Author: roymorgansocial

Analysts tip $11bn profits for banks in messy accounting year

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Original article by Cliona O’Dowd
The Australian – Page: 15 : 26-Oct-20

The ANZ Bank, Westpac and National Australia Bank will report their financial results for the year to 30 September in the next two weeks. Analysts expect Australia’s major banks to book a combined profit of about $11bn, with the Commonwealth Bank having reported its full-year results in August. The full-year results will be affected by factors such as remediation charges, asset sales and Westpac’s recent settlement with Austrac.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Belt and Road deal a cause for alarm

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Original article by John Ferguson
The Australian – Page: 8 : 23-Oct-20

President Donald Trump’s former national security adviser has expressed concern about the Victorian government’s deal to participate in China’s Belt and Road Initiative. Lieutenant General H.R. McMaster says that although the BRI agreement would generate some economic opportunities, it will "come with strings attached". This could include the expectation that local communities would have to support China’s foreign policy.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Dutton attacks Facebook’s death star

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 23-Oct-20

Home Affairs Minister Peter Dutton has expressed concern about Facebook’s proposal to introduce end-to-end encryption across its messaging platforms. Dutton has warned that fully encrypting Messenger and Instagram will facilitate the activities of terrorists and paedophiles. Dutton is seeking to introduce new laws aimed at cracking down on the so-called ‘dark web’; he contends that under current legislation it is almost impossible to investigate and identify people who use the dark web. Facebook-owned WhatsApp already uses end-to-end encryption.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, FACEBOOK INCORPORATED

Rip up aged care, start over

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Original article by Stephen Lunn
The Australian – Page: 1 & 4 : 23-Oct-20

Australia’s aged-care system is no longer ‘fit for purpose’ and requires a major overhaul, according to Peter Rozen QC. He is one of the counsel assisting the royal commission into the sector. Rozen and Peter Gray QC have made a 500-page submission to the inquiry which features 124 recommendation, including the introduction of mandatory staff ratios and a legally enforceable duty of care for aged-care providers. Rozen says that at least one in five nursing home residents have received substandard care, while it is estimated that about 50 are sexually abused each week.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO AGED CARE QUALITY AND SAFETY

Canberra boost for Pilbara renewables

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Original article by Elouise Fowler
The Australian Financial Review – Page: 20 : 23-Oct-20

The proposed Asian Renewable Energy Hub in the Pilbara is set to be granted major project status by the federal government. The 6,500-square kilometre hub will use wind and solar power to produce zero-emission green hydrogen for the domestic and export markets. So-called clean hydrogen was identified as one of five priorities in the government’s low-emissions technology roadmap. A final investment decision on the $US36bn ($51bn) project is slated to be made by 2025.

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Red card for postal boss

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Original article by Tom McIlroy
The Australian Financial Review – Page: 1 & 4 : 23-Oct-20

Australia Post CEO Christine Holgate will stand aside pending the outcome of an investigation into revelations that four senior executives were rewarded with luxury watches. Prime Minister Scott Morrison has ordered the independent review after Holgate told a Senate estimates committee that the Cartier watches – which cost $3,000 each – were given to the executives for securing the Bank@Post deal with three of the major banks. Holgate contended that taxpayers’ money had not been used as Australia Post is a commercial business. Some Coalition MPs have called for Holgate to resign, while the Communications Union’s national secretary Greg Rayner says Australia Post’s entire board should step aside.

CORPORATES
AUSTRALIA POST, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, COMMUNICATIONS, ELECTRICAL, ELECTRONIC, ENERGY, INFORMATION, POSTAL, PLUMBING AND ALLIED SERVICES UNION OF AUSTRALIA

Is reaching zero COVID-19 possible?

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Original article by Kingston Mills
The Conversation – Page: Online : 23-Oct-20

A number of countries have successfully suppressed the coronavirus. However, an elimination strategy is more difficult to achieve; New Zealand came close to doing so, but new cases emerged after the nation had been COVID-free for 100 days. Potential options for achieving ‘zero COVID-19’ include herd immunity; however, reaching the threshold for this through natural infection will result in many more deaths, while some people who survive COVID-19 will experience long-term health effects. A vaccine is the best chance of reaching zero COVID-19, but it is unrealistic to expect the first vaccines to be fully effective, and distributing a vaccine worldwide could take years.

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Foxtel to open Kayo content

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Original article by Lilly Vitorovich
The Australian – Page: 17 : 23-Oct-20

Foxtel CEO Patrick Delany has revealed that the pay-TV group’s Kayo streaming service will offer some content via a ‘freemium’ model from early 2021. Consumers will be able to access a range of Kayo content without a subscription, including some Supercars races. Foxtel recently secured a new five-year broadcasting rights deal for the Supercars championship.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, KAYO SPORTS, SUPERCARS

OZ Minerals adds glowing copper to golden outlook

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Original article by Nick Evans
The Australian – Page: 19 : 23-Oct-20

OZ Minerals produced 23,873 tonnes of copper in the September quarter, compared with 24,577 tonnes in the three months to June. Gold output also fell slightly, to 66,746 ounces. OZ has upgraded its full-year guidance for gold production to between 242,000 and 259,000 ounces, with production at its Prominent Hill mine in South Australia expected to be 10,000 to 15,000 ounces higher than previously forecast. Full-year copper production is expected to be in line with earlier guidance. OZ shares closed 5.3 per cent higher at 15.97 on 22 October.

CORPORATES
OZ MINERALS LIMITED – ASX OZL

The Hunter Biden story is a crucial moment: does Twitter care more than News Corp about fact-checking?

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Original article by Margaret Simons
The Guardian Australia – Page: Online : 23-Oct-20

A recent story in the ‘New York Post’ about the son of US presidential candidate Joe Biden has become the battleground over the principle that media organisations should not publish allegations unless they believe them to be true, and after they have undertaken appropriate checks. The story has pitched traditional media company News Corporation against social media giants Facebook and Twitter. The social media giants have sought to stop the story from circulating due to doubts about its veracity. News Corp in turn has accused them of censorship, while it has generally failed to acknowledgement that the original story may have been false.

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, FACEBOOK INCORPORATED, TWITTER INCORPORATED