Author: roymorgansocial

Break up Google to level field in media

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Original article by Zoe Samios
The Australian – Page: 3 : 13-Mar-19

News Corp Australia has used its submission to the Australian Competition & Consumer Com­m­ission’s landmark review of digital platforms to propose forcing Google to sell either its search or advertising business. The media group contends that forced divestment may be the best way to address the market power of digital platforms. ACCC chairman Rod Sims recently noted that digital platforms are not subject to the same regulations as traditional media companies.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

NAB customers get $110m compo

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Original article by Richard Gluyas
The Australian – Page: 19 & 23 : 13-Mar-19

National Australia Bank has disclosed that 310,000 customers have collectively been paid $110m over the fee-for-no-service scandal since mid-2018. Acting CEO and chairman-elect Phil Chronican has also used a letter to shareholders to concede that much more work needs to be done at NAB, and he has stressed the need to ensure that the bank always get things right for customers. Meanwhile, chief people officer Lorraine Murphy has become the first NAB executive to resign since the recent leadership changes.

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

ANZ-Roy Morgan Australian Consumer Confidence tumbles to 109.5

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Original article by Roy Morgan
Market Research Update – Page: Online : 13-Mar-19

ANZ-Roy Morgan Australian Consumer Confidence fell 4.6% to 109.5 in the week ended 10 March. All the sub-indices were in the negative, with three components falling more than 5%. The decline has also resulted in the headline index and each sub-index closing below their long-run averages. Households’ views towards current financial conditions fell 2.9% and views toward future financial conditions fell 5.4%. Consumers’ views toward current economic conditions fell 7.9% and views toward future economic conditions declined by 5.4%. The ‘time to buy a household item’ index fell by 1.7%, after a decline of 2.1% in the previous reading.

CORPORATES
ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Rate cuts, not supply, the key to house prices

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Original article by Matthew Cranston
The Australian Financial Review – Page: 5 : 12-Mar-19

Reserve Bank of Australia analysts Trent Saunders and Peter Tulip have concluded that monetary policy has the biggest impact on house prices and the level of construction activity. They argue that historically low interest rates have been the major driver of rising house prices in recent years, while factors such as construction costs and population growth have had a smaller impact. In contrast, RBA governor Philip Lowe recently suggested that housing supply has been the major influence on prices.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Banks get a damning ASIC report card

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Original article by Misa Han
The Australian Financial Review – Page: 15 & 18 : 12-Mar-19

Australia’s four major banks and AMP have set aside over $1 billion to compensate customers who were impacted by the fee-for-no-service scandal. However, along with Macquarie, they have been attacked by the Australian Securities & Investments Commission for the time it is taking them to identify and compensate customers who were affected by the scandal. ASIC has also criticised the big four banks, AMP and Macquarie for not conducting further reviews of the systemic failures that led to the scandal in the first place.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE GROUP LIMITED – ASX MQG, RESERVE BANK OF AUSTRALIA, CLSA AUSTRALIA PTY LTD

AMP and Clayton Utz roll over for ASIC

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Original article by James Frost
The Australian Financial Review – Page: 19 : 12-Mar-19

An AMP spokesperson has confirmed that it has withdrawn its claim of legal and professional privilege over documents sought by the Australian Securities & Investments Commission regarding the fee-for-no-service scandal. Clayton Utz had been involved in the claim; the documents in question included notes taken by Clayton Utz in interviews with AMP employees over the scandal. ASIC deputy commissioner Daniel Crennan attacked AMP for trying to delay its investigation, although he said it was pleased that the sought documents had now been released.

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CLAYTON UTZ

Labor fully committed to Hayne

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 12-Mar-19

Shadow financial services minister Clare O’Neil will use a Committee for Sydney speech on 12 March to reveal that Labor will reject only one recommendation in the Hayne royal commission’s final report if it wins the upcoming federal election. Labor has joined the Coalition in opposing the proposal to shift the cost of mortgage brokers’ fees from lenders to borrowers. Labor has previously only expressed in-principle support for many of Kenneth Hayne’s recommendations.

CORPORATES
AUSTRALIAN LABOR PARTY, COMMITTEE FOR SYDNEY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

US-China trade deal puts pressure on LNG exporters

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Original article by Glenda Korporaal
The Australian – Page: 20 : 12-Mar-19

China has sourced about 80 per cent of its LNG imports from Australia, Qatar, Malaysia and Indonesia over the last eight years. However, there is speculation that negotiations for a trade deal with the US could see China agree to significantly increase its LNG imports from the US. Any such deal could have major implications for Australia’s LNG exports to China, while other exports could also be affected if China agrees to ramp up its trade with the US.

CORPORATES
CHINA PETROLEUM AND CHEMICAL CORPORATION, CHENIERE ENERGY INCORPORATED, WOODSIDE PETROLEUM LIMITED – ASX WPL, CHEVRON CORPORATION, PETROCHINA COMPANY LIMITED, CHINA NATIONAL PETROLEUM CORPORATION, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Coal war: Joyce sparks showdown with Libs

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Original article by Joe Kelly, Greg Brown
The Australian – Page: 1 & 4 : 12-Mar-19

National Party leader Michael McCormack has downplayed concerns about a potential leadership challenge amid growing tensions within the Coalition regarding energy policy. Former Nationals leader Barnaby Joyce has raised the prospect of ending the alliance with the Liberal Party after Prime Minister Scott Morrison ruled out federal government funding for new coal-fired power stations in Queensland. McCormack has rejected suggestions of a "coal war" within the Coalition.

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

Virgin to stick with suspect Boeings

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Original article by Robyn Ironside
The Australian – Page: 3 : 12-Mar-19

Virgin Australia is slated to receive the first of 30 Boeing 737 MAX 8 aircraft in November, and the carrier has not yet changed its plans in the wake of the latest fatal incident involving the plane. Ethiopian Airlines has grounded its fleet of 737 MAX 8s following the loss of one plane with 157 passengers and crew. The pilot had reported technical difficulties shortly before the crash, which is similar to the circumstances surrounding the downing of a Lion Air 737 MAX 8 in late October.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, BOEING COMPANY, ETHIOPIAN AIRLINES, LION AIR, QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN INTERNATIONAL PILOTS ASSOCIATION, UNITED STATES. FEDERAL AVIATION ADMINISTRATION, CHINA. CIVIL AVIATION AUTHORITY