Author: roymorgansocial

Nick Scali upgrades profit as retailers end 2020 on a high

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Original article by James Fernyhough
The Australian Financial Review – Page: 13 & 16 : 6-Jan-21

Shares in furniture retailer Nick Scali rose to record highs during trading on 5 January after it advised that it expected its profit for the six months to 31 December would be $40.5 million, double the result for the previous corresponding period. The company also stated that its sales for the past three months were up by 58 per cent. Meanwhile, Sydney retailers other than those in the Sydney CBD have indicated that they saw strong foot traffic for the Boxing Day sales; National Retail Association CEO Dominique Lamb noted the Sydney CBD had been a "ghost town".

CORPORATES
NICK SCALI LIMITED – ASX NCK, NATIONAL RETAIL ASSOCIATION LIMITED

British court blocks Assange extradition to US

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Original article by Jacquelin Magnay
The Australian – Page: 1 : 5-Jan-21

Westminster District Court judge Vanessa Baraitser has ruled that WikiLeaks founder Julian Assange should not be extradited to the US to face espionage charges. Baraitser stated jail conditions for Assange in the US could be so bad that he might seek to take his own life. The charges on which the US is seeking to extradite Assange could see him face a maximum jail term of 175 years if convicted, while US prosecutors immediately filed an appeal to Baraitser’s ruling with a higher court. Assange was returned to prison until 7 January, when an application for bail and costs will be heard.

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WIKILEAKS

Wuhan biological weapons lab leaked the virus

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Original article by Didi Tang
The Australian – Page: Online : 5-Jan-21

US Deputy National Security Adviser Matthew Pottinger claims there is strong evidence that the coronavirus was leaked from the Wuhan Institute of Virology rather than developing in a Wuhan livestock ‘wet market’. The Institute is located 17 kilometres from the Wuhan market, with Wuhan reporting the first COVID-19 cases in December. Pottinger was speaking on the eve of a visit by World Health Organisation experts to China to investigate the source of the coronavirus, although some claim the investigation will be a "whitewash". A majority of scientists are of the view that coronavirus originated in nature.

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WORLD HEALTH ORGANIZATION

Proposed super changes anti industry funds

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Original article by Glenda Korporaal
The Australian – Page: Online : 5-Jan-21

ACTU assistant secretary Scott Connolly claims the federal government’s Your Future, Your Super legislation will disadvantage the $750 billion industry superannuation fund sector. Connolly notes proposed investment performance comparisons for "low-budget" MySuper accounts only include investment returns and exclude administration fees. He says industry funds typically charger lower administration fees, and Connolly claims the federal government is favouring for-profit super funds under the legislation. The proposed investment performance comparisons in the legislation currently only apply to the low budget MySuper sector, which industry super funds currently dominate.

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ACTU

Deliveroo safety reps elected in milestone

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 5-Jan-21

Riders from food delivery company Deliveroo in Sydney recently elected seven health and safety representatives (HSRs) from among their ranks. It represents the first election of HSRs in the Australian gig economy, with the HSRs having various powers, such as being able to issue emergency stop work directions, while Deliveroo will pay them for their time when they are involved in tackling safety issues. The Transport Workers’ Union has described the election of the seven HSRs as a milestone for the gig economy, while Deliveroo has urged riders with any safety concerns to contact their HSR.

CORPORATES
DELIVEROO AUSTRALIA PTY LTD, TRANSPORT WORKERS’ UNION

Copper minnow jumps on drill plans

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Original article by Cameron England
The Australian – Page: 16 : 5-Jan-21

Shares in Argonaut Resources rose by 50 per cent on 4 July after it advised the South Australian government had granted it approval under the Aboriginal Heritage Act to commence work on its Murdie Project. Argonaut Resources plans to spend $2 million on a five-hole drilling program, with at least one hole to be drilled in sight of Oz Mineral’s billion-dollar Carrapateena mine; that mine was officially opened in 2020 and is expected to operate for at least 20 years.

CORPORATES
ARGONAUT RESOURCES NL – ASX ARE, OZ MINERALS LIMITED – ASX OZL

Business must lead China peace mission, top executives say

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Original article by Damon Kitney, Glenda Korporaal
The Australian – Page: 13 : 5-Jan-21

Company directors taking part in a round table discussion organised by the Australian Institute of Company Directors contend business should take the lead in trying to improve Australia’s strained ties with China. Penny Bingham-Hall, who is a director of BlueScope Steel, Fortescue Metals and Dexus, says there are very good personal relationships between Australian businesses and Chinese businesses, while Coles director Wendy Stops said "upfront criticism" is not the way to deal with China. Amcor chair Graeme Liebelt says there is a risk Australia could get "caught up in the crossfire" between the US and China.

CORPORATES
AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, BLUESCOPE STEEL LIMITED – ASX BSL, DEXUS – ASX DXS, FORTESCUE METALS GROUP LIMITED – ASX FMG, COLES GROUP LIMITED – ASX COL, AMCOR LIMITED – ASX AMC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Fans face health bans, refunds

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Original article by Finbar O’Mallon
The Australian Financial Review – Page: Online : 5-Jan-21

Crowd numbers for the third Test at the SCG have been capped at 25 per cent of capacity as the SCG Trust responds to Sydney’s current COVID-19 outbreak. Current ticket holders for the game will be refunded and given the chance to repurchase tickets, while food and beverage outlets are being increased to prevent crowding. Residents of the northern zone of the northern beaches will be barred from attending, as well as anyone who has visited COVID-19-affected venues. The SCG Trust hopes to lift crowd limits if Sydney’s COVID-19 numbers improve before the Test starts on 7 January.

CORPORATES
SYDNEY CRICKET GROUND TRUST

Masks go on in malls but shoppers are nowhere to be found

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Original article by Natasha Gillezeau
The Australian Financial Review – Page: Online : 5-Jan-21

Sydney retailers stated there were few shoppers to be seen on 4 January, but those that were about seemed to be complying with new mask rules. Marianne Davies, the owner of Victoria & Albert Antiques and Jewellery, says the new mask rules are a bit "annoying", while some retail workers said they had not been given any official communication about the new rules from their head offices. Shopping Centre Council of Australia executive director Angus Nardi said initial feedback from its members was that compliance with the new rules was good.

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SHOPPING CENTRE COUNCIL OF AUSTRALIA

The year regional housing turned property on its head

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Original article by Michael Bleby
The Australian Financial Review – Page: Online : 5-Jan-21

Regional property values rose by 6.9 per cent in the 12 months to December, according to figures released by CoreLogic on 4 January. Property values for the combined capital cities rose by just two per cent, and it was the first time in almost 15 years that regional values had risen at a greater rate than metropolitan values, as the pandemic saw urban residents move to rural areas for more space and greater safety. The number of transactions in 2020 was up nine per cent on 2019, although the volume of listings was down 21 per cent.

CORPORATES
CORELOGIC AUSTRALIA PTY LTD