Author: roymorgansocial

Calls to limit $21b super fees ‘gouge’

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Original article by Joanna Mather
The Australian Financial Review – Page: 7 : 28-Aug-15

National Seniors Australia has called for rules to force superannuation managers to cut back on fees, which amounted to $A21 billion a year. If funds did not voluntarily moderate fees, the regulator might have to step in, CEO Michael O’Neill said. Grattan Institute CEO John Daley told the National Reform Summit there was insufficient competition in the super industry to drive down fees. He has proposed a plan to save $A5 billion in fees which involves a tender process and a series of no-frills super products.

CORPORATES
NATIONAL SENIORS AUSTRALIA LIMITED, GRATTAN INSTITUTE, SUPERRATINGS PTY LTD, KPMG, AUSTRALIAN LABOR PARTY

BHP’s Mackenzie says China has ‘bottomed’

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Original article by James Chessell, Amanda Saunders
The Australian Financial Review – Page: 17 : 27-Aug-15

BHP Billiton CEO Andrew Mackenzie has played down fears about China’s economy, claiming it was showing signs of recovery. He agreed with Apple CEO Tim Cook that there was still solid demand in China. Mackenzie forecast its second half financial year would be better than the first. BHP posted a 51 per cent fall in underlying annual profit to $US6.4 billion ($A8.9 billion) because of a slump in commodity prices.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, APPLE INCORPORATED, GLENCORE AUSTRALIA PTY LTD

Police raid CFMEU, Gatto role explored

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Original article by Ewin Hannan, Lucille Keen
The Australian Financial Review – Page: 4 : 27-Aug-15

The Canberra offices of the militant Construction, Forestry, Mining & Energy Union (CFMEU) have been raided by Australian Federal Police, who seized computers as part of an extortion investigation. It follows evidence at the Royal Commission into Trade Union Governance & Corruption and the arrest of two CFMEU officials. Meanwhile, the Victorian Supreme Court heard claims that Boral was told it should pay Mick Gatto $A100,000 to mediate its dispute with the union.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIAN FEDERAL POLICE, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, CANBERRA RAIDERS, SUPREME COURT OF VICTORIA

Crowdfunding gathers impetus with investors

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Original article by Su-Lin Tan
The Australian Financial Review – Page: 38 : 27-Aug-15

Property crowdfunding is still a novelty in Australia. In the US, $A1.42 billion has been raised for property investments. CrowdfundUp’s founder Jack Quiqley told a Property Council of Australia breakfast in Sydney on 26 August 2015 that property equity crowdfunding gives retail investors an opportunity to enter the property market with a small sum of money.

CORPORATES
CROWDFUNDUP PTY LTD, PROPERTY COUNCIL OF AUSTRALIA LIMITED, LESTER GROUP LIMITED, REA GROUP LIMITED – ASX REA

Air New Zealand reveals plans to fight threat from Qantas

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Original article by Jamie Freed
The Australian Financial Review – Page: 15 : 27-Aug-15

Air New Zealand is stepping up plans to fight back against a rejuvenated Qantas. It will increase domestic capacity in New Zealand, where Jetstar is to introduce regional turboprop flights, and target Australian customers for its services to North and South America. Air New Zealand will boost long-haul capacity by 15 per cent in 2015-16.

CORPORATES
AIR NEW ZEALAND LIMITED – ASX AIZ, QANTAS AIRWAYS LIMITED – ASX QAN, JETSTAR AIRLINES PTY LTD, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, DELTA AIR LINES

The top 20 postcodes at risk of mortgage default

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Original article by Jonathan Barrett
The Australian Financial Review – Page: 3 : 27-Aug-15

Mortgage arrears are at below usual levels, according to Fitch Ratings. The worst performing suburbs are in low socioeconomic areas or in places reliant on single industries, such as tourism. With interest rates at record lows, the main reasons for falling behind in mortgage payments are loss of job, relationship breakup and unexpected expense. Budgewoi, on the Central Coast of New South Wales, was the worst postcode, Mackay in Queensland the worst region and Tasmania the worst state.

CORPORATES
FITCH RATINGS LIMITED

We can agree, say top leaders

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 : 27-Aug-15

The 30 per cent company tax rate made Australia uncompetitive, Rio Tinto MD Phil Edmands told the National Reform Summit in Sydney. Reserve Bank governor Glenn Stevens said changes to industrial relations also had to be looked at to help boost economic growth and employment. Professor Ross Garnaut suggested an economy-wide carbon price to pay down debt.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, KPMG, RESERVE BANK OF AUSTRALIA, BUSINESS COUNCIL OF AUSTRALIA, ACTU, AUSTRALIAN COUNCIL OF SOCIAL SERVICE, RIO TINTO LIMITED – ASX RIO, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, GRATTAN INSTITUTE

Council tells big four banks don’t bring coal to Newcastle

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Original article by Amanda Saunders, Ben Potter
The Australian Financial Review – Page: 1 : 27-Aug-15

The Minerals Council of Australia has called the City of Newcastle’s decision to dump its holdings in banks that finance fossil fuel projects a "pointless sham" and urged it to support the local economy. The New South Wales city is home to the world’s biggest coal port. Mining’s direct spend in Newcastle is about $A1.8 billion a year, rising to $A5.9 billion when the greater Hunter region is taken into account. The divestment decision was supported by Australian Labor Party and Australian Greens councillors.

CORPORATES
NEWCASTLE CITY COUNCIL, MINERALS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, NEW SOUTH WALES MINERALS COUNCIL, AUSTRALIAN BANKERS’ ASSOCIATION, RESPONSIBLE INVESTMENT ASSOCIATION AUSTRALASIA, ME BANK

Shortfall in Sydney housing predicted

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Original article by Michael Bleby
The Australian Financial Review – Page: 42 : 27-Aug-15

Sydney is likely to experience a housing shortfall of 197,050 homes by 2024. AECOM technical director Joe Langley wrote in a submission to parliament’s inquiry into home ownership that there is not enough coordination between the activities of state transport, finance and treasury agencies. Housing creation should be aligned with public transport projects.

CORPORATES
AECOM AUSTRALIA PTY LTD, JACOBS ENGINEERING GROUP INCORPORATED, FLEISHER SMYTH BROKAW, COMMITTEE FOR MELBOURNE

Update Report on Haoma’s Test Work at Bamboo Creek

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Original article by
Australian Stock Exchange Announcements – Page: Online : 26-Aug-15

Australian-listed minerals exploration company Haoma Mining has issued an update on progress on test work at its Bamboo Creek project in Western Australia. The company states in the announcement that, in its June 2015 Quarterly Activities Report, shareholders were informed that test work on Bamboo Creek Tailings and other ore samples had successfully produced concentrates which contained significant grades of precious metals – gold, silver and platinum group metals (PGM). Since the June Quarter Report test work has continued at both Bamboo Creek and the University of Melbourne on the two stages of recovering precious metals from Bamboo Creek Tailings and other ore samples. Samples of Bamboo Creek Tailings and various iron ore samples have been processed successfully using Haoma’s Elazac Process to produce concentrates which contain significant quantities of precious metals – without smelting and without acid digestion. Test work continues with a view to determining the best method of efficiently recovering the gold, silver and individual PGM from the concentrates produced; and the best partner for the commercial refining of those concentrates.

CORPORATES
HAOMA MINING NL – ASX HAO, THE ROY MORGAN RESEARCH CENTRE PTY LTD, UNIVERSITY OF MELBOURNE