Author: roymorgansocial

Regulator urged not to curtail BNPL

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Original article by Richard Gluyas
The Australian – Page: 21 : 20-Nov-20

Liberal senator Andrew Bragg will use a StartUp Aus speech on 20 November to caution against over-regulating the ‘buy now, pay later’ sector. In the wake of the Australian Securities & Investments Commission’s recent report on the sector, Bragg will emphasise the need for ASIC to enforce the law rather than "pontificate on policy". Bragg will also use the speech to argue that the new national security in Hong Kong presents an opportunity for Australia to become a regional financial centre.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Labor bans all MPs from sexual relationships with their staff

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Original article by Latika Bourke
The Age – Page: Online : 12-Nov-20

The conduct of federal MPs has come under renewed scrutiny in the wake of an ABC report on the extramarital activities of cabinet ministers Christian Porter and Alan Tudge. Labor leader Anthony Albanese has announced that all of his party’s MPs will be prohibited from having intimate relations with members of their staff. The federal government’s so-called ‘bonk ban’ applies only to ministers rather than backbenchers. It was introduced by former prime minister Malcolm Turnbull following a series of indiscretions by Coalition MPs.

CORPORATES
AUSTRALIAN LABOR PARTY

CBA profits cut despite growth in lending

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Original article by James Frost, James Eyers
The Australian Financial Review – Page: 17 : 12-Nov-20

The Commonwealth Bank of Australia has reported a cash profit of $1.8bn for the September quarter, which is 16 per cent lower than previously. Household deposits increased by $15.8bn during the first three months of 2020-21, while mortgage lending increased by $5.6bn. CBA has advised that its net interest margin was lower than in the second half of 2019-20, primarily due to the impact of lower interest rates. CBA has also reported a sharp fall in the number of deferred loans since the end of the September quarter.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Rudd and Turnbull will be called to give evidence at Senate inquiry into media diversity

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Original article by Amanda Meade
The Guardian Australia – Page: Online : 12-Nov-20

The Senate’s environment and communications references committee will undertake an inquiry into media diversity after the federal government did not oppose the motion. The committee will begin accepting submissions immediately and will report by the end of November 2021. Former prime ministers Kevin Rudd and Malcolm Turnbull are amongst those who will be asked to appear before the inquiry. Rudd organised a petition calling for a royal commission into the market dominance of News Corp.

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD

ALP cries JobTaker as wage subsidy gets over the line

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Original article by Rosie Lewis
The Australian – Page: 1 & 5 : 12-Nov-20

The Senate has voted 30-28 to pass the federal government’s JobMaker bill without any amendments, after One Nation and Centre Alliance agreed to back the legislation. One Nation had previously indicated that it would support an amendment proposed by Labor that was designed to prevent employers from sacking existing staff and hiring younger workers in order to qualify for the subsidy. One Nation has rejected suggestions that it made a ‘side deal’ with the government.

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ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY

March target to vaccinate five million

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Original article by Natasha Robinson
The Australian – Page: 5 : 12-Nov-20

Health Minister Greg Hunt says the federal government aims to begin distributing COVID-19 vaccines in March. The government has agreed to purchase 10 million doses of Pfizer’s vaccine, which would enable five million Australians to be inoculated. The Therapeutic Goods Administration has granted a provisional determination for both the Pfizer vaccine candidate and one being developed by AstraZeneca and Oxford University. The TGA hopes to approve the vaccines for use in Australia in January.

CORPORATES
AUSTRALIA. DEPT OF HEALTH, PFIZER INCORPORATED, AUSTRALIA. THERAPEUTIC GOODS ADMINISTRATION, ASTRAZENECA PLC, OXFORD UNIVERSITY

China fallout hits Woodside gas sale plan

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 14 & 18 : 12-Nov-20

Woodside Petroleum CEO Peter Coleman says potential Chinese investors have abandoned talks to acquire a stake in Scarborough gas project due to the growing trade tensions between Australia and China. He adds that this contributed to Woodside’s decision to drop plans to reduce its stake in the Scarborough project and focus on selling a stake in the Pluto-2 project. Coleman has stressed that relations between Woodside and its existing Chinese customers and partners remain strong.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL

A November to remember amid US poll results, vaccine hope

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Original article by David Rogers
The Australian – Page: 13 & 20 : 12-Nov-20

Australia’s benchmark S&P/ASX 200 has gained 8.8 per cent so far in November, and it is now just 11.5 per cent shy of the record peak of 7,197.2 points in February. The market has been boosted by factors such as the outcome of the US presidential election and the encouraging initial clinical trial results for Pfizer’s coronavirus vaccine candidate. JP Morgan anticipates further upside for equities, forecasting that the global bull run is not yet over.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, JP MORGAN AND COMPANY INCORPORATED

Union roasting for Labor: you are out of step

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Original article by Greg Brown
The Australian – Page: 4 : 12-Nov-20

The fallout from Joel Fitzgibbon’s resignation from federal Labor’s frontbench over the party’s stance on climate change is continuing. Labor MP Mark Dreyfus has accused Fitzgibbon of being "out of step" with regional Australians on environmental policy; however, former ACTU president Jennie George contends that the only people who are out of step are Labor MPs who have failed to note the outcome of the 2019 election, which saw voters reject Labor’s climate policies. Peter Jordan of the construction union says Fitzgibbon has merely been trying to get Labor back in touch with its traditional supporter base.

CORPORATES
AUSTRALIAN LABOR PARTY, ACTU, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Forrest unveils ambitious Fortescue renewables plan

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Original article by Brad Thompson
The Australian Financial Review – Page: 14 & 18 : 12-Nov-20

Fortescue Metals Group has outlined plans to become a major player in the energy sector via a massive investment in renewables. Fortescue chairman Andrew Forrest had told the pure-play iron ore miner’s AGM that it will initially aim to produce 235 gigawatts of energy via renewables, as it transition to an "renewables and resources" company. Meanwhile, CEO Elizabeth Gaines has stressed the importance of Australia’s trading relationship with China.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG