Author: roymorgansocial

Degrading ore body adds to Citic’s woes

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Original article by Nick Evans
The Australian – Page: 19 : 25-Nov-19

China-based Citic has declined to comment on the likely cost of proposed changes to the processing plant at its Sino Iron project in the Pilbara. A decline in the quality of the project’s iron ore has prompted Citic to undertake a trial program which would entail using different equipment to process ore on one of the facility’s six production trains. The cost of the trial program is believed to be minimal, although overhauling the entire plant could prove to be expensive. Meanwhile, Citic is awaiting a court ruling in the latest round of its royalties dispute with businessman Clive Palmer.

CORPORATES
CITIC LIMITED, SINO IRON PTY LTD, HIGH COURT OF AUSTRALIA

Westpac execs still in the money

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Original article by Richard Gluyas, Joe Kelly
The Australian – Page: 1 & 2 : 25-Nov-19

Treasurer Josh Frydenberg has stressed the need for accountability over Westpac’s massive breach of anti-money laundering and counter-terrorism financing laws. He notes that in addition to Austrac’s civil prosecution, there is the potential for Westpac executives and directors to be disqualified under the Banking Executive Accountability Regime. Meanwhile, Westpac chairman Lindsay Maxsted says executives’ short-term bonuses will be frozen; however, their long-term bonuses are not expected to be affected. Other measures taken by Westpac in response to the scandal include shutting down the LitePay international fund transfer network.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Catalano takes aim at irrelevant rules restricting rural TV

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Original article by John Stensholt
The Australian – Page: 24 : 25-Nov-19

Antony Catalano contends that a rule which limits media companies to one TV broadcasting licence in a single market is "antiquated" and "completely outdated". He notes that the so-called ‘one-in-a-market rule’ does not apply to radio stations, newspapers or news websites. Catalano adds that he has discussed the issue with Communications Minister Paul Fletcher and is prepared to launch a campaign for reform via Australian Community Media if the federal government does not take action. Catalano and Alex Waislitz bought the regional newspaper business earlier in 2019.

CORPORATES
AUSTRALIAN COMMUNITY MEDIA, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, WIN CORPORATION PTY LTD, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL

How BHP’s chairman tamed Elliott Management

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Original article by Peter Ker, James Thomson
The Australian Financial Review – Page: 13 & 18 : 25-Nov-19

BHP chairman Ken MacKenzie has stressed the importance of engaging with activist investors in a professional manner, rather than taking a defensive stance. He adds that an activist investor will usually be well prepared before they make contact with a company that they are targeting, and they will almost certainly already be a shareholder. US-based activist hedge fund Elliott Management remains on BHP’s share register several years after its unsuccessful campaign for a restructuring of the resources giant. MacKenzie has described Elliott as "a terrific shareholder".

CORPORATES
BHP GROUP LIMITED – ASX BHP, ELLIOTT MANAGEMENT CORPORATION, TRIBECA INVESTMENT PARTNERS PTY LTD

Lift super to 12pc to defuse age time bomb

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Original article by Richard Gluyas
The Australian – Page: 21 : 22-Nov-19

AustralianSuper CEO Ian Silk appeared before federal parliament’s economics committee on 21 November, where he emphasised the need to increase the superannuation guarantee from 9.5 per cent to 12 per cent. He warned that the legislated increase is necessary to avert the ‘economic time bomb’ of the nation’s ageing population, arguing that the pension system alone is not sufficient to provide Australians with a comfortable retirement. Silk also expressed support for consolidation in the super sector, and the exit of funds that consistently underperform.

CORPORATES
AUSTRALIANSUPER PTY LTD, AUSTRALIA. HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, INDUSTRY SUPER AUSTRALIA PTY LTD, LIBERAL PARTY OF AUSTRALIA

WeWork announces it is cutting 2400 jobs globally

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Original article by Peter Eavis
The Age – Page: Online : 22-Nov-19

Co-working pioneer WeWork has confirmed that it will shed staff, although the initial job cuts as not as severe as some media reports had forecast. The 2,400 jobs to be shed equates to almost 20 per cent of WeWork’s global workforce. WeWork also intends to sell or shut down non-core business units, which will further reduce its global headcount by about 1,000. A similar number of employees will be transferred to JLL in December, when cleaning and building maintenance work is outsourced to the real estate services group.

CORPORATES
WEWORK, JLL

One Nation backtracks on unions

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 22-Nov-19

The federal government is expected to release proposed amendments to the Ensuring Integrity Bill on 22 November. It is believed to have backed Centre Alliance’s proposal for a demerit points system for unions and officials who breach workplace laws, as well as amendments put forward by One Nation. However, One Nation has withdrawn proposed amendments that would have allowed unions to be deregistered over unprotected industrial action that could have a ‘substantial adverse effect’ on the economy.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, CENTRE ALLIANCE, ONE NATION PARTY, ACTU, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Online journos second-class no longer after win

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Original article by Ewin Hannan
The Australian – Page: 6 : 22-Nov-19

The Fair Work Commission has ruled that journalists who work for online-only news publications are covered by the media industry award. The FWC found that minimum employment conditions of these journalists are ‘significantly inferior’ to those of their print peers. Daily Mail Australia has warned that extending the coverage of the Journalists Published Media Award to digital media workers will result in higher wage costs, and its existing operating model may need to be revised if it has to pay weekend penalty rates.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, DAILY MAIL AUSTRALIA, GUARDIAN AUSTRALIA, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, RURAL PRESS LIMITED, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE

Seven merger a matter of survival for Prime

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Original article by Max Mason
The Australian Financial Review – Page: 20 : 22-Nov-19

Prime Media Group chairman John Hartigan says the federal government is not acting quickly enough on reforms that will allow consolidation in the media sector. He has warned that Seven West Media’s takeover bid is crucial for the survival of both Prime and regional journalism. Australian Community Media’s executive chairman Antony Catalano has queried this claim, arguing that Prime should therefore have undertaken a formal sale process to allow other potential buyers to make an offer.

CORPORATES
PRIME MEDIA GROUP LIMITED – ASX PRT, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN COMMUNITY MEDIA

Woodside mulls $40bn projects

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Original article by Perry Williams
The Australian – Page: 20 : 22-Nov-19

Woodside Petroleum expects to make final investment decisions on its Browse and Scarborough LNG gas projects within 18 months. CEO Peter Coleman says these decisions will be made in an increasingly competitive global environment for LNG producers. He adds that Australia is also competing with countries that have lower corporate tax regimes, less regulation and more competitive labour costs.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, BP AUSTRALIA LIMITED, ROYAL DUTCH SHELL PLC, JAPAN AUSTRALIA LNG PTY LTD, BHP GROUP LIMITED – ASX BHP, CHEVRON CORPORATION