report that it now expects global demand for potash to exceed supply by the mid-to-late 2020s, having forecast in 2017 that there would be a demand-supply imbalance by the mid-2020s. As a result, the timeline for development of BHP’s Jansen potash deposit in Canada remains uncertain. BHP is close to completing two kilometre-deep shafts at the Jansen project in preparation for the commencement of mining, but the shafts will then be mothballed until market dynamics make development appropriate.

CORPORATES
BHP BILLITON LIMITED – ASX BHP

Viewers turn to Seven to watch Libs decide leadership

roymorgansocial Leave a comment

Original article by Lilly Vitorovich
The Australian – Page: 24 : 27-Aug-18

The Seven Network’s rolling coverage of the Liberal Party’s leadership spill on 24 August boasted an average audience of 165,000 viewers in the five major capital cities, and a combined audience of 252,000 in both metropolitan and regional areas. The ABC’s coverage attracted 167,000 metropolitan viewers and a combined audience of 248,000. Seven also had the highest-rating evening news bulletin. Meanwhile, Sky News Live’s coverage of the leadership crisis had an average audience of 96,183, which is a record for the pay-TV channel.

CORPORATES
SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN BROADCASTING CORPORATION, SKY NEWS, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOXTEL MANAGEMENT PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET