Author: roymorgansocial

Energy target not easy: PM

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 14-Sep-17

Prime Minister Malcolm Turnbull has expressed the importance of affordable and reliable baseload power in a clean energy target. The CET model that was recommended by Chief Scientist Alan Finkel did not designate clean coal as a clean energy source, but National Party leader Barnaby Joyce has indicated that the Government’s energy policy will include coal-fired power generation.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, AUSTRALIAN LABOR PARTY, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, THE AUSTRALIAN INDUSTRY GROUP

Watchdog slams AGL on Liddell

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 6 : 14-Sep-17

The Australian Competition & Consumer Commission had opposed the sale of Macquarie Generation – which owned the Liddell and Bayswater power stations – to AGL Energy in 2014. ACCC chairman Rod Sims believes that the $A1.5bn deal has contributed to the rising cost of electricity, noting that the competition regulator had warned of this at the time. AGL is under growing scrutiny over its plans to shut down the Liddell power station in 2022. The Federal Government recently set a deadline of 90 days for AGL develop a plan to replace the ageing plant’s output of 1,000 megawatts.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, MACQUARIE GENERATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ORIGIN ENERGY LIMITED – ASX ORG, ENERGYAUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. COMPETITION TRIBUNAL, VERTIUM ASSET MANAGEMENT, UBS HOLDINGS PTY LTD, ALCOA INCORPORATED

CFMEU hit with $2.4m record fines

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Original article by Ewin Hannan
The Australian – Page: 1 & 7 : 14-Sep-17

Federal Court judge Geoffrey Flick has described the Construction, Forestry, Mining & Energy Union as a "recidivist offender" after finding that it had engaged in unlawful industrial action. The militant union and eight of its officials have been fined more than $A2.4m in total over the industrial action at Sydney’s Barangaroo development in 2014. Justice Flick has also referred four CFMEU officials to the director of Public Prosecutions for possible further legal action over claims that they gave false testimony to the court.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, AUSTRALIA. DEPT OF EMPLOYMENT

Fortescue closer to decision on Iron Bridge magnetite project

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Original article by Tess Ingram
The Australian Financial Review – Page: 15 : 14-Sep-17

Fortescue Metals Group CEO Nev Power says the pure-play iron ore miner and its joint venture partners in the Iron Bridge magnetite project are likely to decide whether to proceed with it before the end of 2017-18. Power has indicated that Fortescue, Baosteel and Taiwan-based Formosa are still considering their options for developing the project. The second stage of the Iron Bridge project was initially slated to commence in 2015, and produce magnetite concentrate with an iron content of 68 per cent.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, SHANGHAI BAOSTEEL GROUP CORPORATION, FORMOSA GROUP, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, UBS HOLDINGS PTY LTD

Wealthy carrying big debt, says ABS

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Original article by Jacob Greber
The Australian Financial Review – Page: 9 : 14-Sep-17

The Australian Bureau of Statistics estimates that the proportion of households that are overindebted rose from 21 per cent in 2003-04 to 29 per cent in 2015-16. Chief economist Bruce Hockman says the mean household debt increased by 83 per cent in real terms over this period, while mean asset value and gross income rose by 49 per cent and by 38 per cent respectively. Hockman adds that 47 per cent of the nation’s wealthiest households that have an outstanding property loan are overindebted.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS

Bounties urged for evidence

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Original article by Nassim Khadem, Adele Ferguson
The Age – Page: 1 : 14-Sep-17

The final report of a federal parliamentary inquiry has recommended increased legal protection for whistleblowers. Amongst other things, the joint parliamentary committee has proposed establishing a Whistleblower Protection Authority and providing financial payments or "bounties" for people who expose illegal conduct in the public or private sector. Under the proposed bounty system, a whistleblower who had participated in the criminal activity could potentially receive immunity from prosecution rather than a financial reward.

CORPORATES
AUSTRALIA. JOINT STATUTORY COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES, AUSTRALIA. DEPT OF FINANCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, CPR PARTNERS, FEDERAL COURT OF AUSTRALIA, ORIGIN ENERGY LIMITED – ASX ORG

Fuel industry on notice over underpayment

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Original article by Anna Patty
The Age – Page: 15 : 14-Sep-17

Fair Work Ombudsman Natalie James has signalled that petrol retailers will attract further scrutiny over wage exploitation concerns. James will single out Caltex Australia in a speech on 14 September, noting that unlike 7-Eleven it has not worked with the FWO in establishing a compensation fund for underpaid employees. James adds that the FWO will issue a compliance report on Caltex in coming months, and notes that Fair Work inspectors have found similar issues to those that emerged at 7-Eleven.

CORPORATES
AUSTRALIA. FAIR WORK OMBUDSMAN, CALTEX AUSTRALIA LIMITED – ASX CTX, 7-ELEVEN STORES PTY LTD

Wilson’s payout is a warning to media: lawyers

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Original article by Katie Walsh
The Australian Financial Review – Page: 5 : 14-Sep-17

Bauer Media has been ordered to pay Rebel Wilson a record $A4.56m in damages over a series of magazine articles that were found to have been defamatory. The Hollywood actress had alleged that the articles published in "Woman’s Day" and on its website had caused her to miss out on securing film roles in the US. Stuart Gibson of law Mills Oakley says the payout will ensure that media companies check their facts thoroughly before publishing "salacious" articles.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, BAUER MEDIA KG, MILLS OAKLEY LAWYERS PTY LTD, SUPREME COURT OF VICTORIA, MADGWICKS, AUSTRALIAN BROADCASTING CORPORATION

Victory on media reform looms

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Original article by Rosie Lewis
The Australian – Page: 1 & 6 : 14-Sep-17

The Federal Government has secured the support of enough Senate crossbenchers for its cross-media ownership reforms. The Nick Xenophon Team agreed to back the abolition of the "reach rule" and the "two-out-of-three rule" after negotiating a compromise. As part of the deal, the Government will establish an innovation fund that will provide grants to small and regional publishers, while it will also provide scholarships for people in regional areas to study journalism. The Government will also abolish broadcasting licence fees and trim the anti-siphoning list for sports events.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, ONE NATION PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL DEMOCRATIC PARTY, AUSTRALIAN CONSERVATIVES, PRIVATE MEDIA PARTNERS PTY LTD, CRIKEY.COM.AU

Ten creditors ‘left wholly in dark’ over rival offer

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Original article by Darren Davidson
The Australian – Page: 17 & 20 : 14-Sep-17

The Supreme Court of New South Wales has heard allegations that Ten Network administrator KordaMentha had not provided creditors with sufficient information about the value of a joint bid by Lachlan Murdoch and Bruce Gordon. Andrew Bell, QC told the court that Ten shareholders would receive more value from the joint bid than the offer from US-based CBS Corporation, which was endorsed by KordaMentha. He said that unlike the CBS offer, the Murdoch-Gordon bid would have treated all creditors equally.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, SUPREME COURT OF NEW SOUTH WALES, 21ST CENTURY FOX INCORPORATED, WIN CORPORATION PTY LTD, NEWS CORPORATION – ASX NWS