INDEPENDENT REGULATORY COMMISSIONS – AUSTRALIA

Hey Presto: Streaming joint venture gets ACCC green light

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Original article by Jared Lynch
The Australian Financial Review – Page: 33 : 18-May-15

The Australian Competition & Consumer Commission has approved the Presto joint venture between Seven West Media and Foxtel. Presto’s Shaun James says this will allow the partners to substantially increase the content that is available on the video streaming service. Meanwhile, Fraser McLeish of Credit Suisse expects US-based Netflix to become the leading player in Australia’s video streaming sector. He forecasts that the industry will boast revenue of $A700m by 2023.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, FOXTEL MANAGEMENT PTY LTD, PRESTO ENTERTAINMENT PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NETFLIX INCORPORATED, CREDIT SUISSE (AUSTRALIA) LIMITED, STAN, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, QUICKFLIX LIMITED – ASX QFX, CITIGROUP PTY LTD, GOOGLE INCORPORATED

‘No reason to deny’ Qantas-China Eastern deal

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Original article by Matt O’Sullivan
The Australian Financial Review – Page: 18 : 14-Apr-15

The Australian Competition & Consumer Commission (ACCC) opposes an alliance between Qantas and China Eastern Airlines. However, the Department of Infrastructure & Regional Development’s submission on the regulator’s draft decision argues that the alliance will benefit travellers and the Australian economy. It takes the view that the ACCC has focused too much on the alliance’s impact on competition on the Sydney-Shanghai route

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, CHINA EASTERN AIRLINES CORPORATION LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, CATHAY PACIFIC AIRWAYS LIMITED, SINGAPORE AIRLINES LIMITED, MALAYSIAN AIRLINE SYSTEMS, UNIVERSITY OF TECHNOLOGY, SYDNEY. AUSTRALIA-CHINA RELATIONS INSTITUTE, AIR CHINA

ACCC frowns at China Eastern tie

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Original article by Jamie Freed
The Australian Financial Review – Page: 19 : 25-Mar-15

The Australian Competition & Consumer Commission (ACCC) is concerned about a proposed alliance between Qantas and China Eastern Airlines. The ACCC has opposed the alliance in its draft ruling, arguing that the two carriers would dominate the Sydney-Shanghai route. ACCC chairman Rod Sims says he would be more willing to support an alliance between Qantas and carriers such as China Southern or Air China, as Qantas does not currently have flights to their main hubs

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, CHINA EASTERN AIRLINES CORPORATION LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AIR CHINA, CHINA SOUTHERN AIRLINES COMPANY LIMITED, CATHAY PACIFIC AIRWAYS LIMITED

Third of super funds ‘vulnerable’

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Original article by Clancy Yeates
The Australian Financial Review – Page: 6 : 19-Mar-15

The Australian Prudential Regulation Authority (APRA) has found evidence of insufficient awareness of conflicts of interest among superannuation funds. A third of the 40 funds reviewed by APRA were found to have policies on conflicts of interest that were judged to be "weak" or "vulnerable". APRA will send a letter to super funds about the need for more vigilance in this area

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CONFERENCE OF MAJOR SUPERANNUATION FUNDS (CMSF) PTY LTD, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

ACCC pushes for powers to intervene in ports rents row

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 15 : 16-Mar-15

Australian Competition & Consumer Commission (ACCC) chairman Rod Sims has proposed extending its powers to cover regulation of the nation’s ports. Sims has suggested that the ACCC could step in to resolve pricing disputes between port owners and stevedoring groups. Sims recently discussed the issue with DP World Australia CEO Paul Scurrah, who supports giving the ACCC a greater role in regulating ports but does not believe that full regulation is necessary

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, DP WORLD AUSTRALIA PTY LTD, PORT OF MELBOURNE, INTERNATIONAL CONTAINER TERMINAL SERVICES INCORPORATED, AUSTRALIAN LOGISTICS COUNCIL, VICTORIA. ESSENTIAL SERVICES COMMISSION

ACCC bill faces Senate defeat

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Original article by Ewin Hannan
The Australian Financial Review – Page: 7 : 13-Mar-15

The Federal Government’s attempt to reinstate the Australian Building & Construction Commission is unlikely to be successful. The legislation proposed by the Government is likely to be defeated in the Senate. Crossbench senators Ricky Muir, Jacqui Lambie and John Madigan have vowed to vote against it

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, FAIR WORK BUILDING AND CONSTRUCTION, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MASTER BUILDERS OF AUSTRALIA

Regulators examine super switch breaches

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Original article by Clancy Yeates
The Australian Financial Review – Page: 18 : 3-Mar-15

The Australian Prudential Regulation Authority will look into allegations that banks are illegally trying to gain market share in the superannuation sector. UMR Research has released the findings of a survey which suggests that banks have offered inducements to encourage employers to change their default super funds to those offered by the banks. The Financial Services Council says UMR should disclose which banks have offered incentives to switch default funds

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, UMR RESEARCH PTY LTD, FINANCIAL SERVICES COUNCIL, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, BT FINANCIAL GROUP PTY LTD

ACCC endorses $13b power sale

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Original article by Will Glasgow
The Australian Financial Review – Page: 9 : 19-Feb-15

The Australian Competition & Consumer Commission (ACCC) has no objections to the New South Government’ plans to partially lease the state’s electricity network. The Government wants to offer 99-year leases, which would cover 49 per cent of the state’s electricity and distribution businesses. ACCC chairman Rod Sims said on 18 February 2015 that the initiative would result in lower prices for households

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIAN ENERGY REGULATOR, FAIRFAX MEDIA LIMITED – ASX FXJ, IPSOS AUSTRALIA PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Petrol chains gouge country motorists

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Original article by Patrick Durkin
The Australian Financial Review – Page: 3 : 15-Jan-15

The Australian Competition & Consumer Commission will investigate allegations that the cost of petrol remains much higher in regional and rural areas than in metropolitan regions. The average price of unleaded petrol is currently around $A1.197 per litre in the five main capital cities. However, motorists in regional cities and towns are paying between $A0.18 and $A0.44 per litre more. This includes Canberra and Hobart

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, COMMONWEALTH SECURITIES LIMITED, AUSTRALIAN INSTITUTE OF PETROLEUM LIMITED, QUEENSLAND. TREASURY, WOOLWORTHS LIMITED – ASX WOW, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, BP AUSTRALIA LIMITED, CALTEX AUSTRALIA LIMITED – ASX CTX, 7-ELEVEN STORES PTY LTD, INFORMED SOURCES PTY LTD

ACCC to monitor Ten takeover bid

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Original article by Darren Davidson
The Australian – Page: 25 : 8-Dec-14

Australian Competition & Consumer Commission (ACCC) chair Rod Sims has foreshadowed official confirmation that it will watch the takeover negotiations for Ten Network. A joint bid valued at $A590m for the free-to-air TV group has been prepared by pay TV provider Foxtel and US-based Discovery Communications. There are possible regulatory concerns due to the involvement of Foxtel, which in 2012 gained permission for its merger with rival Austar only after the ACCC noted the emergence of internet streaming TV services

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS, AUSTAR UNITED COMMUNICATIONS LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, CITIGROUP PTY LTD, NETFLIX INCORPORATED, CONSOLIDATED MEDIA HOLDINGS LIMITED, NEWS CORPORATION – ASX NWS, SILVER EAGLE ACQUISITION CORPORATION, SABAN CAPITAL GROUP INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, DEUTSCHE BANK AG