Author: roymorgansocial

No more carbon cuts, PM warned

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Original article by Rosie Lewis
The Australian – Page: 1 & 5 : 16-Jan-20

Some Coalition MPs say that the federal government must not make significant changes to its carbon emission reduction targets in response to the bushfires crisis. Prime Minister Scott Morrison has indicated that the nation will exceed its 2030 target of reducing emissions by 26-28 per cent; he has also emphasised that a range of measures in response to climate change are needed, rather than simply reducing emissions. Former National Party leader Barnaby has called for the construction of nuclear power plants in Australia, as well as clean-coal power stations. Sources within the government have suggested that reviving the national energy guarantee policy is unlikely.

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

Home building hopes turn positive

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Original article by Michael Bleby
The Australian Financial Review – Page: 29 : 16-Jan-20

The latest quarterly survey of the construction sector by the ANZ Bank and the Property Council of Australia suggests that building activity in the residential market will improve in the second half of 2020. The index of expectations for housing construction over the next 12 months has risen by 14.6 points in the survey for the March 2020 quarter; it is the largest quarterly gain since the three months to December 2013. PCA CEO Ken Morrison says the latest survey indicates that housing affordability will continue to be a key issue in 2020.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, PROPERTY COUNCIL OF AUSTRALIA LIMITED

Kenny rejects Murdoch climate coverage attack

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Original article by Max Mason
The Australian Financial Review – Page: 4 : 16-Jan-20

News Corporation’s climate coverage continues to attract scrutiny following criticism by James Murdoch, a director of the global company and the son of media mogul Rupert Murdoch. However, News Corp Australia commentator Chris Kenny contends that News Corp is one of the few media organisations that provide "fact-based, varied and realistic debate" on the issue. He adds that global coverage of climate change tends to be dominated by "alarmist and hysterical views". Former News Corp Australia employee Emily Townsend recently alleged that the company has engaged in a misinformation campaign to divert attention from climate change during the bushfires crisis.

CORPORATES
NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, SKY NEWS, 21ST CENTURY FOX INCORPORATED

Survey reveals catastrophic damage to productive land

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Original article by Ean Higgins
The Australian – Page: 4 : 15-Jan-20

An analysis of satellite mapping data by Digital Agriculture Services has highlighted the impact of the bushfires crisis on the agricultural and forestry sectors. DAS has revealed that almost one million hectares of prime agricultural land in the bushfire zones have been burnt, as well as some 1.6 million hectares of logging forests and tree plantations. DAS also notes that the bushfires are largely in areas that have been hard hit by the drought. The analysis only covers bushfire zones in New South Wales, Victoria, Tasmania and South Australia.

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DIGITAL AGRICULTURE SERVICES PTY LTD

James Murdoch criticises father’s news outlets for climate crisis denial

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Original article by Jim Waterson
The Guardian Australia – Page: Online : 15-Jan-20

The climate coverage of News Corp Australia’s newspapers has come under scrutiny in the wake of the bushfires crisis. James Murdoch and his wife Kathryn have issued a joint statement in which they criticise the media group’s continued climate change denial stance. Murdoch is a director of parent company News Corporation, and he stepped down as CEO of 21st Century Fox when it was sold to Walt Disney Company. Media mogul Rupert Murdoch told shareholders at New Corp’s 2019 AGM that there are no climate change deniers at the company.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FOX NEWS, 21ST CENTURY FOX INCORPORATED, WALT DISNEY COMPANY

Maxsted hastens BHP exit in retreat from blue chip boards

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 19 : 15-Jan-20

BHP director Lindsay Maxsted will step down later in 2020, after nine years on the board. He was re-elected at BHP’s annual meeting in late 2019, and gave no indication that he intended to retire. Maxsted has declined to comment on the reasons for his impending exit from the board; however, a major BHP shareholder has indicated that they had expected Maxsted to step down in the next year or so given the money-laundering scandal at Westpac, where he has also stepped down. BHP says the timing of Maxsted’s departure is linked to tenure guidelines which suggest that directors should not serve for more than nine years.

CORPORATES
BHP GROUP LIMITED – ASX BHP, WESTPAC BANKING CORPORATION – ASX WBC

News, Murdochs give millions to aid victims

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Original article by Lilly Vitorovich, Lachlan Moffet Gray
The Australian – Page: 5 : 15-Jan-20

News Corporation has announced a number of initiatives to assist communities that have been affected by the bushfires. It will donate $5m to bushfire relief programs, while executive chairman Rupert Murdoch will personally donate another $2m. Co-chairman Lachlan Murdoch recently donated $2m to the bushfire relief fund. News Corp Australia will also donate all revenue from metropolitan newspaper sales and advertising on 21 January to the bushfire relief appeal, while Foxtel will donate the proceeds from special advertising packages for its broadcasts of charity sports events and the Fire Fight concert.

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NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, CRICKET AUSTRALIA, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE

State review not in conflict with PM’s

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Original article by Rachel Baxendale
The Australian – Page: 4 : 15-Jan-20

The Victorian government has advised that its bushfires inquiry will be headed by Tony Pearce, the state’s Inspector General for Emergency Management. Prime Minister Scott Morrison says this inquiry will have no impact on the federal government’s plans for a bushfires royal commission, stating that he had always expected the states to undertake their own bushfire reviews. Premier Daniel Andrews says he recently held talks with Morrison with regard to the proposed federal inquiry.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, VICTORIA. DEPT OF PREMIER AND CABINET

Recovery funds to hit budget

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Original article by Geoff Chambers, Rosie Lewis, Patrick Commins, Ean Higgins
The Australian – Page: 1 & 4 : 15-Jan-20

Prime Minister Scott Morrison has confirmed that the Budget bottom line will be impacted by the federal government’s disaster relief measures. However, Morrison has stressed that his priority is to provide bushfire victims with the support they need, now and over the next several years. The government has announced an initial $100m funding package to support farmers, fishers and foresters who have been affected by the bushfires. Details of a $50m funding package for charities and financial counsellors to assist bushfire victims will be announced on 15 January.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Open banking rules too tough, say start-ups

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Original article by James Eyers
The Australian Financial Review – Page: 13 & 16 : 15-Jan-20

The Australian Competition & Consumer Commission is responsible for the accreditation of financial services providers under the federal government’s ‘open banking’ regime. However, Fintech Australia has criticised the complexity of the process, and notes that it is expected to cost financial technology companies between $50,000 and $100,000 to gain accreditation. Fintech Australia contends that this cost will be prohibitive for many business start-ups. The open banking regime will commence in July, after initially being slated to begin in February.

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FINTECH AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION