Author: roymorgansocial

Trump’s battlers enjoy rapid pay rises

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Original article by Jacob Greber
The Australian Financial Review – Page: 7 : 15-Mar-19

Goldman Sachs estimates that growth in wages across the US economy is currently around 3.4 per cent, and 4.4 per cent in sectors with low wages. The investment bank’s research also shows that wages for workers in the bottom 50 per cent of the US wage distribution is rising by around four per cent a year, compared with about two per cent for those in the top half. The higher growth in low-income wages gained pace from mid-2018, in the wake of the Trump administration’s company tax cuts package. In contrast, the ACTU is advocating a large increase in the minimum wage to address the income gap.

CORPORATES
THE GOLDMAN SACHS GROUP INCORPORATED, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, ACTU, AUSTRALIAN LABOR PARTY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, UNITED STATES. FEDERAL RESERVE BOARD

Gas supply glut deflates prices for exporters

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Original article by Perry Williams
The Australian – Page: 24 : 15-Mar-19

Bernstein analyst Neil Beveridge an increase in global LNG supply in 2019 will put downward pressure on spot prices, which will in turn impact on Australia’s LNG exporters. It is estimated that up to 58 million tonnes of additional LNG production may be approved during 2019, while a final investment decision regarding another 64 million tonnes of supply is slated for 2020.

CORPORATES
BERNSTEIN INVESTMENT RESEARCH AND MANAGEMENT, WOODSIDE PETROLEUM LIMITED – ASX WPL, OIL SEARCH LIMITED – ASX OSH, TOTAL SA, EXXONMOBIL CORPORATION

WA ditches carbon offset rules

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Original article by Paul Garvey
The Australian – Page: 4 : 15-Mar-19

Western Australia’s Environmental Protection Authority has agreed to shelve new guidelines on emissions-intensive projects following intervention by the state government. Premier Mark McGowan stepped in following meetings with representatives of energy producers. The EPA will undertake further consultation regarding its proposed rules on carbon offsetting for new industrial projects. Oil and gas producers had expressed concern that the proposed guidelines would jeopardise a number of new projects in the state.

CORPORATES
WESTERN AUSTRALIA. ENVIRONMENTAL PROTECTION AUTHORITY, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, WOODSIDE PETROLEUM LIMITED – ASX WPL, SANTOS LIMITED – ASX STO, CHEVRON CORPORATION, ROYAL DUTCH SHELL PLC, AUSTRALIAN LABOR PARTY

Pell’s six-year death sentence

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Original article by John Ferguson, Tessa Akerman
The Australian – Page: 1 & 4 : 14-Mar-19

Victims of institutional child sexual abuse say Cardinal George Pell’s jail sentence is insufficient. The County Court of Victoria’s Chief Judge Peter Kidd has ruled that Pell will be eligible for parole in three years and eight months, after announcing a maximum sentence of six years for sexually abusing two choirboys in 1996 and 1997. Chief Judge Kidd acknowledged that the 77-year-old could die in prison, given his age and health problems. Corrections Victoria has warned that Pell’s high profile and the nature of his offences means he may be targeted by other inmates.

CORPORATES
COUNTY COURT OF VICTORIA, CORRECTIONS VICTORIA, CATHOLIC CHURCH, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY

Land title ruling set to cost billions

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Original article by Amos Aikman
The Australian – Page: 5 : 14-Mar-19

The High Court has upheld a previous ruling of the Federal Court, which found that the Ngaliwurru and Nungali peoples are entitled to compensation for "cultural loss" caused by the construction of infrastructure such as roads and water pipelines on native title land. The court ruling is limited to 1.26sq km of land at Timber Creek in the Northern Territory, but lawyers says it is likely to prompt similar compensation claims by native title holders across Australia.

CORPORATES
HIGH COURT OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, ASHURST AUSTRALIA, AUSTRALIAN LABOR PARTY, WESTERN AUSTRALIA. DEPT OF TREASURY AND FINANCE, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, NORTHERN TERRITORY. DEPT OF THE CHIEF MINISTER

PM declares peace despite ongoing coal push

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 14-Mar-19

National Party MP Barnaby Joyce is still advocating the use of taxpayers’ funds to build new coal-fired power stations in Queensland. However, Joyce has put his leadership ambitions on hold, declaring that Scott Morrison and Michael McCormack will lead the Coalition into the federal election. Joyce has also backed down on his claim that he is the legitimately elected deputy prime minister, describing it as a "misstep". Meanwhile, Morrison has stressed the need for Australia to have reliable and sustainable power that is "technology and resource agnostic".

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY

Carbon offsets threaten projects

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Original article by Paul Garvey
The Australian – Page: 17 & 20 : 14-Mar-19

The Western Australian Environmental Protection Authority’s new guidelines on the carbon neutrality of resources projects continue to attract scrutiny. Macquarie Group has warned that the guidelines are likely to result in Woodside Petroleum’s Browse LNG project being delayed, and its modelling suggests that the cost of Browse could blow out by more than $US5bn. Woodside COO Meg O’Neill has told a conference in Perth that the EPA guidelines could jeopardise both the Browse and Scarborough projects, as well as the long-term future of the North West Shelf venture.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, WESTERN AUSTRALIA. ENVIRONMENTAL PROTECTION AUTHORITY, MACQUARIE GROUP LIMITED – ASX MQG, REPUTEX ENERGY, WESTERN AUSTRALIA. DEPT OF MINES, INDUSTRY REGULATION AND SAFETY, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, ADANI MINING PTY LTD, BUSINESS COUNCIL OF AUSTRALIA, THE CHAMBER OF MINERALS AND ENERGY OF WESTERN AUSTRALIA INCORPORATED, BP PLC, ROYAL DUTCH SHELL PLC

Builders at risk as approvals decline

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Original article by Michael Owen
The Australian – Page: 19 : 14-Mar-19

Data from the Australian Bureau of Statistics shows that there was a year-on-year decline of 3.2 per cent in the trend estimate for total building approvals nationwide in January, while the value of total building approvals fell by 1.5 per cent. Justin Lokhorst of the ABS notes that the trend estimate for total building approvals has fallen to its lowest level since May 2013. The data also shows that Tasmania and the Australian Capital Territory were the only jurisdictions that did not record a decline in building approval values in the last 12 months.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, URBAN TASKFORCE AUSTRALIA LIMITED, MASTER BUILDERS AUSTRALIA INCORPORATED, MASTER BUILDERS’ ASSOCIATION OF SOUTH AUSTRALIA INCORPORATED, CUBIC HOMES, JML HOME CONSTRUCTIONS, ODM GROUP, OAS GROUP, PLATINUM FINE HOMES

ANZ ditches forecast for RBA rate increases

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Original article by David Rogers
The Australian – Page: 21 : 14-Mar-19

The ANZ Bank has scaled back its expectations for official interest rate rises in the near-term, forecasting that the cash rate will remain at 1.5 per cent until 2021. ANZ had previously expected two increases in the cash rate during 2020. ANZ’s David Plank says economic indicators other than GDP growth need to be taken into account when forecasting monetary policy, including labour market data. He adds that the Reserve Bank could act quickly to reduce the cash rate if signs of weakness in the labour market emerge.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, RESERVE BANK HEALTH SOCIETY LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

ING gains as customers flee the big banks

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 14-Mar-19

The number of customers for whom ING Australia is their main bank has risen by 57 per cent in the last year, to 645,000. This compares with just 100,000 customers in 2013. ING Australia CEO Uday Sareen says positive advocacy from the digital-only bank’s existing customers has been a major of its recent growth, which has also coincided with the Hayne royal commission. ING Australia booked a statutory net profit of $401m in 2018, an increase of 15 per cent, while deposits grew by nine per cent to $43.4bn.

CORPORATES
ING AUSTRALIA HOLDINGS LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, APPLE PAY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC