Author: roymorgansocial

Lack of confidence to force RBA rate cut

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Original article by Michael Roddan
The Australian – Page: 2 : 25-Jul-19

Westpac’s chief economist Bill Evans now expects official interest rates to fall to a record low of 0.5 per cent by February. Evans had previously forecast that the cash rate would reach a low of 0.75 per cent in the current monetary policy easing cycle. His revised forecast was prompted by factors such as a decline in consumer confidence in the wake of the rate cuts in June and July.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS, UBS HOLDINGS PTY LTD, COMMONWEALTH SECURITIES LIMITED, SEEK LIMITED – ASX SEK, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS

Foxtel and Netflix join forces in TV shake-up

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Original article by
The New Daily – Page: Online : 25-Jul-19

Foxtel has confirmed a new alliance with Netflix which will allow subscribers to access the streaming video giant’s content via the IQ set-top box. Netflix content will initially be made available to IQ4 users, and it will be rolled out to IQ3 users from September. Recent research by Roy Morgan shows that some 11.5 million Australians have a Netflix subscription, while about five million subscribe to Foxtel. Roy Morgan CEO Michele Levine says the alliance should help Foxtel to attract new customers and retain existing subscribers, while Netflix may also gain new customers.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, NETFLIX INCORPORATED, ROY MORGAN LIMITED

Top bureaucrat’s warning on threat to living standards

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 25-Jul-19

The Department of Prime Minister & Cabinet’s outgoing secretary Martin Parkinson says Australia’s productivity growth has fallen below global standards. He warns that growth in Australia’s living standards will decline over the next decade unless action is taken to boost productivity. Parkinson adds that political instability and policy uncertainty may have contributed to the fall in productivity over the last decade.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA

PM’s next quiet revolution

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 25-Jul-19

Prime Minister Scott Morrison has revealed plans for a major overhaul of the federal public service, which will include a push for cultural and organisational change. Amongst other things, the reforms will result in increased accountability for senior public servants. The sweeping reforms will coincide with the departure of Martin Parkinson, who will retire as secretary of the Department of Prime Minister & Cabinet in August. Parkinson stresses that he has a good personal and professional relationship with Morrison.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Rivals baulk at BHP’s carbon push

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Original article by Nick Evans
The Australian – Page: 17 & 27 : 25-Jul-19

Australian Petroleum Production & Exploration Association CEO Andrew McConville says the resources sector should be solely responsible for addressing its scope 3 emissions, and government intervention is not necessary. The issue has been highlighted by BHP’s move to address carbon emissions across its supply chain, including those generated by the buyers of its commodities. Santos CEO Kevin Gallagher has also argued that regulators should not be involved in setting targets for scope 3 emissions.

CORPORATES
BHP GROUP LIMITED – ASX BHP, AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, SANTOS LIMITED – ASX STO, WESTERN AUSTRALIA. ENVIRONMENTAL PROTECTION AUTHORITY, MITSUBISHI CORPORATION, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, GLENCORE PLC, SOUTH32 LIMITED – ASX S32, DELOITTE ENERGY TRANSITION, CLIMATE ACTION 100+

Greens, Labor urge Senate to dig deeper into press freedom

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Original article by Rachel Baxendale
The Australian – Page: 2 : 24-Jul-19

The Senate’s communications committee will hold its own inquiry into the issue of press freedom. The inquiry will have a broader scope than the one that is being undertaken by the parliamentary joint committee on intelligence and security. Labor’s Katy Gallagher says the second inquiry is necessary because unlike the PJCIS, the communications committee is not controlled by the Coalition. The inquiries come in the wake of controversial police raids on the ABC’s Sydney office and the home of a News Corp Australia journalist.

CORPORATES
AUSTRALIA. SENATE STANDING COMMITTEE ON ENVIRONMENT, COMMUNICATIONS, INFORMATION TECHNOLOGY AND THE ARTS, AUSTRALIA. PARLIAMENTARY JOINT COMMITTEE ON INTELLIGENCE AND SECURITY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, CENTRE ALLIANCE, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN FEDERAL POLICE

BHP’s carbon hard line

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Original article by Hans van Leeuwen, Peter Ker
The Australian Financial Review – Page: 1 & 26 : 24-Jul-19

BHP CEO Andrew Mackenzie has revealed that the resources group will set targets for its so-called scope 3 carbon emissions as part of a broader strategy to reduce its impact on the environment. He says BHP must take a "product stewardship role" with regard to the emissions across its supply chain, including the emissions generated by the buyers of its commodities. Mackenzie also announced that BHP will spend some $US400m on a climate investment program that will aim to decarbonise its global operations.

CORPORATES
BHP GROUP LIMITED – ASX BHP, AUSTRALASIAN CENTRE FOR CORPORATE RESPONSIBILITY, RIO TINTO LIMITED – ASX RIO, VICSUPER PTY LTD, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

CFMEU slapped with $65m in penalties

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Original article by Ewin Hannan
The Australian – Page: 4 : 24-Jul-19

The federal government has released data showing that the Construction, Forestry, Mining, Maritime & ­Energy Union has incurred about $65m worth of legal costs and court fines for breaching workplace laws since 2004. This includes court penalties totalling $28.6m in Victoria, with the bulk of these penalties having been incurred in cases involving controversial state secretary John Setka. The government’s Ensuring Integrity Bill will be put before the lower house on 24 July, and is aimed at making it easier to deregister unions and other registered organisations.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN LABOR PARTY, ELECTRICAL TRADES UNION, ACTU, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

Rio Tinto to take iron ore exports crown as Vale struggles

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Original article by Peter Ker
The Australian Financial Review – Page: 13 & 26 : 24-Jul-19

Rio Tinto and Brazilian rival Vale are both expected to record lower iron ore shipments in 2019 than the previous calendar year. New data shows that Vale exported 138.5 million tonnes of iron ore during the first half of 2019, a decline of 18 per cent year-on-year. Vale expects its shipments to rise in the second half, with full-year exports to be around the midpoint of its guidance of between 307 million and 332 million tonnes. This suggests full-year exports of around 319.5 million tonnes. Rio Tinto in turn expects to ship between 320 million and 330 million tonnes of iron ore for the year.

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

Tough time for IPOs as investors fall quiet

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Original article by Samantha Bailey
The Australian – Page: 25 : 24-Jul-19

HLB Mann Judd’s latest IPO Watch report shows that 23 companies listed on the Australian sharemarket in the first half of 2019, compared with 39 during the same period in 2018. Meanwhile, just $823m was raised via IPOs during the first half, down from $2.5bn in the previous corresponding period. Marcus Ohm of HLB does not expect IPO activity to improve during the September quarter, while he says the outlook for the final quarter of 2019 may depend on how the sharemarket performs. At present, just eight companies are seeking to list in the second half of 2019.

CORPORATES
HLB MANN JUDD, STANDARD AND POOR’S ASX 200 INDEX