Author: roymorgansocial

AGL makes a ‘stack of profit’ from coal

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Original article by Mark Ludlow
The Australian Financial Review – Page: 11 : 23-Jun-17

Whitehaven Coal CEO Paul Flynn says Professor Alan Finkel’s predictions concerning the reduced cost of generating electricity from renewable energy sources are ambitious. Flynn, also used a speech at a Brisbane Mining Club function to lambast firms such as AGL Energy for promoting their commitment to renewable energy in their advertising, while noting that they will still be earning profits from electricity generated from coal-fired power stations for some years to come.

CORPORATES
WHITEHAVEN COAL LIMITED – ASX WHC, BRISBANE MINING CLUB PTY LTD, AGL ENERGY LIMITED – ASX AGL, MINERALS COUNCIL OF AUSTRALIA, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Gonski win looms after $5bn deals

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Original article by Stefanie Balogh, Simon Benson
The Australian – Page: 1 & 4 : 22-Jun-17

The Australian Government has agreed to increase the value of its schools funding package from $A18.5bn to $A23.5bn to get it through the Senate. The upper house is tipped to vote on the revised package on 22 June, and the Government will need the support of at least 10 crossbenchers. However, Catholic Education Melbourne executive director Stephen Elder says Catholic schools will continue to be disadvantaged under the proposed funding model. The Catholic education sector intends to campaign against the Government in the lead-up to the next federal election.

CORPORATES
CATHOLIC EDUCATION MELBOURNE, AUSTRALIA. DEPT OF EDUCATION AND TRAINING, NICK XENOPHON TEAM, ONE NATION PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN EDUCATION UNION

Rogue unionists could be banned

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Original article by Ewin Hannan
The Australian – Page: 1 & 6 : 22-Jun-17

The Australian Government will seek to ban officials of registered organisations such as unions from holding office if they repeatedly break the law. The proposed legislative reforms will also enable courts to deregister organisations that have become "dysfunctional". The move follows comments by Construction, Forestry Mining & Energy Union official John Setka about targeting Australian Building & Construction Commission inspectors in their private lives. His comments have been condemned by the Opposition.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN FEDERAL POLICE

SA eyes windfall from land title registry sale

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Original article by Simon Evans
The Australian Financial Review – Page: 10 : 22-Jun-17

The South Australian Government is tipped to raise about $A500m from the privatisation of its land titles office. The final bidders are said to include Hastings Funds Management and First State Super, which paid $A2.6bn for the New South Wales land titles office earlier in 2017. Meanwhile, SA Treasurer Tom Koutsantonis says he will deliver a traditional Labor Budget on 22 June. Measures will include investment in infrastructure, further small business payroll tax discounts and an increase in the Job Accelerator Grant.

CORPORATES
SOUTH AUSTRALIA. DEPT OF TREASURY AND FINANCE, SOUTH AUSTRALIA. LAND TITLES OFFICE, HASTINGS FUNDS MANAGEMENT LIMITED, FIRST STATE SUPER, NEW SOUTH WALES. LAND TITLES OFFICE, COMPUTERSHARE LIMITED – ASX CPU, MACQUARIE GROUP LIMITED – ASX MQG, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, LIBERAL PARTY OF SOUTH AUSTRALIA

‘Libs have Buckley’s chance’ of quick win on media reform

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Original article by Rosie Lewis
The Australian – Page: 2 : 22-Jun-17

The Australian Government has prioritised its schools funding package over the media reform bill in the Senate, although Communications Minister Mitch Fifield is said to still be aiming for a vote on the latter in coming days. However, independent senator Nick Xenophon says there is little chance of the media reforms getting through the Senate before Parliament’s winter recess. The Nick Xenophon Team and the Greens are open to supporting the reforms, subject to measures aimed at safeguarding media diversity.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NICK XENOPHON TEAM, AUSTRALIAN GREENS, ONE NATION PTY LTD, AUSTRALIAN LABOR PARTY

Atlas shelves Corunna project

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Original article by Paul Garvey
The Australian – Page: 20 : 22-Jun-17

Atlas Iron will increase production at its Mount Webber iron ore project by two million tonnes a year after putting its Corunna Downs project on hold. The iron ore price has fallen by about 40 per cent since Atlas approved Corunna Downs in early 2017. MD Cliff Lawrenson says it is still an important project for Atlas, and it will resume development of Corunna Downs when the iron ore price rebounds. Production at the company’s Abydos mine will end in October.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, HARTLEYS LIMITED

Market jitters set off $27bn plunge

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Original article by David Rogers
The Australian – Page: 1 : 22-Jun-17

The Australian sharemarket shed 1.6 per cent on 21 June, extending its losses since early May to nearly five per cent. The S&P/ASX 200 typically falls in May and June, in the lead-up to the end of the financial year, and it has shed 4.4 per cent over the last two months. A move to add China’s A shares to the MSCI Emerging Markets Index weighed on sharemarkets across the Asia-Pacific region, although China’s CSI 300 Index rose 1.2 per cent.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, CSI 300 INDEX, MSCI EMERGING MARKETS INDEX, BELL POTTER SECURITIES LIMITED, QBE INSURANCE GROUP LIMITED – ASX QBE, MACQUARIE GROUP LIMITED – ASX MQG, AMAZON.COM INCORPORATED, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Gorgon to make case for carbon capture

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 20 : 22-Jun-17

Global Carbon Capture & Storage Institute CEO Brad Page says Chevron’s Gorgon LNG project will prove the business case for carbon capture and storage technology. The CCS component of the Gorgon project will reduce Gorgon’s greenhouse gas emissions by around 40 per cent by using a saline aquifer to store carbon dioxide. Page notes that the estimated $A2bn cost of the CCS project is insignificant compared with the overall cost of Gorgon, which has blown out from $US37bn to $US54bn.

CORPORATES
GLOBAL CARBON CAPTURE AND STORAGE INSTITUTE LIMITED, CHEVRON CORPORATION, GORGON LNG, INTERNATIONAL ENERGY AGENCY, ROYAL DUTCH SHELL PLC

Buyers sought for under-the-pump Ten

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Original article by Mitchell Bingemann
The Australian – Page: 19 : 22-Jun-17

Ten Network’s administrators have called for expressions of interest to buy or recapitalise the free-to-air broadcaster. An advertisement in national newspapers on 22 June notes that Ten boasts gross revenue of $A3bn. Ten’s administrators from KordaMentha anticipate a 60-day sales process, although they are also expected to seek parties to recapitalise the network. KordaMentha is likely to be subject to a conflict of interests probe given that it has also acted as an adviser to Ten.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIAN RESTRUCTURING INSOLVENCY AND TURNAROUND ASSOCIATION, GILBERT AND TOBIN LAWYERS

Supplies are plentiful but shortage of ‘cheap gas’: UBS

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 29 : 22-Jun-17

Nik Burns of UBS says the Federal Government’s Australian Domestic Gas Security Mechanism is unlikely to be triggered in 2018. He does not expect a gas shortage on the east coast, as the Australia Pacific LNG and Queensland Curtis LNG projects have sufficient surplus gas to supply the domestic market. However, Burns adds that these projects will not increase domestic supply unless local gas users are prepared to pay a similar price to the spot price.

CORPORATES
UBS HOLDINGS PTY LTD, AUSTRALIA PACIFIC LNG LIMITED, QUEENSLAND CURTIS LNG PTY LTD, ORIGIN ENERGY LIMITED – ASX ORG, ROYAL DUTCH SHELL PLC, GLADSTONE LNG PTY LTD, SANTOS LIMITED – ASX STO, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED