Author: roymorgansocial

Fruit crisis: PM gets tough with 15 years’ prison

roymorgansocial Leave a comment

Original article by Richard Ferguson, Greg Brown
The Australian – Page: 7 : 20-Sep-18

The federal government wants to increase the maximum penalty for contaminating food with the intent of causing injury from 10 years to 15 in response to the crisis affecting the nation’s strawberry industry. The Australian Federal Police and the Australian Border Force are working with state police forces to investigate the growing number of reports of fruit tampering, although some are believed to be hoaxes. In addition to strawberries, there have been reports that sewing needles have been found in apples and bananas. Opposition Leader Bill Shorten has indicated that Labor will support the proposed reforms.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, AUSTRALIAN FEDERAL POLICE, AUSTRALIAN BORDER FORCE, AUSTRALIA. DEPT OF HOME AFFAIRS, COLES SUPERMARKETS AUSTRALIA PTY LTD, WOOLWORTHS GROUP LIMITED – ASX WOW

Thorburn faces $1m pay cut in NAB overhaul

roymorgansocial Leave a comment

Original article by James Eyers
The Australian Financial Review – Page: 17 & 20 : 20-Sep-18

National Australia Bank will disclose more details of its revised executive pay structure when its annual remuneration report is released in November. Amongst other things, NAB will no longer take into account total shareholder return when determining executive bonuses, although return on equity will continue to be a key metric. NAB chairman Ken Henry says the new pay scheme is aimed at more closely aligning executive remuneration to customer service. CEO Andrew Thorburn is among the executives to be affected by the new remuneration policy.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

Gig workers oppose Labor’s job proposals

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 20-Sep-18

A Senate committee has released a report which has recommended greater regulation of the gig economy in order to protect workers in the sector. Amongst other things, the inquiry into the future of work has recommended broadening the definition of an employee to include workers in the gig economy, who are generally regarded as independent contractors. However, some people who work as ride-sharing drivers say the flexibility of their working hours is a key attraction and they will quit the sector if there is any change to their employment status.

CORPORATES
AUSTRALIAN LABOR PARTY, UBER AUSTRALIA PTY LTD, TAXIFY, RIDE SHARE DRIVERS ASSOCIATION OF AUSTRALIA

Labor urges Senate censure of Dutton

roymorgansocial Leave a comment

Original article by Rosie Lewis
The Australian – Page: 5 : 20-Sep-18

Greens MP Adam Bandt will push for a no-confidence motion against Home Affairs Minister Peter Dutton over his intervention in the issuance of visas to two au pairs. This follows a Senate committee’s recommendation that the upper house should consider a censure motion against Dutton over his role in the scandal. Labor and Greens members of the committee have alleged that Dutton deliberately misled parliament regarding the controversy, a view that has been rejected by Coalition members of the committee.

CORPORATES
AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Insurance shambles left homes in danger

roymorgansocial Leave a comment

Original article by Michael Roddan
The Australian – Page: 17 & 21 : 20-Sep-18

The banking royal commission has heard evidence from customers of budget insurer Youi who had lodged insurance claims for storm damage to their homes. Amongst other things, the inquiry was told that Youi has yet to authorise repairs to a home in Queensland that was damaged by Cyclone Debbie in March 2017. Jason Storey, the chief operating officer of claims handling at Youi, conceded that the insurer lacks sufficient resources to cope with major natural disasters.

CORPORATES
YOUI PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, RAND MERCHANT INSURANCE HOLDINGS GROUP LIMITED, NEW SOUTH WALES. ENVIRONMENT PROTECTION AUTHORITY

China won’t bow to US, Rudd warns

roymorgansocial Leave a comment

Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 10 : 20-Sep-18

Australia’s former prime minister Kevin Rudd says there seems little prospect of the US-China trade dispute being resolved prior to the US mid-term elections in November. Tensions between the two nations have been heightened by the Trump administration’s decision to impose tariffs on $US200bn worth of Chinese imports, with China retaliating in kind. Rudd says China is aware that it will need to compromise on its stance on trade and investment rules, but it will not want to be seen to be backing down. He recently warned that the trade war could escalate into a new cold war.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, ASIA SOCIETY POLICY INSTITUTE, DOW JONES INDUSTRIAL AVERAGE INDEX

Westpac slashes new borrower rates

roymorgansocial Leave a comment

Original article by Duncan Hughes
The Australian Financial Review – Page: 21 : 20-Sep-18

Westpac will increase its standard variable mortgage interest rates for existing customers by 14 basis points on 20 September, with several of its major rivals to lift their rates in coming weeks. However, Westpac will also target new home loan customers, offering rate cuts of up to 110 basis points for the first five years. Customers will then be offered a discount of 80 basis points for the life of their loan. National Australia Bank has yet to announce any changes to its interest rates for existing customers.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, BANK OF MELBOURNE LIMITED, ST GEORGE BANK LIMITED, BANK OF SOUTH AUSTRALIA LIMITED

Stokes rejects ABC: I didn’t plot to oust PM

roymorgansocial Leave a comment

Original article by Darren Davidson, Sam Buckingham-Jones
The Australian – Page: 1 & 4 : 20-Sep-18

Seven West Media chairman Kerry Stokes has refuted suggestions that himself and fellow media magnate Rupert Murdoch had any role in the demise of former prime minister Malcolm Turnbull. The ABC has claimed in reports on its evening news bulletin and online that in the lead-up to the ousting of Turnbull, Murdoch told Stokes that Turnbull had to go. The reports were filed by the ABC’s national political editor, Andrew Probyn, who has previously worked for Seven West Media. Stokes says Probyn should therefore know that he does not engage in "speculative political gossip".

CORPORATES
SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN BROADCASTING CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN NETWORK LIMITED, WEST AUSTRALIAN NEWSPAPERS HOLDINGS LIMITED

Tariff war fuels LNG prospects

roymorgansocial Leave a comment

Original article by Matt Chambers, Perry Williams
The Australian – Page: 17 & 20 : 20-Sep-18

Saul ­Kavonic of Credit Suisse says China’s move to impose a tariff on LNG imports from the US will make Australian-sourced gas more price-competitive. China has announced plans to subject US LNG to a tariff of 10 per cent, which will rise to 25 per cent in 2019, in retaliation for the Trump administration’s plans for similar tariff hikes on $US200bn worth of Chinese goods. The growing US-China trade war could also increase the likelihood that proposed LNG projects in Australia and Papua New Guinea will proceed.

CORPORATES
CREDIT SUISSE (AUSTRALIA) LIMITED, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, WOODSIDE PETROLEUM LIMITED – ASX WPL, SANTOS LIMITED – ASX STO, OIL SEARCH LIMITED – ASX OSH, RBC CAPITAL MARKETS, S&P GLOBAL PLATTS, CITIGROUP PTY LTD, PETROCHINA COMPANY LIMITED, IGM LIMITED, LIQUEFIED NATURAL GAS LIMITED – ASX LNG, WOOD MACKENZIE, FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Cost of home loan less than 2017: RBA

roymorgansocial Leave a comment

Original article by James Glynn
The Australian – Page: 22 : 19-Sep-18

A number of Australian lender have increased their mortgage interest rates since the Reserve Bank’s last board meeting on 4 September. However, the minutes of the meeting note that the cost of financing a home loan remains lower than at the same time in 2017. The Reserve Bank also observed that bank funding costs are still low by historical standards. In addition, the Reserve Bank gave indications that the next movement in the cash rate is likely to be upward, although this is not expected in the near-term.

CORPORATES
RESERVE BANK OF AUSTRALIA