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Department stores aren’t dying, says DJ’s owner

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Original article by Sue Mitchell
The Australian Financial Review – Page: 23 : 24-Aug-18

David Jones’s operating profit fell by 49.6 per cent to $64 million in the year to June 2018, as advised by parent company Woolworths Holdings. This compared to an operating profit of $127 million for the previous corresponding period. Department store earnings were down 58 per cent to $5 million. Sales for the second half of the reporting period increased by 2.2 per cent, while sales for the first seven weeks of 2018-19 have risen by 3.7 per cent.

CORPORATES
DAVID JONES LIMITED, WOOLWORTHS HOLDINGS LIMITED, COUNTRY ROAD LIMITED, ZARA, HENNES OCH MAURITZ AB, LOUIS VUITTON, CHANEL INCORPORATED, WALT DISNEY COMPANY

Content and data to underpin Nine growth

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Original article by Max Mason
The Australian Financial Review – Page: 21 : 24-Aug-18

Nine Entertainment Company has posted a 2017-18 underlying net profit of $156.7m, which is 26.8 per cent higher than previously. Underlying EBITDA was up 25.1 per cent at $257.2m and revenue rose 6.5 per cent to $1.3bn. Nine boasted a 38.6 per cent share of free-to-air metropolitan advertising revenue in 2017-18, ahead of Seven West Media with a 38.1 per cent share. Nine CEO Hugh Marks is upbeat about the media group’s outlook, highlighting its capabilities in delivering content across media platforms and targeted advertising via its addressable TV technology.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, 9NOW, STAN ENTERTAINMENT PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, FAIRFAX MEDIA LIMITED – ASX FXJ, WILSON ASSET MANAGEMENT

Seven West open to closer News Corp ties

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Original article by Max Mason
The Australian Financial Review – Page: 19 : 22-Aug-18

Seven West Media has posted a 2017-18 net profit of $135.8m, following a $744.3m loss in the previous financial year. Revenue was 3.2 per cent lower at $1.6bn and underlying EBIT fell 9.9 per cent to $235.6m, while Seven forecasts growth in underlying EBIT of 5-10 per cent in 2018-19. CEO Tim Worner says Seven may seek to strengthen its commercial partnerships or forge new deals in the wake of Nine Entertainment’s proposed merger with Fairfax Media. He notes that Seven already has an alliance with News Corp, but he has downplayed suggestions of a merger.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, YAHOO!7 COMMUNICATIONS AUSTRALIA PTY LTD, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED, PRIME MEDIA GROUP LIMITED – ASX PRT

News boss blames tech giants for erosion of trust in journalism

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Original article by Matthew Denholm
The Australian – Page: 2 : 20-Aug-18

Campbell Reid of News Corp does not believe that consumers’ trust in journalism has declined in recent years. However, he says that technologies companies such as Google and Facebook are solely responsible for any such decline in trust, and they need to take action to address this issue by removing fake news and ensuring that trusted news sources are given prominence on their platforms. Reid will be part of a panel discussion on trust in journalism at a conference in Hobart in September.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIAN BROADCASTING CORPORATION, UNIVERSITY OF TASMANIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Sky ban like a Soviet gag: Fifield

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Original article by Samantha Hutchinson
The Australian – Page: 4 : 17-Aug-18

The Victorian Government’s decision to ban Sky News content from video screens on Melbourne train station platforms has been criticised by Communications Minister Mitch Fifield. Fifield has likened the state’s ban to the censorship policies of the Soviet Union, and says it undermines media reforms which are aimed at ensuring the viability of Australia’s media industry. The ban was imposed in response to a Sky News interview with far-right extremist Blair Cottrell, which Sky claims was not broadcast on train station platforms.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, SKY NEWS, VICTORIA. DEPT OF ECONOMIC DEVELOPMENT, JOBS, TRANSPORT AND RESOURCES, METRO TRAINS MELBOURNE PTY LTD, TRANSPORT FOR VICTORIA, PUBLIC TRANSPORT VICTORIA (PTV)

Upbeat Wesfarmers flags growth, capital management

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 & 22 : 16-Aug-18

Perth-based conglomerate Wesfarmers has posted a 2017-18 net profit of $A1.19bn, which is 58.3 per cent lower than previously. The full-year result was marred by writedowns, including a $1.4bn hit due to its ill-fated expansion into the UK and Ireland. Wesfarmers’ underlying net profit from continuing operations exceeded market expectations at $2.9bn. MD Rob Scott has indicated that surplus capital following asset sales and the Coles demerger will be returned to shareholders.

CORPORATES
WESFARMERS LIMITED – ASX WES, COLES GROUP LIMITED, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, BUNNINGS GROUP LIMITED, KMART TYRE AND AUTO, OFFICEWORKS SUPERSTORES PTY LTD

Fairfax bets on merger as regionals hit profit

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Original article by Stephen Brook
The Australian – Page: 19 : 16-Aug-18

Fairfax Media has posted a 2017-18 net loss of $63.8m, compared with a $83.9m profit previously. The latest result was affected by writedowns associated with Fairfax’s regional newspapers and its New Zealand division, while revenue was down 2.8 per cent. Fairfax CEO Greg Hywood says the proposed merger with Nine Entertainment Company will allow the combined group to increase its audience reach and marketing inventory.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, STAN ENTERTAINMENT PTY LTD, MACQUARIE MEDIA LIMITED – ASX MRN, STUFF LIMITED, GOOGLE INCORPORATED

‘TV like never before’: Foxtel launches 4K

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Original article by Chris Griffith
The Australian – Page: 21 : 15-Aug-18

Pay-TV company Foxtel has launched its new iQ4 set-top box, which will support the 4K ultra-high-definition technology. As part of the launch, Foxtel has announced that it will offer a new channel that will exclusively broadcast content in 4K resolution. This includes Foxtel’s upcoming coverage of the Test cricket series between Australia and South Africa. The channel will also feature other sports, as well as movies, music and documentaries. However, the 4K channel will be broadcast solely via satellite

CORPORATES
FOXTEL MANAGEMENT PTY LTD

JB Hi-Fi growth slows as competition intensifies

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Original article by Sue Mitchell
The Australian Financial Review – Page: 11 & 16 : 14-Aug-18

Consumer electronics retailer JB Hi-Fi has posted a 2017-18 underlying net profit of $233.2m, which is 12.3 per cent higher than previously. Group earnings rose 14.5 per cent to $350.6m, while its Australian division’s earnings were 11.4 per cent higher at $292.3m. Sales grew by 21.8 per cent in 2017-18, but expectations of competition from key rivals and fewer store openings have prompted the company to pare back its sales growth forecast to just 3.6 per cent in 2018-19. Shareholders will receive a full-year dividend of $0.132 per share.

CORPORATES
JB HI-FI LIMITED – ASX JBH, THE GOOD GUYS, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, AMAZON.COM INCORPORATED, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED, JP MORGAN AUSTRALIA LIMITED

Minister flip-flops over Sky News ban

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Original article by Samantha Hutchinson, David King
The Australian – Page: 3 : 14-Aug-18

The Victorian Government continues to attract scrutiny over its decision to ban Sky News content from metropolitan train station platforms. Public Transport Minister Jacinta Allan says a controversial interview with right-wing extremist Blair Cottrell prompted a surge in complaints from commuters, although Sky News maintains that the interview was not broadcast on train platforms. Meanwhile, a spokesperson for Allan says Sky News programming was removed as part of the government’s review of all content that is shown on the rail network.

CORPORATES
SKY NEWS, VICTORIA. DEPT OF ECONOMIC DEVELOPMENT, JOBS, TRANSPORT AND RESOURCES, AUSTRALIAN LABOR PARTY, ANTI-DEFAMATION COMMISSION