Author: roymorgansocial

Level the playing field but don’t over-regulate tech

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Original article by Paul Smith, John Davidson
The Australian Financial Review – Page: W1 & W3 : 30-Jul-19

Participants at an innovation summit have expressed mixed views regarding the Australian Competition & Consumer Commission’s report on digital platforms. Former Google Australia MD Maile Carnegie says technology companies should be subject to the same rules regarding data privacy as other sectors. However, Carnegie rejects the suggestion made by media companies that Google is a publisher. Nerida O’Loughlin from the Australian Communications & Media Authority said ACMA does not have the expertise to regulate the algorithms used by big technology companies.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE AUSTRALIA PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, WISETECH GLOBAL LIMITED – ASX WTC

It’s a long way to the top for a market in reach of record high

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Original article by Andrew White, Eli Greenblat
The Australian – Page: 17 & 28 : 30-Jul-19

The S&P/ASX 200 closed less than three points shy of its all-time record on 29 July, but the upcoming corporate earnings season may see the benchmark index reach a new high. The S&P 500 and the FTSE 100 surpassed their 2007 peaks in 2013, while the Nikkei did so in 2015. Alphinity Investment Management’s Bruce Smith has downplayed the significance of the ASX 200’s rise, noting that the S&P ASX All Ordinaries Accumulation Index also rose above its 2007 levels in 2013 and has since consistently reached new highs.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S 500 INDEX, FTSE 100 INDEX, NIKKEI 225 INDEX, STANDARD AND POOR’S ASX ALL ORDINARIES ACCUMULATION INDEX, ALPHINITY INVESTMENT MANAGEMENT PTY LTD, WILSON ASSET MANAGEMENT, OPHIR ASSET MANAGEMENT PTY LTD, RESERVE BANK OF AUSTRALIA

BHP opts to sell lower-grade iron ore

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Original article by Peter Ker
The Australian Financial Review – Page: 14 : 30-Jul-19

BHP intends to maintain production volumes at its Jimblebar iron ore mine over the next year, as it mines a lower-grade section of the deposit. This will have no impact on the mine’s lump iron ore product, but the iron content of the higher-grade Jimblebar Fines product will fall from 61 per cent to 59.5 per cent during 2019-20. BHP has indicated that it will aim to lift the iron content of Jimblebar Fines above 60 per cent again in 2020-21. The price discount for lower-grade iron ore narrowed in 2018-19 due to supply disruptions.

CORPORATES
BHP GROUP LIMITED – ASX BHP, FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO, MACQUARIE GROUP LIMITED – ASX MQG, DALIAN COMMODITY EXCHANGE

China rare earth demand soft: Lynas

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Original article by Paul Garvey
The Australian – Page: 20 : 30-Jul-19

Rare earths producer Lynas Corporation has advised that its sales for the June quarter totalled 4,723 tonnes, compared with 5,030 tonnes in the three months to March. CEO Amanda Lacaze says demand for rare earths remains soft, despite ongoing trade tensions between the US and China. The subdued price for rare earths has prompted Lynas to increase the stockpiles at its processing plant in Malaysia. Lacaze adds that Lynas is still in talks with the Malaysian government regarding the renewal of its operating licence.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC

Women earning more, but have the stress to match

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Original article by Rebecca Urban, Victoria Laurie
The Australian – Page: 5 : 30-Jul-19

The proportion of women in employment rose to 71 per cent in 2017, which is the highest level since the Household, Income and Labour Dynamics in Australia survey began in 2001. The survey also shows that 39 per cent of women in the workforce have full-time jobs, and their average salary has increased by 24 per cent since 2001. In contrast, the average salary of full-time male employees has risen by 21 per cent. Meanwhile, the average work-family conflict score for working mothers has risen since 2001, while there has been a slight fall in the average score for working fathers.

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LNG projects not so polluting: CSIRO

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Original article by Mark Ludlow
The Australian Financial Review – Page: 8 : 29-Jul-19

Greenhouse gas emissions created by coal seam gas LNG projects in Queensland are not as high as previously thought, according to a report to be released by the CSIRO on 29 July. The CSIRO also states that Australia’s carbon emissions could be significantly reduced if the gas produced by Queensland’s LNG projects was used to generate electricity in Australia, rather than exported. However, this is on the proviso that it replaces existing coal-fired power generation.

CORPORATES
CSIRO

Banks face more Hayne pain: ASIC

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Original article by James Frost
The Australian Financial Review – Page: 1 & 17 : 29-Jul-19

The Australian Securities & Investments Commission has launched about 25 cases against banks in the wake of the financial services royal commission. ASIC commissioner Sean Hughes says further legal action is pending, and he says it is possible that further misconduct and wrongdoings in the financial sector will emerge. Hughes adds that banks are starting to take their obligation to submit breach reports in a timely manner a lot more seriously following the royal commission.

CORPORATES
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

Local content move for digital players

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 29-Jul-19

Communications Minister Paul Fletcher has signalled that streaming video providers may be required to invest in more local content in the wake of the Australian Competition & Consumer Commission’s landmark inquiry into digital platforms. He says there is a strong case for subjecting digital platforms to the same regulations as traditional broadcasters. The ACCC’s final report noted the inconsistencies that are inherent in the current approach to media regulation.

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, STAN ENTERTAINMENT PTY LTD, NETFLIX INCORPORATED, AMAZON.COM INCORPORATED, YOUTUBE INCORPORATED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

Union push to increase casual pay in hospitality sector

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 4 : 29-Jul-19

United Voice wants the Fair Work Commission to rule that casual employees in the hospitality industry are entitled to a 25 per cent loading in addition to overtime penalty rates. NSW Business Chamber CEO Stephen Cartwright argues that employers cannot afford such a cost increase. He adds that while the Chamber agrees that casuals should be paid overtime at the same rate as permanent employees. However, it is of the view that as casual loading is meant to compensate for lack of employee entitlements such as annual leave, it should not apply during overtime as permanent employees do not accrue such entitlements while doing overtime work.

CORPORATES
UNITED VOICE, AUSTRALIA. FAIR WORK COMMISSION, NSW BUSINESS CHAMBER LIMITED, AUSTRALIA. PRODUCTIVITY COMMISSION

Building slowdown tipped to hit bottom in 2019-20

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 31 : 29-Jul-19

New building starts are expected to fall by eight per cent in 2019-20, according to BIS Oxford Economics, having fallen by an estimated 12 per cent in 2018-19. An improvement in non-residential construction in 2019-20 is tipped to be outweighed by a decline in residential activity. However, BIS Oxford Economics expects building activity to rebound in 2020-21 and the years beyond, as factors such as new first-home buyer stimulus programs and cuts to interest rates help to generate a recovery in the market.

CORPORATES
BIS OXFORD ECONOMICS PTY LTD