Author: roymorgansocial

ASIC still gathering evidence against CBA: Medcraft

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Original article by Michael Roddan
The Australian – Page: 21 : 15-Sep-17

The Australian Securities & Investments Commission will shortly commence legal action against three of the nation’s four major banks over allegation that they manipulated the bank bill swap rate. However, ASIC chairman Greg Medcraft has told parliament’s economics committee that it is still investigating the Commonwealth Bank over rigging of the BBSW. The bank is also being investigated by ASIC for possible breaches of its continuous disclosure obligations regarding the money-laundering scandal.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, LIBERAL PARTY OF AUSTRALIA

ACTU calling for Cash to quit cabinet

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Original article by Ewin Hannan
The Australian – Page: 2 : 15-Sep-17

Employment Minister Michaelia Cash has defended the appointment of Nigel Hadgkiss as the head of the Australian Building & Construction Commission in December 2016. Cash says she became aware of the ACTU’s allegations against Hadgkiss in October, but she argues that he only admitted to breaching the Fair Work Act when he resigned on 13 September 2017. Cash also argues that Hadgkiss automatically became head of the ABCC when it was reinstated, as he held the same role at the Fair Work Building & Construction Inspectorate. However, ACTU president Ged Kearney says Cash’s position is untenable and she should also resign.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, FAIR WORK BUILDING AND CONSTRUCTION, ACTU, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA

250,000 find work in jobs surge

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Original article by David Uren
The Australian – Page: 2 : 15-Sep-17

Australia’s unemployment rate was steady at 5.6 per cent in August 2017, with the economy adding 54,000 jobs during the month. The latest labour force data also shows that 250,000 jobs have been created nationwide over the last six months, including 94,600 in Queensland and 82,800 in New South Wales. Meanwhile, the labour market participation rate has risen to a record 77.6 per cent, while the proportion of people with a job or actively looking for work has reached a five-year high of 65.3 per cent.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH SECURITIES LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, HSBC AUSTRALIA HOLDINGS PTY LTD, UBS HOLDINGS PTY LTD, JP MORGAN AUSTRALIA LIMITED

BHP hauls coal in long distance mine

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Original article by Matt Chambers
The Australian – Page: 22 : 15-Sep-17

BHP Billiton has completed the process of centralising the major operating roles at its coking and thermal coal mines in Queensland and New South Wales. BHP’s integrated ­remote operating centre in Brisbane employs 212 people who perform functions that were previously undertaken at each mine. In addition to transferring existing staff to the remote hub, BHP has hired about 30 additional employees, with many recruits having a non-mining background.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG

No changes to RET in power supply overhaul

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Original article by David Crowe
The Australian – Page: 1 & 4 : 15-Sep-17

The Federal Government is expected to retain the renewable energy target in its current form, due to the prospect of any changes being rejected by the Senate and concern that further changes could create sovereign risk for investors. However, the Government is expected to announce that the RET will not apply to new projects from 2020. Meanwhile, Opposition Leader Bill Shorten has been criticised in parliament over his claim that the average Sydney household’s electricity bill has risen by $A1,000 since the Coalition was elected in 2013.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN ENERGY REGULATOR, ENERGY CONSUMERS AUSTRALIA, BAECONOMICS PTY LTD, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST

South32 execs pay the price for lower output

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Original article by Tess Ingram
The Australian Financial Review – Page: 19 : 15-Sep-17

South32’s failure to achieve its target of an 0.9 per cent return on invested capital in 2016-17 has in turn resulted in lower short-term incentive payments for its key executives. CEO Graham Kerr was paid just 55.3 per cent of his maximum potential short-term incentives, although his total remuneration for the financial year rose from $A4.2m to $A5m. South32 does not intend to make any changes to its executive remuneration policy in 2017-18.

CORPORATES
SOUTH32 LIMITED – ASX S32

King cash dethroned as cards lead a revolution at the till

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Original article by Richard Gluyas
The Australian – Page: 23 : 15-Sep-17

The ­Reserve Bank of Australia’s latest triennial customer payments survey highlights the continuing decline in the use of cash as a payment option, in favour of debit and credit cards. The proportion of consumer transactions that were carried out with cash has fallen from 70 per cent in 2007 to just 37 per cent in fiscal 2016. However, cash remains the most popular payment option for transactions costing less than $A10, while cash is still widely used by older people. There was also a 20 per cent decline in payments via cheque in 2016-17.

CORPORATES
RESERVE BANK OF AUSTRALIA

ANZ-Roy Morgan New Zealand Consumer Confidence now ‘Sky High’ at 129.9, up 3.7pts

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 15-Sep-17

The ANZ-Roy Morgan Consumer Confidence Index lifted from 126.2 to 129.9 in September 2017, which is its highest level since July 2014. After adjusting for seasonality, the index rose by 2 points to also be at its highest level since July 2014. The Current Conditions Index lifted 2.4 points to 127.3, while Future Conditions lifted 4.5 points to 131.6. Meanwhile, a net 19% of consumers feel financially better off than a year ago, a reading that has soared to the highest level since December 2007. Net optimism towards the economy one year out lifted from +25 to +30, and when assessing the five-year outlook, optimism lifted from +21 to +29.

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

Media chiefs eagerly await opportunities

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Original article by Max Mason, Andrew Tillett
The Australian Financial Review – Page: 9 : 15-Sep-17

The Senate voted 31-27 to pass the Federal Government’s cross-media ownership reforms, prompting praise from industry leaders. Ten Network CEO Paul Anderson has welcomed the replacement of broadcast licence fees with a spectrum fee, noting that it will provide Ten with more money to invest in content. News Corp Australasia executive chairman Michael Miller says the reforms will provide media companies with greater certainty and encourage more investment in local communities.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NICK XENOPHON TEAM, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Whistleblowers to get percentage of penalties

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Original article by Misa Han
The Australian Financial Review – Page: 11 : 15-Sep-17

Providing whistleblowers with financial rewards is among the recommendations of a joint parliamentary committee that is examining the issue of increased protection for whistleblowers. The committee has proposed that people who expose corrupt practices in the corporate sector should receive a proportion of the financial penalty imposed on the company. Lauren Witherdin of KPMG has downplayed the concerns of lawyers that a "bounty" system modelled on the US one would encourage people to make spurious allegations for financial gain.

CORPORATES
KPMG AUSTRALIA PTY LTD, NICK XENOPHON TEAM