Author: roymorgansocial

JPMorgan helped identify cartel bankers

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Original article by Pamela Williams
The Australian Financial Review – Page: 1 & 8 : 6-Dec-19

The Australian Competition & Consumer Commission is taking criminal cartel action against the ANZ Bank, Citigroup and Deutsche Bank, as well as six of their executives. The ACCC’s action relates to a $2.5 billion capital raising by ANZ, with the ACCC alleging that bankers from the three companies conspired to restrict the supply of or maintain the price of ANZ shares following the capital raising. Former JP Morgan executive Richard Galvin has told the New South Wales Local Court that he had listened to covert phone recordings to help the ACCC identify bankers on the calls.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CITIGROUP PTY LTD, DEUTSCHE BANK AG, JP MORGAN AUSTRALIA LIMITED, LOCAL COURT OF NEW SOUTH WALES

Banks boosted as Kiwis cave in

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Original article by Richard Gluyas
The Australian – Page: 17 & 21 : 6-Dec-19

The Reserve Bank of New Zealand will require the local subsidiaries of Australia’s four major banks to hold tier one capital that is equivalent to at least 16 per cent of their risk-weighted assets. They will also be required to hold total capital of 18 per cent, of which 13.5 per cent will have to be common equity tier one capital. However, the new rules will be implemented over a seven-year period, rather than the five-year time-frame that was initially proposed.

CORPORATES
RESERVE BANK OF NEW ZEALAND, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, UBS HOLDINGS PTY LTD, S&P GLOBAL RATINGS

Get lean: PM wields the axe

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Original article by Simon Benson, Geoff Chambers
The Australian – Page: 1 & 6 : 6-Dec-19

The Coalition has reduced the number of federal government departments from 18 to 14 as part of a broader overhaul of the public service. Amongst other things, the Department of Communications will be merged with the infrastructure portfolio, while the energy and resources portfolio will be folded into the industry and science portfolio. Five departmental secretaries will be retrenched as a result of the overhaul, while sources have indicated that the Coalition also intends to slash the number of government agencies.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF INFRASTRUCTURE AND REGIONAL DEVELOPMENT, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, COMMUNITY AND PUBLIC SECTOR UNION

In this sports betting company, the winners are called problem customers

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Original article by Steve Cannane, Kyle Taylor
abc.net au – Page: Online : 6-Dec-19

Former employees of UK-based wagering giant Bet365 have revealed the strategies it uses to protect its profit margins. The whistleblowers say Bet365 uses complex algorithms to identify customers who have a high win rate and limit the size of the bets that they can place via its platform. The algorithms are also used to target punters who lose frequently, in order to increase their betting limits. In-play betting is one of Bet365’s biggest sources of revenue globally, although it is restricted to telephone betting in Australia. An internal document shows that Bet365 is concerned that telephone-based in-play betting is easier for customers to exploit than online betting.

CORPORATES
BET365 GROUP LIMITED, AUSTRALIAN BROADCASTING CORPORATION

Port logjams threaten coal demand: Tata Steel

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Original article by Luke Housego
The Australian Financial Review – Page: 19 : 5-Dec-19

Tata Steel MD T.V. Narendran says India will continue to source the bulk of its coking coal from Australia; however, he warns that India will seek other sources of coking coal if action is not taken to address bottlenecks at Queensland’s coal shipping ports. Narendran notes that India currently imports about 50 million tonnes of coking coal a year, and this will grow significantly amid expectations that the nation’s steel production will double over the next decade.

CORPORATES
TATA STEEL, AUSTRALIA. OFFICE OF THE CHIEF ECONOMIST

ASIC bans life and consumer credit insurance cold calls

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Original article by James Fernyhough
The Australian Financial Review – Page: 16 : 5-Dec-19

The Australian Securities & Investments Commission will crack down on the practice of hawking in the financial services sector. Insurers will not be allowed to sell life and consumer credit insurance products via unsolicited telephone calls from 13 January. ASIC says no insurer had objected to the proposed ban during a consultation period. The Hayne royal commission had recommended a total ban on cold calling for all insurance and superannuation products.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COMMINSURE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SELECT AFSL

PM rebuffs claims of asylum deal

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Original article by Rosie Lewis
The Australian – Page: 1 & 5 : 5-Dec-19

A bill to repeal the controversial medivac laws was passed by the Senate 37-35 on 4 December, after independent senator Jacqui Lambie sided with the federal government. Prime Minister Scott Morrison had held talks with Lambie several times in recent weeks, but he has refuted suggestions that the Coalition cut a deal to secure her support. Lambie in turn has declined to reveal the nature of the proposals she had put to the government, citing national security concerns.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, CENTRE ALLIANCE, AUSTRALIA. DEPT OF HOME AFFAIRS

Sorry rugby chiefs pay Folau millions

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Original article by Remy Varga
The Australian – Page: 1 & 7 : 5-Dec-19

Rugby Australia has agreed to a confidential settlement with sacked player Israel Folau, who had been seeking $14m in compensation. He is expected to be paid several million dollars to settle the dispute, with Rugby Australia issuing an apology for any hurt or harm caused to Folau and his wife. Folau in turn has used a joint statement to apologise for any hurt or harm his social media comments had caused. The Australian Christian Lobby has advised that people who donated money for Folau’s legal defence will be entitled to a pro-rata refund.

CORPORATES
RUGBY AUSTRALIA, AUSTRALIAN CHRISTIAN LOBBY

The Nightingale on song at AACTAs

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Original article by Philippa Hawker, Kieran Gair
The Australian – Page: 3 : 5-Dec-19

‘The Nightingale’ won four Australian Academy of Cinema & Television Arts awards on 4 December. They included the categories of best film, best director and best screenplay; the film previously received two awards in the first stage of the AACTAs presentation earlier in the week. Meanwhile, ‘Total Control’ has won the award for best TV drama series, while ‘Lambs of God’ was named the best telefeature or mini-series.

CORPORATES
AUSTRALIAN ACADEMY OF CINEMA AND TELEVISION ARTS

Economy lifts but spending at GFC levels

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Original article by Patrick Commins
The Australian – Page: 4 : 5-Dec-19

Australia’s GDP growth for the September quarter was slightly below economists’ forecasts at 0.4 per cent, while the economy grew by 1.7 per cent year-on-year. The national accounts data also shows that consumer spending increased by just 0.1 per cent during the quarter, which is its lowest rate of growth since the global financial crisis. Meanwhile, the household savings rate rose from 2.7 per cent to 4.8 per cent. Treasurer Josh Frydenberg has welcomed the GDP data, but shadow treasurer Jim Chalmers has renewed Labor’s call for economic stimulus.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS