Author: roymorgansocial

Energy bills soar in shift from coal power stations

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Original article by Kylar Loussikian
The Australian – Page: 1 : 4-Jan-17

Electricity companies are raising consumer prices by as much as 25 per cent. Red Energy explained that prices must be raised because of the higher wholesale cost of electricity and the renewable energy certificates. In Victoria, where the Hazelwood power station will be closed in March 2017, EnergyAustralia and AGL increased electricity tariffs by $A135 and $A132 on average respectively for 2017.

CORPORATES
ENERGYAUSTRALIA PTY LTD, AGL ENERGY LIMITED – ASX AGL, RED ENERGY PTY LTD, AUSTRALIAN ENERGY COUNCIL, SNOWY HYDRO LIMITED, MINERALS COUNCIL OF AUSTRALIA, QUEENSLAND. COMPETITION AUTHORITY

Power employees told to bend for plant’s survival

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Original article by Nick Toscano
The Sydney Morning Herald – Page: 20 : 23-Dec-16

Members of the Electrical Trades Union intend to stop work for an hour at the Loy Yang A power station in Victoria on 25 December 2016. The union and AGL Energy cannot agree over the terms of a new workplace agreement. AGL’s head of Loy Yang, Steve Rieniets, says changes in labour practices are necessary to ensure viability of the plant.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, ELECTRICAL TRADES UNION, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

Blue sky for miners, banks tipped in year ahead

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Original article by David Rogers
The Australian – Page: 18 : 23-Dec-16

The S&P/ASX 200 share index rose 0.5 per cent to 5,643.9 points on 22 December 2016. T Rowe Price head of Australian equities Randal Jenneke is optimistic about the stockmarket’s future performance. He expects the S&P/ASX 200 to rise as much as eight per cent by mid-2016. Mining and finance stocks are likely to perform strongly while "defensive yield" stocks will underperform.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, T ROWE PRICE GROUP INCORPORATED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

There’s little future in not debating funds use

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Original article by Judith Sloan
The Australian – Page: 4 : 23-Dec-16

The Mid-year Economic and Fiscal Outlook (MYEFO), issued on 20 December 2016, contains information that Future Fund’s net earnings will be included in MYEFO’s projections. Therefore, the projected surplus for 2020-21 of $A1 billion will be achieved by the inclusion of the planned withdrawals from the Future Fund in the national accounts. The matter deserves to be publically discussed.

CORPORATES
AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY

Charges over union-Mirvac ‘secret deals’

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Original article by Sarah Elks
The Australian – Page: 3 : 23-Dec-16

Former union official Dave Hanna and Mirvac former managers Adam Moore and Mathew McAllum have been arrested and charged with offences relating to work done on Hanna’s home for no payment. Queensland Police allege the arrangement involved more than $A400,000 in free work done at the property. The accused are due to appear in the Brisbane Magistrates Court on 25 January 2017.

CORPORATES
MIRVAC GROUP – ASX MGR, QUEENSLAND POLICE SERVICE, BRISBANE MAGISTRATES’ COURT, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA

Future Fund accounting switch saves AAA rating

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Original article by David Uren
The Australian – Page: 4 : 23-Dec-16

From 2020-21, profits generated by the Future Fund will be included in Australia’s budgets. Thus, a small surplus in that year will be achieved only because of a change in the fund’s accounting methodology. The Future Fund’s projected earnings of $A3.9 billion for 2019-20 are forecast to ensure a budget surplus of about $A1.1 billion in 2020-21.

CORPORATES
AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, DELOITTE ACCESS ECONOMICS PTY LTD

AustralianSuper, Hostplus blast rivals’ premium hikes

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Original article by Michael Roddan
The Australian – Page: 18 : 23-Dec-16

Premiums for insurance policies arranged through superanuation funds are rising too fast. Rice Warner reports that the cost of death and total and permanent disability cover has risen 215 per cent on average since the beginning of 2013. IOOF wealth management manager Renato Mota says the rises were necessary because the rates were "unsustainably low".

CORPORATES
RICE WARNER ACTUARIES PTY LTD, IOOF HOLDINGS LIMITED – ASX IFL, AUSTRALIANSUPER PTY LTD, HOST-PLUS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COMMINSURE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

We’re on the brink of recession but the government has its head buried in the sand

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Original article by John Hewson
The Sydney Morning Herald – Page: 18 : 23-Dec-16

The Australian Government’s Mid-Year Economic and Fiscal Outlook, issued on 20 December 2016, is based on assumptions of dubious validity. Australia’s GDP declined 0.5 per cent in the September 2016 quarter and yet the Government forecasts consistent economic growth over the next five years. Contrary to optimistic forecasts of the Government, Australia may soon experience a recession.

CORPORATES
AUSTRALIAN NATIONAL UNIVERSITY

ACCC expresses initial concerns about PMP and IPMG proposed merger

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Original article by
The Australian Competition & Consumer Commission – Page: online : 22-Dec-16

The Australian Competition & Consumer Commission (ACCC) is concerned that the proposed merger between PMP and IPMG may "substantially lessen" competition in the supply of heatset web offset printing. The ACCC expressed its concerns in a Statement of Issues, released on 22 December 2016. ACCC chairman Rod Sims notes that the merger would result in a reduction in the number of significant suppliers in the sector of catalogue and magazine printing from three to two. The final decision is expected to be made on 23 February 2017.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, PMP LIMITED – ASX PMP, THE INDEPENDENT PRINT MEDIA GROUP PTY LTD, IVE GROUP LIMITED – ASX IGL, THE FRANKLIN PRESS PTY LTD, AIW PRINTING PTY LTD

Minister accuses ABC of ‘fake news’

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Original article by Stephanie Peatling
The Age – Page: 5 : 23-Dec-16

The ABC has been accused of being biased in its coverage of Adani’s Carmichael coal mine project in Queensland. Resources & Northern Australia Minister Matt Canavan said on 22 December 2016 that the ABC’s reports were "nothing but fake news". Canavan claims that the coalmine would have beneficial impact on the environment in central Queensland.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN BROADCASTING CORPORATION, LIBERAL-NATIONAL PARTY OF QUEENSLAND