Author: roymorgansocial

High energy prices force Rio to the table

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Original article by Perry Williams
The Australian – Page: 17 & 20 : 26-Nov-19

The future of Rio Tinto’s Tomago, Boyne and Bell Bay aluminium smelters in Australia remains under scrutiny amid high energy prices and weak demand for aluminium. CEO Jean-Sebastien Jacques notes that energy costs accounts for a third of the company’s cost structure, adding that energy costs in Australia are very high by global standards. He says Rio Tinto is holding talks with governments at federal and state level regarding energy costs. The future of Alcoa’s Portland smelter in Victoria is also uncertain, with a state government subsidy due to expire in 2021.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ALCOA OF AUSTRALIA LIMITED, CSR LIMITED – ASX CSR, RUSAL

Investors demand action by Westpac

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Original article by Joyce Moullakis
The Australian – Page: 17 & 21 : 26-Nov-19

Nathan Parkin of Ethical Partners Funds Management contends that some at a high level at Westpac needs to be held accountable for the financial penalties that will arise from its massive breach of anti-money laundering laws. Meanwhile, one of Westpac’s 20 largest shareholders believes that CEO Brian Hartzer will not be to able to remain at the helm in the wake of the scandal. Westpac’s share price has fallen by 8.8 per cent since the scandal was revealed.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, ETHICAL PARTNERS FUNDS MANAGEMENT PTY LTD, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, PLATO INVESTMENT MANAGEMENT LIMITED, OWNERSHIP MATTERS PTY LTD, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, NORGES BANK INVESTMENT MANAGEMENT, BLACKROCK INCORPORATED, THE VANGUARD GROUP INCORPORATED

Stay calm, this is no Enron

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Original article by Peter Van Onselen, Michael Roddan
The Australian – Page: 1 & 2 : 26-Nov-19

Westpac CEO Brian Hartzer has told his executive team that there is no need to "overcook" the money-laundering and child exploitation scandal that has embroiled the bank. He has argued that it is not a major issue for "people in mainstream Australia". Sources have also indicated that Hartzer has told executives to focus on issues such as lifting Westpac’s net promoter score and writing more home loans. He is also said to have downplayed any comparisons to Enron and Lehman Brothers.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, MOODY’S INVESTORS SERVICE INCORPORATED, VICTORIA. DEPT OF TREASURY AND FINANCE

Fake News?

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Original article by Roy Morgan
Media Update – Page: Online : 26-Nov-19

The Australian newspaper this week claimed 1,803,000 print readers of their Monday to Friday newspaper – fake news? Roy Morgan average issue readership of The Australian (Monday to Friday) is 291,000 (down 12,000 in a year) and The Weekend Australian 547,000 (down 38,000 in a year). The Australian also reported a year-on-year increase of 800,000 online readers to 1,892,000, an 80% increase. Unfortunately News Corporation does NOT subscribe to any Roy Morgan data which is Australia’s only independent source of all media measurement – Roy Morgan media audience estimates have been the measurement ‘currency’ for nearly 50 years history. Many have been critical of audience claims by Facebook, Google, etc. It is important that all audience information used by media in Australia to sell marketers advertising space is accurate. News Corp should only use and support accurate media measurement data! A correction in The Australian is not enough.

CORPORATES
ROY MORGAN LIMITED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

No way to Wiggle out of sacking

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Original article by Ewin Hannan
The Australian – Page: 3 : 25-Nov-19

The Fair Work Commission has thrown out an unfair dismissal claim by a Toyota dealership employee who took personal leave under false pretences. Sean Mamo had requested leave to care for his son, but his employer became aware that Mamo had in fact used the paid day off to take his son out, after photos of them at a Wiggles concert were posted on social media. FWC deputy president Alan Colman said the fact that Mamo claimed a payment to which he was not entitled was sufficient grounds for his dismissal.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED

China will eclipse US economy by 2030, experts say

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Original article by Andrew Clark
The Australian Financial Review – Page: 9 : 25-Nov-19

Former foreign minister Gareth Evans is among a number of observers who believe that the Chinese economy will become the largest by 2030. However, he says China will not be the dominant world power by this date. Allan Gyngell, the former head of the Office of National Assessments, adds that the rise of China means that Australia will have to manage its relationship with the nation more carefully. Tensions between the two nations may become strained by revelations that Wang Liqiang has offered to supply details of China’s political interference operations in Hong Kong, Taiwan and Australia if he is granted asylum by the federal government.

CORPORATES
AUSTRALIA. OFFICE OF NATIONAL ASSESSMENTS, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Foxtel fortified by $1.6bn debt deal

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Original article by Leo Shanahan
The Australian – Page: 24 : 25-Nov-19

Pay-TV group Foxtel has completed a deal to refinance some $US1.1bn ($1.6bn) worth of debt. It is said to include a $US900m debt facility with a syndicate of commercial banks. The deal comes as Foxtel seeks to increase its presence in the subscription video-on-demand market with the launch of a drama-focused streaming service in 2020. It will complement Kayo Sports, which now boasts some 443,000 subscribers and recently won the SportsPro OTT Award for the best user experience.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, KAYO SPORTS, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, HANA FINANCIAL GROUP INCORPORATED, DISNEY+, NETFLIX INCORPORATED, AMAZON PRIME VIDEO

Hanson not sold on union bill

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Original article by Ewin Hannan
The Australian – Page: 4 : 25-Nov-19

Centre Alliance senator Rex Patrick has indicated that he will support the federal government’s Ensuring Integrity Bill. He says unions are "very useful organisations" that stand up for workers’ rights, but stresses that they are not above the law. The bill now only requires the support of One Nation or independent senator Jacqui Lambie. One Nation leader Pauline Hanson says her party will consider the government’s final amendments to the bill and consult with unions before deciding its stance.

CORPORATES
CENTRE ALLIANCE, ONE NATION PARTY, AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, ACTU

Activist threat to blockade airport

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Original article by Joe Kelly
The Australian – Page: 1 & 4 : 25-Nov-19

Extinction Rebellion has demanded immediate action on climate change in the wake of the recent bushfires. The climate activist group has warned that federal MPs will be prevented from accessing Canberra airport when parliament rises for the year on 5 December unless they take action to shut down the fossil fuel industry and adopt a target of net zero emissions by 2025. Shadow resources minister Joel Fitzgibbon says the latter demand would destroy the Australian economy. The proposed blockade has also been criticised by Liberal-National Party MPs Michelle Landry and Keith Pitt.

CORPORATES
EXTINCTION REBELLION, AUSTRALIAN LABOR PARTY, LIBERAL-NATIONAL PARTY OF QUEENSLAND

Convene COAG over disasters: Albanese

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Original article by Joe Kelly
The Australian – Page: 4 : 25-Nov-19

Labor leader Anthony Albanese has called for an emergency meeting of the Council of Australian Governments in the wake of deadly bushfires. He says the agenda for a COAG meeting should include Australia’s preparedness for natural disasters, the development of an action plan on adaptation to climate change, and increased investment in research on natural disaster response, recovery and mitigation. The federal government will provide grants of up to $15,000 to assist farmers and small businesses to recover from the recent bushfires in New South Wales.

CORPORATES
AUSTRALIAN LABOR PARTY, COUNCIL OF AUSTRALIAN GOVERNMENTS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, NEW SOUTH WALES. DEPT OF PREMIER AND CABINET