Rod Sims’ big tech fixation blinds him to Murdoch’s monopoly

Original article by Kevin Rudd
The Australian Financial Review – Page: 39 : 8-Feb-21

Rupert Murdoch’s News Corporation controls 70 per cent of print readership in Australia, and his power is arguably set to increase under the Australian Competition & Consumer Commission’s proposed news media bargaining code. ACCC chairman Rod Sims has become so fixated about new digital technology monopolies that he seems to have forgotten about Murdoch’s existing one. The code will see Google and Facebook compelled to pay for Fox News-style clickbait, while it is high time there was a royal commission to look at both existing and new media monopolies.

CORPORATES
NEWS CORPORATION – ASX NWS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, FOX NEWS, SKY NEWS

Kevin Rudd petition seeking royal commission into Murdoch media nears 500,000 signatures

Original article by Amanda Meade
The Guardian Australia – Page: Online : 4-Nov-20

More than 475,000 people have now signed a petition calling for a royal commission to ensure a strong, diverse Australian news media. The petition, which is specifically targeting the media outlets of Rupert Murdoch, was posted on the parliamentary website by former prime minister Kevin Rudd. Although the petition is unlikely to achieve its aim, Rudd says his main goal is to start a national conversation about News Corp’s negative impact on Australia.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Qantas monopoly risk if Virgin is allowed to fail, warns boss

Original article by Lucas Baird, Phillip Coorey
The Australian Financial Review – Page: 15 & 18 : 3-Apr-20

Virgin Australia CEO Paul Scurrah has dismissed suggestions that the struggling airline is seeking a federal government bailout. He argues that the $1.4bn loan facility that Virgin is seeking would have to be repaid eventually. Scurrah also warns that Qantas could emerge with a long-term monopoly in the domestic market if Virgin collapses. The government would allow a new entrant to the market, but CAPA Centre for Aviation chairman Peter Harbison says regulatory approvals would take some time, which would further entrench Qantas’s market dominance.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, QANTAS AIRWAYS LIMITED – ASX QAN, CAPA – CENTRE FOR AVIATION

Senator wants end to unions’ tax-free status

Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 18-Jun-18

Coalition senator Amanda Stoker says unions should no longer be exempt from paying tax, as they have a competitive advantage in business areas where they operate. She adds that about two million workers do not have choice of superannuation fund because they are required to join a union-backed industry fund. Stoker also notes that many workers are also restricted to joining one union, and unions often exploit this monopoly in enterprise bargaining negotiations. Stoker will use her maiden speech in Parliament to advocate reform.

CORPORATES
LIBERAL-NATIONAL PARTY OF QUEENSLAND, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, HIGH COURT OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY

ASX to face fresh competition

Original article by Andrew White
The Australian – Page: 19 & 23 : 12-Oct-16

Stock exchange operator ASX Limited could potentially lose its monopoly on clearing and settlement services. Competition in the clearing of securities in particular is being scrutinised by the Australian Government as part of its broader competition law reforms. Several international players have already been granted licences to provide clearing services for over-the-counter derivatives, while share trades were opened to competition in 2011.

CORPORATES
ASX LIMITED – ASX ASX, CHI-X AUSTRALIA PTY LTD, COUNCIL OF FINANCIAL REGULATORS, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DIGITAL ASSET HOLDINGS, CME, LCH.CLEARNET SA

ASX warns on open clearing

Original article by Michael Smith
The Australian Financial Review – Page: 20 : 9-Jun-15

The Australian Government is likely to make a decision on the future of ASX Limited’s monopoly on the clearing of cash equities by July 2015. ASX CEO Elmer Funke Kupper has warned that allowing competition in cash equities clearing would make it more difficult to manage defaults by stockbrokers. He notes that rival clearing houses would have to close a firm’s options trading positions immediately rather than pursuing alternatives that are open to the ASX.

CORPORATES
ASX LIMITED – ASX ASX, BBY LIMITED, CHI-X AUSTRALIA PTY LTD, COUNCIL OF FINANCIAL REGULATORS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY

Chi-X calls for share clearing split

Original article by Shaun Drummond
The Australian Financial Review – Page: 16 : 16-Mar-15

Submissions on the Council of Financial Regulators review of ASX Limited’s monopoly on equities clearing must be lodged by 27 March 2015. John Fildes, the CEO of rival stock exchange operator Chi-X Australia, argues that the ASX Clear business should be subject to formal separation from ASX Limited or internal separation to ensure independent access to equities clearing. Fildes acknowledges that the domestic market is too small to justify introducing competition in the sector

CORPORATES
ASX LIMITED – ASX ASX, CHI-X AUSTRALIA PTY LTD, COUNCIL OF FINANCIAL REGULATORS, LCH.CLEARNET SA, ASX CLEAR

Chi-X labels ASX fee cuts ‘cynical’

Original article by Shaun Drummond
The Australian Financial Review – Page: 15 : 10-Mar-15

Stock exchange operator ASX Limited proposes to reduce its fees for the clearing of equities from 1 July 2015, subject to a five-year extension of its existing monopoly. However, ASX’s actions have been criticised by Chi-X Australia CEO John Fildes, who has questioned why the offer was not made when the moratorium on competition in the sector commenced in 2013. Matthew Grounds of UBS says the Australian market is not large enough to support more than one equities clearing provider

CORPORATES
ASX LIMITED – ASX ASX, CHI-X AUSTRALIA PTY LTD, UBS HOLDINGS PTY LTD, COUNCIL OF FINANCIAL REGULATORS