Author: roymorgansocial

Morrison defends his climate policy as cost free

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Original article by Simon Evans, Phillip Coorey
The Australian Financial Review – Page: 5 : 3-May-19

Prime Minister Scott Morrison says the Coalition can achieve its carbon emissions reduction target without hurting the economy. Morrison contends that this is because the cost of doing so will be borne by taxpayers. His claims are at odds with modelling undertaken by economist Brian Fisher, who says the Coalition’s climate policy will impose some cost on the economy, although not as much as Labor’s policy. Labor’s climate spokesman Mark Butler claims that Fisher’s assumptions are grossly flawed.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, CITIGROUP PTY LTD, SANTOS LIMITED – ASX STO, AUSTRALIAN NATIONAL UNIVERSITY

Unions to face wait for pay reforms

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Original article by Ewin Hannan
The Australian – Page: 4 : 3-May-19

Shadow workplace relations minister Brendan O’Connor has indicated that Labor will consult all stakeholders regarding its plan to reinstate industry-wide enterprise bargaining. Senior Labor sources have suggested that the extensive consultation that will be required means the reforms are likely to be delayed for at least a year if Labor wins the federal election. Law professor Andrew Stewart says Labor is wise to delay such reforms given the large number of items on its policy agenda. Labor intends to prioritise reforms such as restoring penalty rates.

CORPORATES
AUSTRALIAN LABOR PARTY, UNIVERSITY OF ADELAIDE, AUSTRALIA. FAIR WORK COMMISSION

Finch flies again to stall Adani

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Original article by Charlie Peel, Michael McKenna
The Australian – Page: 1& 2 : 3-May-19

Queensland’s Department of Environment has told Adani that its environment management plan for the endangered black-throated finch is unacceptable in its current form. The finch inhabits the region around Adani’s proposed Carmichael coal mine in the Galilee Basin. Adani is also waiting on approval from the Department for its groundwater management plan, which the federal government has already signed off on.

CORPORATES
QUEENSLAND. DEPT OF ENVIRONMENT AND HERITAGE PROTECTION, ADANI MINING PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN GREENS, UNIVERSITY OF MELBOURNE

Revealed: Neilson’s $100 million news agenda tops the bill

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Original article by Lisa Murray
The Australian Financial Review – Page: 2 : 3-May-19

The Judith Neilson Journalism Institute has provided funding for a range of initiatives since it was founded, while its longer-term goals include producing podcasts and documentaries in partnership with established media companies. The institute was founded by philanthropist Judith Neilson, who is also its patron. Neilson says she has no input into the day-to-day operations of the institute, whose board includes former ABC chairman Jim Spigelman, Free TV Australia CEO Bridget Fair and Paul Kelly, the editor-at-large of ‘The Australian’.

CORPORATES
JUDITH NEILSON JOURNALISM INSTITUTE, AUSTRALIAN BROADCASTING CORPORATION, FREE TV AUSTRALIA LIMITED, NEWS CORP AUSTRALIA PTY LTD, WHITE RABBIT GALLERY LIMITED, WALKLEY FOUNDATION FOR JOURNALISM

Kidman bid not a replacement for Lynas, says Wesfarmers chief

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Original article by Patrick Hatch, Darren Gray
The Sydney Morning Herald – Page: Online : 3-May-19

Shares in Kidman Resources rose 45 per cent to close at $1.87 on 2 May after conglomerate Wesfarmers made a $776 million takeover bid for the lithium miner. Kidman’s main asset is a 50 per cent stake in a Western Australian lithium project, and joint venture partner SQM supports Wesfarmers’ bid. Wesfarmers CEO Rob Scott says that despite the Kidman bid, its takeover bid for rare earths producer Lynas Corporation remains on the table.

CORPORATES
KIDMAN RESOURCES LIMITED – ASX KDR, WESFARMERS LIMITED – ASX WES, SOCIEDAD QUIMICA Y MINERA SA, LYNAS CORPORATION LIMITED – ASX LYC, WESTERN AREAS LIMITED – ASX WSA

NAB narrows list of candidates for CEO

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Original article by Richard Gluyas
The Australian – Page: 20 : 3-May-19

National Australia Bank’s interim CEO Phil Chronican has indicated that the short-list of contenders to succeed Andrew Thorburn is "manageable". Mike Baird and Anthony Healy are widely regarded as the leading internal candidates for the role. Chronican will become chairman when a permanent CEO is appointed, and he says NAB has taken measures to ensure that his independence as chairman is not compromised due to his current role.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ROYAL BANK OF SCOTLAND GROUP PLC, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Look beyond bank shares to grow wealth: fund managers

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Original article by Lucas Baird
The Australian Financial Review – Page: 29 : 3-May-19

National Australia Bank reduced its interim dividend by 16 per cent on 2 May, but Andrew Martin of Alphinity Investment Management does not expect further dividend cuts in the banking sector. He adds that a credit crunch would be a key driver for any future dividend cuts. Prasad Patkar of Platypus Asset Management says the ‘golden era’ for Australian bank shares ended in the wake of the global financial crisis, rather than the Hayne royal commission, and investors should consider other investment options.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ALPHINITY INVESTMENT MANAGEMENT PTY LTD, PLATYPUS ASSET MANAGEMENT PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC

RBA set to cut, Macquarie predicts

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Original article by Sarah Turner
The Australian Financial Review – Page: 29 : 3-May-19

Inflation remains well below the Reserve Bank’s target range of 2-3 per cent, and Ric Deverell of Macquarie Group notes that it is continuing to trend lower. He says the inflation outlook is the key factor that will prompt the Reserve Bank to reduce official interest rates by 25 basis points on 7 May. Deverell adds that a rate cut will have more impact while the unemployment rate is low rather than if the central bank waits until it rises.

CORPORATES
RESERVE BANK OF AUSTRALIA, MACQUARIE GROUP LIMITED – ASX MQG

Coalition faces hostile Senate if it wins

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 2-May-19

A re-elected Coalition government could require the support of the Greens to pass legislation in the Senate, depending on the number of crossbenchers in the upper house from 1 July. Its income tax cuts in particular would be in doubt, given the Greens’ opposition to the package. The government proposes to reconvene parliament before 30 June to capitalise on a crossbench that is likely to be more favourable to its tax cuts than the new Senate. Greens leader Richard Di Natale favours tax increases rather than tax cuts.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, THE AUSTRALIA INSTITUTE LIMITED

Peanut butter battle leaves Kraft in a jam

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Original article by Eli Greenblat
The Australian – Page: 19 : 2-May-19

Australian-listed Bega Cheese has won a trademark dispute with US food giant Kraft over the design of peanut butter packaging. The Federal Court has ruled that Bega has the exclusive right to use the distinctive packaging of Kraft Peanut Butter in Australia after it bought the brand from Kraft spin-off Mondelez International in 2017. Kraft subsequently re-entered the Australian peanut butter market using its traditional packaging, which was similar to that of Bega.

CORPORATES
BEGA CHEESE LIMITED – ASX BGA, THE KRAFT HEINZ COMPANY, MONDELEZ INTERNATIONAL INCORPORATED, FEDERAL COURT OF AUSTRALIA