Author: roymorgansocial

Coalition starts IR charm offensive

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Original article by Primrose Riordan
The Australian Financial Review – Page: 1 & 2 : 12-Jan-16

The Australian Government will need the support of six crossbench senators to get the Australian Building and Construction Commission Bill through the upper house. The Senate has already rejected the legislation twice, but the Government is committed to introducing it again when Parliament resumes in early February 2016. The proposed industrial relations reforms are aimed at cracking down on unions in the wake of the Royal Commission into Trade Union Corruption and Governance.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIA. DEPT OF HEALTH

Oil price drop to fuel Qantas profit

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Original article by Jamie Freed
The Australian Financial Review – Page: 15 : 11-Jan-16

Paul Butler of Credit Suisse says the sharp decline in the price of Brent crude oil and jet fuel in recent months should boost the earnings of Qantas over the next two years. Shareholders at the carrier’s 2015 annual meeting were told that its fuel bill for 2015-16 will be around $A3.61bn, but Butler forecasts that this could potentially fall by around $A110m. He adds that hedging could allow Qantas to slash its fuel costs by another $A160m in 2016-17.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, CREDIT SUISSE (AUSTRALIA) LIMITED, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, STANDARD AND POOR’S CORPORATION, MERRILL LYNCH (AUSTRALIA) PTY LTD, DEUTSCHE BANK AG

Tax home sales over $2m call

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Original article by Joanna Mather
The Australian Financial Review – Page: 4 : 11-Jan-16

The Australia Institute has urged a review of the capital gains tax exemption on family homes, which is expected to cost $A189bn by 2020. This compares with $A46bn in 2015-16. The Australia Institute advocates scrapping the CGT exemption for homes valued at more than $A2m, and modelling suggests that this move could add around $A12bn to the Federal Government’s Budget bottom line over four years. AMP chairman Simon McKeon supports the Australia Institute’s proposal.

CORPORATES
THE AUSTRALIA INSTITUTE LIMITED, AMP LIMITED – ASX AMP, UNIVERSITY OF CANBERRA. NATIONAL CENTRE FOR SOCIAL AND ECONOMIC MODELLING, BUSINESS COUNCIL OF AUSTRALIA

Beef up workers’ rights to halt exploitation

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Original article by Mark Zirnsak, Heather Moore
The Age – Page: 18 : 11-Jan-16

There is growing evidence that Australian employers are underpaying staff in a wide range of sectors, particular people who are on temporary work visas or student visas. Temporary workers supplied by labour hire firms are also being exploited, with low wages and long working hours. The Productivity Commission has made a number of welcome recommendations to address the issue, including increased funding for the Fair Work Ombudsman and ensuring that people on temporary work visas are fully informed of their rights.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. FAIR WORK OMBUDSMAN, 7-ELEVEN STORES PTY LTD, PIZZA HUT AUSTRALIA, MELBOURNE CRICKET GROUND, BAIADA POULTRY PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, JL POULTRY PTY LTD, AUSTRALIA. DEPT OF EMPLOYMENT, UNITING CHURCH IN AUSTRALIA, BAPTIST CHURCH OF AUSTRALIA

Unionists face bans

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Original article by Annika Smethurst
Herald Sun – Page: 13 : 11-Jan-16

The Australian Government will resubmit the Registered Organisations Bill to the Senate when Parliament resumes in February 2016. The revised bill is expected to include measures aimed at union officials who breach the law, including financial penalties and bans on them holding office. They are among the recommendations of the final report of the Royal Commission into Trade Union Governance and Corruption.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, VICTORIA POLICE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT

Bosses want ban on union tactic

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Original article by Joanna Mather
The Australian Financial Review – Page: 5 : 11-Jan-16

The final report of the Royal Commission into Trade Union Governance and Corruption noted that pattern bargaining is a major issue in the construction industry. However, it not recommend a total ban on the practice as it does not seem to be widespread in other industries. Master Builders Australia CEO Wilhelm Harnisch has urged the Federal Government to introduce laws to prohibit pattern bargaining in the building industry, arguing that it increases construction costs and undermines productivity.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, MASTER BUILDERS AUSTRALIA INCORPORATED, THE AUSTRALIAN INDUSTRY GROUP, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO THE BUILDING AND CONSTRUCTION INDUSTRY

ACCC wants to curb oligopoly power

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Original article by Misa Han
The Australian Financial Review – Page: 7 : 11-Jan-16

Australian Competition & Consumer Commission chairman Rod Sims has urged the Federal Government to strengthen laws aimed at companies that abuse their market power. He advocates scrapping rules which require the competition regulator to prove that a company took advantage of its market power. He notes that large companies can use this defence by arguing that small business could do the same thing, even if they are not in a position to do so.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TYRO PAYMENTS, CLIFFORD CHANCE, APPLE INCORPORATED, BLACKBERRY LIMITED, AUSTRALIA. DEPT OF THE TREASURY, UBER TECHNOLOGIES INCORPORATED, AIRBNB INCORPORATED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED

Rio to consider Walsh’s successor

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Original article by James Chessell
The Australian Financial Review – Page: 40 : 11-Jan-16

The head of Rio Tinto’s iron ore division, Andrew Harding, is seen as the leading candidate to succeed CEO Sam Walsh. The latter himself headed the iron ore division before being elevated to the top job after Tom Albanese resigned in 2011 in the wake of several massive write-downs. Walsh recently indicated that Rio’s board favours appointing an internal candidate to succeed him. Succession planning will be a key priority for Rio chairman Jan de Plessis, who will want to conclude this process several years before he stands down.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ALCAN INCORPORATED, RIVERSDALE MINING LIMITED, BHP BILLITON LIMITED – ASX BHP, VALE SA, GLENCORE PLC, FORTESCUE METALS GROUP LIMITED – ASX FMG, BANK OF AMERICA CORPORATION, ANGLO AMERICAN PLC, SABMILLER PLC, ANHEUSER-BUSCH INBEV SA/NV, GM HOLDEN LIMITED, NISSAN MOTOR COMPANY (AUSTRALIA) PTY LTD

Fears grow for 1000 mine jobs

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Original article by Barry FitzGerald
The Australian – Page: 17 : 11-Jan-16

Shares in Gindalbie Metals went into a trading halt in the week ended 8 December 2016, ahead of an announcement regarding the Karara magnetite mine. Gindalbie has a 47.84 per cent stake in the Western Australian mine, which is operating at a loss due to the downturn in the iron ore price. China-based Ansteel owns 52.16 per cent of the mine, and its continued support will be essential for the mine to remain open.

CORPORATES
GINDALBIE METALS LIMITED – ASX GBG, ANSHAN IRON AND STEEL COMPANY, KARARA MINING LIMITED, BC IRON LIMITED – ASX BCI, GRANGE RESOURCES LIMITED – ASX GRR

Giant of yachting and wine dies at 87

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Original article by Leo Shanahan, Gina Rushton
The Australian – Page: 1 & 4 : 11-Jan-16

Yachting Australia president Matt Allen and journalist D.D. McNicoll have praised Australian businessman Robert Oatley, who died at the age of 87 on 10 January 2016. Oatley was estimated to be the nation’s 49th richest individual by "BRW" in 2015, with personal wealth of around $A1bn. Oatley was the founder of wine producer Rosemount Estate, although he is best known as the owner of Sydney-to-Hobart winner "Wild Oats XI".

CORPORATES
YACHTING AUSTRALIA, ROSEMOUNT ESTATES PTY LTD, SOUTHCORP LIMITED, HAMILTON ISLAND LIMITED