Author: roymorgansocial

Labor to support Indonesia, Peru and Hong Kong free trade deals

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 17-Oct-19

Labor’s caucus will shortly decide whether to support the federal government’s proposed free trade agreements with Indonesia, Hong Kong and Peru. Sources have indicated that Labor is unlikely to oppose the legislation, although it may seek a number of amendments. The ACTU will lobby Labor MPs to oppose the bill, due to concerns about issues such as the trade deals’ investor-state dispute settlement clauses and labour market testing provisions.

CORPORATES
AUSTRALIAN LABOR PARTY, ACTU, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

CEOs say big stick unlikely to be deployed

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Original article by Angela Macdonald-Smith, Robert Guy
The Australian Financial Review – Page: 5 : 17-Oct-19

Alinta CEO Jeff Dimery says the federal government’s legislation to force energy companies to divest assets will probably never be triggered. Dimery argues that conditions in the energy market would have to be dire for the ‘big stick’ legislation to be used. Origin Energy CEO Frank Calabria has in turn questioned whether the legislation will increase energy affordability and reliability, while Energy Security Board chair Kerry Schott has doubts about the effectiveness of the government’s Underwriting New Generation scheme.

CORPORATES
ALINTA ENERGY (AUSTRALIA) PTY LTD, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA. ENERGY SECURITY BOARD

Rio on track for world iron ore crown

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 17-Oct-19

Rio Tinto shipped 86.1 million tonnes of Pilbara iron ore during the September quarter, and 240 million tonnes in the first nine months of 2019. A strong performance in the fourth quarter could see Rio Tinto’s full-year exports top 330 million tonnes, which is the upper range of its guidance for the calendar year. This would also allow it to surpass Vale as the world’s biggest iron ore exporter, given that the Brazilian company now expects to export about 319 million tonnes for the year. Meanwhile, Rio Tinto has advised that its alumina and bauxite production in 2019 will be below previous guidance.

CORPORATES
RIO TINTO LIMITED – ASX RIO, RIO TINTO LIMITED – ASX RIO, VALE SA, TURQUOISE HILL RESOURCES LIMITED

Bank trusted more than tech: ANZ

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Original article by Supratim Adhikari
The Australian – Page: 21 : 17-Oct-19

ANZ Bank’s CEO Shayne Elliott says consumers still generally trust banks more than technology companies such as Google and Facebook. He adds that consumers trust banks to manage their personal data as well as their money, which gives banks an advantage over tech companies. He has also defended the banking sector’s traditional one-size-fits-all model for product pricing, arguing that the targeted pricing strategy of fintechs has its risks.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Comyn claims ACCC exaggeration but welcomes probe

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Original article by Bo Seo
The Australian Financial Review – Page: 12 & 17 : 17-Oct-19

Commonwealth Bank of Australia CEO Matt Comyn and chair Catherine Livingstone are supportive of a new inquiry into mortgage pricing. However, Comyn has questioned the Australian Competition & Consumer Commission’s claim that the pricing gap for new and existing customers of the nation’s major banks is 32 basis points. He says this gap is significantly lower than 30 basis points at CBA. Livingstone notes that the bank takes into account the interests of borrowers, deposit-holders and shareholders when deciding upon its mortgage pricing.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY

ABC goes begging as it pays execs 70pc more

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Original article by Lilly Vitorovich
The Australian – Page: 3 : 17-Oct-19

The ABC’s latest annual report shows that its executive management team and board of directors received total remuneration of $6.1m in 2018-19, compared with $3.6m in 2017-18. The public broadcaster added two people to its executive ranks during the latest reporting period. MD David Ander­son was paid $1.14m in 2018-19, while predecessor Michele Guthrie received a $1.35m termination payout. The ABC has reported a 2018-19 net operating surplus of $38.3m.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

Regrets, GetUp has a few, over hard-right assault

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Original article by Greg Brown
The Australian – Page: 6 : 17-Oct-19

GetUp’s national director Paul Oosting has told the National Press Club that he is proud of the activist group’s campaign during the 18 May federal election. However, he concedes that GetUp erred in targeting conservative MPs in traditionally safe seats, with five of the six seats that it focused on having been retained by the Coalition. Oosting says GetUp choose this strategy as it had expected Labor to win the election.

CORPORATES
GETUP LIMITED, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN ELECTORAL COMMISSION, AUSTRALIAN GREENS

Lowy calls time on retail empire

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Original article by Ben Wilmot, Bridget Carter
The Australian – Page: 17 & 22 : 17-Oct-19

The Lowy family has sold more than 206 million shares in Scentre Group via a block trade. The $815m transaction comprised some 3.9 per cent of the real estate investment trust’s shares, and it marks the family’s exit from the owner of Westfield shopping centres in Australia and New Zealand. Steven Lowy, the son of Westfield’s co-founder Sir Frank Lowy, resigned from Scentre’s board in April. Peter Lowy also stepped down from the board of Unibail-Rodamco-Westfield earlier in 2019.

CORPORATES
SCENTRE GROUP – ASX SCG, UNIBAIL-RODAMCO-WESTFIELD – ASX URW

PM to keep his cool on economy

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Original article by Rosie Lewis, Simon Benson, Richard Gluyas
The Australian – Page: 1 & 6 : 17-Oct-19

Prime Minister Scott Morrison has downplayed concerns about the outlook for the Australian economy, arguing that good economic and financial management is needed in times of uncertainty. Labor leader Anthony ­Albanese has responded to the International Monetary Fund’s latest downgrade of its economic growth forecast for Australia by calling for a stimulus package. Former federal treasurer Peter Costello has in turn urged supply-side reforms, arguing that fiscal and monetary policy have reached the limits of their effectiveness.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, INTERNATIONAL MONETARY FUND, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN RETAILERS ASSOCIATION

Nine fights tech giants with new ad model

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Original article by Max Mason
The Australian Financial Review – Page: 14 : 17-Oct-19

Nine Entertainment Company has used its annual ‘upfronts’ to reveal that it will adopt a cost per completed view model for advertising across its digital platforms. Clients will be charged only if a video ad is viewed in full. The move is aimed at technology giants Facebook and Google, which have attracted scrutiny over their own advertising policies. Nine has also advised that it has amalgamated the data that has been gathered across its digital platforms.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, FAIRFAX MEDIA LIMITED