Author: roymorgansocial

Morrison under fire over climate pact

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Original article by Phillip Coorey
The Australian Financial Review – Page: 7 : 16-Aug-19

Australia is continuing with its efforts to make changes to the Pacific Island Forum’s final communique. It is seeking to have the phrase ‘climate change crisis’ replaced with ‘climate change reality’, while it does not want the statement to call for a moratorium on new coal mines and to endorse the phasing out of coal-fired power, something that Pacific Island nations were seeking. The Forum has seen a degree of tension between Australia and New Zealand, with NZ Prime Minister Jacinda Ardern joining with Pacific Island nations in calling on Australia to do more to tackle climate change. However, NZ Foreign Minister Winston Peters has queried why Pacific Island nations were not pressuring China on the issue, given its contribution to climate change is far greater.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Economic fears don’t stop Aussies flying out

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 18 : 16-Aug-19

Sydney Airport advised on 15 August that it had recorded a first half net profit of $17.3 million, down 90 per cent. Domestic passengers flying through Sydney fell by 1.5 per cent in the reporting period, but international travellers flying through Sydney rose by 1.9 per cent. Roy Morgan reported recently that 26.5 per cent of Australians had taken an overseas holiday in the past year, up from just 13.1 per cent in 2000-01, and Sydney Airport’s international traveller figures were helped by tens of thousands more Australians going overseas when compared to the previous corresponding period.

CORPORATES
SYDNEY AIRPORT – ASX SYD, ROY MORGAN LIMITED

Treasury Wine answers critics with big profit

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Original article by Eli Greenblat
The Australian – Page: Online : 16-Aug-19

Treasury Wine Estates released its 2018-19 results on 15 August, with the company reporting a net profit of $419.5 million, up 16 per cent. Sales increased by 17 per cent to $2.831 billion, while Treasury Wine declared a final dividend of $0.20 per share, up from $0.17. Its earnings in Asia rose 43 per cent to $293.5 million, while earnings in the Americas and Australia rose 13 per cent and 15 per cent respectively. As well as releasing its full year results, Treasury Wine also advised it had acquired the French winery Cambon La Pelouse.

CORPORATES
TREASURY WINE ESTATES LIMITED – ASX TWE, CAMBON LA PELOUSE

Lynas on short leash as Malaysia extends licence

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Original article by Brad Thompson
The Australian Financial Review – Page: Online : 16-Aug-19

Malaysian authorities have extended Lynas Corporation’s operating licence for its $1 billion rare earths processing plant at Kuantan for just six months, with the licence due to expire on 2 September. The plant processes rare earths from Lynas’s Mt Weld mine in Western Australia, and is the largest source of rare earths outside of China. Lynas CEO Amanda Lacaze had said recently that it would be happy with a three-year extension to its licence, although a five-year extension would be ideal.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC, WESFARMERS LIMITED – ASX WES

Whitehaven books record profit, doles out special dividend

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Original article by Nick Evans
The Australian – Page: Online : 16-Aug-19

Whitehaven Coal has reported a statutory net profit of $527.9 million for the 2019 fiscal year, while advising that its net profit after tax of $564.9 million was a record one for the company. Whitehaven’s underlying EBITDA of $1.04 billion was up $29.8 million on the previous corresponding period. Whitehaven declared a final dividend of $0.13 per share, along with a special dividend of $0.17 per share. Whitehaven achieved an average price of $US100/tonne for its thermal coal for the year, up $US2/tonne.

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Bargaining at risk: ex-Fair Work deputy

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 10 : 15-Aug-19

Former Fair Work Commission senior deputy president Peter Richard has echoed calls from business that there needs to be a simpler test used to approve enterprise bargaining agreements. The Business Council of Australia stated recently that the existing better-off overall test (BOOT) was a "productivity killer", and Richards says the primary cause of the failing enterprise bargaining system is the BOOT. He says that collective agreements have ironically become "bundles of individual contracts".

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, BUSINESS COUNCIL OF AUSTRALIA

Hot air: NZ sets carbon test for PM

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Original article by Ben Packham, Graham Lloyd
The Australian – Page: 1 & 4 : 15-Aug-19

New Zealand Prime Minister Jacinda Ardern said on 14 August that her government was seeking to limit global warming to 1.5 Celsius compared to pre-industrial levels. She was speaking on her arrival in Tuvalu for the Pacific Islands Forum, with small nations in the Pacific wanting the New Zealand target to be included as a goal in the forum leaders’ declaration. New Zealand’s target is 0.5 Celsius less than that advocated by Australia. Ardern says every nation needs to do its bit in combatting global warming, although New Zealand has pledged $300 million less than Australia in terms of direct climate assistance to Pacific nations in the 10 years to 2025.

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Program interruption: Nine caught on back foot as CFO Barnes exits

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Original article by Zoe Samios
The Australian – Page: 19 : 15-Aug-19

Nine Entertainment has confirmed speculation that CFO Greg Barnes is to leave the company, with Nine stating Barnes will finish with it after the release of its full year results on 22 August. Nine’s integration with Fairfax following their $4 billion merger is currently in progress, and it is considered unusual for a CFO to be leaving at such a time. Barnes had been CFO at CSR before joining Nine, while recruiting firm Spencer Stuart has been hired to find his replacement.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED, CSR LIMITED – ASX CSR, SPENCER STUART AND ASSOCIATES

Public servants set the pace in race for pay rise

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Original article by Michael Roddan
The Australian – Page: 2 : 15-Aug-19

The Australian Bureau of Statistics advised on 14 August that overall wages had increased by 0.6 per cent in the June quarter. Public sector wages rose by 0.8 per cent, while private sector wages were up by just 0.5 per cent. For the year to June, public sector wages were up by 2.6 per cent, while private sector wages rose by 2.3 per cent. Reserve Bank governor Philip Lowe had stated on 9 August that federal and state governments should lift caps on public sector wages; he claimed the caps were impeding general salary increases. However, his calls to lift caps were attacked by Finance Minister Mathias Cormann.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF FINANCE

India’s energy vow: We will buy more of your good coal

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Original article by Ben Packham
The Australian – Page: 5 : 15-Aug-19

India’s high commissioner to Australia, Ajay Gondane, says the recent approval of the Adani coal mine has strengthened the trading relationship between Australia and India. Gondane says India’s demand for coal will continue to rise, despite attempts to reduce its reliance on coal for its power generation needs. Gondane notes India does have a lot of coal, but it is not clean, and so India would prefer to use Australia’s ‘good’ coal. Gondane, who will finish his time in Australia in October, says India and Australia shared "common thinking".

CORPORATES
ADANI MINING PTY LTD