Author: roymorgansocial

Trade balance back in the black

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Original article by David Uren
The Australian – Page: 6 : 9-Mar-18

Australia posted a trade surplus of $A1.1bn in January 2018, following a deficit in December. The trade figures were bolstered by growing demand in Asia for the nation’s resources commodities, and Asia’s share of Australia’s overall exports has risen from 61 per cent to 75 per cent over the last decade. In contrast, the US now accounts for less than four per cent of Australia’s exports. Meanwhile, China recorded a trade surplus of $US34bn in January, while the US posted a deficit of $US57bn.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, COMMONWEALTH SECURITIES LIMITED

Bosses fight CFMEU-MUA super union

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 6 : 9-Mar-18

The full bench of the Fair Work Commission will be asked to overturn the decision to approve a merger between the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia. The Australian Mines & Metals Association and Master Builders Australia will also seek a stay of the decision, which could give the Federal Government time to pass legislation to subject union mergers to a public interest test. Workplace Relations Minister Craig Laundy has urged the Opposition to support the bill.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN LABOR PARTY, LIBERAL DEMOCRATIC PARTY, LIBERAL PARTY OF AUSTRALIA

Sunrise gas no chance for Darwin LNG

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 21 : 9-Mar-18

Santos executive Bruce Clement says there is little prospect of gas from the Sunrise project in the Timor Sea being processed at the Darwin LNG plant. The Darwin facility and a greenfields plant in East Timor are the only options included in a new treaty on the maritime boundary between Australia and East Timor. The Darwin plant currently processes LNG from the Bayu-Undan gasfield, which is expected to be exhausted by 2022-23. Clement says the Barossa gas field is the only one that can be assured of supplying the Darwin plant after Bayu-Undan reaches the end of its life.

CORPORATES
SANTOS LIMITED – ASX STO, CONOCOPHILLIPS, SK GAS COMPANY LIMITED, WOODSIDE PETROLEUM LIMITED – ASX WPL, ROYAL DUTCH SHELL PLC, OSAKA GAS COMPANY, PTTEP OFFSHORE INVESTMENT COMPANY LIMITED

Warning of economic ruin from Trump protectionism

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Original article by Primrose Riordan, Ben Packham, Joe Kelly
The Australian – Page: 1 & 6 : 9-Mar-18

More than 100 Republican members of the US House of Representatives have urged President Donald Trump to abandon his plan to impose punitive tariffs on steel and aluminium imports. Global sharemarkets rallied on 8 March after Trump signalled that the US would temporarily exempt Canada and Mexico from the tariff regime. Meanwhile, on the eve of signing the 11-nation Trans-Tasman Partnership, Australia’s Trade Minister Steve Ciobo has warned of the economic consequences of the growing trend toward protectionism, particularly when it is conflated with patriotism.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, TRANS-PACIFIC PARTNERSHIP, UNITED STATES. DEPT OF STATE, AMERICAN AUSTRALIAN BUSINESS COUNCIL, DOW CHEMICAL COMPANY, NEWS CORPORATION – ASX NWS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

Zoning key to more affordable housing: RBA

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Original article by Adam Creighton
The Australian – Page: 7 : 9-Mar-18

Research by the Reserve Bank of Australia has concluded that development restrictions have been a major contributor to the sharp rise in house prices over the last two decades. The central bank says that state and local government zoning rules have increased the price of the average house in Sydney by 42 per cent, and 29 per cent in Brisbane. The Reserve Bank suggests that measures such as relaxing building height limits could help to increase housing affordability.

CORPORATES
RESERVE BANK OF AUSTRALIA, GRATTAN INSTITUTE

Wilson, Bauer quibble over costs

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Original article by Adam Cooper
The Sydney Morning Herald – Page: 16 : 9-Mar-18

The Supreme Court of Victoria has been told that a cost consultant has estimated that Bauer Media should be liable for about $A1.12m of the legal costs incurred by Hollywood star Rebel Wilson in a lengthy defamation lawsuit. Wilson’s legal costs arising from the case were around $A1.4m in total, and she is seeking to recover $A1.3m in costs from Bauer, in addition to the $A4.56m in damages it was ordered to pay after losing the defamation case.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, SUPREME COURT OF VICTORIA

CBA executive was warned of possible BBSW investigation

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Original article by Ben Butler, Michael Roddan
The Australian – Page: 19 & 23 : 9-Mar-18

The Federal Court has released documents filed by the Australian Securities & Investments Commission in its case against the Commonwealth Bank of Australia for allegedly manipulating the bank bill swap rate. The documents show that CBA executives and employees had discussed influencing the BBSW as far back as 2001. Amongst other things, CBA executive Paul Bennett told former treasurer Lyn Cobley in 2011 that "aggressive" behaviour in the BBSW market by a rival bank could attract regulatory scrutiny.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, FEDERAL COURT OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, PIMCO AUSTRALIA PTY LTD, HSBC AUSTRALIA HOLDINGS PTY LTD

Favourable attitudes toward private health insurance

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Original article by Roy Morgan
Market Research Update – Page: Online : 9-Mar-18

A Roy Morgan Single Source survey has found that Australians aged +14 with private health insurance have generally positive attitudes towards the industry. Some 71.3% of private health insurance fund members agree with the statement that "it gives me peace of mind", while 74.3% agree that "It’s knowing that you’ll cover the cost of big medical expenses" and 60.7% say "It’s essential to have". In addition to these major positive attitudes, there are some areas of concerns: 43.9% agree that "It is difficult to understand what you are covered for" and 23.3% agree that "I want the cheapest and don’t care provider". Meanwhile, millennials are well above average in agreeing to issues that relate to the cost of private health insurance.

CORPORATES
ROY MORGAN LIMITED

Rio Tinto’s New Hope

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Original article by James Chessell
The Australian Financial Review Boss – Page: 12 : 9-Mar-18

Jean-Sebastien Jacques became CEO of Rio Tinto in July 2016, after just five years at the resources giant. He spends more time travelling than in his office at Rio Tinto’s London headquarters, meeting with staff, customers and suppliers. Jacques questions whether corporate head offices are still relevant, particular for geographically diverse companies such as Rio Tinto. He argues that senior executives and other staff should be constantly meeting with customers and suppliers rather than spending their time in an office. Meanwhile, Jacques aims for Rio Tinto to be the world’s most profitable mining company, rather than the biggest.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, PECHINEY SA, ALCAN INCORPORATED, CORUS GROUP PLC, TATA STEEL, RIVERSDALE MINING LIMITED, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

TPP-11 signing sends Trump a message

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Original article by Andrew Tillett
The Australian Financial Review – Page: 6 : 8-Mar-18

Trade Minister Steven Ciobo says members of the 11-nation Trans-Pacific Partnership account for about 25 per cent of Australia’s exports, a figure that is likely to rise under the free trade deal. The Federal Government has revealed some details of the TPP; several participating nations will immediately scrap tariffs on products such as wine, seafood and steel, while some tariffs on beef will be phased out over a number of years. The TTP also includes provision for the free flow of data across borders. The TPP will be formally signed in Chile.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, TRANS-PACIFIC PARTNERSHIP, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT