Original article by Tony Boyd
The Australian Financial Review – Page: 13 & 16 : 7-May-20
Regional Express’s executive chairman Lim Kim Hai says the administrator of Virgin Australia seems to merely want a quick sale of the airline. However, Lim says Deloitte’s Vaughan Strawbridge should pursue a complete restructure of Virgin, otherwise it will face more financial problems under new owners. Lim argues that amongst other things, Virgin’s "restrictive and punitive" enterprise bargaining agreements need to be rewritten, although he concedes that unions will ensure that this does not happen.
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, DELOITTE TOUCHE TOHMATSU LIMITED, REGIONAL EXPRESS AIRLINES, REGIONAL EXPRESS HOLDINGS LIMITED – ASX REX
Original article by Rod Myer
The New Daily – Page: Online : 28-Apr-20
News Corp has engaged Deloitte to undertake a review of the media company’s Australian operations as it seeks to respond to the impact of COVID-19. It is understood that the review will focus on reviewing and cutting print costs, and centralising editorial and commercial functions. Measures already announced by News in response to COVID-19 include stopping the printing of around 60 community newspapers, while it has indicated that the virus will have a "material adverse impact" on its revenues.
NEWS CORPORATION – ASX NWS, DELOITTE TOUCHE TOHMATSU LIMITED
Original article by Nick Evans
The Australian – Page: 17 & 21 : 26-Feb-20
BHP will seek further productivity gains by increasing its focus on technologies such as data analytics and machine learning. The resources giant is also expected to make greater use of cloud technology rather than continuing to operate its own data centres. BHP will restructure its technology division as part of this process, which is expected to result in the loss of about 700 jobs in a division that employs 2,000 people. BHP will redeploy some of the displaced workers.
BHP GROUP LIMITED – ASX BHP
Original article by Max Mason
The Australian Financial Review – Page: 22 : 6-Dec-19
Foxtel has confirmed that it has cut about 30 jobs following a recent restructuring which resulted in the amalgamation of three of the pay-TV group’s creative teams. The job losses comprises about 20 employees and 10 contractors, including some positions that are currently vacant. Foxtel recently completed a deal to finance its debt, with major shareholder News Corp providing it with loans that mature in 2027.
FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS, KAYO SPORTS
Original article by Cliona O’Dowd
The Australian – Page: 17 & 23 : 11-Oct-19
Bell Potter analyst Lafitani Sotiriou has questioned AMP’s decision to merge its bank and Australian wealth divisions, suggesting that it is "strategy on the run". Allan Gray Australia CEO Simon Mawhinney in turn says the move raises conflicts of interest concerns. An AMP spokeswoman says the two businesses will have separate financial services licences and will remain separate legal entities after being folded into the new AMP Australia. Alex Wade will be CEO of the combined business.
AMP LIMITED – ASX AMP, AMP BANK LIMITED
Original article by Zoe Samios
The Australian – Page: 23 : 7-Oct-19
Pacific Magazines may be the next casualty of Seven West Media’s restructuring under new CEO James Warburton, with reports that Seven is in talks to sell the business to Bauer Media. The two parties have declined to comment on the potential deal, which would have to be approved by the Australian Competition & Consumer Commission. Pacific Magazines’ revenue fell by 7.2 per cent in 2018-19, to $129.4m. About 180 jobs are expected to be cut at Seven West Media as part of the restructuring.
SEVEN WEST MEDIA LIMITED – ASX SWM, PACIFIC MAGAZINES PTY LTD, BAUER MEDIA AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, BAUER MEDIA KG
Original article by Max Mason
The Australian Financial Review – Page: 15 & 18 : 3-Oct-19
The number of people who report directly to Seven West Media CEO James Warburton has been reduced from 17 to just eight as part of a broader restructuring at the group. Seven West Media will also hire three new executives, including the newly-created role of chief content officer. Seven will also streamline its operating divisions and shed staff as it seeks to reduce costs by about $20m in 2019-20. Warburton had flagged an overhaul at Seven West Media when he took the helm in August.
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, FAIRFAX MEDIA LIMITED, TEN NETWORK HOLDINGS LIMITED
Original article by Zoe Samios
The Australian – Page: 17 & 24 : 25-Sep-19
Seven West Media has declined to comment on speculation that it is poised to shed staff across its operations as part of a restructuring. CEO James Warburton flagged measures to reduce costs shortly after taking the helm in August, as well the potential for mergers and acquisitions in both the traditional and non-traditional media sectors. Seven West Media posted a $444.5m net loss in 2018-19.
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, V8 SUPERCARS AUSTRALIA PTY LTD, APN OUTDOOR GROUP LIMITED, JC DECAUX SA
Original article by Joyce Moullakis
The Australian – Page: 12 : 20-Aug-19
The Finance Sector Union will ask the Fair Work Commission to intervene over AMP’s plans to revamp its financial planning operations. AMP has indicated that it intends to reduce the amount it pays when acquiring financial planning practices as a ‘buyer of last resort’, as well as cutting adviser numbers. The AMP Financial Planners Association will hold a meeting during August to allow members to vote on possible courses of legal action against AMP.
AMP LIMITED – ASX AMP, FINANCE SECTOR UNION, AUSTRALIA. FAIR WORK COMMISSION, AMP FINANCIAL PLANNERS ASSOCIATION
Original article by Jonathan Shapiro
The Australian Financial Review – Page: 16 : 13-May-19
AMP CEO Francesco De Ferrari has told customers in an open letter that the wealth manager is making significant changes as it seeks to regain their trust. AMP’s reputation took a battering as a result of deficiencies in its operations that were exposed by the Hayne royal commission, with its share price falling from $5.20 to $2.45 during 2018. The letter, which has been reprinted as an advertisement in a number of newspapers, notes that AMP has made fundamental changes to its operations and has bolstered its internal processes.
AMP LIMITED – ASX AMP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY