Author: roymorgansocial

Lithium aspirant readies first sales to China

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Original article by Brad Thompson
The Australian Financial Review – Page: 32 : 14-Nov-17

Altura Mining is on target to commission its $170 million Pilgangoora lithium project in Western Australia’s Pilbara region during the March 2018 quarter. Altura has contracts with J&R Optimum Energy and Lionenergy that will see both firms take at least 100,000 tonnes of spodumene concentrate per annum for an initial period of five years. J&R Optimum Energy is Altura’s major shareholder. Altura is targeting initial annual production of 220,000 tonnes, with plans to double output to 440,000 tonnes.

CORPORATES
ALTURA MINING LIMITED – ASX AJM, J & R OPTIMUM MINING, LIONENERGY, PILBARA MINERALS LIMITED – ASX PLS, BLACKROCK INCORPORATED, NEW HOPE CORPORATION LIMITED – ASX NHC

Amazon tells of $700m Australia push

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Original article by Sue Mitchell
The Australian Financial Review – Page: 15 & 30 : 14-Nov-17

US e-commerce giant will establish an Australian presence "very soon", according to country manager Rocco Braeuniger. He says both the Amazon Marketplace and its own retail platform will be launched in Australia, with the range of product categories it offers to be progressively expanded. Braeuniger has stressed that customer service will be a focus for Amazon, which intends to invest $A700m in its Australian business over five years.

CORPORATES
AMAZON.COM INCORPORATED, HIP CUB, KOALA SAFE PTY LTD, GOBE PTY LTD

Shell in $2.2bn energy selldown

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Original article by Bridget Carter, Matt Chambers
The Australian – Page: 17 : 14-Nov-17

Royal Dutch Shell is no longer a substantial shareholder in Woodside Petroleum, after selling a $A2.23bn parcel of shares in the oil and gas group. The transaction has reduced Shell’s stake from around 13 per cent to 4.8 per cent, and was part of its strategy of divesting $A30bn worth of assets over three years. Shell’s stake in Woodside has been progressively reduced from about 34 per cent since 2010, and the latest sell-down has capitalised on a rally in the crude price in recent months. Woodside shares closed $A0.33 lower at $A32.24 on 13 November.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, ROYAL DUTCH SHELL PLC, UBS HOLDINGS PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, BHP BILLITON LIMITED – ASX BHP, BG GROUP PLC

Nine won’t rush into mergers, Costello declares

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Original article by Darren Davidson
The Australian – Page: 18 : 14-Nov-17

Nine Entertainment Company has advised that its EBITDA for 2017-18 will be at the higher end of its newly revised range of $A204m to $A230m. It had previously flagged full-year EBITDA of between $A186m and $A207m. Meanwhile, chairman Peter Costello says the Federal Government’s cross-media ownership reforms may not lead to significant consolidation in the sector, as technology has reduced the impact of the reforms. He adds that the Nine Network’s strong ratings performance shows that the company can prosper on its own.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, STAN ENTERTAINMENT PTY LTD, CRICKET AUSTRALIA

Federal Court targets sham EBAs

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 11 : 14-Nov-17

One Key Resources’ enterprise bargaining agreement has been deemed to be invalid in a landmark ruling of the Federal Court. The labour hire firm supplies workers for black coal mining companies such as BHP Billiton and Glencore. Just three employees voted on its proposed EBA, which included pay rates that were only $A1 per week higher than the minimum rate in the industry award and which was subsequently approved by the Fair Work Commission in 2015. One Key Resources then ramped up its workforce and boasted more than 1,100 casual employees by early 2017.

CORPORATES
ONE KEY RESOURCES PTY LTD, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, BHP BILLITON LIMITED – ASX BHP, GLENCORE PLC, AUSTRALIAN RUGBY FOOTBALL LEAGUE, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

Citizenship showdown nears for Turnbull

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Original article by David Crowe
The Australian – Page: 1 & 5 : 14-Nov-17

The dual citizenship crisis is set to dominate the last weeks of federal parliament for the year, after the Coalition and the Opposition agreed that all MPs must provide evidence of their citizenship status by 1 December. The Government believes that at least four Labor MPs may be dual citizens, while Labor in turn has questioned whether an additional five Liberal MPs are eligible to be in parliament. The outcomes of by-elections in the seats of New England and Bennelong in December will determine whether the Government retains its majority in the lower house.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, ONE NATION PARTY, NICK XENOPHON TEAM, HIGH COURT OF AUSTRALIA, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF FINANCE

NAB traders didn’t read swap rate rules

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Original article by James Frost
The Australian Financial Review – Page: 18 : 14-Nov-17

Former National Australia Bank trader Brock Johnson has admitted that he was not aware of the rules governing the bank bill swap rate (BBSW). NAB, like the ANZ Bank, has settled with the Australian Securities & Investments Commission over allegations that they tried to rig the BBSW, but ASIC is still pursuing its case against Westpac over the matter. Johnson has told the Federal Court that he had not read the Australian Financial Markets Association’s rules concerning the BBSW.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED

Rinehart warns of collapse in investment

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Original article by Brad Thompson
The Australian Financial Review – Page: 3 : 14-Nov-17

Mining magnate Gina Rinehart has expressed concern that the compliance burden and excessive bureaucracy pose a major threat to future investment in Australia’s mining industry and other sectors of the economy. She has called for an overhaul of the nation’s three levels of government, arguing that there is too much duplication of red tape at federal, state and local council level. Rinehart has also urged greater support for National Mining and Related Industries Day, noting that it does not receive the same amount of recognition as National Agriculture Day.

CORPORATES
HANCOCK PROSPECTING PTY LTD, NATIONAL FARMERS’ FEDERATION LIMITED, FAIRFAX AGRICULTURAL MEDIA

Signs of life in corporate investment: RBA

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Original article by David Rogers, James Glynn
The Australian – Page: 28 : 14-Nov-17

The Reserve Bank’s deputy governor Guy Debelle has told the UBS Australasia Conference that business investment outside of Australia’s mining sector has been stronger than official figures suggest in the last several years. He said the services sector in particular has recorded strong growth in capital investment, while there has also been an increase in public investment in infrastructure. Meanwhile, Debelle noted that a rise in the cash rate will be dependent on an increase in wages and inflation.

CORPORATES
RESERVE BANK OF AUSTRALIA, UBS HOLDINGS PTY LTD

Kroger pledges to fund Libs’ Cormack suit

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Original article by John Ferguson
The Australian – Page: 6 : 13-Nov-17

The Victorian Liberal Party and the Cormack Foundation are at odds over who owns the Foundation’s $A70 million worth of assets. Liberal Party president Michael Kroger has threatened to take the Foundation to court if it does not agree to have their dispute arbitrated. Kroger has stated that he will pay up to $A1 million of any legal costs that the Liberal Party might incur if the matter goes to court and the party loses the case.

CORPORATES
LIBERAL PARTY OF VICTORIA, CORMACK FOUNDATION PTY LTD, AUSTRALIAN LABOR PARTY, VICTORIAN TRADES HALL COUNCIL, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ