Author: roymorgansocial

Viterra axes pay by 24pc after union snubs hearing

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 23-Mar-18

The Fair Work Commission has agreed to a request by grain company Viterra to terminate an enterprise agreement covering workers at its Port Lincoln terminal in South Australia. Its request followed three years of unsuccessful negotiation with the Australian Workers’ Union. As a result of the FWC’s decision, the workers in question will now come under the relevant industry award. Their pay will be cut by as much as 24 per cent, while they will no longer be entitled to generous redundancy entitlements.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, VITERRA INCORPORATED, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES

Result’s in: AFL the richest code by far

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Original article by John Stensholt
The Australian Financial Review – Page: 14 : 23-Mar-18

The Australian Football League will reveal on 23 March that it earned income of $A650 million for the 2017 fiscal year, enabling it to post a surplus of $A48.8 million. The AFL’s total assets rose to $A399 million, following its purchase of Etihad Stadium for $A200 million. The AFL’s revenue from broadcasting increased from $A264 million in 2015 to $A381 million, while its distribution to clubs totalled $A305 million.

CORPORATES
AUSTRALIAN FOOTBALL LEAGUE, SEVEN WEST MEDIA LIMITED – ASX SWM, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS

Senate calls for limits to developments around airports

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 14 : 23-Mar-18

A Senate committee has called for guidelines to be put in place to ensure that there are "public safety zones" around airports. Such zones permit aircraft to make emergency landings or take evasive action without the risk of hitting buildings, but no such guidelines are in place in Australia. The committee noted that commercial and housing developments near airports represents a significant safety risk, while the Australian & International Pilots Association notes that buildings near runways can cause turbulent wakes when the wind is strong.

CORPORATES
AUSTRALIAN AND INTERNATIONAL PILOTS ASSOCIATION, AUSTRALIA. SENATE STANDING COMMITTEE ON RURAL AND REGIONAL AFFAIRS AND TRANSPORT, AUSTRALIAN TRANSPORT SAFETY BUREAU, AUSTRALIA. CIVIL AVIATION SAFETY AUTHORITY

Enemies plot for Andrews’ head

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Original article by John Ferguson, Samantha Hutchinson
The Australian – Page: 1 & 8 : 23-Mar-18

Labor figures have rejected claims by Victorian Premier Daniel Andrews that he knew nothing about its rorts-for-votes scheme. They claim that either Andrews or caucus approved the scheme, which was engineered by former Labor treasurer John Lenders, and they contend that caucus had no knowledge of the scheme. Andrews’ factional enemies within the Labor party are keen to destabilise his leadership over the issue, and want Labor MPs involved in the scheme to disclose what they knew about it.

CORPORATES
AUSTRALIAN LABOR PARTY, VICTORIA. DEPT OF PREMIER AND CABINET, AUSTRALIAN GREENS, LIBERAL PARTY OF VICTORIA, VICTORIA. DEPT OF TREASURY AND FINANCE

Jobs cool RBA’s outlook on rates

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Original article by David Rogers
The Australian – Page: 19 & 30 : 23-Mar-18

The Australian dollar fell in local trading on 22 March in response to data showing that the number of jobs created in February was below expectations at 17,500. Australia’s unemployment rate rose from 5.5 per cent to 5.6 per cent during the month, while the labour participation rate also increased. Economists suggest that the jobs data means the Reserve Bank is unlikely to increase official interest rates in the near-term. Meanwhile, the strength of the US economy has prompted the Federal Reserve to flag three interest rates rises in 2019, in addition to another two in 2018.

CORPORATES
RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD, UBS HOLDINGS PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CAPITAL ECONOMICS LIMITED

Bribery probe clouds Rio’s Mongolia deal

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Original article by Matt Chambers
The Australian – Page: 21 : 23-Mar-18

Swiss and Mongolian authorities are investigating the origins of a $US10 million ($A12.9 million) payment into a Swiss bank account. The account belongs to former Mongolian finance minister Bayartsogt Sangajav. Bayartsogt has denied suggestions that the payment was linked to Rio Tinto’s Oyu Tolgoi copper and gold project, although Swiss authorities have stated that they are investigating whether Rio or any of its business units had a role in the deposit. Rio has indicated that it has had no contact from Swiss authorities on the matter.

CORPORATES
RIO TINTO LIMITED – ASX RIO, IVANHOE MINES LIMITED, TURQUOISE HILL RESOURCES LIMITED, SWITZERLAND. OFFICE OF THE ATTORNEY GENERAL, WHITEHAVEN COAL LIMITED – ASX WHC

US Fed set to rise further above RBA

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Original article by Vesna Poljak
The Australian Financial Review – Page: 1 & 32 : 23-Mar-18

The yield on US 10-year bonds has eased to 2.86 per cent in response to the Federal Reserve’s move to increase interest rates to 1.75 per cent. Kapstream Capital’s Steve Goldman expects the central bank to increase US rates to 2.5 per cent, adding that this is more likely to be in 2019 rather than 2018. The US federal funds rate is now higher than Australia’s cash rate for the first time since 2000. The interest rate differential is expected to widen, as the Federal Reserve has flagged further rate rises in 2018 and 2019. Most analysts do not expect the Reserve Bank to do so until at least the March 2019 quarter.

CORPORATES
UNITED STATES. FEDERAL RESERVE BOARD, RESERVE BANK OF AUSTRALIA, KAPSTREAM CAPITAL PTY LTD, NOMURA AUSTRALIA LIMITED, UBS GLOBAL ASSET MANAGEMENT (AUSTRALIA) LIMITED

Turnbull on the verge of tax victory

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Original article by Simon Benson, Joe Kelly
The Australian – Page: 1 & 6 : 23-Mar-18

One Nation has agreed to back the Federal Government’s company tax cuts package in return for a commitment to a pilot program for taxpayer-subsidised apprenticeships. The Government still requires the support of independent senators Tim Storer and Derryn Hinch, with the latter advising that he will back the tax package provided that it does not apply to the four major banks. Liberal Democrat David Leyonhjelm has vowed to withdraw his support for the tax cuts if the Government agrees to Hinch’s demands. Meanwhile, Labor has signalled that it may seek to reverse any reduction in the tax rate for larger companies if it wins the next election.

CORPORATES
ONE NATION PARTY, LIBERAL DEMOCRATIC PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, NATIONAL PARTY OF AUSTRALIA, ACTU

Trump to slap China with $US50b in trade sanctions

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Original article by John Kehoe, Michael Smith
The Australian Financial Review – Page: 1 & 16 : 23-Mar-18

Fears of a global trade war have been heightened after the US announced plans to pursue punitive measures against China in retaliation for its theft of intellectual property. The US will impose $US50bn ($A64bn) worth of tariffs on China are expected to target a wide range of Chinese-made goods, while the US is also expected to introduce new foreign investment restrictions on China. US Trade Representative Robert Lighthizer has noted that the World Trade Organization has been "wholly inadequate" in addressing concerns about China.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, UNITED STATES. DEPT OF COMMERCE, WORLD TRADE ORGANIZATION, CHINA. MINISTRY OF COMMERCE, UNITED STATES. FEDERAL RESERVE BOARD, BOEING COMPANY, QUALCOMM INCORPORATED, MONEYGRAM INTERNATIONAL LIMITED, UNITED STATES. NATIONAL FOREIGN TRADE COUNCIL, THE GOLDMAN SACHS GROUP INCORPORATED

No action on Labor MP rorts

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Original article by Benjamin Preiss, Adam Carey, Noel Towell
The Age – Page: 1 : 22-Mar-18

Victorian Premier Daniel Andrews says nobody should lose their job over the misuse of taxpayers’ funds during the 2014 state election campaign. He notes that the report of Ombudsman Deborah Glass made no recommendations about taking further action against any individual. Her investigation found that some field organisers were employed full-time by Labor while also being employed for two days a week as electorate officers on the public payroll. Opposition Leader Matthew Guy says the government ministers responsible for the $A388,000 rort should resign.

CORPORATES
AUSTRALIAN LABOR PARTY, VICTORIA. DEPT OF PREMIER AND CABINET, VICTORIA. OFFICE OF THE OMBUDSMAN, LIBERAL PARTY OF VICTORIA, VICTORIAN GREENS