Author: roymorgansocial

Wesfarmers talks to Malaysia over Lynas

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Original article by Paul Garvey
The Australian – Page: 17 & 20 : 28-Mar-19

Rare earths miner Lynas Corporation has rejected an unsolicited $1.5bn takeover bid from Wesfarmers. Lynas CEO Amanda Lacaze has also criticised Wesfarmers’ move to engage directly with the Malaysian government regarding Lynas’s processing plant in Kuantan, stating that the conglomerate cannot speak on behalf of the company. Meanwhile, stockbroking firm Morgans has cited factors such as the political risk in Malaysia for its decision to downgrade its recommendation on Wesfarmers shares from ‘add’ to ‘hold’.

CORPORATES
LYNAS CORPORATION LIMITED – ASX LYC, WESFARMERS LIMITED – ASX WES, MORGANS FINANCIAL LIMITED, GREENCAPE CAPITAL PTY LTD, CHALLENGER LIMITED – ASX CGF, CITIGROUP PTY LTD

Twitter upgrades terror fight

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Original article by
The Australian – Page: 19 : 28-Mar-19

A spokesman for Twitter says the social media company is constantly monitoring its platform for keywords and hashtags that might be associated with content advocating terrorism or other extremist activity. Twitter says more than 90 per cent of terrorist content is proactively removed from its platform, and it will continue to invest in technology to address the issue as well as co-operating with governments and industry. Social media companies have attracted scrutiny after the Christchurch mosque shootings were live-streamed on Facebook.

CORPORATES
TWITTER INCORPORATED, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. ATTORNEY-GENERAL’S DEPT

PM’s war chest to reach $70bn

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Original article by Simon Benson, David Uren
The Australian – Page: 1 & 4 : 28-Mar-19

The Commonwealth Bank of Australia estimates that the federal government could post a combined surplus of about $60bn between 2019-20 and 2021-22. CBA adds that the government could have up to $70bn at its disposal for spending initiatives during the upcoming election campaign, including scope for up to $6bn in additional tax cuts. Meanwhile, economists at National Australia Bank have flagged the possibility that the Budget will be returned to surplus in 2018-19, which is a year earlier than the government has forecast.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD

New public interest test just one part of Greens’ wide-ranging media reforms

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Original article by Samantha Maiden
The New Daily – Page: Online : 26-Mar-19

The Greens want to encourage public interest journalism by extending tax breaks for news media subscriptions. Its plans are part of a media reform package that would also involve a clampdown on false news on social media and the possible breakup of media companies such as News Corporation. Greens senator Sarah Hanson-Young says regulators should be given stronger powers so that they can penalise broadcasters that provide proponents of hate speech a platform for their views.

CORPORATES
AUSTRALIAN GREENS, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED, SKY NEWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION

Social media chiefs get jail term warning

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Original article by Andrew Tillett
The Australian Financial Review – Page: 3 : 26-Mar-19

Social media companies and internet service providers will meet with Prime Minister Scott Morrison on 26 March. The meeting has been convened in the wake of the live-streaming of the Christchurch mosque shootings on Facebook. Morrison says the federal government will act if social media companies are not prepared to take steps to prevent the use of their platforms in a similar fashion. The threat of jail terms for social media executives who are not seen to be co-operating with the government on the issue has been raised.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GOOGLE AUSTRALIA PTY LTD, FACEBOOK AUSTRALIA PTY LTD, TWITTER AUSTRALIA HOLDINGS PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, VODAFONE AUSTRALIA LIMITED

Telcos slam NBN’s marketing push

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Original article by James Fernyhough
The Australian Financial Review – Page: 13 & 18 : 26-Mar-19

Telcos such as TPG Telecom have accused NBN Co of targeting their business customers. Their view is that NBN Co is meant to be a wholesaler and it should not be having direct contact with end users. The Australian Competition & Consumer Commission has observed that NBN Co is permitted to directly promote its services to end users, but that it is not permitted to recommend retail service providers to end users. The ACCC’s view has been backed up by the federal government.

CORPORATES
TPG TELECOM LIMITED – ASX TPM, NBN CO LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, SINGTEL OPTUS PTY LTD, COLES GROUP LIMITED – ASX COL, TELSTRA CORPORATION LIMITED – ASX TLS, MACQUARIE TELECOM GROUP LIMITED – ASX MAQ

US economy facing headwinds: Fed

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Original article by Eric Johnston
The Australian – Page: 17 & 28 : 26-Mar-19

Federal Reserve Bank of Chicago president Charles Evans forecasts that US economic growth in 2019 will be within the range of 1.75 per cent to two per cent. Meanwhile, financial markets have priced in a 60 per cent chance that the US Federal Reserve will reduce official interest rates, but Evans expects rates to rise, although not until the second half of 2020. Evans has also downplayed the risk to the US economy and financial markets if Britain’s exit from the European Union is "disorderly".

CORPORATES
FEDERAL RESERVE BANK OF CHICAGO, UNITED STATES. FEDERAL RESERVE BOARD, STANDARD AND POOR’S ASX 200 INDEX, NIKKEI 225 INDEX, CREDIT SUISSE AG

Living wage for 1.2m in Labor pitch

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Original article by Ewin Hannan
The Australian – Page: 1 & 4 : 26-Mar-19

Opposition Leader Bill Shorten has indicated that Labor’s living wage policy would boost the income of low-income earners from mid-2020. Details of the policy will be announced on 26 March, but Shorten has signalled that the living wage will apply only to people on the minimum wage rather than workers who are on award wages. Shorten also says Labor will legislate to require the Fair Work Commission to take into account a broader range of factors than at present in setting the living wage. Australian Industry Group CEO Innes Willox is among the critics of Labor’s living wage policy.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, THE AUSTRALIAN INDUSTRY GROUP, ACTU

NAB kills off scandal-plagued mortgage referral program

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Original article by James Frost
The Australian Financial Review – Page: 13 & 16 : 26-Mar-19

National Australia Bank has advised that it will end its controversial ‘loan introducer’ program from 1 October. The program sees non-bank employees receive a fee for referring home loan clients, with NAB stating in 2018 that it generates one out of every 20 mortgages written by the bank. NAB also says the program has generated around $2.4 billion worth of home loans, and that around $100 million in referral fees have been paid. Interim CEO and chairman-elect Philip Chronican says he wants customers to come to NAB because of its products and services, not because a third party receives a fee for endorsing it.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, KPMG AUSTRALIA PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Shares hit by fresh global growth fears

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Original article by David Rogers
The Australian – Page: 17 & 28 : 26-Mar-19

The bearish sentiment that saw the S&P/ASX 200 fall to a three-month low on 25 March also weighed on the local bond market, with the yield on Australian 10-year bonds reaching a record low of 1.756 per cent. Growing concern about the outlook for the global economy also prompted a decline in the yield on US government bonds, with the yield curve inverting for the first time since 2007. Meanwhile, the Australian dollar reached an low of $US0.7066 in local trading, and Steven Miller Grant Samuel Funds Management expects it to fall further.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, GRANT SAMUEL FUNDS MANAGEMENT PTY LTD, UNITED STATES. FEDERAL RESERVE BOARD, FEDERAL RESERVE BANK OF CHICAGO