Author: roymorgansocial

China looks to Australian gas in trade war

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Original article by Glenda Korporaal
The Australian – Page: 19 & 27 : 26-Sep-18

Wang Shouwen, China’s vice-minister of commerce, has signalled that the nation could increase its LNG imports from Australia as a result of the trade war with the US. China retaliated to the Trump administration’s latest round of tariff hikes by imposing a tariff of 10 per cent on US LNG imports, and this could rise to 25 per cent. The tariff on US LNG will give Australian producers a price advantage, and could ensure that new LNG projects in Australia and Papua New Guinea proceed.

CORPORATES
CHINA. MINISTRY OF COMMERCE, WOODSIDE PETROLEUM LIMITED – ASX WPL, CHEVRON CORPORATION, SANTOS LIMITED – ASX STO, OIL SEARCH LIMITED – ASX OSH, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT

Hayne interim report to shake the sector

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Original article by Richard Gluyas
The Australian – Page: 21 : 26-Sep-18

The financial services royal commission’s interim report will only cover the inquiry’s first four rounds of public hearings. The report will be tabled in federal parliament on 28 September, and the last two public hearings to date will be included in the inquiry’s final report, which is slated to be released in February. Richard Sproules of Citigroup expects the interim report to focus on the issues of responsible lending and governance failures in the provision of financial advice.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, CITIGROUP PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, AUSTRALIA. OFFICE OF THE GOVERNOR-GENERAL

Guthrie’s fear of looking like idiot

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Original article by Deborah Cornwall, Stephen Brook
The Australian – Page: 1 & 8 : 26-Sep-18

The ABC’s former MD Michelle Guthrie defended her performance in the role at a meeting on 13 September at which she was asked to resign. She told ABC chairman Justin Milne and board member Donny Walford that she had made much progress in a transformation program, including a restructuring that significantly cut the public broadcaster’s management ranks. Guthrie asked to be allowed to remain in the role for at least another year so she could complete the transformation program. She may pursue legal action over her sacking only halfway through her five-year term.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, NEW CHAMBERS, JOHNSON WINTER AND SLATTERY, SEVEN WEST MEDIA LIMITED – ASX SWM

Small business backs flexi worker plan

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Original article by Ewin Hannan
The Australian – Page: 2 : 26-Sep-18

The NSW Business Chamber’s proposal to add a new category of "perma-flexi" employees to industry awards has been criticised by ACTU secretary Sally McManus. She says workers would have no certainty regarding their income or hours of work from one week to the next. However, Small Business and Family Enterprise Ombudsman Kate Carnell says the proposal has merit, noting that casual workers would be better off financially despite a reduction in their loading from 25 per cent to 10 per cent.

CORPORATES
NSW BUSINESS CHAMBER LIMITED, ACTU, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. FAIR WORK COMMISSION, FEDERAL COURT OF AUSTRALIA

BHP fire halts work as nickel stages a revival

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Original article by Matt Chambers
The Australian – Page: 23 : 26-Sep-18

BHP Billiton is still assessing the damage to its nickel smelter in Kalgoorlie after a fire in the plant’s furnace room on 23 September. A spokeswoman has indicated that it is uncertain as to when production will resume. The smelter is part of BHP’s Nickel West business, which the resources group had unsuccessfully tried to sell in recent years. Rising demand for nickel has boosted the fortunes of Nickel West, and BHP may elevate it to a core asset. Macquarie Group is upbeat about the outlook for nickel, forecasting that it will average $US13,800 per tonne in 2018 and $US20,000/tonne in 2019.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, NICKEL WEST, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, DIGGERS AND DEALERS FORUM, LONDON METAL EXCHANGE LIMITED, WMC RESOURCES LIMITED, SOUTH32 LIMITED – ASX S32

Surplus in sight ahead of election

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Original article by David Uren, Rick Morton
The Australian – Page: 1 & 2 : 26-Sep-18

The Treasury has released figures showing that the Budget deficit for 2017-18 was $10.1bn, which equates to just 0.6 per cent of GDP. Treasury had forecast in May that the deficit for 2017-18 would be $18.2bn, and the initial forecast in the May 2017 Budget was for a deficit of $29.1bn. Factors such as jobs growth, a higher tax take and reduced government spending contributed to the improvement in the Budget position from a deficit of $33.2bn in 2016-17. However, Treasurer Josh Frydenberg has downplayed suggestions of a potential return to surplus in 2018-19.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, DELOITTE ACCESS ECONOMICS PTY LTD, UBS HOLDINGS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. DEPT OF FINANCE, AUSTRALIA. DEPT OF SOCIAL SERVICES

CFMEU warns big miners over casuals

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 8 : 26-Sep-18

The Construction, Forestry, Maritime, Mining & Energy Union says the landmark Federal Court ruling on the leave entitlements of casual workers may have implications for coal producers. The CFMMEU has advised companies such as BHP Billiton and Yancoal that they could be complicit in breaches of the Fair Work Act by using "permanent casual" workers supplied by labour hire firms. BHP is already the subject of a class action over allegations that labour hire companies were induced to employ workers at the Mount Arthur coal mine as casuals instead of permanent employees.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF APPEAL (CANADA), BHP BILLITON LIMITED – ASX BHP, YANCOAL AUSTRALIA LIMITED – ASX YAL, WHITEHAVEN COAL LIMITED – ASX WHC, GLENCORE AUSTRALIA PTY LTD, ANGLO AMERICAN AUSTRALIA LIMITED, PEABODY ENERGY AUSTRALIA COAL PTY LTD, ADERO LAW, WORKPAC PTY LTD, HAYS PERSONNEL SERVICES (AUSTRALIA) PTY LTD, PROGRAMMED MAINTENANCE SERVICES LIMITED, ONE KEY RESOURCES PTY LTD, ACTU, NSW BUSINESS CHAMBER LIMITED, AUSTRALIA. FAIR WORK COMMISSION

ASIC blasts banks over breaches

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Original article by James Frost, Misa Han
The Australian Financial Review – Page: 1 & 2 : 26-Sep-18

A report from the Australian Securities and Investments Commission has criticised the length of time banks take to provide customers with a refund for misconduct. ASIC found that on average it takes banks more than five years to repay customers, while they also take an inappropriate amount of time to investigate and report breaches to the corporate regulator. ASIC has proposed much harsher civil and criminal penalties for misconduct in the financial services industry.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMP LIMITED – ASX AMP, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK OF QUEENSLAND LIMITED – ASX BOQ, CREDIT UNION AUSTRALIA LIMITED, GREATER BANK LIMITED, HERITAGE BANK LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIAN BANKERS’ ASSOCIATION, FINANCIAL SERVICES COUNCIL

ANZ-Roy Morgan Consumer Confidence consolidates to 117.2

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Original article by Roy Morgan
Market Research Update – Page: Online : 26-Sep-18

ANZ-Roy Morgan Australian Consumer Confidence fell 0.7 to 117.2 in the week ended 23 September, partially reversing the rise of 1.5% in the previous week. Households’ views towards current financial conditions improved 3.5%, building on the gain of 3.7% the previous week. Sentiment towards future financial conditions rose 2.4%, more than reversing the 0.4% fall in the previous week. However, sentiment towards current and future economic conditions fell 1.9% and 3.0% respectively. The "time to buy a household item" sub-index declined by 4%, compared to a rise of 2.3% in the previous week.

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

Business seeks new deal on casuals

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Original article by Ewin Hannan
The Australian – Page: 1 & 8 : 25-Sep-18

The NSW Business Chamber has proposed changes to six industry awards in response to a landmark Federal Court ruling on the annual leave rights of casual workers. The Chamber proposes allowing casual workers who are regularly rostered to become "perma-flexi" employees with paid leave entitlements, while their casual loading would be reduced from 25 per cent to just 10 per cent. The Chamber has put its proposal to Fair Work Commission president Iain Ross, while the federal government is believed to be looking at options such as amendments to the Fair Work Act in response to the court ruling.

CORPORATES
NSW BUSINESS CHAMBER LIMITED, AUSTRALIA. FAIR WORK COMMISSION, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS