Author: roymorgansocial

Westpac subsidiary taken to court on super advice

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Original article by Lucy Battersby
The Age – Page: 19 : 23-Dec-16

The Australian Securities & Investments Commission has launched legal action against Westpac Securities Administration Limited (WSAL) and BT Funds Management (BTFM). ASIC alleges in documents filed with the Federal Court’s New South Wales registry on 21 December 2016 that WSAL and BTFM breached the "best interests duty" regulations on 15 occasions during a sales campaign promoting superannuation products.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, WESTPAC SECURITISIES ADMINISTRATION LIMITED, BT FUNDS MANAGEMENT

CFMEU to pay official’s fine after court rescinds order

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Original article by Ewin Hannan
The Australian – Page: 4 : 22-Dec-16

The Construction, Forestry, Mining & Energy Union will be able to use its own funds to pay an $A18,000 fine on behalf of union official Joe Myles after a May 2016 court ruling was overturned. The full bench of the Federal Court has ruled in favour of the CFMEU, with Chief Justice James Allsop finding that the Fair Work Act did not permit him to ban the militant union from paying Myles’ fines for breaching workplace laws. However, he ruled that the fines themselves were appropriate.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, BORAL LIMITED – ASX BLD

ASIC raps banks for forex faults

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Original article by Michael Bennet
The Australian – Page: 13 & 18 : 22-Dec-16

National Australia Bank and the Commonwealth Bank have agreed to enforceable undertakings from the Australian Securities & ­Investments Commission regarding their wholesale spot foreign exchange businesses. It follows ASIC’s investigation into inappropriate conduct by foreign exchange traders at the two major banks. Three of the nation’s "big four" banks are also the subject of legal action over allegations that they manipulated the bank bill swap rate.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FEDERAL COURT OF AUSTRALIA, MACQUARIE GROUP LIMITED – ASX MQG

National Party support down in December as PM Key resigns and Labour score easy by-election victory in Mt. Roskill

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Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 22-Dec-16

A New Zealand Roy Morgan Poll on voting intention has found that support for the ruling National Party fell by 4.5% to 45% per cent in December 2016. The poll also shows that support for a potential Labour/Greens alliance has risen by 5.5% per cent to 43%, while the NZ Roy Morgan Government Confidence Rating has fallen by 10 points to 131 points. Roy Morgan Research executive chairman Gary Morgan says New Zealand ends 2016 with a new Prime Minister after former Finance Minister Bill English stepped into the top job following the shock resignation of John Key early in December, and New Zealanders can now look forward to a competitive election later in 2017. Key’s leadership had seemed to assure National of winning a fourth term next year. However, if the results of today’s Morgan Poll are repeated at the election it will be NZ First – 7.5% (down 0.5%) – that will get to determine who forms New Zealand’s next Government.

CORPORATES
ROY MORGAN RESEARCH LIMITED, MORGAN POLL, NATIONAL PARTY OF NEW ZEALAND, LABOUR PARTY (NEW ZEALAND), GREEN PARTY OF AOTEAROA NEW ZEALAND, NEW ZEALAND FIRST PARTY, CONSERVATIVE PARTY OF NEW ZEALAND, INTERNET PARTY, NEW ZEALAND. DEPT OF THE PRIME MINISTER AND CABINET

Shake-up in offing after response to ASX outage

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Original article by Daniel Palmer
The Australian – Page: 13 & 18 : 22-Dec-16

The Australian Securities & Investments Commission has released its final report on a review of the ASX’s computer system failure on 19 September 2016. Amongst other things, ASIC has questioned the ASX’s decision to put the market on "enquire" mode rather than respond to a request from rival stock exchange operator Chi-X to shift it to "adjust" mode. ASX MD Dom­inic Stevens says ASIC’s recommendations are being considered and some actions have already been taken in response to the outage.

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CHI-X AUSTRALIA PTY LTD

Smelter’s future hanging on power supply deal

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Original article by Pia Akerman, Tessa Akerman
The Australian – Page: 2 : 22-Dec-16

The Federal and Victorian environment ministers, Greg Hunt and Wade Noonan, have held talks with Alcoa CEO Roy Harvey in New York. Harvey declined to make a commitment regarding the future of the Portland aluminium smelter, despite being offered some $A230m worth of federal and state financial assistance to keep the plant open. He said the smelter’s fate depends on the outcome of negotiations with AGL Energy regarding a new power supply agreement.

CORPORATES
ALCOA INCORPORATED, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, VICTORIA. DEPT OF ECONOMIC DEVELOPMENT, JOBS, TRANSPORT AND RESOURCES, AGL ENERGY LIMITED – ASX AGL, AUSTRALIA. CLEAN ENERGY FINANCE CORPORATION, AUSTRALIAN GREENS, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, KEPPEL PRINCE ENGINEERING PTY LTD

Bernardi on brink of Libs split

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Original article by Sarah Martin
The Australian – Page: 1 & 4 : 22-Dec-16

Senator Cory Bernardi has declined to comment on speculation that he plans to leave the Liberal Party and establish a new conservative party. Bernardi established the Australian Conservatives website in mid-2016, and a recent message on the site said some "important campaigns" will be launched in 2017. There has also been speculation that the Australian Conservatives party will receive financial support from mining magnate Gina Rinehart, who has praised the policies of US president-elect Donald Trump.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, HANCOCK PROSPECTING PTY LTD, ROY HILL HOLDINGS PTY LTD, NATIONAL PARTY OF AUSTRALIA, ONE NATION PARTY

Split emerges on interest rates forecast

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Original article by Jessica Sier
The Age – Page: 20 : 22-Dec-16

Westpac and ANZ Bank economists expect Australia’s cash rate to remain unchanged in 2017, while National Australia Bank suggests that there is potential for two rate cuts. Financial markets have responded to the release of the minutes of Reserve Bank’s December 2016 board meeting by lifting the chances of a rate rise in 2017 from 40 per cent to 55 per cent. The minutes show that the central bank is concerned about the residential property market and the level of household debt.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, RESERVE BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, UNITED STATES. FEDERAL RESERVE BOARD

Home affordability shapes as key issue

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Original article by Matthew Cranston
The Australian Financial Review – Page: 11 : 22-Dec-16

Tim Lawless of CoreLogic says housing affordability is likely to be a major issue in 2017. CoreLogic has co-authored a report which shows that while 86 per cent of a household’s income was required to save a 20 per cent deposit for a home in September 2001, this had blown out to 139 per cent in September 2016. It has risen from 117 per cent to 168 per cent in Sydney over the last 15 years, and from 93 per cent to 143 per cent in Melbourne. Federal Treasurer Scott Morrison argues that insufficient housing supply is the main cause of unaffordability, a view shared by leading property groups.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN NATIONAL UNIVERSITY, URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA, STOCKLAND – ASX SGP, FRASERS PROPERTY AUSTRALIA PTY LTD

Bulls prevail in new yearly high

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Original article by Daniel Palmer
The Australian – Page: 18 : 22-Dec-16

The Australian sharemarket posted solid gains on 21 December 2016, with the S&P/ASX 200 adding 22.4 points to close at 5,613.5. BHP Billiton was one per cent higher at $A25.17 and Woodside Petroleum advanced 0.3 per cent to end the session at $A31.04. However, the Commonwealth Bank was 0.2 per cent lower at $A82.09 and Slater & Gordon shed 7.5 per cent to finish at $A0.24.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, BHP BILLITON LIMITED – ASX BHP, WOODSIDE PETROLEUM LIMITED – ASX WPL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SLATER AND GORDON LIMITED – ASX SGH, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, SANTOS LIMITED – ASX STO, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, TELSTRA CORPORATION LIMITED – ASX TLS, QANTAS AIRWAYS LIMITED – ASX QAN, THE A2 MILK COMPANY LIMITED – ASX A2M, BELLAMY’S AUSTRALIA LIMITED – ASX BAL, IG MARKETS LIMITED, CMC MARKETS PTY LTD, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX