Author: roymorgansocial

ABC in cover-up claim over Louise Milligan’s tweets about MP Andrew Laming

roymorgansocial Leave a comment

Original article by Janet Fife-Yeomans
The Daily Telegraph – Page: Online : 26-Oct-21

The ABC is under renewed scrutiny over Andrew Laming’s defamation payout after the public broadcaster declined to release 161 documents concerning the case. The documents in question involve internal discussions regarding the tweets of journalist Louise Milligan about the federal Liberal MP. The documents were requested via freedom of information laws, but the ABC released copies of the documents in which most of the text had been blacked out. One Nation MP Mark Latham has urged Communications Minister Paul Fletcher to release all documents relating to the Laming case.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, LIBERAL PARTY OF AUSTRALIA, ONE NATION PARTY, AUSTRALIA. DEPT OF INFRASTRUCTURE, TRANSPORT, REGIONAL DEVELOPMENT AND COMMUNICATIONS

Roy Morgan Business Confidence jumps by 10.7pts (+10.2%) to 115.3 in October as lockdowns end in Sydney and Melbourne

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 26-Oct-21

In October 2021, Roy Morgan Business Confidence rose 10.7pts (+10.2%) to 115.3. This is the biggest increase in Business Confidence so far during 2021 and comes as long-running lockdowns have ended in Greater Sydney, Greater Melbourne and the ACT. Business Confidence is now 16.6pts (+16.8%) higher than in October 2020 (98.7), and it is back above the long-term average of 113.8 for the first time since July 2021. Now 55.1% of businesses expecting ‘good times’ for the economy over the next 12 months, while 55% of businesses say the next 12 months is a ‘good time to invest in growing the business’. Business Confidence in October was up strongly in all six States from a year ago. The biggest increase was in South Australia, where Business Confidence increased by 46.5pts (+50%) to 139.5 to be higher than any other State. Western Australia has the second highest level of Business Confidence at 130.8, up 22.4pts (+20.7%) from a year ago; it is now over 15pts higher than the national figure of 115.3.

CORPORATES
ROY MORGAN LIMITED

Origin pockets $2b for clean energy plans

roymorgansocial Leave a comment

Original article by Elouise Fowler
The Australian Financial Review – Page: 13 & 18 : 26-Oct-21

Origin Energy has reduced its stake in the Australia Pacific LNG project to 27.5 per cent after striking a $2.12bn deal with EIG Global Energy Partners. The private equity group will acquire a 10 per cent stake in the project; EIG CEO R. Blair Thomas says the deal reflects the importance of LNG as a "critical enabler" of the transition to clean energy. Origin Energy has signalled that some of the expected net proceeds of $2bn from the deal may be reinvested in clean energy and storage projects, in addition to reducing debt.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA PACIFIC LNG LIMITED, EIG GLOBAL ENERGY PARTNERS

NAB facing criminal charges for failing to pay casuals entitlements

roymorgansocial Leave a comment

Original article by Charlotte Grieve
The Sydney Morning Herald – Page: Online : 26-Oct-21

National Australia Bank has been accused of allegedly violating Victorian laws over its failure to pay long service leave entitlements to casual employees. Victoria’s recently established Wage Inspectorate has filed criminal charges against NAB, while the bank has filed a counter-claim in the Federal Court over the issue. NAB executive Susan Ferrier notes it does not provide casual workers with long service leave under enterprise agreements that have been in place for 20 years, while she says the NAB does not believe casual workers are not covered by state laws for long service leave.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FEDERAL COURT OF AUSTRALIA, VICTORIA. WAGES INSPECTORATE

New move could gift Andrews unprecedented power

roymorgansocial Leave a comment

Original article by Shannon Deery
Herald Sun – Page: Online : 26-Oct-21

The Victorian government will shortly introduce a bill to parliament that will replace the existing state of emergency powers, which have been in place since March 2020. The draft bill would give Premier Daniel Andrews the power to declare a pandemic and extend it indefinitely for three months at a time. The proposed legislation would also transfer authority to issue public health orders from the state’s chief health officer to the minister for health. Shadow Attorney General Tim Smith has questioned the need to hand more power to Andrews, given his government’s handling of the pandemic.

CORPORATES

Rio Tinto fined for exposing workers to extreme weather conditions

roymorgansocial Leave a comment

Original article by Kate Purnell
The West Australian – Page: Online : 26-Oct-21

Sally North says it is very important that companies make staff aware that working in extremely hot weather conditions can result in heat stroke. North is from Western Australia’s Department of Mines, Industry Regulation & Safety, and was commenting on a case it brought against Rio Tinto. The resources group was fined $80,000 after pleading guilty to failing to ensure the safety of workers. It followed an incident in 2017 when a worker died of heat stroke after he and two colleagues had to walk over 32 kilometres across rugged terrain and in temperatures that were estimated to exceed 37C.

CORPORATES
RIO TINTO LIMITED – ASX RIO, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY

Future Fund just shy of $200b after 1.2pc quarter

roymorgansocial Leave a comment

Original article by Jonathan Shapiro
The Australian Financial Review – Page: 16 : 26-Oct-21

The federal government’s Future Fund has posted a return of 1.2 per cent for the September quarter, following a record gain of 10.2 per cent for the three months to June. Australian shares gained 5.34 per cent in the September quarter, while international shares gained 4.68 per cent and emerging market shares lost 4.17 per cent. The Future Fund reduced its exposure to global shares during the quarter, while its allocation to infrastructure and private equity assets increased; the latter is now its biggest asset class. The sovereign wealth fund boasts nearly $200bn worth of assets under management.

CORPORATES
AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY

Home affordability near the worst for 10 years

roymorgansocial Leave a comment

Original article by Nila Sweeney
The Australian Financial Review – Page: 31 : 26-Oct-21

Moody’s Investors Service expects a further decline in housing affordability in Sydney in the near-term. The ratings agency has warned that dwelling prices will need to rise by just 4.6 per cent for the Sydney market’s affordability to reach its highest level in 10 years. Moody’s also forecasts that housing affordability nationwide will reach its highest level in a decade if dwelling prices rise by 15 per cent. Shane Oliver of AMP Capital says the decline in housing affordability could eventually led to increased mortgage stress.

CORPORATES
MOODY’S INVESTORS SERVICE INCORPORATED, AMP CAPITAL INVESTORS LIMITED

NAB boosts staff to reduce crime risk

roymorgansocial Leave a comment

Original article by Joyce Moullakis
The Australian – Page: 17 : 26-Oct-21

National Australia Bank has ramped up the number of employees who are managing financial risk in recent years. The bank employed more than 1,500 people in this area as at 31 August, compared with just 200 in 2018. In addition, NAB has advised that it spent $816.1m on improving its financial crime and fraud controls in the four years to June. CEO Ross McEwan also recently told a parliamentary economics committee that NAB is taking its obligations regarding compliance with anti-money laundering laws seriously.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

$5.5 million grant was a priority project for Berejiklian, ICAC told

roymorgansocial Leave a comment

Original article by Lucy Cormack
The Sydney Morning Herald – Page: Online : 22-Oct-21

The NSW Independent Commission Against Corruption has heard evidence from senior public servant Chris Hanger. He has told the inquiry that in early 2017 he was asked to review the business case for a $5.5m upgrade of a shooting club in Wagga Wagga. The initial business case for the project had a benefit-to-cost ratio of less than one, which meant it could not be approved by Infrastructure NSW. Hanger told ICAC that an adviser to former deputy premier John Barilaro had asked him to review the business case; however, he believed that the request had come from Gladys Berejiklian, who had recently become the state’s premier. Hanger says he was not aware of her relationship with former Wagga Wagga MP Daryl Maguire at the time.

CORPORATES
NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION, INFRASTRUCTURE NEW SOUTH WALES