Author: roymorgansocial

Coalition wary of content tax on tech giants

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Original article by Leo Shanahan, David Swan
The Australian – Page: 5 : 4-Dec-19

Facebook says it supports 15 of the 29 recommendations in the final report of the Australian Competition & Consumer Commission’s digital platforms inquiry. Facebook also rejects suggestions that it has hired lobbyists to influence the federal government’s response to the report, and states that the ACCC’s proposed code of conduct would "unfairly shield" media companies. Meanwhile, the government is said to be concerned that requiring digital players to pay media companies for the use of their content could be perceived as a new tax, which could in turn prompt digital companies to relocate offshore.

CORPORATES
FACEBOOK INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Stimulus calls to ease as mine exports surge

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Original article by Patrick Commins
The Australian – Page: 2 : 4-Dec-19

Kristina Clifton of the Commonwealth Bank says high commodity prices were a big contributor to Australia’s $7.9bn current account surplus for the September quarter. Official data shows that government spending was also higher than forecast during the quarter. The figures have strengthened expectations that the latest national accounts data will show that the economy grew by at least 0.5 per cent in the quarter, and 1.7 per cent year-on-year. This would in turn reduce pressure on the federal government to pursue stimulus measures.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS

ANZ-Roy Morgan Consumer Confidence up to 108.1

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Original article by Roy Morgan
Market Research Update – Page: Online : 4-Dec-19

ANZ-Roy Morgan Australian Consumer Confidence rose 1.2% to 108.1 in the week ended 1 December, its first gain in four weeks. Households’ views towards current financial conditions fell 1.6%, while views towards future financial conditions gained 4.2%. Consumers’ views toward current economic conditions declined 4.1% to its lowest point in four years; views towards future economic conditions gained 1%, although this comes after a cumulative loss of almost 10% over the prior two weeks. The ‘time to buy a household item’ index jumped 5.3%, albeit from a 10-year low in the previous reading. The four-week moving average of inflation expectations was up 0.1ppt to 4.0%, and the weekly reading jumped from 3.8% to 4.1%.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

$45bn ASX hit as trade war flares

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Original article by David Rogers
The Australian – Page: 17 & 25 : 4-Dec-19

The Australian sharemarket recorded its third-biggest one-day fall in the year to date on 3 December; it was driven by factors such as the interest rate outlook and the latest tariff moves in the US. However, Kyle Rodda of IG Markets says the local bourse was overdue for a pullback after the recent strong gains. Wall Street and European stocks also fell sharply, although Asian markets recorded more modest declines, while the Australian dollar reached a three-week high. Richard Coppleson of Bell Potter still expects the local market to reach a new record high by the end of 2019.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, IG MARKETS LIMITED, BELL POTTER SECURITIES LIMITED, RESERVE BANK OF AUSTRALIA

Spending forecasts raise GDP fears

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Original article by Matthew Cranston
The Australian Financial Review – Page: 7 : 29-Nov-19

Data from the Australian Bureau of Statistics shows that business investment fell by 0.2 per cent in the September quarter and by 1.3 per cent year-on-year. Mining investment increased by 1.2 per cent in the year to September, while investment in equipment, plant and machinery was down 3.5 per cent. Josh Williamson of Citigroup says the latter figure is likely to reduce GDP growth in the September quarter by 0.15 percentage points.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, CITIGROUP PTY LTD

Facebook defends itself against Twiggy Forrest attack

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Original article by Patrick Durkin
The Australian Financial Review – Page: 3 : 29-Nov-19

Facebook has responded to claims that it is not doing enough to address the issue of fraudulent advertisements on its platforms. Carolyn Everson, Facebook’s global head of marketing, says it has launched a "massive crackdown" on scam ads and may take legal action against those responsible for them. Mining magnate Andrew Forrest has called for digital platforms to be treated in the same way as traditional media companies. He is among the high-profile Australians whose photos have been used in scam ads published on digital platforms such as Facebook and Google.

CORPORATES
FACEBOOK INCORPORATED, GOOGLE INCORPORATED, TWITTER INCORPORATED, SEVEN WEST MEDIA LIMITED – ASX SWM

Hastie helped spy find an ASIO haven

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Original article by Ben Packham
The Australian – Page: 1 & 2 : 29-Nov-19

Liberal MP Andrew Hastie has been linked to Wang Liqiang, who claims to have been a Chinese spy and is now seeking asylum in Australia. It has been revealed that Hastie was contacted by an associate of Wang via an encrypted telephone app in early October. Hastie, who chairs the parliamentary joint committee on intelligence and security, then contacted ASIO about Wang’s allegations regarding Chinese intelligence operations in Australia. The Chinese government maintains that Wang is a fraudster rather than a spy.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED

Be ready for sanctions on China: Abbott

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Original article by Bo Seo, Angus Grigg
The Australian Financial Review – Page: 6 : 29-Nov-19

Former prime minister Tony Abbott has used a Lowy Institute speech to warn that the crisis in Hong Kong may require targeted sanctions to be imposed on China. He also argued that Australia’s strategy to deal with the growing power of China should include an increase in military spending, which is currently set at two per cent of GDP. Abbott also said Australia needs to establish closer relations with India. He added that it might be time for Australia to undertake freedom of navigation exercises in the South China Sea.

CORPORATES
LOWY INSTITUTE FOR INTERNATIONAL POLICY

Hanson blindside kills anti-thug law

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 29-Nov-19

The federal government will put its Ensuring Integrity Bill before the Senate again in 2020 after a vote was tied at 34 votes apiece on 28 November. The bill was defeated after One Nation joined with Labor and the Greens to vote against it, even though the government had agreed to the minor party’s proposed amendments. Independent senator Jacqui Lambie also voted against the bill. Labor leader Anthony Albanese has described the bill’s defea­t as a "win for workers", but Australian Industry Group CEO Innes Willox says it is a "win for union thug­gery".

CORPORATES
ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, THE AUSTRALIAN INDUSTRY GROUP, MASTER BUILDERS AUSTRALIA INCORPORATED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ACTU, WESTPAC BANKING CORPORATION – ASX WBC, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED)

Vale pact could deliver more deals for OZ

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Original article by Peter Ker
The Australian Financial Review – Page: 22 : 29-Nov-19

OZ Minerals has exercised an option to acquire the Pantera copper exploration project in Brazil’s Carajas region from Vale. OZ has also acquired an option to buy another two copper projects from Vale, which will in turn transport and market OZ’s copper concentrate in the region. OZ MD Andrew Cole has flagged the possibility of expanding the partnership with Vale. Meanwhile, OZ has advised that construction work at the Pedra Branca copper and gold project in the Carajas region will commence in December.

CORPORATES
OZ MINERALS LIMITED – ASX OZL, VALE SA, FORTESCUE METALS GROUP LIMITED – ASX FMG, EVOLUTION MINING LIMITED – ASX EVN, NEWMONT GOLDCORP CORPORATION