Author: roymorgansocial

Setka not going anywhere, says union

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

The CFMMEU’s national conference in Adelaide has passed a motion calling on Labor to oppose exploitative free-trade agreements. Dave Noonan, the head of the union’s construction division, has criticised Labor leader Anthony Albanese for agreeing to support ‘sell-out’ free trade deals. He also said the CFMMEU’s Victorian secretary John Setka had the full support of delegates at the national conference and he will not resign. Noonan added that Setka’s resignation from Labor will have no impact, arguing that many of the CFMMEU’s leaders have not been party members.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Flush Fortescue now close to net cash

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Original article by Peter Ker
The Australian Financial Review – Page: 23 : 25-Oct-19

Pure-play iron ore miner Fortescue Metals Group has advised that its shipments totalled 42.2 million tonnes in the September quarter. Fortescue has maintained its full-year export guidance of 170-175 million tonnes. The company received an average price of $US85 per tonne during the quarter, which is 89 per cent higher than the previous corresponding period. Fortescue reduced its net debt to $US500m ($730m) during the quarter, while it has gross debt of $US3.9bn.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, MORGANS FINANCIAL LIMITED

Union bill set to pass, with or without Setka

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Original article by Phillip Coorey, Joanna Mather
The Australian Financial Review – Page: 4 : 25-Oct-19

The federal government is believed to have secured Centre Alliance’s support for the Ensuring Integrity Bill after agreeing to some changes to the draft legislation. Independent senator Jacqui Lambie maintains that she will back the legislation unless John Setka resigns as the Victorian secretary of the Construction, Forestry, Maritime, Mining & Energy Union. Industrial Relations Minister Christian Porter has in turn urged Labor to sever its ties with the militant union, arguing that the problem is "much bigger" than Setka.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, CENTRE ALLIANCE, ONE NATION PARTY

Attorney-General hits out at press campaign

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Original article by Joe Kelly
The Australian – Page: 2 : 25-Oct-19

Attorney-General Christian Porter has rejected suggestions that journalists should receive a blanket exemption from national security and criminal laws. Responding to the Right to Know campaign, Porter argued that allowing the media industry to contest the issuance of a warrant against a journalist could potentially stop the police from preventing a serious crime. He conceded that there is scope for changes in some areas, such as Freedom of Information laws.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, WIKILEAKS

Paris on radar in green surge

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Original article by Graham Lloyd
The Australian – Page: 1 & 7 : 24-Oct-19

Research by the Australian National University has spent 11 times the global average on renewable energy in recent years. The researcher conclude that the nation will be able to meet its Paris emissions reduction targets without needing to use Kyoto carryover credits if this level of investment is sustained. The ANU researchers also forecast that Australia’s carbon emissions will fall by 3-4 per cent between 2020 and 2022 as a result of the investment in renewables.

CORPORATES
AUSTRALIAN NATIONAL UNIVERSITY, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY

Parties urge shorter pre-polling time

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Original article by Geoff Chambers
The Australian – Page: 6 : 24-Oct-19

The issue of early voting in federal elections came under scrutiny by the joint standing committee on electoral matters on 23 October. Andrew Hirst, the Liberal Party’s federal director, told the committee’s inquiry into the 18 May election that the pre-polling period should be reduced from three weeks to two, while the number of pre-polling centres should be reduced to 2013 levels. He argued that pre-polling means that many people have voted before political parties have released their key election policies.

CORPORATES
AUSTRALIA. JOINT STANDING COMMITTEE ON ELECTORAL MATTERS, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN ELECTORAL COMMISSION, GETUP LIMITED

Let whistleblowers speak to avoid a corrupt society

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Original article by Joyce Moullakis
The Australian – Page: 2 : 24-Oct-19

Commonwealth Bank of Australia whistleblower Jeff Morris has criticised the federal government’s handling of the issue of protection for whistleblowers and journalists. He has questioned the government’s "ethics and intent" with regard to whistleblowers, warning that its attempts to shut down dissent on the issue will allow corruption and wrongdoing to thrive. Morris exposed the misconduct within CBA’s financial planning division which resulted in customers receiving compensation.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Seven set to bring back Big Brother

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Original article by Max Mason
The Australian Financial Review – Page: 19 : 24-Oct-19

The Seven Network will seek to boost its prime-time ratings in 2020 by reviving reality-TV shows ‘Big Brother’ and ‘Farmer Wants a Wife’, which previously aired on rival networks. Other new shows that were unveiled at Seven West Media’s annual upfronts include dramas ‘RFDS’ and ‘Between Two Worlds’, and a new cooking show that will be co-hosted by former ‘MasterChef’ judges Matt Preston and Gary Mehigan. CEO James Warburton says ‘Big Brother’ will immediately change the network’s audience demographic.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, PACIFIC MAGAZINES PTY LTD, BAUER MEDIA AUSTRALIA PTY LTD, PRIME MEDIA GROUP LIMITED – ASX PRT, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL

Westpac refund costs approach $1 billion

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Original article by Lucas Baird, Aleks Vickovich
The Australian Financial Review – Page: 20 : 24-Oct-19

Westpac has advised that its financial accounts for the second half of 2018-19 will include an after-tax provision of $341m for its customer remediation program. This will lift the bank’s remediation costs for the full year to $958m, and $1.9bn on a pre-tax basis since 2017. Westpac has also flagged the potential for significant financial penalties as a result of Austrac’s investigation into its compliance with anti-money laundering laws. Westpac’s financial results for the year to 30 September will be released in early November.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, EVANS AND PARTNERS ASIA FUND – ASX EAF, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Monetary policy beats fiscal stimulus

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Original article by Matthew Cranston
The Australian Financial Review – Page: 4 : 24-Oct-19

Treasury secretary Steven Kennedy is upbeat about the outlook for the Australian economy. He has told the Senate estimates committee that the economy is growing ‘modestly’ and it should continue to strengthen. Kennedy also contended that monetary policy is still a better option for boosting economic growth than fiscal stimulus. He also stressed the need for structural reform and an increase in labour productivity.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. SENATE STANDING COMMITTEE ON ECONOMICS, RESERVE BANK OF AUSTRALIA