FINANCIAL services information publishing company Rainmaker Group announced today that it has completed its transaction with Bauer Media to acquire Money magazine.

Following the purchase, Money magazine will become Rainmaker’s key consumer title under its media division, Financial Standard. It currently publishes five B2B titles, including its flagship newspaper, and three B2C titles: The Good Super Guide, The Good Investment Guide and The Good Economics Guide.

“This is our first major acquisition since our media division, Financial Standard, was established in 2003. While we have steadily built our business in trade media, this acquisition meets our longer-term objective of growing our consumer media platform,” said Christopher Page, founder and group managing director of Rainmaker.

Following the deal, Rainmaker Group has announced new leadership roles. 

Michelle Baltazar, executive director of media at Financial Standard, will assume the role of editor-in-chief. 

• Darren Snyder, editor of Financial Standard, will move to the role of managing editor of Money

.

Jamie Williamson, associate editor of Financial Standard’s magazine FS Advice – The Australian Journal of Financial Planning, will move to the role of editor at Financial Standard.

Money editor Effie Zahos and deputy editor Maria Bekiaris will provide Rainmaker Group and Financial Standard with their editorial services to assist with the transition. However, they have chosen not to continue past the transition period.

“We hold Effie and Maria in high regard and wish them well in their future endeavours. Effie’s strong leadership and editorship has enabled Money  to boast the loyal reader following that it has today,” Mr Page said.

The Money team, namely Ann Loveday (art director), Sharyn McCowen (online content producer), Bob Christensen (senior sub-editor), Debra Duncan (senior sub-editor) and Simon Park (brand manager) will move across to Rainmaker’s offices, effective March 25, 2019.

Award-winning finance author and financial literacy advocate Paul Clitheroe AM will continue in his role as Money’s chairman and chief commentator.

“We’re excited to work with an incredibly talented and passionate group of people. They have built a solid foundation from which we can further grow Money’s reputation as the leading source of personal finance news and expert advice,” Ms Baltazar said.

Established in 1999, Money is Australia’s longest running and most-read personal finance magazine.

About Financial Standard

Financial Standard is the publishing division of Rainmaker Group. Financial Standard  is focused on providing trade news and investment analysis for professionals in superannuation, financial planning and wealth management. Established in 2003, Financial Standard also publishes FS Advice - The Australian Journal of Financial Planning; FS Super – The Journal of Superannuation Management; FS Private Wealth – The Journal of Family Office Investment; FS Managed Accounts – The Journal for Managed Account Professionals. It also publishes three B2C titles: The Good Super Guide, The Good Investment Guide and The Good Economics Guide. www.financialstandard.com.au

About Rainmaker Group

The Rainmaker Group was founded in 1992 and has established a reputation as a leading financial services information company in Australia providing market intelligence, industry research, media and publishing, events and consulting services. Rainmaker produces strategic, tactical, and analytical information about the financial services industry predominantly for superannuation funds, investment managers financial planners and consumers. The Rainmaker Group comprises: Rainmaker Information, Financial Standard, FS Aspire CPD, SelectingSuper, SelectAdviser and SuperGuard360. www.rainmaker.com.au

ends

AUSTRALIANS love a dark horse and Australian public company, NeuroScientific Biopharmaceuticals Ltd (NSB), is just that, leading the way against other much larger pharmaceuticals in finding a cure for Alzheimer's disease.

As featured in Nature, The Economist and the February 2019 issue of Fortune, Alzheimer’s research has pivoted towards a ‘radical new approach’ focused on the ‘survival’ of brain cells to combat degenerative neurological disease.

To NSB chairman, Brian Leedman’s knowledge, NSB is the only company in the world poised to commence human studies in this specific field of research. 

Mr Leedman said, “NSB’s novel approach to cell survival was considered ‘radical’ at the time of its public listing mid-last year, but now is likely to be considered mainstream by the scientific community. We’re moving into human trials this year, which is effectively light years ahead of the competition.”

According to the Australian Institute of Health and Welfare, in 2015 there were an estimated 342,800 people living with dementia in Australia. Alzheimer's disease is the most common type of dementia, an overall term for conditions that occur when the brain no longer functions properly.

An Access Economics report commissioned by Alzheimer’s Australia (AA) and published in March 2005, also projected that by 2050 - if no cure is found - the total number of Australians with dementia will be over 730,000, or 2.8 percent of the population. The costs are more than human too, with AA estimating dementia cost $8.8 billion in direct expenditure in 2016, and forecast it to rise to $16.7 billion by 2036.

NSB’s current main focus is the development of its leading drug candidate, EmtinB, towards clinical human trials, estimated to commence in Q3 of this calendar year. They are also looking to make their mark in the investment community to further their exciting research into effectively treating Alzheimer’s worldwide.

ends

+ 61 (0) 405 555 618

TODAY's release of SQM’s research is the latest in a series of economic modelling critical of Labor’s housing tax policy to increase capital gains tax and restrict negative gearing, according to Master Builders Australia.

“Previous research commissioned by Master Builders Australia has shown that the ALP’s policies would result in an up to 42,000 reduction in new home building activity,” Master Builders CEO Denita Wawn said. 

“Given the indications of weaker than expected economic growth this is the exactly the wrong time to be discouraging investment in housing. All current incentives should be kept on the table,” she said. 

“Instead of just saying ‘No We Can’t’, Labor needs to stop fobbing off and ignoring legitimate questions about the impact of its housing tax policy and rethink their policies.

“Housing market conditions are already in sharp decline – unfavourable policy changes would make things even worse. Even in the absence of NG/CGT changes, new home building starts are likely to decline from over 230,000 to about 175,000 over the next couple of years,” she said. 

“Labor continues to argue that ‘grandfathering’ will neutralise any negative impact of their policies and protect against future shocks to the housing market but the evidence we do have from the Hawke-Keating era and Cadence Economics modelling is that there will be negative impacts on the housing market regardless.  For example, the investment potential of grandfathered assets will be undervalued because all subsequent owners will have a 50 percent tax increase on their investment,” Ms Wawn said. 

“Treasury analysis (FOI 1876) that Labor quotes in support of its policies suggests that Labor’s policies to increase capital gain tax could compound upon a cyclical downturn in the housing market that may be underway,” she said. 

“All this amounts to a compelling need for Labor to consider the impact of its policies to increase capital tax and restrict negative gearing before the next federal election. 

“Master Builders also restates that Labor conceived this policy in booming housing market – this is no longer the case.  House prices have fallen by at least 15 percent in Sydney, Melbourne and Perth while new dwelling approvals and lending volumes are driving lower at some pace,” Ms Wawn said.

www.masterbuilders.com.au

ends

THE Australian Taxation Office (ATO) is aware of the announcement by the Commonwealth Bank of Australia regarding their research and development (R&D) tax incentive disputes with the ATO and Innovation and Science Australia (ISA).

ISA has legislative oversight of the (R&D) tax incentive, which is administered jointly by the ATO and AusIndustry in the Department of Industry, Innovation and Science (DIIS).

Deputy Commissioner of Taxation Rebecca Saint said this is an important development in ensuring that the R&D Tax Incentive is working for innovative Australian businesses as it was designed.

“While we cannot comment on specific taxpayer-related matters due to confidentiality laws, this development sends a strong signal that digital transformation and software development costs do not automatically qualify for the R&D tax incentive," Ms Saint said.

“The ATO is committed to supporting innovation of Australian businesses, however, activities must meet strict legal criteria to qualify for the R&D tax incentive. Just because a project is large, expensive or risky does not mean it necessarily qualifies as R&D for the purposes of the tax incentive.

“The ATO and DIIS work together to ensure that the R&D tax incentive supports innovation activities of Australian businesses as intended. Our ongoing joint efforts in this area will ensure the continued strength of the program.

"We are continuing our joint focus on helping companies get their claims right by providing guidance, including flagging areas of concern and common mistakes," she said. "Companies and their advisors should consider how this guidance applies to their circumstances to be confident that their claims are correct."

DIIS has recently published guidance material on software activities and the R&D tax incentive. The guidance provides detailed information to assist taxpayers determine whether their software development activities are, or are not, eligible for the program and common errors.

“We encourage companies who are seeking greater certainty about their R&D tax incentive to seek advice from us and DIIS directly in relation to their specific facts and circumstances,” Ms Saint said.

She said companies should seek help from the agency that administers the aspect of the program that relates to the query. Further information on where to get help can be found on the ATO website.

Background

The R&D tax incentive encourages companies to engage in R&D benefiting Australia, by providing a tax offset for eligible R&D activities. Companies are responsible for self-assessing whether they, the activities they are conducting and the expenditure incurred for those activities meet the eligibility requirements of the R&D tax incentive.

The ATO and DIIS jointly administer the R&D tax incentive. DIIS is responsible for determining eligibility of R&D Tax Incentive registrations. The ATO determines whether or not the expenditure claimed as relating to those activities is sufficiently related to those activities to obtain the incentive.

ends

THE Australian Retailers Association (ARA) praises the South Australian (SA) Government’s decision to offer suburban retailers the opportunity to trade on Easter Monday.

Suburban retail stores operating across South Australia will now be able to open their doors from 11am to 5pm - if they elect to do so.

Russell Zimmerman, executive director of the ARA said the decision made by the SA Government, will grant retailers the chance to trade on Easter Monday and assist in leveling the competitive retail playing field.

“The decision made by the SA Government is fantastic news for local retailers who will now be able to trade on Easter Monday alongside their metropolitan and online counterparts,” Mr Zimmerman said.

“This will also provide consumers living in suburban areas with greater opportunities to shop in their local area if they desire and should deliver some much-needed relief to local retailers.”

As the retail industry is a $320 billion-dollar sector, employing over 1.3 million people across Australia, the ARA believes this decision will offer retail staff the choice to work on the Easter Monday.

“The Easter trading period is a busy time for retailers and employers will be looking to roster on or hire more retail staff to compensate for the increase in foot-traffic,” Mr Zimmerman said.

“The decision made by the SA Government will benefit retail staff, as they will have the option to work and earn extra wages if they would like to do so and make contributions to the local retail economy.”

After years of constrained trading hours, the SA Government last year welcomed the extension of Boxing Day trading hours following strong demand from retailers and shoppers, who wished to capitalise on one of the busiest trading days of the year.

The move now brings South Australia in alignment with every other State and Territory across Australia, and the ARA hopes this decision will influence the Government to revise existing trading restrictions.

“The recent outcome carried out by the SA Government is a bold stride in not only listening to the voice of retailers and consumers, but also in eradicating outdated restrictions towards trading hours,” Mr Zimmerman said.

“The ARA is delighted to see that the SA Government is a making positive step towards removing these archaic restrictions on trading hours and will continue to support the deregulation Bill through Parliament.”

About the Australian Retailers Association:

Founded in 1903, the Australian Retailers Association (ARA) is Australia’s largest retail association, representing the country’s $320 billion-dollar sector, which employs more than 1.3 million people. As Australia’s leading retail peak industry body, the ARA is a strong pro-active advocate for Australian retail and works to ensure retail success by informing, protecting, advocating, educating and saving money for its 7,800 independent and national retail members throughout Australia. For more information, visit www.retail.org.au or call 1300 368 041.

ends

QUINN Emanuel Urquhart & Sullivan (Quinn Emanuel) has announced its intention to file a class action against IOOF Holdings Limited (IOOF) (ASX:IFL) on behalf of investors who purchased shares in the company between 27 May 2015 to 6 December 2018. 

Quinn Emanuel’s claim against IOOF will be backed by litigation funder, the Regency Group.

IOOF is one of Australia’s biggest wealth management companies with more than 500,000 customers and a current market cap of more than $2 billion.

Quinn Emanuel’s action arises from evidence given at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission) that subsidiaries of IOOF breached their duties as superannuation trustees, and that directors and officers of IOOF were well aware of those breaches.

In the wake of these allegations, the Australian Prudential Regulation Authority (APRA) launched legal proceedings against those subsidiaries and directors of IOOF, seeking amongst other things, to disqualify those directors from acting as superannuation trustees. From August 2018 to the announcement of the APRA action in December 2018, IOOF shares plummeted to a five-year low – dropping more than 35 percent.

Quinn Emanuel’s class action will allege that IOOF was aware that its conduct would have significant legal and regulatory risks. During the period 27 May 2015 to 6 December 2018, IOOF is alleged to have breached its continuous disclosure obligations and engaged in misleading or deceptive conduct.

Quinn Emanuel and Regency Group are encouraging all investors who acquired shares in IOOF between 27 May 2015 to 6 December 2018 (inclusive) to register their interest via the Regency Group’s website page www.ioofclassaction.com.au. 

ends

AUSTRALIA's leading food rescue organisation, OzHarvest, is preparing a menu with a difference for their annual fundraiser, the CEO CookOff to be held on Monday, March 25 at Sydney’s Royal Hall of Industries.

The unique charity event brings together over 200 of Australia’s industry leaders and corporate teams with 50 top chefs to create and serve a gourmet dinner made with love, hope, generosity and new this year, six versions of the humble trifle made by a team of world famous dessert chefs. 

More than 1,400 special guests from charity agencies across Sydney will enjoy the gastronomical delights prepared by the likes of Matt Moran, Neil Perry AM, Guillaume Brahimi (Bistro Guillaume), Jacqui Challinor (Nomad), Manu Feildel (My Kitchen Rules) and Rob Cockerill (Bennelong). General David Hurley AC DSC (Ret'd), Governor of New South Wales and Mrs Hurley will join the kitchen action and guests will be entertained by a live performance from Aussie legend Daryl Braithwaite. 

This year OzHarvest founder and CEO, Ronni Kahn has set the stakes high for the business leaders, with a fundraising target of $3million which will provide six million meals to people in need.

“Thanks to the competitive nature of CEOs, OzHarvest has the perfect platform to raise crucial funds to keep our wheels turning and I’m thrilled that over $1million has been raised already,” said Ronni. “Food is a beautiful connector and this unique event allows people from all different backgrounds to come together, break bread and enjoy a night of real humanity, experiencing the magic of what matters.”

In addition to fuelling food rescue operations around the country, a long-standing partnership with BP ensures OzHarvest can bring this annual event to life. BP president Andy Holmes is handing over the spatula to Tanya Ghosn, general ,manager Castrol ANZ, who will be cooking up a storm in the kitchen on the night.

“This is our third year supporting this special event and, once again, the whole team across our BP and Castrol brands are energised to make a difference in the lives of those Australians who need it most. In 2019, as BP celebrates 100 years of operations in Australia, we are incredibly proud to continue our support of OzHarvest and their mission to Nourish our Country,” Andy.Holmes said.

Attending the event for the first time is 'mum of seven', Rikki from Lomandra School in Campbelltown, where she receives OzHarvest food regularly.

“I’ve never been to anything like this before. Just to eat a meal without sharing with my kids and have a night out with my husband alone is something I haven’t done in a very long time. I couldn’t get by without the food OzHarvest delivers to Lomandra, fresh fruit and veg just wouldn’t be a part of my kids diet as it’s so expensive,” Rikki. said.

Tabcorp Holdings and their CEO Adam Rytenskild are topping both fundraising leader boards with over $125,000 raised so far. Mr Rytenskild is closely followed by Adrian Coseneza from the Australian Orthopaedic Association, Peter Andrews from Andrews Meats and Michael Schai from Lindt and Sprungli. 

Other corporate teams battling it out for the top spots are Woolworths, Deliotte and PwC.

There is still time to sign up and anyone can donate to the cause https://www.ceocookoff.com.au/donate

About CEO CookOff:

• CEO CookOff is OzHarvest’s flagship fundraiser and has raised $9million since  2012
• The 2018 event broke all records raising a massive $2million providing four  million meals to those in need
• Event hosted by Larry Emdur, supported by ARN’s Yumi Stynes (Kiis FM), Mike E and Emma Lisboa (The Edge 96.ONE)
• 200 industry leaders and corporate teams feed over 1400 vulnerable people
• The dessert station is a new addition to this year’s CEO CookOff and was the brilliant idea of Colin Fassnidge, who has supported the event since the beginning. Six world-class dessert chefs will be creating their own take on the  home-made trifle. The dessert station is sponsored by Lindt.
• Supporting partners: Woolworths, Amplify Kombucha, Vittoria, NSW  Department of Family and Community Services

ends

MARITIME workers will rally outside The Grand Hotel in Gladstone tomorrow morning (Monday March 18), urging immediate and decisive action from the Queensland Government to deliver a boost to local jobs, the economy, and the environment by supporting an enhanced coastal shipping industry.

A public hearing of the Inquiry into a Sustainable Queensland Intrastate Shipping Industry will be held in the MacArthur Room of The Grand Hotel from 9am, which the Maritime Union of Australia will use to outline a blueprint for reform.

More than 11,000 voyages are made by large ships along the Queensland coast each year, carrying 23 million tonnes of cargo between Queensland ports, yet the vast majority of these voyages take place on international 'Flag of Convenience' ships that use foreign crews on poor wages and conditions.

In a comprehensive submission to the Inquiry, the MUA urges the Queensland Government to turn this situation around by ensuring coastal transport and energy infrastructure delivers for Queensland by providing local jobs and protecting the state’s precious coastline. The recommendations include:

• restoring a strengthened Restricted Use Flag to explicitly provide for the economic regulation of foreign ships operating in Queensland;
• legislating to quarantine known large intra-state shipping routes for Australian ships;
• reform of Australian coastal shipping legislation to ensure that regular shipping between Queensland and other states takes place on Australian ships with decent working conditions; and
• support the creation of a Queensland coastal shipping service tailored to our needs.

The union said these proposed reforms would increase local jobs, ensure shipping off the Queensland coast and through the Great Barrier Reef is of the highest standard, take trucks off our roads, and reduce carbon emissions by ensuring domestic vessels conform to the highest emissions standards.

The union will also highlight a number of case studies showing the need for reform, including:

• Rio Tinto ships millions of tonnes of bauxite from Weipa to Gladstone each year. In 2010, the company agreed to carry up to 80 per cent of this cargo on Australian crewed ships, yet in the past decade the percentage of bauxite cargoes on Australian-crewed ships declined to just one-third;
• Origin Energy relies on coastal shipping for its LPG distribution network. It charters two LPG tankers that have worked continuously in Australia since they were built in 2008. For this entire time, Origin has avoided having Australian working conditions and an Australian crew on board.
• Orica has been using the same ship to transfer ammonia from Newcastle to Gladstone to make explosives for the mining industry since 2010, but has never employed Australian crew.

The MUA’s submission to the inquiry is available at: http://www.mua.org.au/queenslandshippinginquiry/

ends