Author: roymorgansocial

Senator demands extension to the Hayne inquiry to hear all claims

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Original article by Andrew Tillett
The Australian Financial Review – Page: 6 : 15-Aug-18

The banking royal commission is slated to deliver its final report by 1 February. However, Katter’s Australia Party senator Fraser Anning wants the inquiry to be extended, noting that just six farmers have been given the opportunity to provide evidence about misconduct in the financial services industry. Anning has also called for the inquiry’s terms of reference to be broadened to include the conduct of receivers, liquidators and valuers. He has raised the possibility of voting against government bills if the inquiry is not extended.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, KATTER’S AUSTRALIAN PARTY, LIBERAL PARTY OF AUSTRALIA, ONE NATION PARTY

CFMEU should be deregistered: judges

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 15-Aug-18

The militant Construction, Forestry, Maritime, Mining & Energy Union has been fined more than $500,000 in two separate court rulings. The Federal Court rejected the union’s appeal against a fine of $306,000 imposed in 2017 over the conduct of its former Queensland president David Hanna. Justice John Logan criticised the CFMMEU’s poor track record regarding compliance with workplace laws and likened the union to its deregistered predecessor, the Builders Labourers Federation. The CFMMEU has also been fined $271,500 for breaching right-of-entry laws.

CORPORATES
CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, BUILDERS’ LABOURERS’ FEDERATION, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Union fury as BHP sends South Flank steel work offshore

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Original article by Sean Smith
The West Australian – Page: Online : 15-Aug-18

BHP Billiton has attracted criticism for awarding a steel contract associated with its South Flank iron ore project in the Pilbara to China’s Tianjin BOMESC Offshore Engineering Company. BHP has indicated that it was necessary to give the steel fabrication contract to an offshore company to ensure that the work is completed on time. Steve McCartney, the state secretary of the Australian Manufacturing Workers’ Union, says local steel fabricators should have been given the contract, adding that Premier Mark McGowan should intervene.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, TIANJIN BOMESC OFFSHORE ENGINEERING COMPANY LIMITED, AUSTRALIAN MANUFACTURING WORKERS’ UNION, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET

Energy rebels challenge PM

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Original article by Simon Benson, Joe Kelly, Greg Bright, Samantha Hutchinson
The Australian – Page: 1 & 4 : 15-Aug-18

The Coalition’s joint party room meeting backed the national energy guarantee on 14 August, but 10 MPs and senators have signalled that they could vote against the NEG in parliament. They include Tony Abbott, Eric Abetz, Andrew Hastie and Barnaby Joyce; they have cited factors such as the NEG’s emissions reduction target and the lack of a price guarantee for their opposition to the policy. Prime Minister Malcolm Turnbull is said to be open to legislating for a price guarantee.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, CENTRE ALLIANCE, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

ANZ-Roy Morgan Consumer Confidence slips to 118.2

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Original article by Roy Morgan
Market Research Update – Page: Online : 15-Aug-18

ANZ-Roy Morgan Australian Consumer Confidence fell 0.6% to 118.2 in the week ended 12 August, following a 0.8% decline in the previous week. Consumers’ views towards current financial conditions fell 1.0%, only partially offsetting the cumulative 3.5% rise over the previous two weeks. However, views towards future financial conditions rose 2.6% to the highest point in eight weeks. Consumers’ assessment of current economic conditions declined another 1.7%, on the back of a 2.7% fall in the previous week. Views towards future economic conditions fell 0.3%, although this followed a 1.4% increase in the week prior. The "time to buy a household item" subindex slipped 2.5%, its fourth consecutive weekly fall.

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

NAB admits to breaking law once a week

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Original article by James Frost
The Australian Financial Review – Page: 10 : 15-Aug-18

A document released by the banking royal commission show that National Australia Bank breached the terms of its financial services licence a total of 297 times between 2014 and 2017. Some 110 of these breaches were deemed to be serious, yet the majority of them were not reported to the corporate regulator within 10 days. The document also shows that 84 per cent of the significant breaches that were not reported within the required time-frame occurred during the 2014-15 financial year.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD

CBA’s 15,000 crimes waved on by APRA

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Original article by Ben Butler, Michael Roddan
The Australian – Page: 18 & 23 : 15-Aug-18

The banking royal commission has been told that the Australian Prudential Regulation Authority did not pursue action against Colonial First State over its tardiness in transitioning customers to MySuper products. The Commonwealth Bank of Australia subsidiary had been required to shift clients to the low-fee accounts by the start of 2014. However, it did not do so for more than three years. CBA admitted to over 15,000 breaches of the Superannuation Industry Supervision Act, but rather than impose fines, APRA approved a plan to gradually transition CFS clients to MySuper accounts.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, COLONIAL FIRST STATE GROUP LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSSIE HOME LOANS LIMITED, COUNT FINANCIAL LIMITED, FINANCIAL WISDOM LIMITED

Risks are real even in blur of reporting season

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Original article by David Rogers
The Australian – Page: 28 : 15-Aug-18

The earnings outlook for Australian companies has been encouraging so far in the August reporting season. There has been an 0.5 per cent increase in the consensus estimate for growth in earnings per share over the next year, based on financial results to date. Local investors have largely shrugged off global issues such as the downturn in the Turkish lira and continued trade tensions between the US and China. However, local shares – and other asset classes – remain vulnerable to external risks.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, COCHLEAR LIMITED – ASX COH, CHALLENGER LIMITED – ASX CGF, CSL LIMITED – ASX CSL, WOODSIDE PETROLEUM LIMITED – ASX WPL, WESFARMERS LIMITED – ASX WES, QBE INSURANCE GROUP LIMITED – ASX QBE, DEXUS – ASX DXS, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, SEEK LIMITED – ASX SEK, PERPETUAL LIMITED – ASX PPT, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, EUROPEAN CENTRAL BANK

‘TV like never before’: Foxtel launches 4K

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Original article by Chris Griffith
The Australian – Page: 21 : 15-Aug-18

Pay-TV company Foxtel has launched its new iQ4 set-top box, which will support the 4K ultra-high-definition technology. As part of the launch, Foxtel has announced that it will offer a new channel that will exclusively broadcast content in 4K resolution. This includes Foxtel’s upcoming coverage of the Test cricket series between Australia and South Africa. The channel will also feature other sports, as well as movies, music and documentaries. However, the 4K channel will be broadcast solely via satellite

CORPORATES
FOXTEL MANAGEMENT PTY LTD

Coalition shies from taking tax cut to voters

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 14-Aug-18

The Federal Government will require the support of Centre Alliance and One Nation for its company tax cuts package, which will shortly be put to the Senate. Finance Minister Mathias Cormann has stated that company tax cuts that have been legislated will be part of the government’s campaign platform for the next election. However, the fate of unlegislated tax cuts remains uncertain, with indications that the government may be willing to compromise. Amongst other things, it is said to be considering lifting the turnover threshold for the tax cuts to $500m.

CORPORATES
CENTRE ALLIANCE, ONE NATION PARTY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY