Author: roymorgansocial

South32 calls for clear guidance on scope 3

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 23 : 14-Feb-20

Diversified miner South32 has posted a 2019-20 interim net profit of $US99m, which is 84 per cent lower than previously. The group’s underlying earnings fell 80 per cent to $US131m and revenue was down 16 per cent due to lower prices for its key commodities. CEO Graham Kerr says South32’s focus is on Scope 1 carbon emissions at present, but he argues that all companies will eventually need to address their Scope 3 emissions. He adds that governments must clarify how planning approvals will take Scope 3 emissions into account.

CORPORATES
SOUTH32 LIMITED – ASX S32

Bali tourist tests positive to coronavirus as more than 14,000 new cases confirmed

roymorgansocial Leave a comment

Original article by
The New Daily – Page: Online : 14-Feb-20

The global death toll from the coronavirus has risen to 1,369; Japan has reported its first death from the respiratory illness, and more than 60,000 people worldwide have now been infected. An additional 14,840 cases of the virus have been reported in the Chinese province of Hubei, after health officials changed the methodology for diagnosing the illness. Meanwhile, a Chinese national who has returned to Shanghai after holidaying in Bali recently tested positive to the disease.

CORPORATES

Scorched land safe from fires for years

roymorgansocial Leave a comment

Original article by Kieran Gair
The Australian – Page: 2 : 14-Feb-20

The CSIRO estimates that some 10 million hectares of land has been razed during the 2019-20 bushfire season. This exceeds the combined area burnt in the 2009 Black Saturday and 1983 Ash Wednesday bushfires. Landscape ecologist Grant Williamson says the massive destruction of plant life in the bushfire zones means there will be no danger of fires in these areas for at least four years, as there is nothing left to burn. Meanwhile, the Rural Fire Service has confirmed that all bushfires in New South Wales have been contained.

CORPORATES
CSIRO, UNIVERSITY OF TASMANIA, NEW SOUTH WALES RURAL FIRE SERVICE

NAB may delay MLC split after sound result

roymorgansocial Leave a comment

Original article by Richard Gluyas
The Australian – Page: 23 : 14-Feb-20

A trading update from National Australia Bank shows that it booked a cash profit of $1.65bn for the first quarter of its financial year. This is one per cent higher than the quarterly average for the second half of fiscal 2019. Revenue increased by less than one per cent for the quarter, while expenses were three per cent higher. Meanwhile, NAB has signalled that the proposed demerger of its MLC wealth management could be postponed due to the challenging business conditions at present.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MLC LIMITED

CSL keeps pumping up the profit

roymorgansocial Leave a comment

Original article by Jared Lynch
The Australian – Page: 17 & 27 : 13-Feb-20

CSL has posted a 2019-20 interim net profit of $US1.248bn, which is eight per cent higher than previously. Sales rose by 8.4 per cent to $US4.7bn, with sales of its immunoglobulin products rising by 26 per cent to $US1.985bn. The biotechnology group expects its full-year profit to be within the range of $US2.1bn to $US2.17bn. CEO Paul Perreault says none of the company’s employees in Wuhan have been infected by the coronavirus and the company has not yet been impacted by the outbreak.

CORPORATES
CSL LIMITED – ASX CSL

Coalition seeks to sidestep high court ruling that Aboriginal non-citizens can’t be deported

roymorgansocial Leave a comment

Original article by Paul Karp, Calla Wahlquist
The Guardian Australia – Page: Online : 13-Feb-20

Attorney-General Christian Porter has indicated that the federal government may legislate to override the High Court’s majority decision that non-citizens of indigenous descent cannot be deported. Porter says the High Court ruling has implications for the government’s policy of deporting people who are convicted of serious crimes while in Australia on a visa. Legal experts have stated that it is too soon to determine the broader implications of the judgment.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, HIGH COURT OF AUSTRALIA

Age Pension for all beats hike in super

roymorgansocial Leave a comment

Original article by Adam Creighton
The Australian – Page: 2 : 13-Feb-20

Mercer has used a submission to the federal government’s review of the retirement income system to call for the superannuation guarantee to remain at 9.5 per cent and to abolish means-testing for the age pension. The super guarantee is legislated to be progressively increase to 12 per cent by 2025, and some Coalition MPs have also called for the increase to be scrapped. Michael Littlewood, who helped design New Zealand’s retirement system, says there are major problems with Australia’s retirement system.

CORPORATES
MERCER INVESTMENTS PTY LTD

Travel bans set to knock $6bn from economy

roymorgansocial Leave a comment

Original article by Richard Ferguson
The Australian – Page: 7 : 13-Feb-20

Investment bank UBS expects Australia to record negative GDP growth in the March quarter, due to the introduction of travel bans in response to the coronavirus. UBS economist George Tharenou warns that annual growth could fall by about 0.9 per cent, which equates to a $6bn economic hit. The federal government’s national security committee will shortly decide whether to extend the ban on people travelling to Australia from mainland China; the ban has affected sectors such as education, tourism and retailing.

CORPORATES
UBS HOLDINGS PTY LTD

Virus slows Rio Tinto copper sales

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 17 : 13-Feb-20

The Oyu Tolgoi copper mine is located in the Khanbogd province, where the Mongolian government has declared a state of emergency due to the coronavirus. Rio Tinto has advised that Mongolia’s efforts to contain the virus’s spread will result in shipments of copper concentrate being delayed. The mine’s output is usually shipped across the border to China via trucks. BHP also recently advised that its copper shipments to China may be delayed, while OZ Mineral has indicated that it has not yet been impacted by the coronavirus outbreak.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, OZ MINERALS LIMITED – ASX OZL

CBA to grab bigger share of business

roymorgansocial Leave a comment

Original article by James Frost
The Australian Financial Review – Page: 1 & 20 : 13-Feb-20

The Commonwealth Bank of Australia has posted a 2019-20 interim cash profit of $4.47bn; this is 4.3 per cent lower than previously, although analysts had expected a larger decline. CEO Matt Comyn notes that CBA recorded growth in home lending, business lending and deposits during the half-year, and he has flagged plans to seek an even greater share of the business lending market. Comyn adds that CBA’s investment in digital banking has enabled it to build market share among younger customers; this is also a segment that it will target for further growth.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA