Author: roymorgansocial

Fortescue expands its base in China

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Original article by Paul Garvey
The Australian – Page: 23 : 26-Jul-19

Fortescue Metals Group has advised that its iron ore shipments totalled 167.7 million tonne in 2018-19, including a record 46.6 million tonnes in the final quarter. Fortescue received an average price of $US65 per tonne during the financial year, an increase of 50 per cent. The pure-play miner has forecast that it will ship between 170 million and 175 million tonnes of iron ore in 2019-20. Meanwhile, Fortescue has opened a new office in China that will allow it to sell smaller volumes of iron ore to customers.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, VALE SA

Energy policy, IR changes urgent

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Original article by Richard Ferguson
The Australian – Page: 7 : 26-Jul-19

Australian Industry Group CEO Innes Willox has backed comments by top bureaucrat Martin Parkinson on the nation’s declining productivity rate. Willox says that uncertainty regarding energy and carbon emissions policy has contributed to Australia’s underperformance in terms of productivity growth, and he has urged action on these issues. Australian Chamber of Commerce & Industry CEO James Pearson has in turn stressed the need for industrial relations reforms in order to lift productivity. Parkinson will shortly retire as the head of the Department of the Prime Minister & Cabinet.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ACTU

It is time we all acted on the unions’ lawlessness

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Original article by James Pearson
The Australian – Page: 14 : 26-Jul-19

The Ensuring Integrity Bill aims to make registered organisations accountable for their actions in the same way as banks and corporations are held to account for their wrongdoings. The proposed legislation will apply equally to unions and employers’ associations, yet the former oppose it and the latter support it. This raises the question of why unions are reluctant to be held to account. Registered organisations and the individuals who run them enjoy special rights and privileges, and the bill will help to restore public confidence in them.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, BUILDERS’ LABOURERS’ FEDERATION

Tech giants to face shake-up

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Original article by Simon Benson, Leo Shanahan
The Australian – Page: 1 & 8 : 26-Jul-19

The federal government’s official response to the final report on the Australian Competition & Consumer Commission’s inquiry into digital platforms will not be released until the end of 2019. However, the government is expected to endorse some of the ACCC’s key recommendations. Amongst other things, the ACCC has recommended greater scutiny of digital platforms’ use of news algorithms and how they use and store personal data. The ACCC’s final report will be released on 26 July, having been delivered to the government in June.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AMAZON.COM INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. FEDERAL TRADE COMMISSION, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM

RBA targets lower for longer rates

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Original article by David Rogers
The Australian – Page: 21 & 29 : 26-Jul-19

Financial markets have priced in a 93 per cent chance of an official interest rate cut in October, after Reserve Bank of Australia governor Philip Lowe indicated that the cash rate will remain low for some time. He also reiterated the central bank’s commitment to inflation targeting, and said the cash rate is unlikely to rise until the RBA is confident that inflation will return to around the midpoint of the target range of 2-3 per cent. The Australian dollar fell to a two-week low in response to Lowe’s comments, while the yield on 10-year bonds reached a record low.

CORPORATES
RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

‘It’s time to push nuclear option’

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Original article by David Penberthy
The Australian – Page: 1 & 2 : 25-Jul-19

University of Adelaide chancellor Kevin Scarce says Australia must consider adding nuclear power to its energy mix. He says nuclear energy could potentially provide more reliable and affordable baseload power than renewable energy sources, and without any carbon emissions. Scarce adds that the nation needs a "mature and bipartisan" national discussion on the issue of nuclear power, but concedes that this will not occur in the current political climate. Scarce headed South Australia’s royal commission on the nuclear fuel cycle, and describes the state government’s failure to act on his report as a "missed opportunity".

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UNIVERSITY OF ADELAIDE

MasterChef hosts’ exit to hit revenue, viewers

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Original article by Zoe Samios
The Australian – Page: 7 : 25-Jul-19

Nunn Media MD Chris Walton says the Ten Network’s ratings and revenue will be affected by the departure of ‘MasterChef’ judges George Calombaris, Matt Preston and Gary Mehigan. Nunn adds that sponsors of the reality-TV show will be "sceptical" about a new team of judges for the next season. Ten is parting ways with the trio after failing to reach agreement on a new pay deal. OzTAM figures show that the 2019 season finale of ‘MasterChef’ attracted 831,000 metropolitan viewers, compared with 1.126 million in 2018.

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TEN NETWORK HOLDINGS LIMITED, NUNN MEDIA PTY LTD, OZTAM PTY LTD, NINE NETWORK AUSTRALIA LIMITED

Transfer of money from workers’ fund theft of wages

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Original article by Ewin Hannan
The Australian – Page: 5 : 25-Jul-19

Attorney-General Christian Porter says transferring money from workers’ entitlement funds to unions or employers’ groups is no more acceptable than the underpayment of staff. The federal government’s Workers Benefit Bill aims to crack down on such practices, with Porter citing examples such as the transfer of money from the Protect fund to the Electrical Trades Union. He says this occurred "for no reason". The Protect fund is jointly run by the ETU and the National Electrical Contractors Association.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ELECTRICAL TRADES UNION, THE NATIONAL ELECTRICAL CONTRACTORS’ ASSOCIATION, ACTU, AUSTRALIA. FAIR WORK OMBUDSMAN, AUSTRALIAN LABOR PARTY

Hancock loses stoush over royalties

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Original article by Brad Thompson
The Australian Financial Review – Page: 23 : 25-Jul-19

The Supreme Court of Western Australia has ruled in Wright Prospecting’s favour in the latest round of its dispute with Gina Rinehart’s Hancock Prospecting. The long-running dispute centres on the right to royalties from the Hope Downs iron ore tenements. The court has rejected Hancock’s bid to have Wright Prospecting’s legal action put on hold until the outcome of its appeal against a 2018 court ruling is known.

CORPORATES
HANCOCK PROSPECTING PTY LTD, WRIGHT PROSPECTING PTY LTD, SUPREME COURT OF WESTERN AUSTRALIA, COURT OF APPEAL (WESTERN AUSTRALIA)

Lambie piles pressure on Setka to quit CFMEU

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 25-Jul-19

The federal government’s Ensuring Integrity Bill is slated to be put before the Senate later in 2019. Independent senator Jacqui Lambie has indicated that she may be prepared to vote for the bill if John Setka does not step down as the Victorian secretary of the Construction, Forestry, Maritime, Mining & Energy Union. Lambie has raised her concerns about Setka with ACTU president Michele O’Neil. The government has amended the bill in response to concerns raised by Labor, but Centre Alliance senator Rex Patrick believes that further changes are needed.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, ACTU, CENTRE ALLIANCE, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, ONE NATION PARTY