Author: roymorgansocial

Labor backs net-zero emissions, won’t use Kyoto credits

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Original article by Geoff Chambers, Greg Brown
The Australian – Page: 4 : 21-Feb-20

Opposition leader Anthony Albanese will use a speech on 21 February to commit Labor to a target of net zero carbons emissions by 2050. It will replace Labor’s previous target of reducing emissions by 45 per cent by 2030, which was rejected by voters at the May 2019 election. Albanese will also stress that Labor will not use Kyoto carry-over credits or provide any financial support for the construction of coal-fired power stations.

CORPORATES
AUSTRALIAN LABOR PARTY

Whitehaven Coal profit slumps 91pc

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Original article by Peter Ker
The Australian Financial Review – Page: Online : 21-Feb-20

Whitehaven Coal has reported a 2019-20 half-year net profit of $27.4 million, which is 91 per cent lower than previously. Despite the decline, it still managed to declare a dividend, although shareholders will only receive a payment of $0.015 per share, compared to the $0.20 per share they received for the previous corresponding period. Falling thermal coal prices were the biggest contributor to Whitehaven’s profit decline, while its coal production was down by 31 per cent.

CORPORATES
WHITEHAVEN COAL LIMITED – ASX WHC

Jobs market setback rekindles threat of interest rate cut

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Original article by Patrick Commins, David Rogers
The Australian – Page: 8 : 21-Feb-20

Ben Jarman of JP Morgan says the latest jobs data will strengthen the case for another official interest rate cut. The Australian Bureau of Statistics data shows that the economy added 46,200 full-time jobs in January, although this was offset by the loss of 32,700 part-time positions. The unemployment rate increased to a higher-than-expected 5.3 per cent, from 5.1 per cent in December. The labour participation rate rose by 0.1 per cent to 66.1 per cent, and the under-utilisation rate rose to a 19-month high of 13.9 per cent.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, JP MORGAN AUSTRALIA LIMITED

Markets hit fresh record high

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Original article by David Rogers
The Australian – Page: 17 & 26 : 21-Feb-20

The Australian sharemarket has gained 7.2 per cent so far in 2020, with the benchmark S&P/ASX 200 reaching a new intra-day high of 7,197.2 points on 20 February. The rally saw a number of blue-chip stocks rise to new highs. Meanwhile, the Australian dollar fell to its lowest level in more than a decade in response to data showing that the unemployment rate rose to 5.3 per cent in January. This in turn heightened market expectations of an official interest rate cut by August.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, RESERVE BANK OF AUSTRALIA

Coronavirus could cost global economy $1.1tn in lost income

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Original article by Phillip Inman
The Guardian – Page: Online : 20-Feb-20

The death toll from the coronavirus in mainland China has risen to 2,004, and more than 74,000 people across the nation have been infected with the respiratory illness. Meanwhile, two people have died in Iran after testing positive for the coronavirus, while Hong Kong has reported its second death from the illness. Oxford Economics has estimated that the coronavirus would reduce global economic growth by 1.3 per cent in 2020 if it becomes a pandemic; this could reduce global output by more than $1trn. However, the firm expects the impact of the virus to largely be limited to China.

CORPORATES
OXFORD ECONOMICS LIMITED

Uber dominates but faces growing competition from Ola and DiDi in an expanding rideshare market

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Original article by Roy Morgan
Market Research Update – Page: Online : 20-Feb-20

A special Roy Morgan study into Australia’s rideshare market shows Uber maintaining a strong grasp on the industry. However, other services such as Ola and DiDi are now providing users with alternative options in an increasingly competitive national market. Of those who use a rideshare service in an average three months, a total of 93% ride with Uber followed by Ola (20%) and DiDi (14%), who have each gained significant shares. There is then a significant gap to smaller services including Bolt (4%), Shebah (2%) GoCatch (2%), Rydo (1%) and Shofer (1%). This new Roy Morgan data has been obtained from a study of Australia’s growing rideshare market. The study looked at what types of people use rideshare services, such as where they live, their level of education, work status and income. It also examined the satisfaction ratings of each rideshare service. Of the leading rideshare providers, Uber has clearly the highest customer satisfaction rating of 88%. It is followed by DiDi on 75%, and Ola on 72%.

CORPORATES
ROY MORGAN LIMITED, UBER AUSTRALIA PTY LTD, OLA, DIDI

Westpac warns of hit to bottom line

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Original article by Aleks Vickovich
The Australian Financial Review – Page: 19 : 20-Feb-20

Westpac has used a market update for the first quarter of 2019-20 to advise that its earnings for the financial year will be affected by factors such as the Austrac scandal, storms and the bushfires crisis. Citigroup has responded by downgrading its half-year earnings per share forecast by seven per cent, while its forecast for the full year has been reduced by five per cent. Westpac could face fines of up to $2bn for breaching anti-money laundering laws, while it is the subject of two class actions over the scandal.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Coles and Target are the tip of the iceberg. There could be dozens more underpayment scandals

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Original article by Euan Black
The New Daily – Page: Online : 20-Feb-20

Gerard Dwyer of the Shop, Distributive & Allied Employees’ Association says it is inevitable that another major company will admit to having underpaid its employees, after revelations that Target did so. The union has written to more than 100 employers, asking them to undertake a self-audit to ensure that their staff are being paid correctly. Dwyer has urged the federal government to restore the right of unions to conduct random checks of companies’ payrolls.

CORPORATES
SHOP, DISTRIBUTIVE AND ALLIED EMPLOYEES’ ASSOCIATION

Fair Work in grip of ALP influence

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Original article by Ewin Hannan
The Australian – Page: 6 : 20-Feb-20

The Australian Mines & Metals Association has expressed concern that Labor appointees have dominated the rulings made by the Fair Work Commission in recent years. AMMA says that 94 per cent of cases heard by the full bench of the FWC between 2017 and 2019 were presided over by Labor appointees. AMMA CEO Steve Knott adds that four members of the FWC – all appointed by Labor – heard 87 per cent of the cases during this period. He says AMMA has raised the issue with Prime Minister Scott Morrison.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Investors shrug off weak outlook, virus threat

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Original article by David Rogers
The Australian – Page: 27 : 20-Feb-20

Pieter Stoltz of UBS notes that 28 per cent of Australia’s large-capitalisation stocks have exceeded their dividend expectations so far in the February reporting season. He says this may be due to factors such as demand for stable income or limited investment opportunities. Stoltz adds that 31 per cent of large companies have upgraded their earnings guidance, while just 19 per cent have downgraded their earnings guidance.

CORPORATES
UBS HOLDINGS PTY LTD