Author: roymorgansocial

Coalition MP on brink

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Original article by James Campbell
Herald Sun – Page: 1 & 6 : 2-Nov-18

Liberal MP Chris Crewther could be referred to the High Court over concerns that his investment in pharmaceutical company Gretals Australia may breach Section 44 of the Constitution. Gretals has received direct grants from the federal government, as well as linkage grants. Home Affairs Minister Peter Dutton has also been under scrutiny over claims that his pecuniary interest in a childcare centre may breach the Constitution. The federal government would have 74 seats in the lower house if Crewther is disqualified.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, GRETALS AUSTRALIA, AUSTRALIA. DEPT OF HOME AFFAIRS, HIGH COURT OF AUSTRALIA, AUSTRALIAN LABOR PARTY

NAB goes back to business for growth

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Original article by Joyce Moullakis
The Australian – Page: 17 & 21 : 2-Nov-18

National Australia Bank has posted cash earnings of $5.7bn for 2017-18, which is 14 per cent lower than previously. Cash earnings for the year to 30 September fell by two per cent when restructuring costs and customer remediation charges are excluded. NAB’s consumer and wealth management division’s earnings fell by 5.8 per cent, although its business and private banking division’s earnings rose 2.5 per cent. CEO Andrew Thorburn is upbeat about NAB’s earnings outlook.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ARNHEM INVESTMENT MANAGEMENT PTY LTD, MLC LIFETIME COMPANY LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Rinehart claims she sits top of nation’s tax table

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Original article by Brad Thompson
The Australian Financial Review – Page: 19 : 2-Nov-18

The annual report of Gina Rinehart’s Hancock Prospecting shows that its profit rose by 28 per cent to $1.37m in 2017-18, with revenue from its Roy Hill iron ore project rising from $4.45bn to more than $6bn. Hancock paid $860 million in federal and state taxes during 2017-18, compared with $698m in the previous financial year, and it has paid $5 billion in taxes over the last eight years. Rinehart has issued a statement claiming that she pays more tax than any other Australian.

CORPORATES
HANCOCK PROSPECTING PTY LTD, ATLAS IRON LIMITED – ASX AGO, FORTESCUE METALS GROUP LIMITED – ASX FMG, AUSTRALIAN OUTBACK BEEF, S KIDMAN AND COMPANY PTY LTD, SIRIUS MINERALS PLC, RIVERSDALE RESOURCES LIMITED, RIO TINTO LIMITED – ASX RIO, WRIGHT PROSPECTING PTY LTD, SUPREME COURT OF WESTERN AUSTRALIA, FEDERAL COURT OF AUSTRALIA

Legacy war: Turnbull threat to haunt ScoMo

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Original article by Simon Benson, Primrose Riordan, Ben Packham
The Australian – Page: 1 & 4 : 2-Nov-18

Tensions between Prime Minister Scott Morrison and predecessor Malcolm Turnbull have increased in the wake of the latter’s recent visit to Indonesia. Morrison was forced to retract comments he made in a radio interview on 1 November; he said that Turnbull had not been asked to discuss trade and the possible relocation of Australia’s embassy in Israel during meetings with Indonesian officials, but Turnbull responded by stating that he had been asked to do so. Turnbull has also signalled that he will publicly defen­d his record as prime minister. Liberal Party of Victoria president Michael Kroger has called on Morrison and Turnbull to present a unified front.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, LIBERAL PARTY OF VICTORIA, AUSTRALIA. DEPT OF HOME AFFAIRS, HIGH COURT OF AUSTRALIA

Investors cheer BHP for buyback, dividend

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Original article by Matt Chambers
The Australian – Page: 27 : 2-Nov-18

BHP Billiton has advised that it will distribute $US5.2bn of the proceeds from the sale of its US shale assets to shareholders via a special dividend. Another $5.2bn has been earmarked for an off-market buyback of its Australian-listed shares. Macquarie says BHP will return cash to investors faster than the firm had expected; it had anticipated that BHP would complete an off-market buyback of its Australian shares and an on-market buyback of its London-listed shares by mid-2019. BHP shares rose 2.79 per cent to $33.11 on 1 November.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, MACQUARIE GROUP LIMITED – ASX MQG, RIO TINTO LIMITED – ASX RIO

Fortescue up after Forrest buys shares

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Original article by Peter Ker
The Australian Financial Review – Page: 19 : 2-Nov-18

Fortescue Metals Group chairman Andrew Forrest has increased his stake in the pure-play iron ore miner from 32.46 per cent to 33.87 per cent after buying 3.95 million shares in late October. Fortescue’s shares closed at a 10-week high of $4.11 on 1 November, and the stock has gained 13 per cent since Forrest’s on-market share transaction. Fortescue has also repurchased about $7m worth of share since it announced a $500 million share buyback in mid-October.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, MINDEROO PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, RIO TINTO LIMITED – ASX RIO

Stubbornly low inflation confounds RBA

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Original article by Michael Roddan
The Australian – Page: 2 : 1-Nov-18

Official data shows that Australia’s headline inflation rate fell to 1.9 per cent in the year to September, compared with 2.1 per cent in the year to June. The underlying inflation rate has fallen to 1.7 per cent. The CPI figures show that an increase in the cost of utilities, tobacco and petrol in the September quarter was offset by a 12 per cent decline in childcare costs following changes to federal subsidies. Despite the fact that inflation is now below the Reserve Bank’s target range of 2-3 per cent, most economists do not expect an increase in official interest rates until at least the end of 2019.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA, CAPITAL ECONOMICS LIMITED, HSBC AUSTRALIA HOLDINGS PTY LTD

Westacott pleads for Hawke-era ACTU mindset

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Original article by Phillip Coorey
The Australian Financial Review – Page: 6 : 1-Nov-18

Business Council of Australia CEO Jennifer Westacott has rejected the ACTU’s push for industry-wide enterprise bargaining. She says it is unworkable and would disadvantage people in regional areas and unskilled workers. Westacott argues that the nation needs a modern industrial relations system that is based on enterprise or workplace-level bargaining, and underpinned by a universal safety net. However, she has invited the ACTU’s leadership to work with business to ensure that the IR system is appropriate for a modern work environment.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, ACTU, AUSTRALIAN LABOR PARTY

Guthrie’s pay up as ABC lost millions

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Original article by Stephen Brook, Lilly Vitorovich
The Australian – Page: 1 & 7 : 1-Nov-18

The ABC’s annual report shows that the public broadcaster booked an operating loss of $71.2m in 2017-18, compared with expectations of a $3.09m surplus. The loss has been attributed to factors such as $54.7m in redundancy costs and higher investment in local content. The annual report also shows that former MD Michelle Guthrie was paid $963,991 in 2017-18, an increase of 8.2 per cent. Ex-chairman Justin Milne was paid $187,213 in his first – and only – full year in the role.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION

CBS tries to find Ten’s inner wild child

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Original article by Lilly Vitorovich
The Australian – Page: 7 : 1-Nov-18

Ten Network has used its annual "upfronts" to launch a new logo and the rebranding of its secondary channels. ONE will be rebadged as 10 Boss, with a focus on US dramas and sport, and a target audience of men and women over the age of 40. Eleven in turn will be renamed 10 Peach, targeting the 16-to-39 age demographic. Ten will also launch a subscription video-on-demand service in December, offering a large library of content.

CORPORATES
TEN NETWORK HOLDINGS LIMITED, CBS CORPORATION