Author: roymorgansocial

Competition ‘is not appropriate for super’

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Original article by Sally Patten
The Australian Financial Review – Page: 15 : 11-Jul-17

Australia’s retail superannuation funds argue that fees would be lower and there would be more product innovative if there was increased competition in the default super sector. Nicholas Barr, the professor of public economics at the London School of Economics, argues against allowing more competition in the case of complex financial products, as many consumers lack the time or skills to fully assess such products and decide which is most suitable for them.

CORPORATES
LONDON SCHOOL OF ECONOMICS, FINANCIAL SERVICES COUNCIL, AUSTRALIA. PRODUCTIVITY COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Penalty rates plan for small business

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Original article by Joe Kelly
The Australian – Page: 2 : 10-Jul-17

A report from the Institute of Public Affairs argues that the reduction in Sunday penalty rates will make small businesses more competitive against larger rivals. The report proposes changes to the industrial relations system to allow employers and workers to negotiate their own penalty rates independently of the Fair Work Commission. The IPA also suggests that new businesses could adapt existing enterprise bargaining agreements rather than having to negotiate their own workplace deals.

CORPORATES
INSTITUTE OF PUBLIC AFFAIRS LIMITED, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Analysts trim commodity forecasts, examine mining

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Original article by Myriam Robin
The Australian Financial Review – Page: 20 : 10-Jul-17

The iron ore price was trading above $US62 per tonne on 7 July 2017, but the latest forecasts from Australia’s Department of Industry, Innovation & Science suggest that it could test $US48 by 2018. The Department says the price of copper could fall by 4.1 per cent in 2018, while it expects metallurgical coal to fall by 28 per cent to $US137 a tonne in 2018. Capital Economics also forecasts that the iron ore price will fall, and UBS has downgraded its forecast for the copper price in 2017-18.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, CAPITAL ECONOMICS LIMITED, UBS HOLDINGS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, DEUTSCHE BANK AG, T ROWE PRICE GROUP INCORPORATED

Kidman wins lithium fight against Marindi Metals

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Original article by Tess Ingram
The Australian Financial Review – Page: 16 : 10-Jul-17

The Supreme Court of Western Australia has ruled in favour of Kidman Resources in a legal dispute over the Earl Grey lithium project. Marindi Metals had claimed that it had a binding deal to acquire the project’s lithium rights, which Kidman had disputed. The court found that there was no draft heads of agreement between Kidman and Marindi. Kidman MD Martin Donohue has welcomed the judgment, saying the company can now focus on developing Earl Grey and its other projects.

CORPORATES
KIDMAN RESOURCES LIMITED – ASX KDR, MARINDI METALS LIMITED – ASX MZN, SUPREME COURT OF WESTERN AUSTRALIA

‘I wouldn’t apologise for 50k,’ Harrison warns Seven

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Original article by Misa Han
The Australian Financial Review – Page: 2 : 10-Jul-17

Seven West Media is believed to have incurred legal costs of more than $A1m in its dispute with former employee Amber Harrison. Seven will seek to recover its full legal costs after insisting that Harrison must issue a public apology as part of a deal to settle the case. Harrison had offered to abandon legal action against Seven and accept a permanent suppression order, but with no apology or payment from Seven. The media group had offered to pay her $A50,000 to settle the dispute.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, JOHNSON WINTER AND SLATTERY, AUSTRALIAN HUMAN RIGHTS COMMISSION, FEDERAL COURT OF AUSTRALIA

Turnbull tells China: rein in North Korea

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Original article by Simon Benson, Ean Higgins
The Australian – Page: 1 & 6 : 10-Jul-17

Australian Prime Minister Malcolm Turnbull had a private meeting with Chinese President Xi Jinping during the Group of 20 summit in Germany. Turnbull urged China to exert its influence on North Korea amid growing tensions over its missile program. Meanwhile, Turnbull has expressed disappointment that the G20’s final communique did not include a statement on North Korea, despite "unanimous condemnation" of the North Korean regime among G20 member nations. US policy on climate change was also reflected in the communique, which did not have a unanimous position on the issue.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GROUP OF TWENTY (G-20), UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED, GREAT BRITAIN. OFFICE OF THE PRIME MINISTER, DCNS SA

PM wins steel deal from Trump

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 8 : 10-Jul-17

The Group of 20 summit’s final communique included a commitment to free trade and combating protectionism, although it also featured a clause on tariffs at the request of the US. Meanwhile, Prime Malcolm Turnbull and Finance Minister Mathias Cormann pushed for Australian steel and aluminium to be exempt from proposed US import tariffs in a series of meetings with US officials, including President Donald Trump. Australia has also agreed to finalise free trade agreements with Indonesia and the European Union by the end of 2017 and 2018 respectively.

CORPORATES
GROUP OF TWENTY (G-20), AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF FINANCE, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, UNITED STATES. DEPT OF THE TREASURY, UNITED STATES. DEPT OF COMMERCE, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, BLUESCOPE STEEL LIMITED – ASX BSL, STEELSCAPE INCORPORATED, RIO TINTO LIMITED – ASX RIO

It’s official: June employment is at a record high of 12,330,000

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 10-Jul-17

A Roy Morgan survey on unemployment and under-employment shows that the total Australian workforce was a record 13,530,000 in June 2017 (up 540,000 in 12 months) and employment grew to a record 12,330,000 (up a large 587,000). The number of Australians who were unemployed and looking for work was 1,200,000 (down 47,000), while 1.445 million were under-employed (10.7% of the workforce). A total of 2.645 million Australians (19.6% of the workforce) were looking for work or looking for more work. Australia’s real unemployment for June was 8.9%, compared with the official Australian Bureau of Statistics figure of 5.5% for May. Roy Morgan Research executive chairman Gary Morgan says June was the 21st straight month more than two million Australians have been looking for work or looking for more work and is a concern ahead of the imminent closure of the Australian automotive manufacturing industry in three months.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIAN BUREAU OF STATISTICS

Major banks increase ‘share of wallet’ but big potential remains

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 10-Jul-17

A Roy Morgan Single Source survey, which was carried out in the year to May 2017, shows that Australia’s four major banks have increased their share of customers’ dollars ("share of wallet") over the last decade, which correlates with their improvement in satisfaction over this period. The Commonwealth Bank of Australia recorded the highest growth in share of wallet among the big four banks over the last decade (7.4%), although BankSA recorded the largest growth (12.4%). Meanwhile, the top quintile (or 20%) of banking customers, based on the value of all their banking products, now accounts for nearly three quarters (74.2%) of the total value of banking products. The best performer for "share of wallet" in the top quintile is Bank SA (60.3%), followed by CBA (58.1%).

CORPORATES
ROY MORGAN RESEARCH LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BANK OF SOUTH AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Fifield warns ALP on job losses

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Original article by Rosie Lewis
The Australian – Page: 24 : 10-Jul-17

Communications Minister Mitch Fifield has urged the Australian Labor Party to support cross-media ownership reforms, arguing that there is unanimous support within the media industry for change. Labor continues to oppose abolition of the "two-out-of-three" rule, and communications spokeswoman Michelle Rowland says the reforms would have been passed by Parliament long ago if the Government had dropped this aspect of its media package.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN GREENS, TEN NETWORK HOLDINGS LIMITED – ASX TEN, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED – ASX FXJ, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, WIN CORPORATION PTY LTD, PRIME MEDIA GROUP LIMITED – ASX PRT, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, FREE TV AUSTRALIA LIMITED, COMMERCIAL RADIO AUSTRALIA LIMITED