Author: roymorgansocial

Ita Buttrose pulls ABC’s Q&A show over call to violence

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Original article by Matthew Denholm
The Australian – Page: Online : 8-Nov-19

ABC chairwoman Ita Buttrose says it will pull the 4 November edition of ‘Q&A’ from its platforms, following a number of complaints about the program. Panellists on the program appeared to advocate arson, violence and extrajudicial killings, and ABC MD David Anderson says it will investigate whether the program breached the ABC’s editorial standards. The Australian Communications & Media Authority has so far received 53 complaints about the program.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

BHP chiefs defend its green push

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Original article by Peter Ker, Angela Macdonald-Smith
The Australian Financial Review – Page: 19 : 8-Nov-19

BHP held its annual meeting of shareholders in Sydney on 7 November, at which over 27 per cent voted in favour of a resolution that called for the mining firm to quit groups that do not support the Paris climate agreement. The strong vote was despite CEO Andrew Mackenzie saying that industry associations were better able to achieve solutions to global issues than companies acting on their own, while chairman Ken MacKenzie claimed environmentalists should welcome its plan to spend $US400 million on climate change mitigation

CORPORATES
BHP GROUP LIMITED – ASX BHP

Perenti rocked by terror attack in Africa

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Original article by Brad Thompson
The Australian Financial Review – Page: 27 : 8-Nov-19

Mining services company Perenti Global has been caught up in a deadly terrorist attack on a convoy of buses in the West African nation of Burkina Faso. The attack happened around 40 kilometres from Semafo’s Bongou gold mine, with people on the buses including employees of Semafo, Perenti Global’s Africa Mining Services, and other contractors. The attack has left at least 37 dead and 60 wounded, with the Department of Foreign Affairs & Trade saying at this stage it is not aware that any Australians were killed or wounded in the attack. Perenti has not disclosed how many AMS staff were on the buses in the convoy, which was being escorted by military police.

CORPORATES
PERENTI GLOBAL LIMITED – ASX PRN, SEMAFO INCORPORATED

Lendlease sells Adelaide mall stake for $670m

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Original article by Nick Lenaghan
The Australian Financial Review – Page: Online : 8-Nov-19

Lendlease has sold its 50 per cent stake in Adelaide’s Westfield Marion to Singapore-listed SPH REIT for $670 million. Westfield Marion is one of the largest shopping centres in Australia and has the 13th highest turnover, while Scentre Group is the centre’s co-owner. SPH REIT is sponsored by media conglomerate Singapore Press Holdings, while the purchase was brokered by Colliers International and CBRE.

CORPORATES
LENDLEASE GROUP – ASX LLC, SPH REIT, SCENTRE GROUP – ASX SCG, SINGAPORE PRESS HOLDINGS LIMITED, COLLIERS INTERNATIONAL HOLDINGS (AUSTRALIA) LIMITED, CBRE PTY LTD

Wages rising faster than cost of living – for most

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Original article by Matthew Cranston
The Australian Financial Review – Page: 5 : 7-Nov-19

Data from the Australian Bureau of Statistics shows that the cost of living for working households increased by 0.1 per cent in the September quarter, and 1.3 per cent in the year to September. This compares with wage growth of 2.3 per cent. The figures also show that the cost of living for age pensioners increased by 0.4 per cent in the September quarter and 1.7 per cent year-on-year. The cost of living for self- funded retirees in turn rose by 0.9 per cent in the quarter and an above-inflation 1.9 per cent in the year to September.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, BIS OXFORD ECONOMICS PTY LTD, LATERAL ECONOMICS

Fast-track personal tax cuts: banks

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Original article by John Kehoe
The Australian Financial Review – Page: 5 : 7-Nov-19

The second stage of the federal government’s income tax package is slated to take effect in mid-2022. However, Westpac’s chief economist Bill Evans has urged the government to begin phasing in the tax cuts from July 2020 to boost consumer spending and stimulate the economy. Commonwealth Bank economist Gareth Aird also argues that the government should bring forward some of the legislated tax cuts. Shadow treasurer Jim Chalmers says Labor has been advocating this for months.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY

Underpay bosses face bans

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 7-Nov-19

Industrial Relations Minister Christian Porter says the first responsibility of an employer is to ensure that their staff are being paid fairly. Porter has flagged the possibility of making company directors liable for wage theft by banning them from future directorships, although he adds that such legislation is unlikely to be retrospective. Porter also says there is merit in a proposal to allow the Fair Work Commission to hear claims for underpayment by individual workers, as suggested by ACTU secretary Sally McManus.

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ACTU, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. FAIR WORK OMBUDSMAN

Matildas have AFLW to thank for pay parity

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Original article by Michael Bailey
The Australian Financial Review – Page: 7 : 7-Nov-19

Deakin University’s Professor David Shilbury says the success of the women’s Australian Football League was a major driver of the pay-parity deal for the national women’s soccer team. He notes that negotiations over new pay deals for female cricketers and soccer players only made progress following the AFLW’s launch in 2017, which provided those sports with competition for female athletes.

CORPORATES
DEAKIN UNIVERSITY, AUSTRALIAN FOOTBALL LEAGUE, AFLW, FOOTBALL FEDERATION AUSTRALIA LIMITED, MATILDAS, SOCCEROOS, CRICKET AUSTRALIA

Banks, super face new round of compo costs

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Original article by Joyce Moullakis
The Australian – Page: 21 : 7-Nov-19

Law firm Minter Ellison has warned that banks and wealth managers could face additional customer remediation costs if Westpac does not appeal against a recent judgment regarding the provision of financial advice. Minter Ellison partner Andrew Bradley says the Federal Court’s decision to overturn a judgment in favour of Westpac could also prompt more class actions in the financial services sector. The case centred on the distinction between general and personal advice.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MINTER ELLISON, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, HERBERT SMITH FREEHILLS PTY LTD

BHP succession once again in the spotlight

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Original article by Nick Evans
The Australian – Page: 20 : 7-Nov-19

BHP CEO Andrew Mackenzie took the helm in May 2013, with his appointment having been announced at the resources giant’s half-year results presentation in February of that year. The position of former CEO Marius Kloppers had already come under scrutiny at BHP’s 2012 annual meeting in Australia; given Mackenzie’s tenure, shareholders at the 2019 annual meeting may be seeking guidance on succession planning. However, Mackenzie’s position is much more secure than Kloppers’ was in 2012.

CORPORATES
BHP GROUP LIMITED – ASX BHP