Author: roymorgansocial

Union readies for new tug of war with BHP

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Original article by Peter Ker
The Australian Financial Review – Page: 6 : 20-Feb-18

Iron ore shipments from Port Hedland could potentially be disrupted due to the Australian Institute of Marine & Power Engineers’ proposed legal action against BHP Billiton. Rivtow, which provides tugboat services to BHP at Port Hedland, operates on a partnership model. However, the company is believed to have begun employing marine engineers on some of its tugboats, which the AIMPE claims would give it access under workplace right of entry laws.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, THE AUSTRALIAN INSTITUTE OF MARINE AND POWER ENGINEERS, RIVTOW MARINE PTY LTD, RIVERSIDE MARINE PTY LTD, TEEKAY MARINE PTY LTD, WESTERN AUSTRALIAN INDUSTRIAL RELATIONS COMMISSION, FORTESCUE METALS GROUP LIMITED – ASX FMG, KOTUG, LIBERAL PARTY OF WESTERN AUSTRALIA, AUSTRALIAN LABOR PARTY, MITSUBISHI CORPORATION

Joyce loses support of party bosses

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 20-Feb-18

The future of National Party leader Barnaby Joyce remains in doubt amid growing calls from within the party for him to stand down and retire to the backbench in the wake of his affair with a former staffer. The party’s federal executive discussed the Joyce situation via a conference call on 19 February, although they did not make a decision on his future. Veterans’ Affairs Minister Michael McCormack, who is seen as the leading contender to replace Joyce, has told Sky News that Joyce will remain leader while he retains the support of the party room. However, he downplayed suggestions of a leadership challenge.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF VETERANS’ AFFAIRS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Get a real job (for once) O’Connor, instead of fiddling with commission

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Original article by Judith Sloan
The Australian – Page: 6 : 20-Feb-18

A proposal by the Opposition’s workplace relations spokesman Brendan O’Connor to transfer responsibility for setting the minimum wage from the Fair Work Commission to the Federal Government was ill-considered. There is some merit in having the minimum wage set by the independent umpire, which takes into account factors such as the state of the economy. It should be noted that people on low incomes are most at risk of being retrenched or having their working hours cut if an increase in the minimum wage is excessive. Likewise, many people on the minimum wage are in fact from wealthy households.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION

Landlord tougher than Lowy

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Original article by Matthew Cranston
The Australian Financial Review – Page: 1 & 33 : 20-Feb-18

Unibail-Rodamco owns EUR42.5 billion ($A66 billion) worth of shopping centres across Europe. CEO Christophe Cuvillier notes that it weeds out 10 per cent of its poorest-performing tenants every year. Cuvillier says he is unsure if any other shopping centre operates in such a manner. He is currently in Australia to speak with Westfield Corporation and Unibail-Rodamco investors in order to convince them of the merits of his company’s $A33bn bid for Westfield.

CORPORATES
UNIBAIL-RODAMCO, WESTFIELD CORPORATION – ASX WFD, DEUTSCHE BANK AG, GOLDMAN SACHS AUSTRALIA PTY LTD, NM ROTHSCHILD AUSTRALIA HOLDINGS PTY LTD, SCENTRE GROUP – ASX SCG, L’OREAL SA

Actress at heart of case against Rush revealed

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Original article by Rosemary Neill
The Australian – Page: 1 & 2 : 20-Feb-18

The defence document of Sydney tabloid "The Daily Telegraph" shows that actress Eryn Jean Norvill has accused Hollywood star Geoffrey Rush of touching her inappropriately during the Sydney Theatre Company’s performance of "King Lear" in early 2016. Rush has denied the allegations, and he launched defamation proceedings against the newspaper in late 2017. Federal Court lifted a suppression order on the defence document on 19 February, although it has reserved a decision on an application to strike out some elements of the document.

CORPORATES
SYDNEY THEATRE COMPANY, FEDERAL COURT OF AUSTRALIA

Domain chief to fix culture

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Original article by Dana McCauley
The Australian – Page: 17 & 28 : 20-Feb-18

Property listings group Domain Holdings has posted a 2017-18 interim loss of $A3.4m. It was Domain’s first result since it was spun off by Fairfax Media, and the company’s interim earnings before significant items fell eight per cent to $A24.7m on a pro forma basis. Domain is undertaking a global search for a new CEO, and executive chairman Nick Falloon says the successful applicant will be required to address the corporate culture issues that led to the resignation of former CEO Antony Catalano.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, REVIEW PROPERTY, CITIGROUP PTY LTD, TEN NETWORK HOLDINGS LIMITED

SEEK’s reinvestment delivers record revenue

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 15 : 20-Feb-18

Online job advertisements group SEEK has posted a 2017-18 interim underlying net profit of $A112.1m, which is 21 per cent higher than previously. It has advised that full-year profit is expected to be at the higher end of its previous forecast of $A225m to $A230m. Group revenue for the first half rose by 27 per cent to a record $A628m; its Australia and New Zealand division’s revenue rose 15 per cent and its international unit’s revenue was up 10 per cent. Shareholders will receive an interim dividend of $A0.24 per share.

CORPORATES
SEEK LIMITED – ASX SEK, BRASIL ONLINE HOLDINGS, ONLINE CAREER CENTER MEXICO SA DE CV

Backdown on radical wage plan

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Original article by Ewin Hannan
The Australian – Page: 1 & 6 : 20-Feb-18

A future Labor government may require the Fair Work Commission to give greater consideration to the needs of people on low wages when deciding on increases in the minimum wage. At present the FWC is also required to take into account a range of economic factors, and Stephen Smith of the Australian Industry Group says the potential change outlined by the Opposition’s workplace relations spokesman Brendan O’Connor could result in many people on low wages losing their jobs. Labor had previously proposed setting the minimum wage at a proportion of the median wage.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, THE AUSTRALIAN INDUSTRY GROUP, ACTU, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF EMPLOYMENT

More gas needed to meet demand: Beach

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Original article by Matt Chambers
The Australian – Page: 28 : 20-Feb-18

Beach Energy has posted a 2017-18 interim net profit of $A95.7m, which is seven per cent lower than previously. Beach has advised that the expected annual cost savings from its acquisition of Lattice Energy will be around $A50m, compared with its previous guidance of $A20m. Meanwhile, Beach executive Lee Marshall has warned that the east coast will face a gas supply shortage by the mid-2020s unless new gas reserves are found and ones that are considered to be uncommercial at present are developed.

CORPORATES
BEACH ENERGY LIMITED – ASX BPT, LATTICE ENERGY LIMITED, ORIGIN ENERGY LIMITED – ASX ORG, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, SANTOS LIMITED – ASX STO

Push for Unibail to recut takeover

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Original article by Ben Potter
The Australian – Page: 20 : 19-Feb-18

French shopping centre group Unibail-Rodamco released details of a plan to acquire the Lowy family’s Westfield Corporation on 10 December. At the time the deal was valued at $A32 billion, but its value has since fallen by over 12 per cent, due to a combination of a fall in Unibail’s share price and a rise in the Euro and the Australian dollar against the US dollar. Michael Doble of APN says that if there was to be any changes to the terms of the transaction that the impetus for change would come from the Lowys.

CORPORATES
UNIBAIL-RODAMCO, WESTFIELD CORPORATION – ASX WFD, APN FUNDS MANAGEMENT LIMITED, FOLKESTONE MAXIM ASSET MANAGEMENT LIMITED, PHOENIX PORTFOLIOS PTY LTD, RESOLUTION CAPITAL LIMITED, ANTARES EQUITIES