Author: roymorgansocial

Japanese, miners blast WA ‘tax grab’

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Original article by Rick Wallace
The Australian – Page: 22 : 12-Oct-16

A proposed increase in Western Australia’s iron ore levy has been criticised by speakers at a conference organised by the Australia-Japan Business Co-­operation Committee. BHP Billiton executive Arnoud Balhuizen said lifting the levy from $A0.25 per tonne to $A5 would result in job losses and reduced investment in the state. Nippon Steel & Sumitomo Metals Corporation’s honorary chairman also expressed concern about the proposal by WA National Party leader Brendon Grylls.

CORPORATES
AUSTRALIA-JAPAN BUSINESS CO-OPERATION COMMITTEE, BHP BILLITON LIMITED – ASX BHP, NIPPON STEEL AND SUMITOMO METAL CORPORATION, NATIONAL PARTY OF AUSTRALIA, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, LIBERAL PARTY OF WESTERN AUSTRALIA, RIO TINTO LIMITED – ASX RIO, TRANS-PACIFIC PARTNERSHIP

Company tax cuts vital but Senate to resist

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 11-Oct-16

The Australian Government is believed to have conceded that its full corporate tax reform package is unlikely to be supported in the Senate. However, the upper house may pass the first stage of the tax cuts, which will apply to businesses with turnover of no more than $A10m, although the Opposition favours a threshold of $A2m. Treasurer Scott Morrison has argued that the whole tax reform package is necessary to encourage investment in Australia over the long-term.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S CORPORATION

How hardcore greens trumped unions on RET

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Original article by Graham Lloyd
The Australian – Page: 1 & 2 : 11-Oct-16

The Australian Labor Party has adopted a 50 per cent renewable energy target by 2030 under the influence of militant environmentalists. The party ignored objections from the Construction, Forestry, Mining & Energy Union. The Labor Environmental Action Network devised the target in late 2014. Its aim was to ensure that the party accepts the target as part of its ideology.

CORPORATES
AUSTRALIAN LABOR PARTY, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CLIMATEWORKS PTY LTD, THE WILDERNESS SOCIETY

Unions want four-year wage targets

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 11-Oct-16

United Voice, which represents hospitality industry workers, claims that the minimum wage now comprises just 53 per cent of median earnings, compared with 62 per cent in 1997. The union’s submission to the Fair Work Commission’s annual wage review argues for the introduction of a "floor" to ensure that the minimum wage does not fall below 60 per cent of the median wage. United Voice also proposes the introduction of four-year targets for increases in the minimum wage.

CORPORATES
UNITED VOICE, AUSTRALIA. FAIR WORK COMMISSION, ACTU, THE AUSTRALIAN INDUSTRY GROUP, CONSERVATIVE PARTY (GREAT BRITAIN)

Ichthys key to CIMIC bid for UGL

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Original article by James Thomson
The Australian Financial Review – Page: 15/20 : 11-Oct-16

Shares in listed engineering contractor UGL closed 48.6 per cent higher at $A3.18 on 10 October 2016, in response to a takeover bid from CIMIC Group. The cash offer of $A3.15 per share values the bid at $A524m, but Allan Gray Australia MD Simon Mawhinney argues that it will be difficult to assess the bid until UGL updates investors on its Ichthys LNG contracts. UGL’s 2015-16 financial accounts included a provision of $US200m associated with its Ichthys construction contracts.

CORPORATES
UGL LIMITED – ASX UGL, CIMIC GROUP LIMITED – ASX CIM, ALLAN GRAY AUSTRALIA PTY LTD, CITIGROUP PTY LTD, HOCHTIEF AG, GRUPO ACS, MACQUARIE GROUP LIMITED – ASX MQG, BT INVESTMENT MANAGEMENT LIMITED – ASX BTT, UBIQUE ASSET MANAGEMENT PTY LTD, DEVINE LIMITED – ASX DVN, SEDGMAN LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

One Nation: freedom not union rule

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Original article by Phillip Coorey, David Marin-Guzman
The Australian Financial Review – Page: 1 & 4 : 11-Oct-16

One Nation has indicated that it is likely to support the Federal Government’s bills to reinstate the Australian Building & Construction Commission and establish a Registered Organisations Commission. One Nation has voted in favour of a bill to protect the rights of emergency services volunteers. Industrial relations spokesman Senator Malcolm Roberts says the party believes that volunteers should not be subject to union control, and it is likely to adopt the same principle when voting on the Government’s key industrial relations reforms.

CORPORATES
ONE NATION PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, VICTORIA. COUNTRY FIRE AUTHORITY, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Senate passes CFA laws

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Original article by Rob Harris, James Campbell
Herald Sun – Page: 1 & 2 : 11-Oct-16

Employment Minister Michaelia Cash has welcomed the passing of amendments to the Fair Work Act to protect the rights of emergency services volunteers. Cash has described it as a "major victory" for Victorian Country Fire Authority volunteers in their dispute over an enterprise agreement. A total of 37 senators voted in favour of the Federal Government’s amendments, including 10 of the 11 crossbench senators, while 31 senators voted against the bill.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, VICTORIA. COUNTRY FIRE AUTHORITY, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA, VOLUNTEER FIRE BRIGADES VICTORIA, AUSTRALIAN LABOR PARTY, ONE NATION PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, VICTORIA. DEPT OF JUSTICE AND REGULATION, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Fortescue buys Nullagine mine for $1

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Original article by Tess Ingram
The Australian Financial Review – Page: 18 : 11-Oct-16

BC Iron will sell its stake in the Nullagine iron ore mine in Western Australia to Fortescue Metals Group. The transaction comprises a token sum of $A1 plus a royalty on 75 per cent of future iron ore production. BC Iron initially sold a 50 per cent stake in the Nullagine mine to Fortescue in 2009, before repurchasing 25 per cent of Fortescue’s stake in 2012. Production at Nullagine was put on hold in late 2015 in response to a downturn in the iron ore price. It is estimated that keeping the mine in "care and maintenance" mode costs at least $A150,00 each month.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BC IRON LIMITED – ASX BCI, UBS HOLDINGS PTY LTD

Rio Tinto satisfied with Autohaul fix

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 11-Oct-16

The head of Rio Tinto’s iron ore division, Chris Salisbury, says the performance of its Autohaul driverless technology is meeting expectations. Rio has been using driverless trucks for a number of years, but a project to roll out autonomous trains at its Western Australian iron ore mines has been delayed due to software issues. This has prompted Rio Tinto to scale back its iron ore production forecast for fiscal 2017. Salisbury said the group will also seek to retrofit its existing haulage equipment with automated technology.

CORPORATES
RIO TINTO LIMITED – ASX RIO, KOMATSU MINING SYSTEMS INCORPORATED, BHP BILLITON LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, ROY HILL HOLDINGS PTY LTD, CATERPILLAR, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, NATIONAL PARTY OF AUSTRALIA

Baird Government drops behind for first time in NSW; Barnett in trouble in Western Australia while Andrews Government still riding high in Victoria despite CFA union dispute

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Original article by Roy Morgan Research
Morgan Poll Update – Page: Online : 11-Oct-16

An SMS Morgan Poll on State voting intention, which was carried out from 30 September to 2 October 2016, has found that support for the L-NP Government in New South Wales has fallen by two per cent to 48.5 per cent on a two-party preferred basis, while Mike Baird’s rating as "Better Premier" has fallen by 3.5 per cent to 52.5 per cent. In Victoria, support for the ALP Government has risen by one per cent to 56.5 per cent on a two-party preferred basis, while Daniel Andrews’ rating as "Better Premier" is unchanged at 59 per cent. In Western Australia, support for the L-NP Government has fallen by 1.5 per cent to 47.5 per cent on a two-party preferred basis, and Colin Barnett’s rating as "Better Premier" has fallen by two per cent to 41 per cent just five months before the state election in March 2017.

CORPORATES
MORGAN POLL, ROY MORGAN RESEARCH LIMITED