Author: roymorgansocial

Collins forced to plug the subs gap

roymorgansocial Leave a comment

Original article by Paul Maley
The Australian – Page: 1 & 2 : 1-Oct-18

The Federal Government has yet to sign a strategic partnering agreement with France-based Naval Group to build a new fleet of submarines. Marcus Hellyer of the Australian Strategic Policy ­Institute has warned that a delay in finalising the agreement may in turn push back the delivery date for the 12 new submarines. He says that the government may have to extend the life of the Collins-class submarines until at least the 2040s. The first of the new Shortfin Barracuda submarines is slated for delivery in the early 2030s.

CORPORATES
NAVAL GROUP, AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED, AUSTRALIA. DEPT OF DEFENCE, LOCKHEED MARTIN CORPORATION

PM to sandbag seats with GST overhaul

roymorgansocial Leave a comment

Original article by Andrew Burrell
The Australian – Page: 1 & 4 : 1-Oct-18

Prime Minister Scott Morrison is poised to announce plans for changes to the formula for distributing goods and services tax revenue. The legislation, which would provide the states and territories with an additional $7.2bn in funding, is expected to be put forward during the next session of Parliament. The changes will benefit Western Australia in particular, where the Liberal Party is in danger of losing up to five seats at the next federal election. The proposed changes will include the introduction of a GST floor of $0.70 in the dollar from 2022-23, which will increase to $0.75 in 2024-25.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY

Rio pushes closure of Grasberg deal into first half of next year

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 15 : 1-Oct-18

PT Indonesia Asahan Aluminium has signed binding agreements with Rio Tinto and Freeport McMoran to assume control of the Grasberg copper mine in Indonesia. However, the agreements are still subject to a number of conditions, and Rio Tinto has advised that the transaction may not be settled until mid-2019. Rio Tinto will receive $US3.5bn ($4.8bn) for its stake in the mine, and much of the proceeds are expected to be returned to shareholders.

CORPORATES
RIO TINTO LIMITED – ASX RIO, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED, PT INDONESIA ASAHAN ALUMINIUM, BHP BILLITON LIMITED – ASX BHP, BP PLC, MERIT ENERGY

Indonesian tsunami sensors missed huge waves, warning lifted 34 minutes after being issued

roymorgansocial Leave a comment

Original article by
abc.net.au – Page: Online : 1-Oct-18

Indonesia’s geophysics agency BKMG has been criticised for lifting a tsunami warning only 30 minutes after it was issued. Hundreds of people were killed after the Indonesian island of Sulawesi was hit by a major earthquake and subsequent huge waves on 28 September, with the death toll expected to rise as more bodies are discovered. It is not certain whether the tsunami occurred before or after the warning was lifted, while the closest tidal sensor to where the tsunami hit measured only modest changes to wave levels. More than 800 people died in the disaster.

CORPORATES
BKMG

Reality check on the big stick

roymorgansocial Leave a comment

Original article by John Kehoe, James Eyers, Sarah Turner, William McInnes, James Frost
The Australian Financial Review – Page: 1 & 6 : 1-Oct-18

Prime Minister Scott Morrison says the interim report of the financial services royal commission has highlighted areas of concern that the federal government has been taking action to address in the last few years. Treasurer Josh Frydenberg adds that the report demonstrates the need for the financial services industry to improve its standards and accountability. However, he has warned against responding to the findings of the inquiry with onerous regulation that could adversely affect access to credit or undermine economic growth.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CAPITAL ECONOMICS LIMITED, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Senior ABC executive plans departure

roymorgansocial Leave a comment

Original article by Stephen Brook
The Australian – Page: 24 : 1-Oct-18

Sources within the ABC have indicated that the public broadcaster’s editorial director Alan Sunderland intends to retire in the next six months or so. He stresses that his impending retirement is not related to the recent management upheaval at the ABC. Sunderland was appointed to the position in April 2013, and he says that he had always intended to be in the role for no more than five years. Sunderland has effectively been editor-in-chief at the ABC, and former MD Jonathan Shier says the two roles should be separate.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN LABOR PARTY

Negotiators go toe to toe for Foxtel-AFL rights deal

roymorgansocial Leave a comment

Original article by David Swan
The Australian – Page: 24 : 1-Oct-18

Australian Football League CEO Gillon McLachlan says broadcasting rights deals such as the $2.5bn deal struck in 2015 are very stressful when they are being negotiated. He notes that the landmark rights deal with Seven West Media, Foxtel and Telstra took years to negotiate, but it was only finalised at the last minute. The record deal was announced at a press conference which was attended by senior executives from the AFL, Seven, News Corp Australia and Telstra.

CORPORATES
AUSTRALIAN FOOTBALL LEAGUE, SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS

Worner sings praises of live sport after surge in ratings

roymorgansocial Leave a comment

Original article by John Stensholt
The Australian – Page: 24 : 1-Oct-18

The Seven Network’s coverage of the 2018 Australian Football League Grand Final boasted an average audience of 3.38 million, compared with 3.54 million in 2017. The audience peaked at around 4.3 million, up from 4.19 million in 2017. Seven’s broadcast of a Twenty20 women’s international cricket match also attracted a big audience. Seven West Media CEO Tim Worner has stressed the importance of live sports for the network, adding that sports broadcasting rights will become even more valuable in the future. Foxtel also recorded strong growth in audience numbers for its AFL coverage in 2018.

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, AUSTRALIAN FOOTBALL LEAGUE, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, WEST COAST EAGLES FOOTBALL CLUB, COLLINGWOOD FOOTBALL CLUB, RICHMOND FOOTBALL CLUB, SYDNEY ROOSTERS RUGBY LEAGUE FOOTBALL, MELBOURNE STORM RUGBY LEAGUE CLUB LIMITED, BRISBANE BRONCOS RUGBY LEAGUE CLUB LIMITED, NORTH QUEENSLAND COWBOYS, SOUTH SYDNEY RUGBY LEAGUE CLUB, NATIONAL RUGBY LEAGUE, GREATER WESTERN SYDNEY FOOTBALL CLUB

Welcome to the futures: Dalian’s iron ore pitch

roymorgansocial Leave a comment

Original article by Glenda Korporaal
The Australian – Page: 20 : 1-Oct-18

Glencore and Trafigura are among the international companies that have commenced trading iron ore on the Dalian Commodity Exchange since it was opened to foreign companies in May. The exchange’s CEO Wang Fenghai would like BHP Billiton, Rio Tinto and Fortescue Metals Group to trade on the exchange, adding that an unnamed Australian company already does so. The Dalian exchange launched iron ore trading contracts five years ago, and it now accounts for 96 cent of global iron ore futures trading.

CORPORATES
DALIAN COMMODITY EXCHANGE, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, GLENCORE PLC, TRAFIGURA BEHEER BV, CARGILL INCORPORATED, HEBEI IRON AND STEEL COMPANY LIMITED, VALE SA

Entire ABC board under pressure to go

roymorgansocial Leave a comment

Original article by Aaron Patrick, Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 28-Sep-18

Greens senator Sarah Hanson-Young has called for the ABC’s whole board to be replaced following the resignation of chairman Justin Milne and the sacking of MD Michelle Guthrie. Meanwhile, Labor has called for appointments to the board to be made independently of government. The remaining board members have come under scrutiny for continuing to support Milne for several days after they had heard allegations by Guthrie that Milne had asked her to sack journalists who had been the subject of complaints by former prime minister Malcolm Turnbull.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, TELSTRA CORPORATION LIMITED – ASX TLS, OZEMAIL LIMITED, MYOB GROUP LIMITED – ASX MYO, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS