Author: roymorgansocial

Industry seeks action on energy

roymorgansocial Leave a comment

Original article by Angela Macdonald-Smith, Peter Ker
The Australian Financial Review – Page: 9 : 24-May-19

Coca-Cola Amatil CEO Alison Watkins has urged the Coalition government to target energy reform during its current term of office, while Alumina CEO Mike Ferraro says electricity prices need to fall if the Portland aluminium smelter is to remain viable. Australian Industry Group CEO Innes Willox says there needs to be more reward for energy users who reduce their consumption at times when the electricity grid is under stress, while Energy Users Association of Australia head Andrew Richards says the government needs to make the ongoing transition to cleaner energy more efficient.

CORPORATES
COCA-COLA AMATIL LIMITED – ASX CCL, ALUMINA LIMITED – ASX AWC, THE AUSTRALIAN INDUSTRY GROUP, ENERGY USERS ASSOCIATION OF AUSTRALIA, INCITEC PIVOT LIMITED – ASX IPL, BRICKWORKS LIMITED – ASX BKW, CSR LIMITED – ASX CSR, BLUESCOPE STEEL LIMITED – ASX BSL

Treasurer’s tariff plea to Trump

roymorgansocial Leave a comment

Original article by Michael Roddan
The Australian – Page: 2 : 24-May-19

Federal Treasurer Josh Frydenberg has urged US Treasury Secretary Steven Mnuchin to "amicably" bring an end to the trade war with China. Frydenberg made his plea after Mnuchin rang to congratulate him on the re-election of the Coalition government. Council of Small Businesses of Australia CEO Peter Strong says that up to 15 per cent of Australian small businesses trade globally, so the current trade tensions are causing them great concern.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, UNITED STATES. DEPT OF THE TREASURY, COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, RESERVE BANK OF AUSTRALIA

Geoffrey Rush awarded almost $2.9 million after defamation win

roymorgansocial Leave a comment

Original article by Jamie McKinnell
abc.net au – Page: Online : 24-May-19

Nationwide News has been ordered to pay nearly $2.9 million in damages to Hollywood actor Geoffrey Rush. He was found to have been defamed by ‘The Daily Telegraph’ over allegations that he had behaved inappropriately towards actress Eryn Jean Norvill during a Sydney Theatre Company production of ‘King Lear’. Rush’s payment includes $850,000 for general and aggravated damages, $919,678 for future economic loss and $42,000 in interest. Rush’s barrister Sue Chrystanthou noted there had been an offer to settle for $50,000, but Nationwide News had instead chosen to mount a truth defence.

CORPORATES
SYDNEY THEATRE COMPANY, NATIONWIDE NEWS PTY LTD

Agents feel post-election pick-up

roymorgansocial Leave a comment

Original article by Michael Bleby, Tim Boyd
The Australian Financial Review – Page: 3 : 24-May-19

AMP Capital’s chief economist Shane Oliver is predicting that Sydney and Melbourne house prices will not fall as far as previously expected, and that prices will bottom out by the end of 2019, rather than during 2020. Oliver cites the federal election result, which put an end to uncertainty regarding negative gearing and capital gains tax, as one reason for his change of forecast. Other factors that suggest a pickup in housing sentiment include expectations that the Reserve Bank will cut interest rates soon and the Coalition government’s plan to assist first-home buyers.

CORPORATES
AMP CAPITAL INVESTORS LIMITED, RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN LABOR PARTY

No-win, no-fee prevails in AMP class action face-off

roymorgansocial Leave a comment

Original article by Michael Pelly
The Australian Financial Review – Page: 8 : 24-May-19

Five law firms filed class actions against AMP in the wake of ‘the fee for no service’ scandal that was unearthed by the banking royal commission. However, NSW Supreme Court Justice Julie Ward ruled on 23 May that only one action, which is a combined effort between Slater & Gordon and Maurice Blackburn, can proceed. Ward said Maurice Blackburn will have to put up $5 million as security for AMP’s expenses, while AMP advised in a statement that it intend to vigorously defend the class action.

CORPORATES
AMP LIMITED – ASX AMP, SUPREME COURT OF NEW SOUTH WALES, SLATER AND GORDON LIMITED – ASX SGH, MAURICE BLACKBURN PTY LTD, QUINN EMANUEL URQUHART AND SULLIVAN LP, SHINE LAWYERS, PHI FINNEY McDONALD PTY LTD

Banks bluffing on NZ lending threats: former PM

roymorgansocial Leave a comment

Original article by James Eyers
The Australian Financial Review – Page: 17 & 20 : 24-May-19

Former New Zealand prime minister Bill English has concerns about the Reserve Bank of NZ’s plans to require the local subsidiaries of Australia’s big four banks to increase their capital levels. S&P Global Ratings has estimated that the banks would need to raise an additional $8.1 billion, given that Australia’s four major banks have an 86 per cent share of the NZ lending market. English is worried that the move will make the banks more complacent about risk management, although he doubts that they will go ahead with threats to reduce lending in New Zealand.

CORPORATES
RESERVE BANK OF NEW ZEALAND, S&P GLOBAL RATINGS, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, STOCKBROKERS AND FINANCIAL ADVISERS ASSOCIATION LIMITED, AUSTRALIAN LABOR PARTY

Fortescue approves $417m Queens mine as analysts tip dividend top-up

roymorgansocial Leave a comment

Original article by Paul Garvey
The Australian – Page: 20 : 23-May-19

Pure-play iron ore producer Fortescue Metals Group will develop the Queens Valley mine in the Pilbara, with the project slated to cost $US287m ($417m). Paul Hissey of RBC Capital Markets says the recent rise in the iron ore price could significantly boost Fortescue’s earnings in the June quarter. This could in turn prompt another dividend payout when Fortescue releases its full-year results.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, RBC CAPITAL MARKETS

BHP plugs into battery boom, holds line on ore

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 19 : 23-May-19

CFO Peter Beaven has told investors that BHP is unlikely to increase its Pilbara iron ore output to capitalise on reduced supply from Brazilian rival Vale. BHP will also maintain its current annual production target for metallurgical coal. Beaven also indicated that BHP will pursue growth in copper and nickel sulfide production in response to rising demand for electric vehicles and battery storage technology. He added that BHP may be open to nickel acquisitions, after dropping plans to divest its Nickel West division.

CORPORATES
BHP GROUP LIMITED – ASX BHP, VALE SA, NICKEL WEST, RIO TINTO LIMITED – ASX RIO, GOLDMAN SACHS AUSTRALIA PTY LTD

Iron ore is surging, but not all producers are joining the party

roymorgansocial Leave a comment

Original article by Clyde Russell
The Australian Financial Review – Page: Online : 23-May-19

The spot price of iron ore for delivery to China has risen by more than 38 per cent so far in 2019, to over $US100 per tonne. Shares in Australian-listed Fortescue Metals Group have in turned gained 119 per cent in local currency terms, while Rio Tinto and BHP have risen by 33.7 per cent and 15.6 per cent respectively. In contrast, Brazil-based Vale has shed seven per cent in local currency terms so far in 2019, and nearly 16 per cent since a tailings dam collapse in late January.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, VALE SA, GRANGE RESOURCES LIMITED – ASX GRR, MOUNT GIBSON IRON LIMITED – ASX MGX, ARGUS MEDIA PTY LTD

Labor folds over Adani coal mine

roymorgansocial Leave a comment

Original article by Mark Ludlow
The Australian Financial Review – Page: 1 & 4 : 23-May-19

The Queensland Government is expected to approve Adani’s Carmichael coal mine within weeks, after Premier Annastacia Palaszczuk demanded an end to the delays that have stalled the project. Palaszczuk has described Labor’s federal election defeat as a "wake-up call", after having previously downplayed suggestions that the Adani debate had affected Labor’s vote in regional Queensland. Adani Mining CEO Lucas Dow has urged the state to act quickly to give final approval to the project, but Basha Stasak of the Australian Conservation Foundation says the government must not yield to pressure from Adani and the coal industry.

CORPORATES
ADANI MINING PTY LTD, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN CONSERVATION FOUNDATION INCORPORATED, QUEENSLAND RESOURCES COUNCIL LIMITED, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, LIBERAL-NATIONAL PARTY OF QUEENSLAND, ADANI GROUP, QUEENSLAND. OFFICE OF CO-ORDINATOR GENERAL