Author: roymorgansocial

State government ‘split over Adani mine’

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Original article by Mark Ludlow
The Australian Financial Review – Page: 9 : 2-Nov-17

Liberal-National Party leader Tim Nicholls says a number of senior Queensland Government ministers oppose Adani’s proposed Carmichael coal mine, while even Premier Annastacia Palaszczuk has been reluctant to support it. Nicholls adds that his party fully supports the $A16.5bn project. The Opposition also supports the construction of a clean-coal power station in North Queensland, and has questioned the Government’s failure to release a report which found that it would be financially viable.

CORPORATES
LIBERAL-NATIONAL PARTY OF QUEENSLAND, AUSTRALIAN LABOR PARTY, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, ADANI MINING PTY LTD, QUEENSLAND. DEPT OF ENERGY AND WATER SUPPLY

Parry makes brexit from Senate

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 2-Nov-17

Former senator Richard Colbeck is expected to replace the Liberal Party’s Stephen Parry in the upper house, after the latter advised that he will resign after receiving confirmation that he has British citizenship by descent. Meanwhile, acting Prime Minister Julie Bishop and acting Opposition Leader Tanya Plibersek have both dismissed a push by the Greens and some Liberals for an audit of the citizenship status of all federal parliamentarians.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, HIGH COURT OF AUSTRALIA, AUSTRALIA. OFFICE OF THE GOVERNOR-GENERAL, GREAT BRITAIN. HOME OFFICE, ONE NATION PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

Amazon threat and opportunity

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Original article by Simon Evans, Michael Bailey
The Australian Financial Review – Page: 1 & 12 : 2-Nov-17

US-based e-commerce giant Amazon is widely tipped to enter the Australian market before the end of 2017. Delegates at a retail summit on 1 November were told that the arrival of a new competitor will be good for Australian retailers, with Launa Inman arguing that it will force them to improve their online offerings. Small Business & Family Enterprise Ombudsman Kate Carnell says Amazon will face close scrutiny to ensure that its contracts are fair, while Australian Retailers Association executive director Russell Zimmerman stressed the need to ensure that Amazon complies with Australia’s penalty rates regime.

CORPORATES
AMAZON.COM INCORPORATED, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN, AUSTRALIAN RETAILERS ASSOCIATION, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, DELOITTE ACCESS ECONOMICS PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, BILLABONG INTERNATIONAL LIMITED – ASX BBG, TARGET AUSTRALIA PTY LTD, THEICONIC.COM.AU

Adani says Australia to get taxes despite haven

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Original article by Peter Ker
The Australian Financial Review – Page: 25 : 2-Nov-17

Adani executive Muthuraj Guruswamy has confirmed that its companies that are registered in Australia are controlled by entities that are based in tax havens. However, he has stressed that Adani will pay its full tax liabilities and mining royalties in Australia. Guruswamy also indicated that Adani has started building the infrastructure for its Carmichael coal mine, which is slated to commence production in 2020. Anti-coal protestors attempted to disrupt his speech at the International Mining and Resources Conference on 1 November.

CORPORATES
ADANI MINING PTY LTD, NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY

Iron ore discount now ingrained, says Ellison

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Original article by Tess Ingram
The Australian Financial Review – Page: 23 : 2-Nov-17

Mineral Resources MD Chris Ellison expects lower-grade iron ore to continue to trade at a discount to the benchmark price for some time. He adds that the discount may widen further in the first few months of 2018. Fortescue Metals Group recently forecast that the discount will eventually narrow to its historic average of around 10 per cent. Meanwhile, Ellison says current iron ore pricing will have no impact on Mineral Resources’ proposed Bungalbin East and Jackson 5 mines.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, FORTESCUE METALS GROUP LIMITED – ASX FMG, CLEVELAND-CLIFFS INCORPORATED

BHP enters NBN debate as data demand soars

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Original article by Peter Ker
The Australian Financial Review – Page: 23 : 2-Nov-17

BHP Billiton is embracing technology such as automation and telematics, which in turn is increasing the amount of data and bandwidth it uses, says chief technology officer Diane Jurgens. She adds that BHP uses both its own data networks and the national broadband network. Jurgens advocates using fibre-to-the-premises for the NBN, arguing that doing so is an investment for the long-term, as demand for bandwidth is set to increase exponentially. Meanwhile, BHP plans to deploy driverless trains on its Pilbara iron ore rail network, a process that Jurgens says will take at least 12 months.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

News Corp value down 50pc since spin-off four years ago

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Original article by Aaron Patrick
The Australian Financial Review – Page: 24 : 2-Nov-17

Morgan Stanley estimates that News Corporation is now valued at $US3.7bn, compared with $US7.3bn in 2013 when Rupert Murdoch’s media empire was demerged. News Corp shares have shed 17 per cent since the demerger, although the loss would have been much greater if it did not hold a 62 per cent stake in the strongly-performing Australian property listings group REA. Morgan Stanley also notes that News Corp shares are trading at a 15 per cent discount to the combined value of its businesses.

CORPORATES
NEWS CORPORATION – ASX NWS, MORGAN STANLEY AND COMPANY INCORPORATED, REA GROUP LIMITED – ASX REA, 21ST CENTURY FOX INCORPORATED, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS, HARPERCOLLINS, STANDARD AND POOR’S 500 INDEX, FAIRFAX MEDIA LIMITED – ASX FXJ

Minimum wage must go: unions

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Original article by Anna Patty
The Age – Page: 1 : 2-Nov-17

The ACTU will push for the minimum wage to be replaced by a "living wage", which would be set at 60 per cent of the median wage. ACTU secretary Sally McManus argues that three million Australians are living below the poverty line due to the minimum wage system, and notes that the Fair Work Commission had conceded that the 3.3 per cent increase in the minimum wage in 2017 will still leave many workers in poverty. She adds that a living wage should be high enough to ensure that families can pay for necessities as well as any unexpected expenses.

CORPORATES
ACTU, AUSTRALIA. FAIR WORK COMMISSION, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Domino’s faces $35m higher wage bill

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 2-Nov-17

Domino’s Pizza Enterprises will have to provide its 22,000-strong workforce with penalty rates after the Fair Work Commission terminated more than 20 enterprise agreements. The Retail & Fast Food Workers Union has estimated that Domino’s was saving between $A35m and $A50m a year by continuing to employ staff under the agreements, which had expired in 2005 and 2009. The FWC has given Domino’s until late January to shift employees to the industry award, but the fast-food chained has advised that it will introduce penalty rates in December.

CORPORATES
DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, AUSTRALIA. FAIR WORK COMMISSION, RETAIL AND FAST FOOD WORKERS UNION INCORPORATED, SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION, COLES SUPERMARKETS AUSTRALIA PTY LTD, WOOLWORTHS LIMITED – ASX WOW, McDONALD’S AUSTRALIA LIMITED, DEUTSCHE BANK AG

Maiden LNG shipment departs Wheatstone for delivery to Japan

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Original article by Tess Ingram
The Australian Financial Review – Page: 17 : 1-Nov-17

Chevron has dispatched the inaugural shipment from the Wheatstone LNG project. Production at the $US34bn project commenced on 9 October, after originally being slated for late 2016. Wheatstone’s annual export volumes are expected to be 8.9 million tonnes when production reaches full capacity, while 200 terajoules of its daily output will be reserved for the Western Australia market. The project’s second production train is scheduled to begin operating within 6-8 months.

CORPORATES
CHEVRON CORPORATION, JERA COMPANY INCORPORATED, WOODSIDE PETROLEUM LIMITED – ASX WPL, CHEVRON AUSTRALIA PTY LTD