Author: roymorgansocial

NAB insists its breaches were not criminal acts

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Original article by Ben Butler
The Australian – Page: 13 & 18 : 19-Dec-18

National Australia Bank has conceded that its MLC Nominees subsidiary had breached the Corporations Act and the Australian Securities and Investments Commission Act. The breaches related to so-called plan service fees that the superannuation trustee company had imposed on customers despite not providing any services. NAB has acknowledged in court filings that MLC Nominees’ actions constituted misleading or deceptive conduct. The Australian Securities & Investments Commission launched legal action against NAB in September.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MLC NOMINEES, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, NULIS NOMINEES AUSTRALIA LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

BHP class action down to one

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Original article by Ben Butler
The Australian – Page: 15 : 19-Dec-18

The Federal Court has ruled that Phi Finney McDonald’s class action against BHP over the Samarco tailings dam disaster in Brazil can proceed. Rival law firms Maurice Blackburn and Johnson Winter & Slattery had also proposed class actions against the resources group, but Justice Mark Moshinsky expressed a preference for Phi Finney McDonald’s funding model. He also noted that the firm’s case was more advanced in terms of preparation.

CORPORATES
BHP GROUP LIMITED – ASX BHP, PHI FINNEY McDONALD PTY LTD, MAURICE BLACKBURN PTY LTD, FEDERAL COURT OF AUSTRALIA, VALE SA, G&E KTMC FUNDING, HARBOUR FUND IV, ROBBINS GELLER RUDMAN AND DOWD LLP, LOS ANGELES COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION

REA boss Wilson pins growth hopes on Asia

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Original article by John Durie
The Australian – Page: 15 : 19-Dec-18

REA Group’s incoming CEO Owen Wilson says that continuing to provide value to customers and consumers will be his priority. Wilson also wants to expand the property listings group’s Asian operations, which currently account for about eight per cent of group revenue. Wilson will succeed Tracey Fellows, who will remain on REA’s board after becoming president of News Corporation’s Global Digital Real Estate business. News Corp has a controlling stake in REA.

CORPORATES
REA GROUP LIMITED – ASX REA, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, REALESTATE.COM.AU, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Major funds bracing for bear market

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Original article by David Rogers
The Australian – Page: 13 & 18 : 19-Dec-18

Sharemarkets in Australia and Asia fell sharply on 18 December, in response to bearish sentiment on Wall Street. The S&P/ASX 200 has shed more than 7.4 per cent so far in 2018, and it is on track to record its biggest fall for the December quarter since 2008. Magellan Financial Group and WAM Capital have maintain a high level of cash holdings, although Randal Jenneke of T. Rowe Price sees the market volatility as a selective buying opportunity.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, MAGELLAN FINANCIAL GROUP LIMITED – ASX MFG, WAM CAPITAL LIMITED – ASX WAM, T ROWE PRICE GROUP INCORPORATED, STANDARD AND POOR’S 500 INDEX, SHANGHAI COMPOSITE INDEX, NIKKEI 225 INDEX, RELIANCE WORLDWIDE CORPORATION LIMITED – ASX RWC, JAMES HARDIE INDUSTRIES PLC – ASX JHX, BHP GROUP LIMITED – ASX BHP, WOOLWORTHS GROUP LIMITED – ASX WOW, AUSTRALIAN LABOR PARTY

ANZ-Roy Morgan Australian Consumer Confidence levels to 117.8

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Original article by Roy Morgan
Market Research Update – Page: Online : 19-Dec-18

ANZ-Roy Morgan Australian Consumer Confidence rose 0.1% to 117.8 in the week ended 16 December, essentially unchanged from the previous week. Households’ views towards current financial conditions fell 2%, while future financial condition were flat. Consumers’ views toward current economic conditions rose 0.2%, but future economic conditions fell 0.9%. The ‘time to buy a household item’ sub-index rose 2.7%.

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

Shorten at Chinese fundraiser behind ICAC’s raid

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Original article by Brad Norington
The Australian – Page: 1 & 2 : 19-Dec-18

The Independent Commission Against Corruption raided the Sydney headquarter of Labor’s New South Wales branch on 18 December. The raid is believed to relate to a Chinese Friends of Labor fundraising dinner that was held prior to the 2015 state election. Several federal Labor MPs were at the function, including Opposition Leader Bill Shorten. Chinese property developer Huang Xiangmo was also present at the dinner. He later attracted scrutiny over his links to former Labor senator Sam Dastyari. Property developers were banned from making donations to NSW political parties at the time of the dinner.

CORPORATES
AUSTRALIAN LABOR PARTY, CHINESE FRIENDS OF LABOR, NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION, ELECTORAL COMMISSION OF NEW SOUTH WALES, AUSTRALIAN ELECTORAL COMMISSION, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION

BHP rewards investors with extra dividend

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Original article by Nick Toscano
The Age – Page: 24 : 18-Dec-18

BHP has completed an off-market buyback of its shares at $27.64 each. The buyback was funded by BHP’s sale of its US onshore oil and gas assets to BP for $US10.4 billion ($14.7 billion) earlier in 2018. Proceeds from the sale will also go towards the payment of a special dividend of $1.42 per share, which shareholders will receive on 30 January. Those who took part in the share buyback will be paid on 24 December. Macquarie Wealth Management believes that BHP could return another $US3 billion to shareholders in the 2019 financial year.

CORPORATES
BHP GROUP LIMITED – ASX BHP, BP PLC, MACQUARIE WEALTH MANAGEMENT, ELLIOTT MANAGEMENT CORPORATION

Shorten government would introduce Fair Work pay equity rules

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Original article by Tom McIlroy
The Australian Financial Review – Page: 9 : 18-Dec-18

Measures aimed at reducing the gender pay gap will be unveiled at Labor’s national conference on 18 December. Amongst other things, a Labor government would give the Fair Work Commission greater power to undertake pay equity reviews and increase wages in sectors where the majority of workers are women. Deputy Opposition Leader Tanya Plibersek says the existing laws on pay equity have proven to be inadequate.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. WORKPLACE GENDER EQUALITY AGENCY

Slower wages growth pushes out RBA hike

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Original article by Matthew Cranston
The Australian Financial Review – Page: 4 : 18-Dec-18

The May 2018 Budget had forecast wages growth of 2.75 per cent in 2018-19, but this has been pared back to 2.5 per cent in the mid-year budget update. Wages are also expected to increase by three per cent in 2019-20, compared with previous expectations of 3.25 per cent growth. Meanwhile, growth in household consumption is also expected to be lower than projected in 2018-19, while the unemployment rate is tipped to fall further than forecast. The lower wages growth outlook may affect the timing of any change in monetary policy.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, DELOITTE ACCESS ECONOMICS PTY LTD, KPMG AUSTRALIA PTY LTD

Paris target in sight eight years early

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Original article by Joe Kelly
The Australian – Page: 5 : 18-Dec-18

Emissions from power generation in the National Electricity Market are tipped to fall to 26 per cent below 2005 levels by 2022. This is according to the Emissions Projections 2018 Report, and would mean Australia will meet its Paris targets eight years ahead of schedule. Energy Minister Angus Taylor says the projections show that there is no need to revive the failed National Energy Guarantee, nor is there a need for a mechanism to reduce emissions, as called for by Labor and business groups.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN LABOR PARTY