Author: roymorgansocial

Fed to hold interest rates near zero at least till 2022

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Original article by Nick Timiraos
The Australian – Page: 17 : 12-Jun-20

The US Federal Reserve has left interest rates on hold after its latest two-day policy meeting, and chairman Jerome Powell has indicated that a rate rise will not be on the agenda for some time. Federal Reserve officials unanimously agreed that the cash rate is likely to remain at around zero in 2021, and the majority expect no change in monetary policy during 2022. Meanwhile, the central bank intends to continue purchasing Treasurys and mortgage securities at the current rate, while Powell says the US labour market is unlikely to rebound from the coronavirus quickly, despite recent data showing that the economy added 2.5 million jobs in May.

CORPORATES
UNITED STATES. FEDERAL RESERVE BOARD

Now for second wave – of protests

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Original article by Simon Benson, Geoff Chambers
The Australian – Page: 1 & 5 : 12-Jun-20

Prime Minister Scott Morrison says people who choose to attend upcoming protest rallies should be charged with breaching social distancing rules. Refugee activists have indicated that they still hope to stage a rally planned for Sydney on 13 June, even though the New South Wales Supreme Court has ruled that it cannot proceed. Black Lives Matters rallies have also been organised in Sydney, Darwin and Perth over the coming weekend. The Australian Health Protection Principal Committee has cautioned people against attending rallies after a man who attended the BLM rally in Melbourne tested positive to the virus.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN HEALTH PROTECTION PRINCIPAL COMMITTEE

Survivor firms can pay $30 rise: ACTU

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 11-Jun-20

The Fair Work Commission will shortly hand down its decision on a minimum wage increase. The ACTU is pushing for a four per cent increase in the minimum wage, which equates to $30 a week. Trevor Clarke of the ACTU has told the FWC that businesses which are still operating as the economy emerges from the pandemic have the capacity to absorb this increase, as the demise of rivals means they have less competition. Employer groups contend that the economy is yet to feel the full impact of the coronavirus.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, ACTU

The cancer treatment that caught Milken’s eye in Melbourne

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Original article by Jill Margo
The Australian Financial Review – Page: 2 : 11-Jun-20

The Prostate Theranostics & Imaging Centre of Excellence at the Peter MacCallum Cancer Centre will be officially opened on 11 June. It is headed by Michael Hofman, a pioneer in the use of theranostics to treat prostate cancer. Research undertake at 11 cancer centres across Australia has shown that theranostics has higher response rates and fewer side effects than chemotherapy. The new cancer centre has received $7.4m in funding from a foundation established by US philanthropist, convicted insider trader and prostate cancer survivor Mike Milken.

CORPORATES
PETER MACCALLUM CANCER CENTRE

Second wave would be $25bn tsunami

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Original article by Patrick Commins
The Australian – Page: 4 : 11-Jun-20

The OECD’s latest economic outlook report forecasts that the Australian economy will contract by five per cent in 2020, compared with an average decline of 7.5 per cent among member nations. The OECD also expects the domestic economy to rebound by 4.1 per cent in 2021, in the absence of a second wave of the coronavirus. A fresh outbreak would reduce GDP growth in 2021 to just one per cent, according to the OECD. The Paris-based organisation expects the global economy to contract by 6% in 2020, and 7.6% if there is a second wave.

CORPORATES
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

BHP to destroy at least 40 Aboriginal sites, up to 15,000 years old, to expand Pilbara mine

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Original article by Lorena Allam, Calla Wahlquist
The Guardian Australia – Page: Online : 11-Jun-20

A proposed expansion of BHP’s South Flank iron ore mine that will result in the destruction of rock shelters and other significant indigenous sites was approved by the Western Australian government on 29 May. This was just days after Rio Tinto attracted global criticism for destroying ancient rock shelters during blasting at its Brockman iron ore mine. WA’s Aboriginal Affairs Minister Ben Wyatt has urged BHP to work with the traditional owners to protect the heritage sites.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, WESTERN AUSTRALIA. DEPT OF INDIGENOUS AFFAIRS

Netflix, Apple and Stan could be required to boost Australian content

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Original article by Anne Davies
The Guardian Australia – Page: Online : 11-Jun-20

Expanding local content rules to include subscription video-on-demand services is among the options canvassed in a report that was released by the Australian Communications & Media Authority and Screen Australia prior to the onset of the coronavirus pandemic. Although local player Stan has invested in local content, SVOD providers are currently under no obligation to do so. An alternative to directly investing in the production of local content may be for streaming services to contribute to a fund that would support local production.

CORPORATES
AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, SCREEN AUSTRALIA, STAN ENTERTAINMENT PTY LTD, NETFLIX INCORPORATED, APPLE INCORPORATED, AMAZON.COM INCORPORATED

Importing LNG cheaper

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Original article by Mark Ludlow
The Australian Financial Review – Page: 3 : 11-Jun-20

Jemena MD Frank Tudor says a gas pipeline linking Western Australia to the east coast is not a viable option, as the cost of transporting gas across the country would be prohibitive. He argues that a proposed LNG import terminal at Port Kembla would be much more cost-effective than the $6bn transcontinental pipeline that has been put forward by the National COVID-19 Coordination Commission. Jemena plans to link its eastern gas pipeline to the import terminal.

CORPORATES
JEMENA LIMITED, AUSTRALIA. NATIONAL COVID-19 COORDINATION COMMISSION

Council brakes slow recovery

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Original article by Rebecca Urban, Damon Johnston
The Australian – Page: 1 & 4 : 11-Jun-20

Federal Treasurer Josh Frydenberg says local councils should fast-track development applications in order to stimulate economic activity in the post-coronavirus world. He says the state and federal governments are helping to boost the construction sector, and local governments should do so as well. It takes an average of 70 days for development applications to be approved in Victoria – well above the statutory requirement of 60 days – and this had blown out to at least 120 days for some councils prior to the pandemic. The average number of days to approve a development application in New South Wales is 84 days.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

CBA sued over junk credit card insurance

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Original article by Lachlan Moffet Gray
The Australian – Page: 17 : 11-Jun-20

Plaintiff law firm Slater & Gordon has launched a class action on behalf of Commonwealth Bank customers who were sold inappropriate credit protection policies. The Federal Court action will allege that the bank sold credit card and personal loan insurance products to about 200,000 people whose employment status meant they would be unlikely to claim against the policies. The insurance products, which came under scrutiny by the Hayne royal commission, were discontinued in March 2018.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SLATER AND GORDON LIMITED – ASX SGH, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY