Author: roymorgansocial

Crackdown on terror funding

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Original article by Simon Benson
The Australian – Page: 2 : 22-Nov-17

AUSTRAC and its fellow finance intelligence units within South East Asia are to share information in an attempt to clamp down on the funding of terrorism. Australian Justice Minister Michael Keenan will announce the formation of the Southeast Asia Counter-Terrorism Financing Working Group on 22 November, with Keenan noting that terrorists are capable of creating significant damage with just small sums of money. The 2002 Bali Bombings are said to be have been carried out with funding of less than $A100,000.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ASSOCIATION OF SOUTH-EAST ASIAN NATIONS, PHILIPPINES. ANTI-MONEY LAUNDERING COUNCIL

Green voters snobs and closed to Labor

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Original article by Greg Brown
The Australian – Page: 7 : 21-Nov-17

The Australian Labor Party surveyed just over 50 Greens voters in inner Melbourne for a period of six months, and has come to the conclusion that around 70 per cent of them are not worth targeting for votes. The ALP considers this group, which it has dubbed "Teal Greens", to be rich and anti-union, and to have a disdainful view of people who live in Melbourne’s outer suburbs. It has decided to concentrate on the remaining 30 per cent of inner city Greens voters, which it has dubbed "Red Greens". Greens MP Adam Bandt says the ALP’s assertions about its inner city supporters are nothing more than "fairy tales"

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ADANI MINING PTY LTD

Just build it, Palaszczuk tells Adani

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Original article by Mark Ludlow
The Australian Financial Review – Page: 10 : 22-Nov-17

Queensland Premier Annastacia Palaszczuk has urged Adani to just commence work on its $A16.5 billion Carmichael coal mine, rather than wait for any possible federal assistance. Speaking during campaigning for the Queensland election, Palaszczuk noted Adani had received all relevant approvals for the mine. Palaszczuk has recently vetoed a federal government loan that would assist Adani with the Carmichael project, but she does not think that will hurt Labor’s chances of winning the election, which will be held on 25 November

CORPORATES
QUEENSLAND. DEPT OF THE PREMIER AND CABINET, ADANI MINING PTY LTD, ONE NATION PARTY, LIBERAL-NATIONAL PARTY OF QUEENSLAND

Wesfarmers dismisses Bunnings spin-off talk

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 : 22-Nov-17

New Wesfarmers CEO Rob Scott says he has no plans to spin off Bunnings, the home improvement chain regarded as its most important asset. Scott says while he has people telling him he should spin off Bunnings, he gets just as many people telling him that Wesfarmers should retain it. Bunnings accounts for just 30 per cent of Wesfarmers’ group earnings, but is reckoned to be worth $A23 billion, almost half of Wesfarmers’ overall market value of $A48 billion. Scott concedes Bunnings’ expansion into the UK has not been as successful to date as was hoped, but he is confident that UK consumers will eventually embrace its format.

CORPORATES
WESFARMERS LIMITED – ASX WES, BUNNINGS GROUP LIMITED, WOOLWORTHS LIMITED – ASX WOW, COLES SUPERMARKETS AUSTRALIA PTY LTD, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, OFFICEWORKS SUPERSTORES PTY LTD, DEUTSCHE BANK AG, AIRLIE FUNDS MANAGEMENT PTY LTD, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD

Sevior backs Lew push for Myer seats

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Original article by Sue Mitchell
The Australian Financial Review – Page: 12 : 22-Nov-17

Airlie Funds Management supports Solomon Lew’s bid to secure seats on the Myer board. Lew is the chairman of Premier Investments, which acquired a 10.8 per cent stake in Myer in March, only to see the value of its stake fall by over 40 per cent in six months. Airlie owns seven per cent of Premier, and Airlie founder John Sevior says it would be fair to say that Premier’s shareholders were not impressed by Lew’s decision to buy a stake in Myer.

CORPORATES
AIRLIE FUNDS MANAGEMENT PTY LTD, MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV, CGI GLASS LEWIS PTY LTD, OWNERSHIP MATTERS PTY LTD, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, UBS HOLDINGS PTY LTD, SMIGGLE PTY LTD, PORTMANS PTY LTD, JUST JEANS PTY LTD, DOTTI, JAY JAY’S JEANS WAREHOUSE PTY LTD, BREVILLE GROUP LIMITED – ASX BRG

Union boss ousted over $98,000 in super board fees

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 6 : 22-Nov-17

Richard Duffy, the secretary of the Australian Services Union’s Victorian division, has been dismissed by its committee of management. This followed an external investigation that found he had retained $A98,000 in fees paid to him for sitting on the board of Vision Super since 2014 without appropriate authorisation. The investigation also found he had engaged Advanced People Property Management Solutions to undertake maintenance work at the ASU’s offices, for which it was paid $A48,000, without disclosing to the ASU that it was owned by a relative of former ASU secretary Brian Parkinson.

CORPORATES
AUSTRALIAN SERVICES UNION, VISION SUPER PTY LTD, ADVANCED PEOPLE PROPERTY MANAGEMENT SOLUTIONS, AUSTRALIAN LABOR PARTY, FEDERAL COURT OF AUSTRALIA

RBA governor Philip Lowe says banks needed push on interest-only lending

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Original article by Vesna Poljak
The Australian Financial Review – Page: Online : 22-Nov-17

Reserve Bank of Australia governor Philip Lowe says there is still a place for interest-only mortgage lending, but he believes the recent regulatory crackdown in this area has been a success. Speaking at the Australian Business Economists dinner on 21 November, Lowe said some banks had told him that they had welcomed the crackdown, which had prompted him to ask why they had not taken the initiative themselves and done something about it. Commenting on the prospects for the Australian economy, Lowe expects growth of above three per cent in both 2018 and 2019.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUSINESS ECONOMISTS INCORPORATED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. COUNCIL OF FINANCIAL REGULATORS

ANZ-Roy Morgan Consumer Confidence Rating rises to a 16-week high of 116.4

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 22-Nov-17

ANZ-Roy Morgan Consumer Confidence Rating increased 1.4% to 116.4 in the week ended 19 November 2017, its highest level in 16 weeks. The details were broadly positive, with three out of five sub-indices posting gains, while the other two showed only slight falls. Households’ views towards both current and future economic conditions rose 2.9% and 2.0% respectively. Household views towards the current state of their finances were again pessimistic, but views towards future conditions jumped 3.0%, the first increase in four weeks. Inflation expectations remain unchanged at 4.5% in four-week moving average terms.

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

Big business winners in energy plan

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 8 : 22-Nov-17

Modelling conducted by Frontier Economics suggests the federal government’s National Energy Guarantee will deliver large savings for industry and other big users of energy, but only modest savings for households. Modelling of the NEG had been requested by Labor and the state governments, and the release of the report prompted Prime Minister Malcolm Turnbull to urge them to back the NEG. He was supported in his call by a collective of groups and associations, including the Australian Aluminium Council, the ACTU, and the Australian Industry Group.

CORPORATES
FRONTIER ECONOMICS PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN ALUMINIUM COUNCIL LIMITED, ACTU, THE AUSTRALIAN INDUSTRY GROUP, NATIONAL FARMERS’ FEDERATION LIMITED, WORLD WILDLIFE FUND, CLEAN ENERGY COUNCIL LIMITED, AUSTRALIAN ENERGY COUNCIL

Bank inquiry bad for business: Bligh

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Original article by Michael Roddan
The Australian – Page: 4 : 21-Nov-17

Australian Bankers’ Association CEO Anna Bligh says a royal commission into the banking sector could hurt the reputation of Australian banks overseas. Her comments come as the prospect of a royal commission or a commission of inquiry into the banking sector grows increasing likely. A spokesperson for the National Australia Bank said it did not think either type of commission was needed, contending that the banking sector is both well regulated and well governed.

CORPORATES
AUSTRALIAN BANKERS’ ASSOCIATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLSA AUSTRALIA PTY LTD, NATIONAL PARTY OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN GREENS