Author: roymorgansocial

Death toll from New Year’s fires up to eight, and rising

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Original article by Bo Seo, James Fernyhough, Tom McIlroy
The Australian Financial Review – Page: Online : 2-Jan-20

Seven people have died in the New South Wales bushfires since 31 December, while a man in Gippsland in Victoria has also been reported as having died in the fires there. The NSW Rural Fire Service has advised over 175 homes have burned down on the NSW south coast since 30 December, while over 150 fires continue to burn in NSW and Victoria. Total insured losses from the current bushfire season are approaching $300 million, while the Insurance Council of Australia has stated the NSW government’s ’emergency services levy’ is a deterrent to people and businesses taking out insurance. Western Australia had six fires burning at alert level on the afternoon of 1 January, South Australia was dealing with 52 incidents, while six fires were burning at ‘watch and act’ level in Tasmania.

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NEW SOUTH WALES RURAL FIRE SERVICE

Bushfires: firefighters in scramble to control blazes before heat soars again

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Original article by Stephen Lunn, Kieran Gair, Lachlan Moffet Gray
The Australian – Page: Online : 2-Jan-20

The New South Wales Rural Fire Service has declared much of the NSW south coast a ‘Tourist Leave Zone’ on 4 January. The RFS says people staying there should leave by then, while anyone planning to visit the area should not come. RFS Commissioner Shane Fitzsimmons says fires in the area could be worse than those on 31 December, while NSW Premier Gladys Berejiklian says people living in the area should prepare for more fatalities. Temperatures in parts of southeast NSW and East Gippsland in Victoria are tipped to exceed 40C on 4 and 5 January, and Victorian Emergency Management Commissioner Andrew Crisp says 4 January is likely to be another high-risk day for Victoria

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NEW SOUTH WALES RURAL FIRE SERVICE

Maurice Newman demands ABC apologise over Tex Perkins obscene gesture at NY Eve performance

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Original article by David Ross
The Australian – Page: Online : 2-Jan-20

Former ABC chairman Maurice Newman has accused the public broadcaster of breaching its charter during its New Year’s Eve coverage. The ABC aired footage of singer Tex Perkins making an obscene gesture towards Prime Minister Scott Morrison. Newman said the ABC should apologise for the incident, while Liberal senator Eric Abetz said both Perkins and the ABC should apologise for what occurred. A spokesperson for the ABC said it had no prior knowledge that Perkins was going to make such a gesture, while it noted its New Year’s Eve coverage had help to raise more than $2 million to help communities affected by the bushfires.

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AUSTRALIAN BROADCASTING CORPORATION

Rampant growth in Sydney, Melbourne runs out of steam

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Original article by Nila Sweeney
The Australian Financial Review – Page: Online : 31-Dec-19

Sydney home values rose by 1.7 per cent in December, according to CoreLogic, while Melbourne home values increased by 1.4 per cent. This compares to growth of 2.7 per cent for Sydney and 2.2 per cent for Melbourne in November. Tim Lawless from CoreLogic expects that Sydney and Melbourne will record overall growth rates of 5.3 per cent in 2019; Sydney values fell by 8.9 per cent in 2018, while Melbourne values declined by seven per cent. CoreLogic expects Melbourne home values to increase by up to 14 per cent in 2020, while Sydney home values are predicted to rise by up to 12 per cent.

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CORELOGIC AUSTRALIA PTY LTD

Cheaper power to lift big companies

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Original article by Patrick Commins
The Australian – Page: 1 & 4 : 24-Dec-19

Analysis of data from the Australian ­Energy Market Operator shows that wholesale electricity prices in Victoria have fallen by 39 per cent year-on-year in December, and by 36 per cent in New South Wales. South Australia has recorded the smallest fall in wholesale prices, at just three per cent. Tony Wood of the Grattan Institute says electricity prices are likely to fall further in 2020 and 2021. The power costs of heavy electricity users will fall immediately, although the majority of households and small businesses are on supply contracts that are based on annual price changes.

CORPORATES
AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, GRATTAN INSTITUTE, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AGL ELECTRICITY (VICTORIA) PTY LTD, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, VICTORIA. ESSENTIAL SERVICES COMMISSION

Pumped hydro next on Morrison’s energy list

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Original article by Greg Brown, Joe Kelly
The Australian – Page: 4 : 24-Dec-19

The federal government has given in-principle approval for the construction of two new gas-fired power plants under its Underwriting New Generation Investments. APA Group will build a 220MW gas plant in the Melbourne suburb of Dandenong; the government will also underwrite a 132MW gas plant in the Queensland town of Gatton. The government is also expected to underwrite at least one of three proposed pumped-hydro projects in South Australia that were short-listed for the scheme.

CORPORATES
APA GROUP – ASX APA, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Yuletide bounce falls flat for shops

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Original article by Patrick Commins
The Australian – Page: 3 : 24-Dec-19

AMP Capital’s Shane Oliver says the bushfire crisis is likely to affect consumer sentiment during the retail sector’s crucial Christmas trading period. He notes that consumer confidence had already been dampened by factors such as low wages growth, a high underemployment rate and economic uncertainty. The Australian Retailers Association has forecast that consumer spending will by rise 2.6 per cent to $52.7bn between 14 November and 24 December, while it expects spending at post-Christmas sales to rise 2.4 per cent to $18.7bn.

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AMP CAPITAL INVESTORS LIMITED, AUSTRALIAN RETAILERS ASSOCIATION, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Bushfire toll tops 1000 homes; PM rejects reckless response

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Original article by Bo Seo
The Australian Financial Review – Page: Online : 24-Dec-19

Prime Minister Scott Morrison toured bushfire-affected areas of New South Wales on 23 December, as the Rural Fire Service advised that 829 homes in the state have been destroyed and another 333 have been damaged since the current bushfire season began. The RFS has warned that more homes are likely to be lost. The RFS adds that some 3.41 million hectares across the state have been burnt so far in the bushfire season. At least 86 homes have also been lost in South Australia’s Adelaide Hills. Morrison contends that stricter carbon emissions reduction targets would not have prevented the bushfires.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEW SOUTH WALES RURAL FIRE SERVICE, AUSTRALIAN LABOR PARTY

ASIC next in line to be climate cop

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Original article by Michael Roddan
The Australian – Page: 1 & 4 : 24-Dec-19

The Australian Securities & Investments Commission will begin to legally enforce a requirement that listed companies must inform their shareholders and customers of any material risks from climate change. ASIC has not yet used this enforcement power under the Corporations Act 2001, but it intends to do so in 2020. Woolworths and Treasury Wine Estates are among the companies that have warned of the potential impact of climate change in their financial reports.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WOOLWORTHS GROUP LIMITED – ASX WOW, TREASURY WINE ESTATES LIMITED – ASX TWE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CITIGROUP PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA

Caltex dusts off Ampol brand

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Original article by Nick Evans
The Australian – Page: 13 : 24-Dec-19

Caltex Australia will relaunch the Ampol fuel brand after US-based Chevron Corporation advised that its licence to use the Caltex brand will be terminated. Caltex will have three years to complete the rebranding of its petrol stations, with the process slated to begin within six months. The Ampol brand was established in 1936, but it was phased out when the company merged with Caltex in 1995. Chevron recently acquired fuel retailer Puma Energy Australia for $425m.

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CALTEX AUSTRALIA LIMITED – ASX CTX, CHEVRON CORPORATION, AMPOL LIMITED, PUMA ENERGY (AUSTRALIA) HOLDINGS PTY LTD