Author: roymorgansocial

Pyne blamed for freeze on coal imports

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Original article by Glenda Korporaal
The Australian – Page: 19 & 20 : 21-Mar-19

Michael Cooper of S&P Global Platts says Chinese buyers have favoured Indonesian coal over Australian coal since January, despite its lower quality. The firm expects China’s restrictions on Australian thermal coal imports to last until the end of May. Meanwhile, Trade Minister Simon Birmingham has rejected suggestions that China’s import restrictions are politically motivated. Some Chinese coal traders have claimed that Australian coal imports have been targeted due to comments made by Defence Minister Christopher Pyne in January regarding China’s presence in the South China Sea.

CORPORATES
S&P GLOBAL PLATTS, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, AUSTRALIA. DEPT OF DEFENCE, HUAWEI TECHNOLOGIES COMPANY LIMITED, AUSTRALIAN LABOR PARTY, CHINA. MINISTRY OF COMMERCE, GLENCORE PLC, NEW HOPE CORPORATION LIMITED – ASX NHC, CHINA. GENERAL ADMINISTRATION OF CUSTOMS

Brazil mine ruling brings doubt

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Original article by Paul Garvey
The Australian – Page: 22 : 21-Mar-19

The iron ore price fell sharply on 20 March after a Brazilian court ruled that Vale can resume production at its Brucutu mine, whose annual capacity is 30 million tonnes. The ruling also weighed on the share price of Fortescue Metals Group, which has been a major beneficiary of reduced output in Brazil in the wake of the Brumadinho tailings dam disaster in January. Fortescue COO Greg Lilleyman has told a conference in Perth that Chinese demand for the company’s lower-grade iron ore remains strong, and stockpiles of its ore at Chinese ports have been falling.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, VALE SA, MOUNT GIBSON IRON LIMITED – ASX MGX, MACQUARIE GROUP LIMITED – ASX MQG, CITIGROUP PTY LTD

Boutique and robo models the new face of financial advice

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Original article by James Eyers, Elouise Fowler
The Australian Financial Review – Page: 17 : 21-Mar-19

Westpac CEO Brian Hartzer expects banks to focus on using automated solutions to provide personal financial advice in future, due to the high cost of providing such services. Hamilton Wealth CEO Will Hamilton agrees that so-called robo-advice may be the only option for banks if they are to continue to offer financial advice on a large scale. Hartzer adds that consumers will still be able to pay for bespoke personal finance advice via boutique firms.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, HAMILTON WEALTH MANAGEMENT PTY LTD, VIRIDIAN ADVISORY PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BT FINANCIAL GROUP PTY LTD, KORDA CAPITAL, SIX PARK

TPG calls for reduction in damaging NBN price

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Original article by James Fernyhough
The Australian Financial Review – Page: 14 & 20 : 20-Mar-19

TPG Telecom has posted a 2018-19 interim net profit of $47.4m, which is 76.3 per cent lower than previously. The result was marred by a write-down associated with a decision to shelve plans for its own mobile network. TPG has advised that earnings from its core residential fixed-line broadband business fell 4.8 per cent to $243m during the half-year. CFO Craig Levy has warned that TPG will have to scrap its entry-level national broadband network plan unless NBN Co reduces its wholesale prices for budget plans.

CORPORATES
TPG TELECOM LIMITED – ASX TPM, NBN CO LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, NEW STREET RESEARCH, GOLDMAN SACHS AUSTRALIA PTY LTD, VODAFONE AUSTRALIA LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Hold on rates due to strong jobs data

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Original article by David Uren
The Australian – Page: 2 : 20-Mar-19

The minutes of the Reserve Bank’s monthly board meeting show that the central bank expects the labour market to remain strong, negating the need for any change to the cash rate in the near-term. The Reserve Bank also maintained its guidance for GDP growth of about three per cent in 2019, although the board meeting was held the day before the release of data showing GDP growth of just 0.2 per cent for the December 2018 quarter.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN BUREAU OF STATISTICS

Business wants more detail on ALP’s emissions reduction policy

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Original article by Mark Ludlow
The Australian Financial Review – Page: 9 : 20-Mar-19

Business Council of Australia CEO Jennifer Westacott has urged both major political parties to reveal details of how their greenhouse gas emissions reduction targets will be achieved. She notes that a report by former bureaucrat Brian Fisher shows that the policies of both Labor and the Coalition will have an impact on the economy. Minerals Council of Australia CEO Tania Constable has called for a measured response to meeting Australia’s emissions reduction target to avoid any negative economic impact.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, MINERALS COUNCIL OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP, AUSTRALIAN NATIONAL UNIVERSITY. CRAWFORD SCHOOL OF PUBLIC POLICY

Weaker unions not the problem

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 8 : 20-Mar-19

University of Sydney economist Stephen Kirchner contends that Australia’s low level of wages growth is not linked to the decline in union membership. In a paper that has been published by the US Studies Centre, Kirchner also disputes the ACTU’s claim that wages growth is no longer linked to productivity increases. Kirchner adds that the rise in house prices has been the major contributor to the decline in labour’s share of income over the long-term.

CORPORATES
UNIVERSITY OF SYDNEY. UNITED STATES STUDIES CENTRE, ACTU, CENTRE FOR FUTURE WORK

PM rolls out rail, migrant strategy

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Original article by Simon Benson
The Australian – Page: 1 & 2 : 20-Mar-19

Prime Minister Scott Morrison says the federal government’s revised migrant intake is aimed at easing congestion in major cities. The nation’s permanent migrant intake will be capped at 160,000 a year, although some cabinet ministers had favoured reducing it to 155,000. Some 23,000 skilled migrants will also be required to live in regional areas for three years before qualifying for permanent residency. Meanwhile, the April 2019 Budget is expected to include funding for three proposed fast-rail projects in New South Wales, Victoria and Queensland.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN LABOR PARTY, MIGRATION COUNCIL OF AUSTRALIA

Push to curb social giants like traditional media

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Original article by John Davidson
The Australian Financial Review – Page: 5 : 20-Mar-19

Sacha Molitorisz of the Centre for Media Transition says digital platforms should be subject to the same regulation as traditional media companies with regard to the distribution of objectionable content. He supports the Australian Competition & Consumer Commission’s proposal for a single media regulator. The issue has attracted renewed scrutiny in the wake of the Christchurch mosque attack, with digital companies unlikely to be censured for allowing it to be streamed live on their platforms.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, UNIVERSITY OF TECHNOLOGY, SYDNEY. CENTRE FOR MEDIA TRANSITION, FACEBOOK INCORPORATED, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, SKY NEWS

Delays imperil 300 mining jobs

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Original article by Paul Garvey
The Australian – Page: 22 : 20-Mar-19

New Hope Corporation has posted a 2018-19 interim net profit of $159.8m, which is 33 per cent higher than previously. The result was boosted by its increased stake in the Bengalla coal mine in New South Wales. Meanwhile, MD Shane Stephan has warned that the company will have to retrench workers at its New Acland mine in Queensland if it does not gain approval for its third-stage expansion by the September quarter. New Acland boasts 300 direct employees and 500 contractors.

CORPORATES
NEW HOPE CORPORATION LIMITED – ASX NHC, MORGANS FINANCIAL LIMITED