Author: roymorgansocial

Australia ranks worst in the world for data breaches

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Original article by Matthew Elmas
The New Daily – Page: Online : 14-Dec-22

Data from virtual private network provider Surfshark suggests that there was a 489 per cent increase in data breaches across Australia in the September quarter. The analysis shows that 7,387 local accounts were hacked per 100,000 Australians during the period, which equates to an average of 22 accounts being hacked every minute. Agneska Sablovskaja of Surfshark adds that there was 1,550 per cent growth in data breaches in Australia between October and November, compared with a 70.8 per cent decline globally over the same period. The issue of data security has come under scrutiny in the wake of high-profile incidents such as the Medibank and Optus hacks.

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SURFSHARK, MEDIBANK PRIVATE LIMITED – ASX MPL, SINGTEL OPTUS PTY LTD

Defamation reforms: Australian media may not be liable for Facebook comments in future

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Original article by Amanda Meade
The Guardian Australia – Page: Online : 14-Dec-22

A proposed overhaul of Australia’s uniform defamation laws will include the addition of an "innocent dissemination defence". This would protect individuals and organisations that administer Facebook pages from being sued for defamation over comments that were posted by third parties. The proposed reforms follow a 2021 court ruling which found that media companies could be liable for defamatory comments posted on their Facebook pages by people who read or view their content. The Standing Council of Attorneys-General has given in-principle support to the reforms.

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FACEBOOK, AUSTRALIA. STANDING COUNCIL OF ATTORNEYS-GENERAL

ANZ-Roy Morgan Consumer Confidence virtually unchanged at 82.9 despite eighth straight interest rate increase

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Dec-22

ANZ-Roy Morgan Consumer Confidence was virtually unchanged at 82.9 in the week ended 11 December. However, it is 25.1pts below the same week a year ago (108.0) and 5.9pts below the 2022 weekly average of 88.8. Consumer confidence was up slightly in New South Wales, Western Australia and South Australia, but down in Victoria and Queensland. Now 21% of Australians (unchanged) say their families are ‘better off’ financially than this time last year, while 45% (down 2ppts) say their families are ‘worse off’ financially. Some 30% (up 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 33% (down 1ppt) expect to be ‘worse off’ financially. Only 8% (up 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months, while 33% (down 3ppts) expect ‘bad times’. Meanwhile, 23% (down 3ppts) of Australians say now is a ‘good time to buy’ major household items, while 49% (up 4ppts) say now is a ‘bad time to buy’.

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ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Many mining stocks overvalued, warns UBS

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Original article by Tom Richardson
The Australian Financial Review – Page: 27 : 14-Dec-22

Shares in BHP have gained 36 per cent in US dollar terms since the end of October. However, UBS analyst Lachlan Shaw says the firm believes that the stock has risen too quickly in a short period of time. UBS has a ‘sell’ rating on BHP and rival iron ore producers Rio Tinto and Fortescue Metals Group. The firm also expects the iron ore price to trade at around $US100 a tonne over the first half of 2023, compared with about $US112/tonne at present; it is then forecast to fall to around $US95 a tonne in the December 2023 quarter. UBS is more upbeat about commodities such as gold, coal, zinc and lithium.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, UBS HOLDINGS PTY LTD

Bankman-Fried arrested in The Bahamas

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Original article by Jessica Sier
The Australian Financial Review – Page: 14 & 18 : 14-Dec-22

The US government is expected to seek an extradition order for the founder of collapsed cryptocurrency exchange FTX. Sam Bankman-Fried has been taken into custody in The Bahamas, where FTX was based for tax purposes. Bahamas Attorney-General Ryan Pinder says his nation and the US have a shared interest in holding accountable all individuals associated with the collapse of FTX. Media reports have indicated that Bankman-Fried will face a range of criminal charges in the US, including wire fraud, securities fraud and money laundering; the US Securities & Exchange Commission will also pursue charges against him. Pinder says The Bahamas will undertake its own regulatory and criminal investigations into the collapse of FTX.

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FTX, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION

Juukan Gorge community back mining model

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 14-Dec-22

Rio Tinto and the Puutu Kunti Kurrama and Pinikura people are close to finalising a co-management agreement for the Brockman 4 iron ore mine in the Pilbara. PKKP Aboriginal Corporation chairman Burchell Hayes believes that such agreements could provide stronger protection for heritage sites than federal and state laws. He adds that the federal government did not adequately consult with traditional owners regarding proposed legislation that is designed to protect heritage sites. The legislation arose from a parliamentary inquiry into Rio Tinto’s destruction of ancient Indigenous rock shelters at Juukan Gorge as part of an expansion of the Brockman 4 mine.

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RIO TINTO LIMITED – ASX RIO, PKKP ABORIGINAL CORPORATION

Gas reservation mooted as energy row heats up

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Original article by Rosie Lewis, Perry Williams, Sarah Ison
The Australian – Page: 1 & 2 : 14-Dec-22

The oil and gas industry has criticised Prime Minister Anthony Albanese after he flagged the possibility of adopting a national gas reservation policy. Albanese has praised Western Australia’s gas reservation policy and indicated that replicating this at federal level may be needed as a longer-term solution to rising energy prices than the government’s proposed intervention. NSW and Victoria have advocated a national gas reservation scheme, but APPEA CEO Samantha McCulloch says adequate measures are already in place, such as the Australian Domestic Gas Security Mechanism. She contends that increased regulation will deter investment and adversely affect Australia’s reputation amongst its key trading partners.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED

Rupert Murdoch to testify in Dominion voting machine defamation case

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Original article by Richard Luscombe
The Guardian – Page: Online : 7-Dec-22

Media baron Rupert Murdoch has been issued with a subpoena to give evidence in a lawsuit over his Fox network’s reports on a conspiracy theory regarding the 2020 US presidential election. Dominion Voting Systems has launched a $US1.6bn lawsuit against Fox News and parent company Fox Corp for broadcasting allegations that the voting machines company had rigged the election. Murdoch is the most senior executive of Fox to have been served with a deposition; his son Lachlan Murdoch gave evidence in the case on Monday.

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FOX NEWS,{SPAC}FOX CORPORATION,{SPAC}DOMINION VOTING SYSTEMS

Greens to push for right to disconnect in next wave of IR changes

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Original article by Angus Thompson
Brisbane Times – Page: Online : 7-Dec-22

The federal government’s Secure Jobs, Better Pay Bill was recently passed by parliament with the Greens’ support. The government will pursue further industrial relations reforms in 2023, and Greens leader Adam Bandt says his party will push for this to include a legislated "right to disconnect" from work outside of an employee’s official working hours. He notes that many employers now expect their workers to respond to emails and telephone calls at all times. Workers in several European countries already have a right to disconnect. The Greens will also push for casual workers to have greater input into the scheduling of their work hours.

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AUSTRALIAN GREENS

Expect more interest rate rises in 2023: RBA

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Original article by Ronald Mizen
The Australian Financial Review – Page: 1 & 4 : 7-Dec-22

Treasurer Jim Chalmers says the latest increase in official interest rates is "the Christmas present no Australian household wanted". Reserve Bank of Australia governor Philip Lowe has signalled that further interest rate increases are likely in 2023, after the RBA lifted the cash rate by 25 basis points to 3.1 per cent on Tuesday. Lowe said the size and timing of future rate rises will continue to be determined by incoming economic data and the RBA board’s assessment of the outlook for inflation and the labour market. He also noted that the headline inflation rate is still well above the RBA’s target range of 2-3 per cent. Chalmers says the eight increases in the cash rate since May are likely to weigh on economic growth.

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AUSTRALIA. DEPT OF THE TREASURY,{SPAC}RESERVE BANK OF AUSTRALIA