Author: roymorgansocial

Google bid to keep algorithm secret

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Original article by David Swan
The Australian – Page: 3 : 22-Feb-19

The Australian Competition & Consumer Commission proposed the creation of an algorithm regulator in the preliminary report on its investigation into the impact that Facebook and Google are having on news and society. Google Australia & New Zealand MD Mel Silva contends that such a body could lead to manipulation and even more fake news, while she says Google should be treated differently to Facebook as it encourages users to visit other sites, whereas Facebook tries to keep people on its platform for as long as possible.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FACEBOOK AUSTRALIA PTY LTD, GOOGLE AUSTRALIA PTY LTD

Fairfax regional papers to be sold by mid-year

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Original article by Lilly Vitorovich
The Australian – Page: 21 : 22-Feb-19

Nine Entertainment Company has advised that prospective buyers are undertaking due diligence on its Australian Community Media business, and a deal should be finalised by mid-2019. Formerly owned by Fairfax Media, ACM comprises more than 170 community and regional newspapers. Nine has also commenced the sale process for its New Zealand division, Stuff, as well as its events business.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED, AUSTRALIAN COMMUNITY MEDIA, STUFF LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, ALLEGRO FUNDS PTY LTD, ANCHORAGE CAPITAL PARTNERS PTY LTD, PLATINUM EQUITY HOLDINGS, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA

Westpac faces class action on loans

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Original article by Richard Gluyas
The Australian – Page: 24 : 22-Feb-19

Westpac intends to defend a class action launched by Maurice Blackburn on behalf of home loan customers. The law firm will contend that Westpac breached its responsible lending obligations by failing to sufficiently assess borrowers’ capacity to repay the loan and to verify information about their financial circumstances. Westpac had been subject to similar legal action by the Australian Securities & Investments Commission in 2018, and that case will return to court after a settlement was rejected by the presiding judge.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MAURICE BLACKBURN PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA

Evans’ rate cut talk turns focus on RBA stance

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Original article by David Rogers
The Australian – Page: 30 : 22-Feb-19

Westpac’s chief economist Bill Evans now expects the Reserve Bank to reduce the cash rate twice in 2019, in August and November. His forecast is based on expectations that economic growth will slow to 2.2 per cent in 2019 and 2020, with the unemployment rate rising to 5.5 per cent in the second half of 2019. Evans had previously expected official interest rates to remain on hold for the next two years.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, JP MORGAN AUSTRALIA LIMITED

Taxpayers’ $830k legal bill for ROC hearings

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Original article by Ewin Hannan
The Australian – Page: 2 : 21-Feb-19

Mark Bielecki, the head of the Registered Organisations Commission, has told a Senate estimates hearing that the legal costs arising from raids on Australian Workers’ Union offices have topped $550,000. This is in addition to the $288,000 that Small Business Minister Michaelia Cash has spent on legal representation. Cash came under scrutiny by Labor members of the committee over the evidence she gave to the Australian Federal Police after details of the raids were leaked to the media.

CORPORATES
AUSTRALIA. REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIAN LABOR PARTY, AUSTRALIAN FEDERAL POLICE, FEDERAL COURT OF AUSTRALIA

Coal collapse ‘a good thing’, Labor MP says

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Original article by Ben Packham, Joe Kelly
The Australian – Page: 1 & 4 : 21-Feb-19

Resources Minister Matt Canavan has criticised comments made by Labor MP Richard Marles about the coal industry. Marles said the decline of the global thermal coal industry is "a good thing" as it implies that action is being taken to address climate change. Canavan argues that both coal prices and demand for coal are strong, and he says Marles’ comments show that Labor wants to shut down Australia’s largest export industry with the loss of more than 50,000 jobs. Marles later sought to clarify his comments.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIAN LABOR PARTY, MINERALS COUNCIL OF AUSTRALIA, NEW SOUTH WALES MINERALS COUNCIL, ADANAC MOLYBDENUM CORPORATION, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Woolies takes $2.5bn hit as profit stagnates

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Original article by Eli Greenblat
The Australian – Page: 19 : 21-Feb-19

Grocery giant Woolworths Group has posted a 2018-19 interim net profit of $979m, which is one per cent higher than previously. Net profit from continuing operations, rose by 2.1 per cent to $920m and sales were up 2.2 per cent at $30.704bn. Analyst say the half-year results were disappointing, and Woolworths CEO Brad Banducci has warned that the retail trading environment is likely to remain challenging in the second half. Shareholders will receive an interim dividend of $0.45 per share.

CORPORATES
WOOLWORTHS GROUP LIMITED – ASX WOW, WOOLWORTHS SUPERMARKETS, BIG W DISCOUNT STORES, DAN MURPHY’S, ENDEAVOUR DRINKS, COLES SUPERMARKETS AUSTRALIA PTY LTD, COLES GROUP LIMITED – ASX COL, EG GROUP

Gillespie predicts RBA will trim rates as house prices fall

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Original article by Natasha Gillezeau
The Australian Financial Review – Page: 28 : 21-Feb-19

Brett Gillespie of Ellerston Capital estimates that there is a 30 per chance that the Reserve Bank of Australia will reduce official interest rates in April. In contrast, financial markets are currently pricing in a six per cent chance of a rate cut. Gillespie expects a further downturn in house prices in the near-term, which may prompt the central bank to ease monetary policy prior to the federal election. The RBA adopted a more dovish tone on interest rates at its February meeting, after signalling in December that rates were more likely to go up than down.

CORPORATES
ELLERSTON CAPITAL PTY LTD, RESERVE BANK OF AUSTRALIA, UBS HOLDINGS PTY LTD

NAB CEO forfeits $22m as push for changing of the guard speeds up

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Original article by Joyce Moullakis
The Australian – Page: 17 & 22 : 21-Feb-19

National Australia Bank has revealed that former CEO Andrew Thorburn will receive a ‘golden handshake’ of $1m. However, he will forgo about $22m in performance rights following his resignation. Thorburn was paid about $4m in 2018, but acting CEO Phil Chronican will be paid just $150,000 a month while he is in the role. Meanwhile, NAB chairman Ken Henry will have no role in selecting a permanent successor to Thorburn, while Angus Gluskie of White Funds Management has urged NAB to choose a new CEO within six months.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WHITE FUNDS MANAGEMENT PTY LTD, CLSA AUSTRALIA PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

Franking fantastic: Forrest’s $327m payday

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Original article by Brad Thompson
The Australian Financial Review – Page: 15 & 18 : 21-Feb-19

Fortescue Metals Group has posted a 2018-19 interim net profit of $US644m ($900m), which is five per cent lower than previously. Fortescue has reported revenue of $US3.54bn for the half-year, and the pure-play iron ore miner has maintained its guidance for shipments of 165 tonnes to 173 million tonnes for the full year. Shareholders will receive an interim dividend of $0.19 per share and a special dividend of $0.11. Fortescue’s founder and chairman Andrew Forrest will receive a total of $327m in dividend payouts, from a total payout of $924m.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, AUSTRALIAN LABOR PARTY, SHAW AND PARTNERS LIMITED, RIO TINTO LIMITED – ASX RIO, BHP GROUP LIMITED – ASX BHP, VALE SA, INTERNATIONAL COUNCIL ON MINING AND METALS