ETC – AUSTRALIA

IOOF slapped with class action

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Original article by Adele Ferguson, Sarah Danckert
The Australian Financial Review – Page: 29 : 8-Oct-15

Australian-listed financial services group IOOF Holdings faces a shareholder class action over claims that staff in its research department failed to comply with disclosure requirements. The legal action has been launched by law firm Maurice Blackburn with financial backing from UK-based Harbour Litigation Funding. The class action will be open to investors who bought IOOF shares between December 2013 and June 2015.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, MAURICE BLACKBURN PTY LTD, HARBOUR LITIGATION FUNDING LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FAIRFAX MEDIA LIMITED – ASX FXJ, LONSEC LIMITED, MORNINGSTAR PTY LTD

Gay marriage rocks PM

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Original article by Phillip Coorey, Laura Tingle
The Australian Financial Review – Page: 1&8 : 12-Aug-15

A special meeting of Coalition MPs and senators, held on 11 August 2015, was devoted to the divisive issue of gay marriage. The proposal to introduce same-sex marriage through legislative changes was defeated by 66 votes to 33. Prime Minster Tony Abbott said the issue will be considered again in the next term of Parliament. His preferred option is a referendum which would allow the public to decide on gay marriage.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA

Support for gay marriage grows but interest wanes

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 31-Jul-15

JWS Research has found that 54 per cent of Australian electors now support same-sex marriage, which represents a nine per cent increase since the last federal election. The research, which is based on quantitative polling and focus groups, also found that women and electors in the 18-34 age group are most in favour of gay marriage. However, the focus groups also show that many Australians do not regard the issue as a key priority.

CORPORATES
JWS RESEARCH PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN CHRISTIAN LOBBY

Salaries take a dive as profits fall

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Original article by Katie Walsh
The Australian Financial Review – Page: 32 : 31-Jul-15

Data from Mahlab Recruitment shows that Australian lawyers’ salaries have risen by an average of 3.4 per cent in 2015, compared with 3.8 per cent growth in 2014. A Mahlab report also notes that the salaries of partners at some leading law firms have fallen significantly in the last three years. Meanwhile, the growing trend for top law firms to merger with offshore peers has prompted some partners to leave and join smaller firms that have stayed independent.

CORPORATES
MAHLAB RECRUITMENT, HERBERT SMITH FREEHILLS PTY LTD, KING AND WOOD MALLESONS, ASHURST AUSTRALIA, ALLENS, K&L GATES LLP, NORTON ROSE FULBRIGHT AUSTRALIA, DLA PIPER, LINKLATERS LLP

HILDA report trod on some powerful toes

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Original article by Tim Dodd
The Australian Financial Review – Page: 19 & 22 : 20-Jul-15

The Group of Eight universities have disputed the validity of Household, Income and Labour Dynamics in Australia (HILDA) research which suggests that graduates of less prestigious universities have better salary outcomes. Ironically, the research was carried out by an organisation that is affiliated with the Group of Eight’s Melbourne University. Such a situation would not arise in government or big business, where such adverse findings would most likely be quashed. The HILDA research also highlights the need for universities to be properly funded and managed.

CORPORATES
THE GROUP OF EIGHT LIMITED, UNIVERSITY OF MELBOURNE, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH, AUSTRALIAN TECHNOLOGY NETWORK, INNOVATIVE RESEARCH UNIVERSITIES AUSTRALIA

Abbott hints at conscience vote on gay marriage

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 28-May-15

Prime Minister Tony Abbott says Liberal Party MPs will be granted a conscience vote on the issue of same-sex marriage. Abbott opposes same-sex marriage, but is open to a party-room vote on the issue. This follows a move by Opposition Leader Bill Shorten to pursue a private members’ bill on gay marriage. However, Abbott says the Coalition wants to postpone any debate on gay marriage until the next session of Parliament, so it can focus on 2015 Budget policies.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Fortnum drops commissions for life advice

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Original article by Ruth Liew
The Australian Financial Review – Page: 18 : 18-May-15

Fortnum Financial Advisers will abolish upfront commissions on the sale of life insurance policies from 1 July 2015. Its financial planners will instead use either a fee-for-service or hybrid commission model, and executive chairman Ray Miles says there was widespread support for the change among its advisors. Centrepoint Alliance and AMP are among the other groups that have abolished upfront commissions.

CORPORATES
FORTNUM FINANCIAL ADVISERS PTY LTD, AMP LIMITED – ASX AMP, CENTREPOINT ALLIANCE LIMITED – ASX CAF

Big pressure to scrap small firms tax cut

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 24-Mar-15

The Council of Small Business Australia has urged the Federal Government to abandon a proposed 1.5 per cent tax cut for small businesses. CEO Peter Strong argues that the tax cut that has been proposed for the May 2016 Budget will do little to improve business confidence. The council instead favours the introduction of an accelerated depreciation rate of 150 per cent for the sector, a move which is also supported by several government MPs

CORPORATES
COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Lower test will add fuel to the fire for shareholder class actions

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Original article by John Emmering, Michael Legg
The Australian Financial Review – Page: 32 : 13-Mar-15

In most cases, shareholder class actions in Australia are based on alleging causation between losses incurred by shareholders and directors’ behaviour. Until now, Australian courts have required proof of individualised reliance. The Federal Court’s observations in the case against Babcock & Brown directors are likely to stimulate discussion of causality in class actions

CORPORATES
BABCOCK AND BROWN LIMITED, FEDERAL COURT OF AUSTRALIA, DOWNER EDI LIMITED – ASX DOW, ARASOR CORPORATION, UNIVERSITY OF NEW SOUTH WALES, JONES DAY

Rich list: Aussie talent and mostly US money

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Original article by John Stensholt
The Australian Financial Review – Page: 3 : 18-Feb-15

Australia’s 50 highest-earning athletes boasted a combined income of $A164m in calendar 2014, compared with $A158m in 2013. Basketball player Andrew Bogut has topped "BRW" magazine’s Top 50 sports earners list for a fourth year, with total income of $A16.2m, ahead of golfer Adam Scott with $A15.5m. The list includes 13 cricket players, including Shane Watson ($A4.5m) and Michael Clarke ($A4m)

CORPORATES
INDIAN PREMIER LEAGUE, SYDNEY SIXERS, BIG BASH LEAGUE, CASTROL INDIA, VENKY’S, GOLDEN STATE WARRIORS, NATIONAL BASKETBALL ASSOCIATION, AMERICAN BROADCASTING COMPANY, TNT, ESPN INCORPORATED, ONE MANAGEMENT GROUP AND CONSULTING PTY LTD, UNIQLO COMPANY LIMITED, ROLEX AG, MERCEDES-BENZ AG, NEW YORK RED BULLS, SHANGHAI SHENHUA