Author: roymorgansocial

Home care risks repeat of Italy disaster

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Original article by Jamie Walker
The Australian – Page: 2 : 17-Mar-20

The global death toll from the coronavirus has risen to 7,098 and the number of fatalities outside of China now exceeds the total in that country. More than 179,000 people worldwide have been diagnosed with the virus, including 375 in Australia. Infectious diseases expert Professor Dale Fisher says Australia should not allow people who are showing few symptoms of the virus to self-isolate at home. He notes that countries such as China and South Korea have managed to contain the virus by forcing anybody who tested positive to remain in hospital until they were completely clear of it. In contrast, 60 per cent of people who tested positive in Italy were sent home in the initial stages of the outbreak; the nation has now recorded 2,158 deaths from the virus.

CORPORATES
WORLD HEALTH ORGANIZATION

Boosted funding for at-risk industries

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Original article by Geoff Chambers, Simon Benson, Richard Ferguson
The Australian – Page: 1 & 4 : 17-Mar-20

Legislating the federal government’s $17.6bn economic stimulus package will be a priority when parliament resumes on 23 March. The government will pursue additional stimulus measures that will target industries that will be hardest hit by the coronavirus pandemic; the Budget in May is also tipped to include more government support for businesses. Meanwhile, the national cabinet will consider restrictions on gatherings in enclosed spaces such as cinemas and restaurants. The existing ban on gatherings of more than 500 people has resulted in the cancellation of many cultural and sports events.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Small businesses in NSW and South Australia hardest hit by coronavirus crisis

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Original article by Adam Creighton
The Australian – Page: Online : 17-Mar-20

Research by Roy Morgan has found that 60 per cent of Australian businesses have now been affected by the coronavirus pandemic, compared with just 15 per cent in mid-February. The survey of more than 1,100 businesses also shows that 17 per cent of businesses have been affected ‘a great deal’ by the virus, up from two per cent in mid-February. Roy Morgan CEO Michele Levine notes that more than 70 per cent of businesses with turnover of at least $1m have reported being affected by the coronavirus, at a time when the economy is still recovering from the bushfires. She says the federal government’s stimulus package will need to be significantly increased to avert a devastating recession.

CORPORATES
ROY MORGAN LIMITED

Businesses buffeted in sea of uncertainty

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Original article by Eli Greenblat
The Australian – Page: 17 & 20 : 17-Mar-20

A growing number of Australian-listed companies are abandoning their recently-issued earnings guidance in response to the coronavirus. They include Cochlear, which has warned that hearing implants will be a low priority for the healthcare sector in terms of elective surgery when the virus is eventually contained. Challenger Limited, Auckland International Airport and oOh!Media are among the other companies that have withdrawn their earnings guidance. In contrast, The Reject Shop has advised that its sales have risen strongly year-on-year amid panic buying by consumers.

CORPORATES
COCHLEAR LIMITED – ASX COH, CHALLENGER LIMITED – ASX CGF, AUCKLAND INTERNATIONAL AIRPORT LIMITED – ASX AIA, OOH!MEDIA LIMITED – ASX OML, THE REJECT SHOP LIMITED – ASX TRS

Qantas worker underpay hit $7.1m

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Original article by Ewin Hannan
The Weekend Australian – Page: 10 : 14-Mar-20

National carrier Qantas has become embroiled in the wage underpayments scandal, after admitting that it had been in breach of the Fair Work Act for several years. Qantas has agreed to an enforceable undertaking with the Fair Work Ombudsman following revelations that 638 employees were underpaid a total of $7.1m over an eight-year period. The scandal will cost Qantas around $9m when back-pay and interest is taken into account. It will also made a contrition payment of $390,000, which the Australian Services Union says is inadequate.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN SERVICES UNION

Bosses call for wages freeze, or jobs will go

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Original article by Ewin Hannan
The Australian – Page: 5 : 16-Mar-20

Master Grocers Australia has urged the Fair Work Commission to freeze award pay rates in the retail sector for 12 months in response to the coronavirus pandemic. The MGA warns in its submission to the FWC’s annual review of the minimum wage that the impact of the coronavirus is likely to be felt for at least a year, so it is not an appropriate time to be increasing award wages. The MGA also contends that a small increase in the minimum wage may be justified, but not the three per cent rise in 2019. Most workers employed by MGA members are paid minimum award rates.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, MASTER GROCERS’ AUSTRALIA PTY LTD

PM urges G20 to call crisis meeting

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 16-Mar-20

India and Australia are among the countries calling for an urgent meeting of the Group of 20 nations to better co-ordinate the world’s response to the coronavirus. The next G20 leaders’ summit is not due to be held until November. Prime Minister Scott Morrison says that as well as needing to hold a meeting of G20 leaders soon, there needs to be another meeting of the G20 finance ministers given the subsequent economic deterioration since the last one was held less than a month ago. He said any meeting would need to be held by videoconference, given the current travel bans.

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GROUP OF TWENTY (G-20), AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Westpac CEO: banks strong, economy the risk

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 1 & 20 : 16-Mar-20

Westpac’s acting CEO Peter King says the coronavirus crisis represents a ‘real’ economy issue that needs to be dealt with accordingly. He says Westpac and the other big banks can cope with an increase in bad debts and a tightening of credit markets, but helping business customers that have no cash flow to remain operating will be their biggest challenge. King says Westpac is ready to play its part in slowing down the spread of the coronavirus within the community, with appropriate procedures in place if a staff member tests positive.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE GROUP LIMITED – ASX MQG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Coronavirus: Most people will catch it from those who seem perfectly healthy

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Original article by John Elder
The New Daily – Page: Online : 16-Mar-20

The World Health Organization has advised that people should keep at least a metre away from someone who is showing symptoms of the coronavirus. However, analysis suggests that the majority of people will contract the respiratory illness from somebody who is not showing any symptoms and is not aware that they have the virus. The fact that anybody you come into contact with could be infected underlines the importance of measures such as social distancing.

CORPORATES
WORLD HEALTH ORGANIZATION

Sports TV rights deals in turmoil

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Original article by Leo Shanahan
The Australian – Page: 23 : 16-Mar-20

The growing list of sports events that have been cancelled or suspended due to the coronavirus has implications for broadcasting rights holders. Seven West Media faces the loss of about $90m in revenue if the 2020 Tokyo Olympic Games are cancelled; however, it is believed that the debt-laden official broadcaster would save about $150m if this occurs, including the return of about $100m that the International Olympic Committee has already received. Broadcasters are not expected to seek refunds from sports bodies if seasons such as the AFL and NRL are suspended rather than cancelled.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, INTERNATIONAL OLYMPIC COMMITTEE, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE, SUPER RUGBY, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD