Author: roymorgansocial

Weathering the storm: inside the Murdoch family climate schism

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Original article by Zoe Samios
The Sydney Morning Herald – Page: Online : 17-Jan-20

Media mogul Rupert Murdoch announced in late 2006 that News Corporation had a responsibility to ‘take the lead’ with regard to climate change. Murdoch subsequently revealed a number of initiatives aimed at reducing his media empire’s carbon footprint, including the ‘CoolChange’ program, which was known as ‘1Degree’ in Australia. Murdoch’s stance on climate change came as a surprise to many observers, given that he had traditionally been a climate change sceptic. News Corp’s stance on climate change is attracting renewed scrutiny amid criticism of its newspapers’ coverage of the bushfires crisis.

CORPORATES
NEWS CORPORATION – ASX NWS,{SPAC}NEWS CORP AUSTRALIA PTY LTD

Meet Macquarie: The $50bn investment bank

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Original article by Joyce Moullakis
The Australian – Page: 15 & 21 : 17-Jan-20

Macquarie Group’s shares closed 1.4 per cent higher at a record $143.47 on 16 January; this compares with just $14.75 in early 2009, as the global financial crisis took its toll on investment banks. Macquarie now boasts a market capitalisation of $50.85bn, while it has more than $560bn worth of asset under management. Macquarie posted a profit of $1.46bn for the six months to September, an increase of 11 per cent, although CEO Shemara Wikramanayake has flagged a lower full-year profit than previously.

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG

Fears PM’s carbon credit projects gone to blazes

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Original article by Geoff Chambers
The Australian – Page: 1 & 5 : 17-Jan-20

The Department of the Environment & Energy has indicated that it is too soon to determine whether the bushfires crisis has had any impact on projects that have been backed by the federal government’s Emissions Reduction Fund. It also says most of the fires have been in regions that do not have ERF projects, although analysis shows that many such projects are either in or close to fire-affected areas. The Clean Energy Regulator is undertaking a review of the effects of the bushfires on ERF projects.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY,{SPAC}EMISSIONS REDUCTION FUND,{SPAC}AUSTRALIA. CLEAN ENERGY REGULATOR

NSW will follow ‘experts’, not Morrison: Premier

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Original article by John Kehoe
The Australian Financial Review – Page: 4 : 16-Jan-20

New South Wales Premier Gladys Berejiklian has reiterated that the state will undertake its own review of the bushfire season. However, she adds that it will be open to participating in the federal government’s proposed royal commission. Berejiklian has also stressed that the state’s policy on hazard reduction burns is based on advice from experts rather than politicians. Prime Minister Scott Morrison has suggested that a federal inquiry could look at issues such as state governments’ preparedness for the bushfire season, including hazard reduction burns.

CORPORATES
NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, UNITED FIREFIGHTERS’ UNION OF AUSTRALIA

Even denim’s got the blues as Jeanswest collapses

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Original article by Eli Greenblat
The Australian – Page: 15 : 16-Jan-20

Peter Gothard and James Stewart of KPG have been appointed as voluntary administrators of the Australian division of Jeanswest Corporation. The clothing retailer boasts 988 employees and 146 stores across Australia, and is the latest casualty of the downturn in the retail sector. Gothard says the administrators will seek expressions of interest from potential buyers of the business, which was founded in 1972. The first creditors’ meeting is scheduled for 28 January. Jeanswest’s New Zealand arm is not affected by the collapse.

CORPORATES
JEANSWEST CORPORATION PTY LTD, KPMG AUSTRALIA PTY LTD

$100m sport grants biased

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Original article by Ben Packham
The Australian – Page: 1 & 6 : 16-Jan-20

Auditor-General Grant Hehir has released a report which shows that marginal seats held by the Coalition were among the biggest recipients of grants to ‘grassroots’ sporting groups ahead of the May 2019 federal election. Former sports minister Bridget McKenzie approved the grants, and Hehir found that she failed to take into consideration the recommendations of Sport Australia when allocating the money. The report notes that the grants also favoured seats that the Coalition believed that it could win at the election.

CORPORATES
AUSTRALIA. OFFICE OF THE AUDITOR-GENERAL, AUSTRALIAN NATIONAL AUDIT OFFICE, SPORT AUSTRALIA

EMR plots production boost

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 16-Jan-20

A consortium headed by private equity firm EMR Capital has acquired the Ravenswood gold mine in Queensland from Resolute Mining. Production costs at Ravenswood averaged more than $2,000 an ounce in the first half of 2019; gold is currently trading at around $2,200 an ounce in Australian dollar terms, and around $US1,551 an ounce. EMR Capital is confident that plans to increase production will enable the mine to remain profitable even if the gold price falls below $US1,300 an ounce.

CORPORATES
RESOLUTE MINING LIMITED – ASX RSG, EMR CAPITAL PTY LTD

RBA warns on buy now, pay later dangers

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Original article by Gerard Cockburn
The Australian – Page: 14 : 16-Jan-20

Documents released under Freedom of Information laws shows that the Reserve Bank of Australia had expressed concern about the growth of ‘buy now, pay later’ platforms in March 2019. The internal memorandum cautioned that the rapid growth in such platforms is beginning to present a risk to financial stability, and noted that some consumers may not fully understand the risks associated with these platforms. However, the central bank also concluded that buy now, pay later services can be more beneficial to some consumers than credit cards.

CORPORATES
RESERVE BANK OF AUSTRALIA, AFTERPAY LIMITED – ASX APT, ZIP CO LIMITED – ASX Z1P, GOLDMAN SACHS AUSTRALIA PTY LTD

Morrison doubles family aid payments

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Original article by Olivia Caisley
The Australian – Page: 4 : 16-Jan-20

The federal government has announced changes to its family assistance payments for bushfire victims. Families have already received a disaster recovery payment of $400 per child; Prime Minister Scott Morrison has indicated that they will shortly receive an additional $400 for each child, at a cost of $7.9m. The government will also relax the paperwork requirements of volunteer firefighters who claim compensation for loss of income while serving on the bushfires frontline.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Windfall for super on share upsurge

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Original article by David Rogers, Gerard Cockburn
The Australian – Page: 13 & 18 : 16-Jan-20

Data from SuperRatings shows that the median balanced superannuation fund achieved a return of 13.8 per cent in 2019, for the best calendar-year gain since 2013. SuperRatings’ executive director Kirby Rappell says investors should not expect a similar return in 2020, although he expects the sector to perform well again. Rappell adds that consolidation in the super industry is likely to continue in 2020, and the sustainability of operating expenses will be a key issue for funds of all sizes. The average super fund has returned 7.7 per cent over the last decade.

CORPORATES
SUPERRATINGS PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY