Author: roymorgansocial

Banks might be warming to lithium

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Original article by Peter Ker
The Australian Financial Review – Page: 23 : 16-Nov-18

Patrick Cocquerel of Westpac says the lack of a benchmark price for lithium has made banks somewhat reluctant to provide financing for Australian lithium producers. The nation’s burgeoning lithium industry has instead been largely financed via debt, equity, specialist lenders and payments from forward sales of the metal. Foreign banks have also been more willing to provide financing for lithium projects, but Cocquerel notes that local banks – including Westpac – are becoming more active in the sector.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PILBARA MINERALS LIMITED – ASX PLS, GALAXY RESOURCES LIMITED – ASX GXY, BNP PARIBAS SA, KIDMAN RESOURCES LIMITED – ASX KDR, SOCIEDAD QUIMICA Y MINERA SA, S&P GLOBAL MARKET INTELLIGENCE, ALBERMARLE CORPORATION

Forrest says Fortescue will embrace new energy, AI

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Original article by Peter Ker
The Australian Financial Review – Page: 22 : 16-Nov-18

Fortescue Metals Group chairman Andrew Forrest says the pure-play iron ore miner views thermal coal as a 20th century energy source and it will only invest in "new energy". Forrest adds that Fortescue is also committed to investing in automation and artificial intelligence, and says such technology should be embraced rather than feared. Fortescue is deploying automated haulage trucks at its iron ore mines in the Pilbara. A decision on a proposed expansion of its Iron Bridge magnetite concentrate joint venture is expected by the end of 2018.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, CHINA BAOWU STEEL GROUP CORPORATION LIMITED, FORMOSA PLASTICS CORPORATION

Fellows moves house to global News Corp role

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Original article by Lilly Vitorovich
The Australian – Page: 21 : 16-Nov-18

REA Group is seeking a new CEO after Tracey Fellows resigned to become president of News Corporation’s digital real estate business. Fellows, who will be based in New York in her new role, has been CEO of REA since August 2014. Shares in REA have gained around 62 per cent during her tenure, and the real estate listings group recently posted strong growth in earnings and revenue for the first quarter of 2018-19. Fellows will remain on the board of REA, in which News Corp has a controlling stake.

CORPORATES
REA GROUP LIMITED – ASX REA, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, REALESTATE.COM.AU, IPROPERTY GROUP LIMITED, HOMETRACK, SMARTLINE HOME LOANS PTY LTD, MOVE INCORPORATED, DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA POST, MICROSOFT CORPORATION, DELL TECHNOLOGIES INCORPORATED, IBM CORPORATION

Battered bourse ready for a recovery

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Original article by David Rogers
The Australian – Page: 29 : 16-Nov-18

The S&P/ASX 200 reached an intra-day low of 5,686.8 points on 15 November, before recovering to post a modest gain for the session. The recent sell-off means that with some exceptions, the Australian sharemarket now offers quite good value. The market’s forward price-earnings ratio is now slightly above its long-term average, while the dividend yield of five per cent is at its highest level in almost three years. Meanwhile, the benchmark index has recorded an average gain of 2.1 per cent in December over the last five years.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, CREDIT SUISSE (AUSTRALIA) LIMITED

Exxon’s $120m Bass Strait bet fails to deliver gas

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Original article by Matt Chambers
The Australian – Page: 17 & 27 : 15-Nov-18

ExxonMobil Australia chairman Richard Owen has advised that a drilling program at the Dory gas prospect in Bass Strait has failed to yield commercial quantities of hydrocarbons. ExxonMobil drilled the Baldfish and Hairtail wells at a cost of $120m, with the hope of finding a new source of gas for the Longford processing plant in Victoria. Owen says ExxonMobil is optimistic that it will have success in future exploration of the VIC/P70 permit.

CORPORATES
EXXONMOBIL AUSTRALIA PTY LTD, EXXONMOBIL CORPORATION, LIBERTY PETROLEUM, BHP BILLITON LIMITED – ASX BHP, APACHE ENERGY LIMITED

Health Minister relents on opt-out

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Original article by Sean Parnell
The Australian – Page: 6 : 15-Nov-18

The federal government has announced that consumers will now have until the end of January to opt out of the My Health Record system. The opt-out period had been slated to end on 15 November, after having previously been extended by a month. The 10-week extension will enable the government to make amendments to the My Health Record legislation to address concerns about privacy and security. Labor had sought a 12-month extension of the opt-out period.

CORPORATES
AUSTRALIA. DEPT OF HEALTH, AUSTRALIAN LABOR PARTY

Consolidation frenzy grips gold industry

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

Further consolidation among Australian gold producers is expected following Silver Lake Resources’ deal to acquire Doray Minerals. Other activity in the sector includes Ramelius Resources’ bid for Explaurum and Northern Star Resources’ offer to buy out its partners in the East Kundana project. Meanwhile, Newcrest Mining CEO Sandeep Biswas says the company would be open to selling the Telfer gold mine at the right price.

CORPORATES
SILVER LAKE RESOURCES LIMITED – ASX SLR, DORAY MINERALS LIMITED – ASX DRM, RAMELIUS RESOURCES LIMITED – ASX RMS, EXPLAURUM LIMITED – ASX EXU, NORTHERN STAR RESOURCES LIMITED – ASX NST, NEWCREST MINING LIMITED – ASX NCM, TRIBUNE RESOURCES LIMITED – ASX TBR, RAND MINING LIMITED – ASX RND, AUSTRALIA. TAKEOVERS PANEL

Seven West tightens belt in slow ad market

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Original article by Lilly Vitorovich, Stephen Brook
The Australian – Page: 21 : 15-Nov-18

Seven West Media has advised that its net cost savings for 2018-19 will be within the range of $20m to $30m, compared with previous guidance of $10m to $20m. CEO Tim Worner says Seven will seek to capitalise on any opportunities that arise from the proposed merger between Nine Entertainment and Fairfax Media. Meanwhile, chairman Kerry Stokes has told Seven’s AGM that foreign digital platforms continue to have an advantage over traditional media companies in competing for advertising revenue.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, CRICKET AUSTRALIA, BIG BASH LEAGUE, FOXTEL MANAGEMENT PTY LTD

Rookie spy foiled terrorists

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Original article by Tessa Akerman, Primrose Riordan
The Australian – Page: 1 & 8 : 15-Nov-18

Victoria’s Court of Appeal has lifted a suppression order that had prevented the media from reporting on the conviction of three Muslim men on terrorism charges. A jury took seven day to find Ahmed Mohamed, Abdullah Chaarani and Hamza Abbas guilty over a plan to launch a terrorism attack in the Melbourne CBD at Christmas in 2016. The Australian Security Intelligence Organisation’s Director-General of Security, Duncan Lewis, has also revealed that the terrorism plot had been detected due to the work of a recent ASIO recruit.

CORPORATES
COURT OF APPEAL (VICTORIA), AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION

Greens seek to wedge Labor on IR

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 5 : 15-Nov-18

Labor has indicated that it would prioritise low-paid workers in any push for industry-wide enterprise bargaining. However, the Greens argue that industry-wide enterprise bargaining should be available to all workers regardless of income or the sector in which they work. The Coalition and business leaders have expressed concern that the ACTU’s proposal for industry-wide enterprise bargaining would see industrial action escalate to the levels of the 1970s.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ACTU, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, HEALTH SERVICES UNION OF AUSTRALIA