Author: roymorgansocial

It’s not just Forrest making a killing from Fortescue

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Original article by Julie-anne Sprague, Robert Guy
The Australian Financial Review – Page: 13 & 16 : 23-Jan-20

Fortescue Metals Group’s share price rose to a new record high of $12.69 on 22 January, extending the stock’s gain in the year-to-date to 18.7 per cent. The rally has seen the stake of founder and chairman Andrew Forrest rise to around $13.9bn; when his other investments are taken into account, Forrest’s estimated wealth is now about $15.9bn. Other Fortescue executives with an equity interest in the pure-play iron ore miner have also benefited from the stock’s rise, including CEO Elizabeth Gaines and deputy CEO Julie Shuttleworth.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Malcolm Turnbull slams PM’s response to climate change and bushfires

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Original article by Bevan Shields
The Sydney Morning Herald – Page: Online : 23-Jan-20

Former prime minister Malcolm Turnbull has used a BBC interview to criticise his successor Scott Morrison over his handling of the bushfires crisis. Amongst other things, Turnbull has accused Morrison of misleading the public by downplaying the impact of climate change on the bushfires. He has also questioned why Morrison had ignored warnings from fire experts about the likely severity of the bushfire season. Turnbull has also called US President Donald Trump the world’s "leading climate denier" and doubled down on his criticism of News Corp’s stance on climate change.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, BRITISH BROADCASTING CORPORATION

Tourism’s $6.5bn pain: our worst summer ever

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Original article by Emily Ritchie, Lisa Allen
The Australian – Page: 1 & 4 : 23-Jan-20

Tourism Australia will launch a new domestic marketing campaign to bolster the local tourism industry in the wake of the bushfires crisis. Industry executives have estimated that the bushfires have cost the sector about $2bn to date; this takes into account factors such as lost revenue, cancelled bookings, and facilities that have been damaged or destroyed. It is also forecast that the impact of cancelled bookings by international tourists could potentially cost the economy an additional $4.5bn over the next 12 months.

CORPORATES
TOURISM AUSTRALIA PTY LTD, AUSTRALIAN TOURISM INDUSTRY COUNCIL

Mercury gives up on Bauer buyout

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Original article by Lilly Vitorovich, Leo Shanahan
The Australian – Page: 17 : 23-Jan-20

Bauer Media Australia CEO Brendon Hill has confirmed that private equity firm Mercury Capital has withdrawn its offer to acquire the magazine publisher. Hill added that Bauer is open to another approach from the private equity sector if the company’s proposed merger with Pacific Magazines goes ahead. The Australian Competition & Consumer Commission recently expressed concern about the potential impact of the merger on competition in the magazine sector.

CORPORATES
BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, MERCURY CAPITAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, SEVEN WEST MEDIA LIMITED – ASX SWM

Massive clean-up bill set to top $320m

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Original article by Richard Ferguson
The Australian – Page: 4 : 22-Jan-20

Insurers are facing another hit in the wake of the bushfires crisis, with storms wreaking havoc in several states on 20 January. Some 29,000 claims for storm damage have been received to date, including more than 16,000 arising from a hailstorm in Canberra. A hailstorm in New South Wales has also resulted in about 2,900 insurance claims, while storms and flash flooding in Victoria have prompted more than 9,800 claims.

CORPORATES
INSURANCE COUNCIL OF AUSTRALIA LIMITED

NAB hit with class action on super rip-off

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Original article by Aleks Vickovich
The Australian Financial Review – Page: 12 & 17 : 22-Jan-20

A class action lawsuit will contend that National Australia Bank’s superannuation customers incurred substantial losses due to the bank’s tardiness in shifting them to a MySuper product. Law firm Maurice Blackburn will argue that NAB subsidiaries MLC Nominees and NULIS Nominees breached their duties as superannuation trustees by keeping customers in funds that had higher fees than MySuper products. The allegations were first raised before the Hayne royal commission in 2018.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MAURICE BLACKBURN PTY LTD, MLC NOMINEES, NULIS NOMINEES (AUSTRALIA) LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Packer, Ho told to front Crown inquiry

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Original article by Deborah Cornwall
The Australian – Page: 3 : 22-Jan-20

Businessman James Packer has been ordered to appear before the New South Wales Independent Liquor & Gaming Authority’s inquiry into Crown Resorts’ casino operations. Macau-based gambling tycoon Lawrence Ho has also been asked to appear before the inquiry, which was prompted by Packer’s decision to sell a 19.9 per cent stake in Crown to Ho’s Melco Resorts. This deal will be scrutinised by two of the inquiry’s five separate hearings, amid concern that the transaction could potentially breach Crown’s NSW gambling licence. Other hearings will examine issues such as allegations of money-laundering.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO RESORTS AND ENTERTAINMENT LIMITED, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY

PM: cut fire fuel, not just emissions

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Original article by Rosie Lewis
The Australian – Page: 1 & 4 : 22-Jan-20

Prime Minister Scott Morrison argues that undertaking bushfire hazard-reduction burns is just as important as reducing greenhouse gas emissions. However, he notes that unlike carbon emissions, there is no national system for reporting progress on reducing fuel loads in national parks and forests. The issue of prescribed burning has come under scrutiny in the wake of the bushfires crisis, which has claimed 29 lives to date. Labor leader Anthony Albanese claims that climate change has contributed to the intensity of the bushfires and the length of the bushfire season.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Bushfire loans, grants should be easier to get, small businesses say

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Original article by Nick Bonyhady
The Age – Page: Online : 22-Jan-20

Small business owners in bushfire-affected areas have criticised the excessive amount of paperwork required to apply for the federal government’s concessional loans and grants. Shadow small business minister Brendan O’Connor says the government needs to provide greater clarity as to eligibility for the grants and loans, and when businesses will begin to receive financial assistance. The government will also make 10 financial counsellors available, but O’Connor says this is clearly inadequate given that the bushfires have affected about 200,000 small businesses.

CORPORATES
AUSTRALIAN LABOR PARTY

Henry sharpens BHP’s iron will

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Original article by Nick Evans
The Australian – Page: 15 & 20 : 22-Jan-20

BHP still expects its 2019-20 iron ore production in the Pilbara to be within the range of 273 to 286 million tonnes, after reporting output of 137 million tonnes for the first half. This suggests that production in the second half could be up to 149 million tonnes. BHP received an average of $US78.30 per tonne for iron ore in the first half, which is 41 per cent higher than previously. Meanwhile, BHP has advised that production at its Mount Arthur coal mine in New South Wales was affected by the drought and bushfires during the first half.

CORPORATES
BHP GROUP LIMITED – ASX BHP