Author: roymorgansocial

Labor urges speed on global tax rules

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Original article by Tom McIlroy
The Australian Financial Review – Page: 10 : 26-May-22

The proposed global 15 per cent minimum tax rate for companies is slated to take effect in 2023. However, the OECD’s secretary-general Mathias Cormann has advised that this will be delayed by at least 12 months. The landmark reform will also include a stricter tax regime for technology giants and other multinationals. Federal Treasurer Jim Chalmers says that in addition to supporting the "two-pillar" deal, Labor will implement domestic measures aimed at ensuring that multinationals pay their fair share of tax.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Aged care wages should be Labor’s ‘first priority’: HSU boss

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Original article by Angus Thompson
Brisbane Times – Page: Online : 26-May-22

The Fair Work Commission has held several weeks of hearings regarding the Health Services Union’s push for a 25 per cent increase in the wages of aged-care workers. The HSU’s national president Gerard Hayes says the federal government’s submission to the wage case should be the new Labor administration’s top priority. Carolyn Smith from the United Workers Union agrees that the issue must be a priority for the government. It was recently estimated that there is a shortage of about 60,000 workers in the aged-care sector.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, HEALTH SERVICES UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, UNITED WORKERS UNION

Albanese expands access to fourth doses of COVID-19 vaccine for 1.5 million people

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Original article by Dana Daniel
The Age – Page: Online : 26-May-22

The federal government has expanded the eligibility criteria for a second COVID-19 booster shot. Acting on the advice of the Australian Technical Advisory Group on Immunisation, the government has announced that people aged 16+ who have a range of health conditions or disabilities will be eligible for a fourth vaccine dose from 30 May. A fourth dose is already available to people aged 65+, aged-care and disability care residents, severely immunocompromised people and Aboriginal and Torres Strait Islander people aged 50+.

CORPORATES
AUSTRALIAN TECHNICAL ADVISORY GROUP ON IMMUNISATION

Casinos need separate watchdog: O’Neill

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Original article by Jared Lynch
The Australian – Page: 15 : 26-May-22

The Star Entertainment Group’s outgoing executive chairman John O’Neill has expressed support for a new regulatory body specifically to monitor casinos. He has told an inquiry into Star’s suitability to hold its NSW casino licence that the Independent Liquor & Gaming Authority cannot be expected to oversee and monitor two casinos and every pub and club in the state. O’Neill added that investors have indicated that they are in favour of better regulation of large listed companies. O’Neill recently announced that he will step down from The Star’s board.

CORPORATES
THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY

China seeks Pacific states security deal

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Original article by Kirsty Needham, Phillip Coorey, Andrew Tillett
The Australian Financial Review – Page: 1 & 6 : 26-May-22

China aims to increase its presence in the Indo-Pacific region with a proposed deal with 10 Pacific Island nations. The deal would cover policing, security and communications, as well as a free-trade agreement. China has sent a draft communique to the 10 nations, but it has been rejected by the Federated States of Micronesia; President David Panuelo has expressed concern that the ‘predetermined joint communique’ could spark a new Cold War between China and the West. Australia’s Foreign Minister Penny Wong says China has made its intentions clear, and stresses that the new federal government wants to regain Australia’s position as the partner of choice in the Pacific.

CORPORATES
AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Tabcorp split follows trend showing spike in demerger share prices

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Original article by Richard Henderson
The Australian Financial Review – Page: 27 : 26-May-22

The Lottery Corporation has a market capitalisation of $10bn following its demerger from Tabcorp. UBS estimates that the combined share price movements of the two stocks since the split has added about 7.5 per cent to the market value of both companies. AGL Energy and Incitec Pivot are among other listed companies that are pursuing demerger plans. Nick Alexander of UBS says demergers often prompt mergers and acquisitions activity, while Macquarie Group’s analysis shows that spin-offs typically underperform for the first six months but tend to outperform in the long-term.

CORPORATES
THE LOTTERY CORPORATION LIMITED – ASX TLC, TABCORP HOLDINGS LIMITED – ASX TAH, AGL ENERGY LIMITED – ASX AGL, INCITEC PIVOT LIMITED – ASX IPL, UBS HOLDINGS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG

Energy bill shock hits manufacturers

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Original article by Angela Macdonald-Smith, Simon Evans
The Australian Financial Review – Page: 13 & 20 : 26-May-22

Many Australian manufacturers are facing big increases in their energy costs due to rising wholesale electricity and gas prices. NSW-based Causmag International is among the companies that have signalled that they may be forced to cease trading due to rising gas prices. The magnesium products manufacturer’s new gas supplier AGL Energy has set the default rate at $44.60 per gigajoule, which is significantly above the spot price. Causmag MD Aditya Jhunjhunwala has called for federal government intervention. The company’s previous gas supplier Weston Energy recently ceased trading due to the surge in gas prices.

CORPORATES
CAUSMAG INTERNATIONAL, AGL ENERGY LIMITED – ASX AGL, WESTON ENERGY PTY LTD

Nation ‘needs to expect bad news’: Chalmers

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Original article by Patrick Commins
The Australian – Page: 1 & 4 : 26-May-22

The Coalition’s pre-election economic and fiscal outlook had forecast a Budget deficit of $80bn in 2021-22 and $78bn in the following financial year, before falling to $43bn by 2025-26. However, Treasurer Jim Chalmers has warned that Labor’s first Budget in October will reveal that the nation’s finances are in a much worse state than the pre-election update had indicated. Chalmers says inflation, rising interest rates and falling real wages are the "defining challenges" for the Australian economy. Finance Minister Katy Gallagher has emphasised the need for strong fiscal discipline.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY

Pilbara Minerals achieves another record lithium price at auction

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Original article by Stuart McKinnon
The West Australian – Page: Online : 26-May-22

Pilbara Minerals has advised that a 5,000-tonne cargo of its lithium concentrate has fetched $US5,955 per tonne in auction. The company says this equates to $US6,586 on a cost, insurance, freight price basis. Kaan Peker of RBC Capital Markets says the sale price is 35 per cent above the current spot price in China, and six per cent above the reported weekly Platts index price. The price of lithium has almost doubled since the start of 2022, and Pilbara Minerals MD Ken Brinsden recently forecast that the price will continue to rise.

CORPORATES
PILBARA MINERALS LIMITED – ASX PLS, RBC CAPITAL MARKETS, PLATTS

Nationals brawl over hydrogen

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 8 : 27-Apr-22

The federal government has committed more than $1bn to the development of hydrogen hubs as part of its net-zero emissions strategy. However, National Party senator Matt Canavan says energy policy should focus on building new coal-fired power stations rather than hydrogen hubs, arguing that Australia needs a reliable energy supply now. Nationals leader Barnaby Joyce has defended Canavan’s stance on coal but says that unlike Labor, the Coalition’s policies will allow the nation to have both a coal and hydrogen industry. Joyce has rejected Canavan’s call for Australia to put its net zero strategy on hold.

CORPORATES
NATIONAL PARTY OF AUSTRALIA