Author: roymorgansocial

Taylor buys off NSW with big energy deal

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Original article by Angela Macdonald-Smith, Mark Ludlow
The Australian Financial Review – Page: 11 : 22-Nov-19

The New South Wales government has backed a proposal by federal Energy Minister Angus Taylor to pursue bilateral negotiate bilateral energy and climate policy agreements with each state. NSW Energy Minister Matt Kean had previously advocated an integrated national policy on climate and energy policy, as well as the revival of the shelved National Energy Guarantee. Details of a bilateral deal between the two governments is expected to be disclosed within weeks, and Kean says the deal will be much better for the state than the NEG.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT, COUNCIL OF AUSTRALIAN GOVERNMENTS, QUEENSLAND. DEPT OF NATURAL RESOURCES, MINES AND ENERGY, VICTORIA. DEPT OF ENVIRONMENT, LAND, WATER AND PLANNING

Complex awards on IR agenda

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Original article by Ewin Hannan
The Australian – Page: 1 & 6 : 22-Nov-19

Industrial Relations Minister Christian Porter will release a discussion paper on workplace relations in 2020. He has flagged a review of the modern awards system, reiterating recent comments by Prime Minister Scott Morrison that it has become too complex. Porter notes that awards in the hospitality, retail and restaur­ant sectors in particular merit review. Australian Industry Group CEO Innes Willox has suggested simplifying awards by enshrining some employee entitlements in the Fair Work Act, such as leave, redundancy pay and requests for flexible work arrangements.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, THE AUSTRALIAN INDUSTRY GROUP, BUSINESS COUNCIL OF AUSTRALIA, ACTU, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN PAYROLL ASSOCIATION, CENTRE ALLIANCE, ONE NATION PARTY, WOOLWORTHS GROUP LIMITED – ASX WOW, 7-ELEVEN STORES PTY LTD, SUPER RETAIL GROUP LIMITED – ASX SUL, MICHAEL HILL INTERNATIONAL LIMITED – ASX MHJ, AUSTRALIAN BROADCASTING CORPORATION

Forget tax and spend, go for productivity: Albanese

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 22-Nov-19

Labor leader Anthony Albanese will emphasise the need to prioritise increased productivity in a speech on 22 November. He will identify microeconomic reform, fiscal management, infrastructure, and investment in people through skills and training as the key policy initiatives to lift productivity. He will also argue that the legislated increase in the superannuation guarantee must proceed, as it will encourage super funds to invest in productivity-boosting infrastructure.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Porter flags big Westpac penalty

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Original article by James Eyers, Michael Pelly
The Australian Financial Review – Page: 1 & 6 : 22-Nov-19

Attorney-General Christian Porter says he will keep a "watching brief" on the prosecution of Westpac for breaching anti-money laundering laws. He has also warned that Westpac is likely to incur a much bigger financial penalty than the Commonwealth Bank’s record $700m fine for far less serious breaches. Meanwhile, the Australian Prudential Regulation Authority will look into the potential application of the federal government’s Bank Executive Accountability Regime to the Westpac case, while ASIC may investigate whether the bank has breached the Corporations Act.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, MACQUARIE UNIVERSITY

One Nation bill changes get nod

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Original article by Ewin Hannan
The Australian – Page: 2 : 21-Nov-19

Attorney-General Christian Porter says the federal government is open to One Nation’s proposed amendments to the Ensuring Integrity Bill. One Nation wants to increase the threshold for banning union officials under Centre Alliance’s proposed demerits points system. One Nation leader Pauline Hanson argues that sanctions such as the deregistration of a union should not apply for minor breaches of workplace laws. One Nation’s two votes in the Senate would give the government sufficient numbers to pass the bill before parliament rises for the year.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ONE NATION PARTY, CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, ACTU

WeWork juggernaut runs out of puff

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Original article by Ingrid Fuary-Wagner
The Australian Financial Review – Page: 32 : 21-Nov-19

Media reports in the US have suggested that co-working pioneer WeWork will retrench 6,000 employees, which is nearly half of its global workforce. Meanwhile, WeWork’s Australian arm is believed to have cancelled deals to lease 20,000sq m of office space in the Sydney CBD and up to 50 per cent of an office building at 100 Queen Street in Melbourne. Sources have also indicated that a proposed deal for WeWork to acquire 401 Collins Street in Melbourne from Impact Investment Group is also unlikely to proceed. It would have been WeWork’s first real estate acquisition in Australia. The company currently has 16 co-working sites in Australia.

CORPORATES
WEWORK, WEWORK AUSTRALIA PTY LTD, IMPACT INVESTMENT GROUP PTY LTD, SOFTBANK CORPORATION, MIRVAC GROUP – ASX MGR, CHINA INVESTMENT CORPORATION, GPT GROUP – ASX GPT

Rugby at risk of state breakaway

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Original article by Paul Garvey, Steve Jackson
The Australian – Page: 3 : 21-Nov-19

Former media executive David Leckie says Rugby Australia chairman Cameron Clyne should step down immediately rather than waiting until March. He has also called on CEO Raelene Castle to resign, describing her as a "complete disaster". Meanwhile, mining magnate Andrew Forrest says RA’s new leadership team must demonstrate more support for Western Australia, rather than continuing to treat the state as a "poor cousin". He has flagged the possibility of WA fielding its own team at international level.

CORPORATES
RUGBY AUSTRALIA, FORTESCUE METALS GROUP LIMITED – ASX FMG, SEVEN NETWORK LIMITED, NINE NETWORK AUSTRALIA LIMITED, WESTERN FORCE LIMITED, RUGBY WESTERN AUSTRALIA

PM to take a sword to red tape, boost jobs

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 21-Nov-19

Prime Minister Scott Morrison has outlined a range of initiatives aimed at boosting investment and jobs. He has used a Business Council of Australia speech to reveal plans for a one-stop online portal for companies to lodge applications for environmental approvals; he says it could slash the amount of time required to approve major mining and infrastructure projects by 6-18 months. Morrison also flagged an overhaul of the industry awards system, arguing that while the number of awards was reduced by Labor, many have become more complex.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Westpac must start hunt for a new CEO

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Original article by Terry McCrann
Herald Sun – Page: 35 : 21-Nov-19

It is inevitable that Westpac CEO Brian Hartzer will have to step down in the wake of the banking sector’s latest money laundering scandal. This will leave ANZ’s Shayne Elliott as the only CEO of a big four bank who was appointed prior to the Hayne royal commission. The only issue for Westpac’s board is whether to opt for an internal or external successor. Meanwhile, questions need to be asked about the failure of Austrac to ensure that Westpac and the Commonwealth Bank were complying with anti-money laundering laws.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

MinRes to keep lithium mine running

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Original article by Nick Evans
The Australian – Page: 19 : 21-Nov-19

Mineral Resources has advised that output at its Mount Marion mine in Western Australia is still expected to be within the range of 360,000 to 380,000 tonnes of lithium concentrate in 2019-20, at an average cost of nearly $600 a tonne. CEO Chris Ellison has told the group’s annual meeting that concentrate grading six per cent lithium has fetched around $US600 ($879) per tonne in recent months, after averaging $1,182/tonne in 2018-19. He added that Mineral Resources’ earnings are currently being driven by its iron ore and mining services operations.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN, ALBERMARLE CORPORATION, PILBARA MINERALS LIMITED – ASX PLS, ALITA RESOURCES LIMITED – ASX A40, GALAXY RESOURCES LIMITED – ASX GXY, ALTURA MINING LIMITED – ASX AJM