Author: roymorgansocial

Morrison puts Ita in ABC’s hot seat

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Original article by Rosie Lewis, Greg Brown
The Australian – Page: 3 : 27-Feb-19

Senior federal government sources have confirmed that media industry veteran Ita Buttrose will succeed Justin Milne as the ABC’s chair. Cabinet is said to have approved her appointment and a formal announcement is likely within days. However, Labor leader Bill Shorten has accused the government of bungling the succession process, arguing that Buttrose was not on a shortlist of candidates for the role.

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AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, KORN/FERRY INTERNATIONAL, TEN NETWORK HOLDINGS LIMITED, FAIRFAX MEDIA LIMITED, GILBERT AND TOBIN LAWYERS, HOLDING REDLICH, NEWS CORP AUSTRALIA PTY LTD, AUSTRALIAN GREENS

Cardinal George Pell found guilty of sex assaults on choirboys

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Original article by Lucie Morris-Marr
The New Daily – Page: Online : 27-Feb-19

Lawyers representing Cardinal George Pell say he will appeal against his conviction on child sexual assault charges. A jury found Pell guilty of five charges of sexually abusing two choirboys at St Patrick’s Cathedral in Melbourne in 1996 and 1997. The verdict was handed down on 11 December, but a suppression order prevented the media from reporting on the case until 26 February, when separate charges of sexual abuse were dropped. It has also been revealed that Pell’s conviction in December was preceded by a previous trial in September, but the jury was dismissed after failing to reach a unanimous verdict.

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CATHOLIC CHURCH, COUNTY COURT OF VICTORIA

Yancoal delivers thumping profit

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Original article by Paul Garvey
The Australian – Page: 19 & 22 : 27-Feb-19

Yancoal Australia has posted a 2018 net profit of $852m, compared with $229m previously, while factors such as rising coal prices lifted operating EBIT to $2.18bn. CEO Reinhold Schmidt notes that Yancoal has reduced its dependence on exports to China after increasing its export volumes to other countries in Asia. He has also rejected suggestions that China’s recent coal import restriction were prompted by trade tensions with Australia. Yancoal shareholders will receive a final dividend of $0.126 per share, and a full-year payout of $0.2855.

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YANCOAL AUSTRALIA LIMITED – ASX YAL, COAL AND ALLIED INDUSTRIES LIMITED, RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, ADANI MINING PTY LTD

PM to give Snowy 2.0 a $1.4b green light

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 8 : 26-Feb-19

Prime Minister Scott Morrison has announced that the federal government will contribute $1.38bn to the cost of the Snowy Hydro expansion project. Morrison says the government has reviewed the business case, which shows that the pumped hydro project is viable. Snowy Hydro Limited, which is owned by the federal government, will finance the balance of the project’s cost. Morrison has also committed the government to investing $56m in the Marinus Link project to build a second electricity interconnector between Tasmania and Victoria.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, SNOWY HYDRO LIMITED, AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA

Winnable seats for women still PM’s challenge

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Original article by Andrew Tillett
The Australian Financial Review – Page: 9 : 26-Feb-19

The federal government is already under criticism for the lack of female MPs within its ranks. However, it is possible that it could suffer from an even greater gender imbalance after the upcoming election. It has been suggested that just four of the 21 female Coalition candidates who have been endorsed for either the House of Representatives or the Senate since Scott Morrison became Prime Minister in August are considered to be guaranteed of winning their seat.

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LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, NATIONAL PARTY OF AUSTRALIA

Gen-tailer’s 24pc profit lift too high: Taylor

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 22 : 26-Feb-19

EnergyAustralia has posted a 2018 net profit of $566m, which is 24 per cent higher than previously. The result was boosted by higher wholesale electricity prices, while parent company CLP Group says EnergyAustralia’s return on invested capital rose to 10.7 per cent, compared with just 3.3 per cent in 2014. Federal Energy Minister Angus Taylor has responded to strong earnings growth in the electricity sector by again urging generator-retailers to provide price relief for customers.

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ENERGYAUSTRALIA PTY LTD, CLP GROUP, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, ORIGIN ENERGY LIMITED – ASX ORG, AGL ENERGY LIMITED – ASX AGL

Morrison slams Labor’s proposal for bank tax

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Original article by James Frost, John Kehoe
The Australian Financial Review – Page: 4 : 26-Feb-19

Prime Minister Scott Morrison says Labor’s plan to impose a new levy on banks raises the question of what sector it will target next, while Greens senator Peter Whish-Wilson says it should not apply to smaller banks as it will affect their competitiveness. Consumer Action Law Centre CEO Gerard Brody has welcomed Labor’s plan to use some of the proceeds from the levy to finance additional financial counsellors but argues that it should be broadened to include sectors such as telcos and utilities. Labor’s tax is slated to raise $640m over four years.

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AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS, CONSUMER ACTION LAW CENTRE, LAW COUNCIL OF AUSTRALIA, STANDARD AND POOR’S ASX 100 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, SUNCORP GROUP LIMITED – ASX SUN, MACQUARIE GROUP LIMITED – ASX MQG

Buttrose wins backing for top ABC job

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Original article by Lilly Vitorovich, Greg Bright
The Australian – Page: 3 : 26-Feb-19

Prime Minister Scott Morrison says cabinet has yet to discuss the appointment of a successor to former ABC chairman Justin Milne. Amid growing speculation that media industry veteran Ita Buttrose will be given the role, some observers believe that her appointment would be inappropriate as she was not on the short-list compiled by Korn Ferry or considered by the independent nomination panel. However, former ABC chairman Donald McDonald is among those who believe that Buttrose would be a good choice for the role.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, KORN/FERRY INTERNATIONAL, AUSTRALIAN GREENS, COMMUNITY AND PUBLIC SECTOR UNION, TEN NETWORK HOLDINGS LIMITED, AUSTRALIAN LABOR PARTY, FAIRFAX MEDIA LIMITED, GILBERT AND TOBIN LAWYERS, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, HOLDING REDLICH

RBA could jump rates gun: UBS

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Original article by Samantha Bailey
The Australian – Page: 28 : 26-Feb-19

UBS still expects the Reserve Bank of Australia to reduce the cash rate in November 2019 and February 2020. However, UBS has warned that there is potential for monetary policy to be eased sooner if domestic and global conditions justify such a move. These include a further downturn in house prices and a rise in the unemployment rate.

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RESERVE BANK OF AUSTRALIA, UBS HOLDINGS PTY LTD

‘Flawed but not illegal’: NAB digs in over fees for no service

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Original article by James Frost
The Australian Financial Review – Page: 15 & 20 : 26-Feb-19

The Australian Securities & Investments Commission’s case against National Australia Bank over claims that it charged customers for services that were not provided is due to go to court in May. NAB has conceded that it did the wrong thing in regard to customers who were not linked to a financial adviser, but the bank has rejected claims that it was in the wrong in instances where the customer was linked to a financial planner. It appears to be arguing that making advice available to this second group of customers justified the charging of a fee.

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NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MLC LIMITED