Author: roymorgansocial

‘Standards have deteriorated’: Malcolm Turnbull weighs in on ABC accusation

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Original article by Matthew Knott
The Sydney Morning Herald – Page: Online : 27-Sep-18

Former prime minister Malcolm Turnbull says there has been a decline in the ABC’s editorial standards in recent years. Turnbull has confirmed that he had raised concerns about the quality of the public broadcaster’s coverage with chairman Justin Milne and other members of the ABC’s board. However, he stresses that he has never complained about any perceived bias in the ABC’s coverage or requested that any ABC staffer be dismissed. Turnbull add that it is the ABC board’s responsibility to address unfair or inaccurate reporting.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Federal Reserve hikes rates for third time this year

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Original article by Donna Borak
CNNMoney – Page: Online : 27-Sep-18

The Federal Reserve has increased the federal funds rate by 25 basis points to a range of 2% to 2.25% in a move than had been widely expected. It is the third interest rate rise in 2018, and a majority of Federal Reserve policymakers now favour a fourth increase in December. Central bank policymakers also anticipate three rate rises in 2019, while the Federal Reserve has upgraded its forecast for US economic growth in 2018 from 2.8% to 3.1%. However, growth is expected to slow to 2.5% in 2019.

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UNITED STATES. FEDERAL RESERVE BOARD, UNITED STATES. FEDERAL OPEN MARKET COMMITTEE

Aussie miners hit by China coal curbs

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Original article by Michael Smith, Peter Ker
The Australian Financial Review – Page: 17 & 22 : 27-Sep-18

China’s imports of thermal coal rose 18.2 per cent year-on-year in the first eight months of 2018, according to official data. Thermal coal imports from Australia were up almost 27 per cent in the first seven months of the year. Meanwhile, the Chinese Government has reportedly introduced import quotas on thermal coal at some of the nation’s major ports in a bid to boost demand for Chinese coal. The bulk of China’s coal imports in 2017 were sourced from Indonesia, and a China-based trader says that nation will be harder hit by the import quotas than Australian coal producers.

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NEW HOPE CORPORATION LIMITED – ASX NHC, UBS HOLDINGS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, WHITEHAVEN COAL LIMITED – ASX WHC, BHP BILLITON LIMITED – ASX BHP, YANCOAL AUSTRALIA LIMITED – ASX YAL, SOUTH32 LIMITED – ASX S32

Santos planning to double gas output by 2025 thanks to Quadrant buy

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

Oil and gas major Santos has forecast that its annual production could top 100 million barrels of oil equivalent by 2025. The proposed acquisition of Quadrant Energy and its Dorado oil find will be the main driver of growth in output. Santos has also told analysts that production in the Cooper Basin could rise by around 20 per cent by 2025, while MD Kevin Gallagher says the Narrabri coal seam gas project could further boost the company’s output if it receives government approval.

CORPORATES
SANTOS LIMITED – ASX STO, QUADRANT ENERGY PTY LTD, WOODSIDE PETROLEUM LIMITED – ASX WPL, HARBOUR ENERGY LIMITED, BEACH ENERGY LIMITED – ASX BPT, CREDIT SUISSE (AUSTRALIA) LIMITED

No formal protest over Rush, court told

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Original article by Nicola Berkovic
The Australian – Page: 3 : 27-Sep-18

The defamation case over allegations against Hollywood star Geoffrey Rush has continued in the Federal Court. The case centres on a series of newspaper articles about Rush’s alleged inappropriate behaviour during a Sydney Theatre Company production. Rush’s lawyer told the court that the actress who made the allegations had never lodged a formal complaint about his conduct, and there had been no formal investigation of the allegations. Instead, the allegations had been raised by the actress in a conversation with two other members of the STC in a bar.

CORPORATES
SYDNEY THEATRE COMPANY, FEDERAL COURT OF AUSTRALIA, NATIONWIDE NEWS PTY LTD

Coalition launches inquiry into ABC email revelations as chairman Justin Milne survives board talks

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Original article by Jennifer Duke
The Sydney Morning Herald – Page: Online : 27-Sep-18

There is growing pressure for ABC chairman Justin Milne to resign in the wake of further revelations about the sacking of MD Michelle Guthrie. The federal government will investigate claims that Milne had asked Guthrie to sack the ABC’s chief economics correspondent Emma Alberici following a complaint from former prime minister Malcolm Turnbull about her political coverage. The media has reported that Milne had sent Guthrie an email stating that the government "hated" Alberici and that she must go. Labor has proposed a Senate inquiry into the revelations surrounding Guthrie’s dismissal, and it has accused the Coalition of political interference at the public broadcaster.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, FAIRFAX MEDIA LIMITED – ASX FXJ, GOOGLE INCORPORATED

Crisis engulfs ABC chairman

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Original article by Darren Davidson, Brad Norington
The Australian – Page: 1 & 4 : 27-Sep-18

ABC employees have held a meeting at the public broadcaster’s headquarters in Sydney, with more than 350 backing a resolution calling for chairman Justin Milne to resign. In addition to seeking the dismissal of Emma Alberici, it has been revealed that Milne had asked MD Michelle Guthrie to sack the ABC’s political editor Andrew Probyn following a meeting with Malcolm Turnbull. Milne has been defended by two fellow NBN board members, Ziggy Switkowski and Kerry Schott, who say there are no grounds for him to be removed from the ABC’s board.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, NBN CO LIMITED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Gina Rinehart’s Hancock Prospecting again lifts Atlas Iron offer to $427m

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Original article by Stuart McKinnon
The West Australian – Page: Online : 27-Sep-18

Hancock Prospecting hopes to secure control of Atlas Iron with another revised takeover offer. Atlas shareholders will receive $0.046 per share if Hancock gains acceptances for 87 per cent of the iron ore miner’s stock. Hancock recently increased its offer to $0.0445 per share, which enabled it to lift its stake in Atlas to 77.06 per cent. The latest offer is slated to close on 2 October. Iron ore rival Fortescue Metals Group has an 11.4 per cent stake in Atlas.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, HANCOCK PROSPECTING PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, MINERAL RESOURCES LIMITED – ASX MIN

AGL defies Coalition over Liddell closure

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Original article by Angela Macdonald-Smith, Ben Potter
The Australian Financial Review – Page: 1 & 6 : 27-Sep-18

AGL Energy’s interim CEO Brett Redman has reaffirmed its commitment to exiting coal-fired power generation and its proposed closure of the Liddell power station in 2022. However, Redman has told the company’s AGM that AGL will seek to work with the federal government to reduce electricity prices. Relations between AGL and the government became strained under former CEO Andy Vesey over the closure of Liddell, prompting Energy Minister Angus Taylor to warn of potential intervention if electricity retailers do not take action to reduce prices.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, MACQUARIE GROUP LIMITED – ASX MQG, ENVIRONMENT VICTORIA

Greens call for government energy retailer

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Original article by Andrew Tillett
The Australian Financial Review – Page: 9 : 26-Sep-18

The Australian Greens will propose increased government intervention in the electricity market to put downward pressure on prices, including the creation of a publicly-owned electricity retailer. Greens leader Richard Di Natale estimates that a taxpayer-funded electricity retailer could be established at cost of just $85m, while using it could save consumers around $200 a year on power costs. Di Natale will also advocate greater government intervention in other sectors in a National Press Club speech on 26 September.

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AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, NATIONAL PRESS CLUB (AUSTRALIA), SNOWY HYDRO LIMITED, RED ENERGY PTY LTD, LUMO ENERGY AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION