Author: roymorgansocial

Mining-state revival drives ‘best job growth in 40 years’

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Original article by David Uren
The Australian – Page: 2 : 18-Aug-17

Data from the Australian Bureau of Statistics shows that 202,000 jobs have been created so far in 2017, including 153,000 full-time jobs. Some 27,900 jobs were created during July, with the official unemployment rate easing to 5.6 per cent and the labour force participation rate rising to a new high of 77.4 per cent. The major mining states of Western Australia and Queensland have recorded jobs growth of 35,400 and 70,900 respectively in the year to date. Meanwhile, the average full-time wage has risen to $A80,250, according to separate data from the ABS.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, SEEK LIMITED – ASX SEK

Shake-up looming for North West Shelf

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Original article by Paul Garvey
The Australian – Page: 19 : 17-Aug-17

Woodside Petroleum has posted a 2017 interim net profit of $US507m, which is 49 per cent higher than previously. Shareholders will receive a half-year dividend of $US0.49 per share, an increase of 44 per cent. Meanwhile, CEO Peter Coleman has indicated that Woodside would be interested in increasing its stake in the North West Shelf project if some of its partners opt to sell down their interest in it as the LNG plant begins shifting its focus to toll-treating gas from third parties.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, MACQUARIE GROUP LIMITED – ASX MQG

Tax break idea worthy, but unworkable

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Original article by David Crowe
The Australian – Page: 4 : 17-Aug-17

Senator Nick Xenophon’s proposal to provide a 40 per cent tax break for smaller media companies has merit, and it is likely to benefit the publishers of newspapers such as "The Saturday Paper" and websites like "The New Daily". However, the Federal Government would need to determine whether the local editions of overseas publications would be eligible for the tax break. There is also the question of whether taxpayers should subsidise small media outlets that would be competing with the monolithic ABC for both funding and audiences.

CORPORATES
NICK XENOPHON TEAM, AUSTRALIAN BROADCASTING CORPORATION, SCHWARTZ MEDIA PTY LTD, THE NEW DAILY, THE GUARDIAN AUSTRALIA, DAILY MAIL AUSTRALIA, THE HUFFINGTON POST, POLITIFACT AUSTRALIA

Sports rights at a tipping point: Worner

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Original article by Max Mason
The Australian Financial Review – Page: 1 & 4 : 17-Aug-17

The cost of broadcasting rights for major sports events has risen sharply in recent years, but Seven West Media CEO Tim Worner says media companies cannot afford to pay any more than at present when negotiating new deals. He adds that rights deals should reflect the higher profile that free-to-air coverage has brought to sports that were previously exclusively on pay-TV. Nine Entertainment Company CEO Hugh Marks says that while Nine is keen to secure the rights to all cricket formats, the cost and likely financial returns will be key considerations.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, BIG BASH LEAGUE, CRICKET AUSTRALIA, AUSTRALIAN FOOTBALL LEAGUE, TEN NETWORK HOLDINGS LIMITED – ASX TEN, YAHOO!7 COMMUNICATIONS AUSTRALIA PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FOXTEL MANAGEMENT PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS

Directors slam bank exec rules

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 2 : 17-Aug-17

The Australian Institute of Company Directors has concerns about the Federal Government’s proposed Banking Executive Accountability Regime. The AICD’s submission to the Government warns that rather than increasing the accountability of financial industry executives, the reforms could in fact lead to greater risk aversion in the sector. The AICD is also concerned about the increased powers of the Australian Prudential Regulation Authority under the reforms, particularly with regard to executive remuneration.

CORPORATES
AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, UNIVERSITY OF SYDNEY, BANK OF MELBOURNE LIMITED, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED

CFMEU target for laws against militant unions

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 17-Aug-17

Australian Mines & Metals Association CEO Steve Knott has welcomed the Federal Government’s move to crack down on unlawful conduct by unions. The legislation introduced to Parliament on 16 August would strengthen the Government’s powers to deregister unions and disqualify union officials. It would also subject union mergers to a public interest test, which could be used to block the Construction, Forestry, Mining & Energy Union’s proposed merger with the Maritime Union of Australia.

CORPORATES
AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN LABOR PARTY, LIBERAL DEMOCRATIC PARTY

Wages stall at record low of 1.9 per cent

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Original article by Eryk Bagshaw
The Age – Page: 11 : 17-Aug-17

Data from the Australian Bureau of Statistics shows that there was overall wage growth of 0.5 per cent in the June quarter, and 1.9 per cent in the year to June. Private sector wages grew by 1.8 per cent in the year to June, although there was 2.5 per cent growth in public sector wages. ABS chief economist Bruce Hockman says underemployment partially contributed to the low growth in wages. The May 2016 Budget had forecast wage growth of 2.5 per cent in 2016-17.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, CAPITAL ECONOMICS LIMITED, GOLDMAN SACHS AUSTRALIA PTY LTD

Coalition tips Medicare Levy will get over the line

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Original article by David Crowe
The Australian – Page: 1 & 2 : 17-Aug-17

The Federal Government is optimistic that its proposed 0.5 per cent increase in the Medicare levy will be passed by the Senate. The bill will be put before the upper house on 17 August, although a vote is unlikely before September. The increase in the levy is one of 10 bills that were endorsed by the Coalition’s partyroom on 16 August. The Opposition is pushing for the increased levy to be restricted to people whose annual income exceeds $A87,000. The Government hopes to secure the support of crossbenchers.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN GREENS

Xenophon deal on media rules within reach

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Original article by Rosie Lewis
The Australian – Page: 4 : 17-Aug-17

The Australian Government is expected to put its media reform bill to the Senate in its current form in order to secure the support of the Nick Xenophon Team. The minor party opposes the Government’s deal with One Nation to impose new obligations on the ABC and SBS, and these amendments are likely to be put on hold due to lack of sufficient support in the upper house. The Government is also said to be assessing the cost of proposals put forward by Senator Nick Xenophon in return for supporting the media reforms.

CORPORATES
NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN BROADCASTING CORPORATION, SPECIAL BROADCASTING SERVICE (SBS), LIBERAL DEMOCRATIC PARTY, AUSTRALIAN CONSERVATIVES, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED

Elliott holds fire on BHP amid ‘smarter’ strategy

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Original article by Matt Chambers
The Australian – Page: 20 : 17-Aug-17

Elliott Management has welcomed the business strategy BHP Billiton has adopted since the US hedge fund began lobbying for a restructuring of the resources group. The activist investor has disclosed that it has become a substantial shareholder, with direct ownership of five per cent of BHP’s London-listed shares. It previously had exposure to BHP via derivatives. Elliott also has an 0.5 per cent economic interest in BHP’s Australian-listed shares.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, ELLIOTT MANAGEMENT CORPORATION, BLOOMBERG LP, BLACKROCK INCORPORATED, THE VANGUARD GROUP INCORPORATED, ABERDEEN ASSET MANAGEMENT LIMITED