Each morning we post a selection of our favourite news stories from the day’s news. These posts also give you a chance to see how we can summarise news for you.
Original article by Damon Kitney, Scott Murdoch
The Australian – Page: 17 & 20 : 21-Sep-17
The Australian Competition Tribunal will reassess the proposed merger between Tabcorp and Tatts Group after the Federal Court upheld an appeal against its decision to approve the deal. However, the court has placed a five-day embargo on disclosing its reasons for ruling in favour of the Australian Competition & Consumer Commission, which will give the competition regular limited time to prepare a new submission on the $A11bn merger. The ACCC had argued that several points of law regarding the merger needed to be clarified.
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. COMPETITION TRIBUNAL, FEDERAL COURT OF AUSTRALIA, HIGH COURT OF AUSTRALIA, CROWNBET PTY LTD
Original article by Carrie LaFrenz, Tess Ingram
The Australian Financial Review – Page: 15 & 20 : 21-Sep-17
Diversified conglomerate Seven Group Holdings will assume full ownership of Coates Hire after securing a deal to buy The Carlyle Group’s stake. Shares in Seven Group closed 9.8 per cent higher at $A12.28 after the $A517m deal was announced on 20 September. Carlyle had considered listing Coates Hire on the sharemarket earlier in 2017, and Seven CEO Ryan Stokes has not ruled out an IPO for the equipment rental firm in the future. The proportion of Seven’s revenue that is derived from industrial services will rise to 70 per cent as a result of the deal.
SEVEN GROUP HOLDINGS LIMITED – ASX SVW, COATES HIRE LIMITED, THE CARLYLE GROUP, CARLYLE ASIA PARTNERS LP, WESTRAC HOLDINGS PTY LTD
Original article by Cliona O’Dowd
The Australian – Page: 28 : 21-Sep-17
The annual report of Perth-based conglomerate Wesfarmers shows that outgoing CEO Richard Goyder will receive total remuneration of $A12.1m in 2017, compared with just $A5.5m in 2016. However, Goyder’s short-term incentive bonus was slashed in 2016 due to the underperformance of Target and the Curragh coal mine. Wesfarmers chairman Michael Chaney has praised Goyder’s contribution during his 12-year tenure. He will be succeeded by Rob Scott in November.
WESFARMERS LIMITED – ASX WES, TARGET AUSTRALIA PTY LTD, COLES SUPERMARKETS AUSTRALIA PTY LTD, BUNNINGS GROUP LIMITED, CURRAGH QUEENSLAND MINING LIMITED, OFFICEWORKS SUPERSTORES PTY LTD, KMART AUSTRALIA LIMITED, WOOLWORTHS LIMITED – ASX WOW
Original article by Mark Ludlow, Angela Macdonald-Smith
The Australian Financial Review – Page: 6 : 21-Sep-17
A Glencore spokesman rejects suggestions that protracted enterprise agreement negotiations at its Hunter Valley coal mines has affected its ability to secure new supply contracts or fulfil existing contracts. Tony Maher of the Construction, Forestry, Mining & Energy Union claims that the industrial action has had a material impact on Glencore and resulted in a 20 per cent increase in the price of coal. There are concerns that the dispute could also result in higher electricity prices and affect electricity supply.
GLENCORE PLC, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIAN ENERGY COUNCIL, AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, PACIFIC NATIONAL PTY LTD, AURIZON HOLDINGS LIMITED – ASX AZJ
Original article by Joe Kelly, Ewin Hannan
The Australian – Page: 4 : 21-Sep-17
Opposition Leader Bill Shorten says workers should not be sacked due to their views on same-sex marriage, while Employment Minister Michaelia Cash has urged employers to respect Australians’ right to freedom of expression. Capital Kids Parties’ owner Madlin Sims has caused a furore after retrenching a contractor who opposed marriage equality. The Fair Work Ombudsman would have no jurisdiction over the termination of a contractor’s employment, although lawyers say the sacking may breach anti-discrimination laws in the Australian Capital Territory.
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF EMPLOYMENT, CAPITAL KIDS PARTIES, AUSTRALIA. FAIR WORK OMBUDSMAN, BRADLEY ALLEN LOVE, AUSTRALIA. ATTORNEY-GENERAL’S DEPT
Original article by Geoff Winestock
The Australian Financial Review – Page: 3 : 21-Sep-17
The OECD has upgraded its forecast for global economic growth in 2018 by 0.1 per cent, to 3.7 per cent. However, Australia’s economic growth outlook remains unchanged, although the OECD noted the nation’s high housing prices. The Reserve Bank’s assistant governor, Luci Ellis, is also upbeat about the global economic outlook, noting that global growth should continue for some time in the absence of any major risk factors. Meanwhile, the ANZ Bank anticipates two increases in the cash rate during 2018.
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, RESERVE BANK OF AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN BUSINESS ECONOMISTS INCORPORATED
Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 21-Sep-17
Some Coalition MPs have criticised the stance of former prime minister Tony Abbott on the issue of energy policy, after he threatened to vote against the government if it legislates to provide more renewable energy subsidies. Abbott’s critics within the Coalition note that he recently opposed a push for LNG export controls due to sovereign risk concerns, while he had also opposed the abolition of the Renewable Energy Target when he was prime minister.
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION
Original article by Roy Morgan Research
Market Research Update – Page: Online : 21-Sep-17
A Roy Morgan Single Source survey has found that the Sydney Swans boast 1.204 million supporters, making it the most popular Australian Football League club. The Swans have gained 104,000 supporters in 2017, an increase of 9.5% since the team’s 2016 Grand Final appearance. Essendon is the most widely supported Victorian club with 671,000 supporters, while traditional Victorian powerhouse Collingwood has slipped to fourth on the supporter ladder with 663,000 supporters. Roy Morgan Research executive chairman Gary Morgan says Victoria remains the beating heart of the AFL with nearly 3 million supporters buying just under 570,000 AFL club memberships in 2017 – a conversion rate of 19.3% of supporters to members.
ROY MORGAN RESEARCH LIMITED, SYDNEY SWANS FOOTBALL CLUB, AUSTRALIAN FOOTBALL LEAGUE, ESSENDON FOOTBALL CLUB, COLLINGWOOD FOOTBALL CLUB, WESTERN BULLDOGS FOOTBALL CLUB, HAWTHORN FOOTBALL CLUB, MELBOURNE FOOTBALL CLUB, ADELAIDE CROWS FOOTBALL CLUB, RICHMOND FOOTBALL CLUB
Original article by Tess Ingram
The Australian Financial Review – Page: 18 : 21-Sep-17
BHP Billiton CEO Andrew Mackenzie received a base salary of $US1.7m and total remuneration of $US7.1m ($A8.8m) in 2016-17, compared with $US5.9m previously. The resources group’s annual report also shows that recently-appointed chairman Ken MacKenzie will be paid $US880,000 in 2017-18, which is around eight per cent lower than predecessor Jac Nasser received in 2016-17. Meanwhile, MacKenzie has emphasised BHP’s commitment to shareholder engagement and capital management.
BHP BILLITON LIMITED – ASX BHP, AMCOR LIMITED – ASX AMC, AUSTRALIAN FEDERAL POLICE
Original article by David Crowe
The Australian – Page: 1 & 6 : 21-Sep-17
The Federal Government will shortly decide whether to impose LNG export controls in response to concerns about a gas shortage in the domestic market. However, Australian Competition & Consumer Commission chairman Rod Sims has warned that few alternative options are available, and said local factories may close and shed staff if the Government fails to limit gas export volumes. Sims has also argued that energy sustainability, reliability and affordability are separate issues and each requires a different solution.
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, ORIGIN ENERGY LIMITED – ASX ORG, SANTOS LIMITED – ASX STO, ROYAL DUTCH SHELL PLC, BHP BILLITON LIMITED – ASX BHP, ESSO AUSTRALIA PTY LTD, AGL ENERGY LIMITED – ASX AGL, NATIONAL PRESS CLUB (AUSTRALIA)