Author: roymorgansocial

Forrest wants tech giants to be accountable for ads

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Original article by Max Mason
The Australian Financial Review – Page: 7 : 28-Nov-19

Fortescue Metals Group founder Andrew Forrest argues that technology companies such as Facebook should be treated in the same way as traditional media companies with regard to advertising content that appears on their platforms. He contends that digital companies are not doing enough to address the issue of fraudulent ads, and they must be accountable for the ads that are published on their platforms. Forrest is among a number of high-profile Australians whose images have been used to promote scams on social media platforms.

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Rio to open $1bn Pilbara mine

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Original article by Nick Evans
The Australian – Page: 27 : 28-Nov-19

Rio Tinto has advised that it will invest $US749m ($1bn) on the Western Turner Syncline 2 expansion at its Tom Price iron ore hub in the Pilbara. Exports are slated to commence in 2021, and the output will replace existing production at other Pilbara mines rather than adding new capacity. Rio Tinto also intends to deploy autonomous haulage trucks at the Western Turner Syncline 2 project.

CORPORATES
RIO TINTO LIMITED – ASX RIO

Construction falls for fifth quarter running

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Original article by Michael Bleby
The Australian Financial Review – Page: 31 : 28-Nov-19

Australian Bureau of Statistics data shows that residential construction activity fell by 3.1 per cent quarter-on-quarter in the three months to September, to $18.3bn in seasonally adjusted terms. Meanwhile, engineering construction declined by 0.2 per cent in the September quarter, to $21.1bn, although non-residential construction increased by four per cent to $11.4bn. Gareth Aird of the Commonwealth Bank says the residential construction sector continues to be a drag on the economy.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Henry signals faster use of new tech at BHP

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Original article by Nick Evans
The Australian – Page: 27 : 28-Nov-19

BHP’s incoming CEO Mike Henry has told a resources technology conference that the mining giant’s priorities will remain unchanged under his leadership. However, Henry has indicated that the deployment of new technologies will be a focus for BHP, which has been slower to roll out technology such as driverless trucks than iron ore rivals Rio Tinto and Fortescue Metals Group.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG

ANZ-Roy Morgan Consumer Confidence falls to 106.8

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Original article by Roy Morgan
Market Research Update – Page: Online : 27-Nov-19

ANZ-Roy Morgan Australian Consumer Confidence fell 2.8% to 106.8 in the week ended 24 November, to its lowest level in more than four years. Weakness is across the board. Households’ views towards current financial conditions fell 0.1%, while views towards future financial conditions plunged 4.4%; current financial conditions are still above average, but future conditions are now below average. Consumers’ views toward current economic conditions fell 1.3% to a four-year low, and views towards future economic conditions declined 4.6% to an all-time low. The ‘time to buy a household item’ index was also at a multi-year low, falling 3.3%, but the four-week moving average of inflation expectations was stable at 3.9%.

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

Labor may revive negative gearing

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Original article by Phillip Coorey
The Australian Financial Review – Page: 8 : 27-Nov-19

Shadow housing minister Jason Clare has warned that the housing affordability crisis has not eased since Labor lost the 18 May election, adding that it may get worse. He has raised the prospect that Labor could go into the next federal election with a modified version of its proposed changes to the capital gains and negative gearing regimes that were rejected by voters in May.

CORPORATES
AUSTRALIAN LABOR PARTY, MASTER BUILDERS AUSTRALIA INCORPORATED

The Westpac money laundering scandal – Australia’s largest case of moral blindness?

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Original article by Michele Levine, CEO, Roy Morgan
Corporate Governance Update – Page: Online : 27-Nov-19

Before its money laundering scandal, Westpac was the ‘least distrusted’ of the big-four banks. That is about to change. In the immediate wake of Westpac being accused by the regulator of breaching anti-money laundering laws 23 million times, the question is, how could there be such a comprehensive failure of governance? Shareholders, employees, customers – and ultimately the courts – all want to know what went wrong. Was it intentional or did the breaches go unnoticed? Chances are we have witnessed corporate Australia’s largest case of moral blindness. On the march to prosperity following the GFC, many C-Suite executives and company directors felt liberated from the shackles of ethics, freed and legitimated by the need to rebuild shareholder value. Moral blindness, it seems, was sanctioned by this ‘prosperity imperative’. A decade later the Financial Services Royal Commission exposed moral blindness across the sector. Possibly the most spectacular revelation was the moral blindness exhibited by the then AMP Chair and CEO. Now it’s Westpac’s turn in the moral blindness spotlight. If any good is to come of the Westpac scandal it is the recognition that every corporate board needs an Ethics Committee to combat intentional wrongdoing. And moral blindness.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Two cuts left in RBA arsenal

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Original article by Patrick Commins
The Australian – Page: 1 & 6 : 27-Nov-19

Reserve Bank of Australia governor Philip Lowe has used a speech in Sydney to state that conventional monetary policy remains effective and the central bank is unlikely to consider quantitative easing unless the cash rate falls to 0.25 per cent. He indicated that the RBA would buy government bonds if it opted for QE. Lowe also described negative interest rates as the only monetary policy tool that is "truly unconventional", and emphasised that negatives rates are unlikely in Australia.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Foodland maintains customer satisfaction ratings lead

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Original article by Roy Morgan
Market Research Update – Page: Online : 27-Nov-19

Foodland is the winner of Roy Morgan’s Supermarket of the Month Award for September 2019, with a customer satisfaction rating of 88%. It is followed by Coles (82%), IGA (82%), Aldi (81%) and Woolworths (81%). Roy Morgan CEO Michele Levine says that Foodland’s unbeaten run throughout 2019 is a significant feat in an increasingly competitive market, and it has now won 15 monthly satisfaction awards in a row. September’s customer satisfaction ratings were obtained from the Roy Morgan Single Source survey, which is compiled from in-depth face-to-face interviews with around 50,000 Australians each year in their homes.

CORPORATES
ROY MORGAN LIMITED, FOODLAND AUSTRALIA LIMITED, COLES SUPERMARKETS AUSTRALIA PTY LTD, IGA, ALDI STORES SUPERMARKETS PTY LTD, WOOLWORTHS SUPERMARKETS

Dump directors or we’ll oust the lot, Westpac told

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Original article by Michael Roddan, Andrew White
The Australian – Page: 1 & 4 : 27-Nov-19

Westpac chairman Lindsay Maxsted has indicated that he will have no role in the global search for a successor to CEO Brian Hartzer. CFO Peter King will become acting CEO following Hartzer’s resignation over the Austrac scandal, while Maxsted himself intends to bring forward his retirement to the first half of 2020. Meanwhile, Westpac may face a board spill at its upcoming annual meeting, with institutional investors demanding that more directors and executives be held accountable for the scandal. Hartzer will receive a $2.7m payout, although he will forgo short-term and long-term bonuses worth up to $22m.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIANSUPER PTY LTD, UNISUPER LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, STANDARD AND POOR’S FINANCIAL SERVICES LLC