Author: roymorgansocial

Rate cut may lead to riskier investing

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Original article by Sarah Turner
The Australian Financial Review – Page: 31 : 13-Jun-19

Anthony Doyle of Fidelity International says Australian savers are likely to seek out higher-yielding and higher-risk investments following the Reserve Bank’s decision to reduce the cash rate to a new low of 1.25 per cent. He notes that there was a similar trend in the UK following the global financial crisis, with Britain’s cash rate reaching a low of just 25 basis points. Doyle also expects the search for yield to bolster Australia’s corporate bond market.

CORPORATES
FIDELITY INTERNATIONAL PTY LTD, RESERVE BANK OF AUSTRALIA, M&G INVESTMENT MANAGEMENT LIMITED

Rethink press inquiry and act, PM urged

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Original article by Greg Brown
The Australian – Page: 2 : 13-Jun-19

Communications Minister Paul Fletcher says the federal government has made no decision on a parliamentary inquiry into press freedom in the wake of the Australian Federal Police’s recent media raids. However, some Coalition MPS have expressed concern that the issue may become politicised if there is a parliamentary inquiry. Liberal MP Craig Kelly argues that a special inquiry into the actions of the AFP is not necessary as parliament has oversight of the law enforcement agency.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN FEDERAL POLICE, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

RBA warns rates may go lower to drive jobs

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Original article by Michael Roddan
The Australian – Page: 2 : 13-Jun-19

The Reserve Bank of Australia recently downwardly revised its estimate of full employment from 5.25 per cent to 4.5 per cent. Assistant governor Luci Ellis has indicated that the non-accelerating inflation rate of unemployment may in fact be as low as 3.5 per cent, adding that the central bank may have to keep reducing the cash rate until the unemployment rate reaches this level. Australia’s official unemployment rate is currently about five per cent.

CORPORATES
RESERVE BANK OF AUSTRALIA

Coalition to strike amid Setka strife

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Original article by Ewin Hannan
The Australian – Page: 1 & 6 : 13-Jun-19

Labor has been urged to support the federal government’s Ensuring ­Integrity Bill in the wake of the controversy surrounding Construction, Forestry, Maritime, Mining & ­Energy Union official John Setka. Labor opposed the bill – which amongst other things would allow courts to disqualify union officials for repeated breaches of civil law – in the previous parliament. Setka has refused to stand down as the CFMMEU’s Victorian secretary in the wake of comments he allegedly made about domestic violence campaigner Rosie Batty, while Labor leader Anthony Albanese is seeking to have him expelled from the party.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ACTU, MARITIME UNION OF AUSTRALIA, ELECTRICAL TRADES UNION, UNITED VOICE

Facebook signs major Aussie sports

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Original article by Zoe Samios
The Australian – Page: 23 : 13-Jun-19

Social media giant Facebook has secured content deals with the Australian Football League, the National Rugby League and Cricket Australia. The Facebook Watch streaming platform will feature AFL and NRL match highlights and other content from the two football codes. Facebook has also extended its deal with Cricket Australia to provide live streaming of Women’s Big Bash League matches. Facebook recently signed a content deal with Seven West Media.

CORPORATES
FACEBOOK INCORPORATED, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE, CRICKET AUSTRALIA, WOMEN’S BIG BASH LEAGUE, SEVEN WEST MEDIA LIMITED – ASX SWM

Legal setback for Adani on eve of sign-off

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Original article by Charlie Peel, Sarah Elks
The Australian – Page: 8 : 13-Jun-19

The development of Adani’s Carmichael coal mine may be further delayed due to an ‘administrative error’ by the federal government. Adani’s separate proposal to build a 110km water pipeline will have to be reassessed by Environment Minister Sussan Ley and reopened to public comment. This follows the revelation that the Department of the Environment cannot prove that it had considered all of the public submissions it received on the pipeline project. The Queensland Government is slated to make a decision regarding the groundwater management plan for the Carmichael mine on 13 June.

CORPORATES
ADANI MINING PTY LTD, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN CONSERVATION FOUNDATION INCORPORATED, ENVIRONMENTAL DEFENDERS OFFICE LIMITED, FEDERAL COURT OF AUSTRALIA, QUEENSLAND GREENS

Ranger rated a potential catastrophic risk by Rio

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Original article by Nick Evans
The Australian – Page: 24 : 13-Jun-19

Rio Tinto has advised that 19 of its tailings facilities in Australia have a high hazard rating under a system established by the Australian National Committee on Large Dams. Two of the tailings dams at the Ranger uranium mine have a ‘high B’ rating, which signifies that there is a ‘catastrophic’ risk of damage to the environ­ment and people if they collapse. The Ranger mine is operated by Rio-controlled Energy Resources of Australia, and is slated to be closed in 2021. A dam at Rio Tinto’s Weipa bauxite mine has a ‘high A’ rating.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA, BHP GROUP LIMITED – ASX BHP, GLENCORE PLC, ANGLO AMERICAN PLC, AUSTRALIAN NATIONAL COMMITTEE ON LARGE DAMS INCORPORATED, CHURCH OF ENGLAND

Fortescue challenges oil and gas over emissions

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Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 13-Jun-19

Fortescue Metals Group CEO Elizabeth Gaines says the pure-play iron ore miner supports the Paris climate agreement and Australia’s commitment to reducing carbon emissions. However, she adds that Fortescue opposes any move to make it accountable for the scope 3 emissions of customers such as Chinese steel mills. Oil and gas producers have lobbied Western Australia’s Environmental Protection Authority to take into account scope 3 assessments when approving resources projects.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, WESTERN AUSTRALIA. ENVIRONMENTAL PROTECTION AUTHORITY, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, WOODSIDE PETROLEUM LIMITED – ASX WPL, ROYAL DUTCH SHELL PLC, CHEVRON CORPORATION, SANTOS LIMITED – ASX STO

US-Australia to secure rare earths

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Original article by Angus Grigg, Phillip Coorey
The Australian Financial Review – Page: 1 & 2 : 13-Jun-19

The US, Canada and Australia will co-operate in developing a strategy to reduce reliance on China for key minerals such as rare earths and lithium. Rare earths in particular are crucial in a range of technology, including defence systems, wind turbines and electric vehicle batteries. Meanwhile, Austrade has identified a list of Australia’s ‘critical’ mineral resources that could potentially be developed using offshore capital. The Northern Australia Infrastructure Facility is also considering an investment in Arafura Resources’ proposed rare earths mine in the Northern Territory.

CORPORATES
AUSTRADE, NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY, ARAFURA RESOURCES LIMITED – ASX ARU, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, GEOSCIENCE AUSTRALIA, AUSTRALIAN NUCLEAR SCIENCE AND TECHNOLOGY ORGANISATION, AUSTRALIA. DEPT OF DEFENCE, AUSTRALIA. NATIONAL SECURITY COMMITTEE, UNITED STATES. DEPT OF COMMERCE, CHINA. NATIONAL DEVELOPMENT AND REFORM COMMISSION, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

ANZ-Roy Morgan Consumer Confidence falls again to 114.6

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Jun-19

ANZ-Roy Morgan Australian Consumer Confidence fell 2.0% to 114.6 in the week ended 9 June, although it remains above the long-term average. Households’ views towards current financial conditions fell 2.7%, while views towards future financial conditions were down 2.2%. This weekly decline has resulted in the subindices closing below their long-term averages. Meanwhile, consumers’ views toward current economic conditions fell 7.8%, after rising for three consecutive weeks; future economic conditions were down 2.8%, resulting in the subindex falling below the long-term average. The ‘time to buy a household item’ index rose 4.9%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ