Author: roymorgansocial

Business rails against union bid to remove secret strike ballots

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Original article by Ewin Hannan
The Australian – Page: 2 : 19-Jul-18

Delegates at the ACTU Congress have passed a resolution calling for workers to be given the right to take legally protected industrial action without the need to hold a secret ballot. The congress also endorsed resolutions on the right to strike during enterprise bargaining talks across industries or sectors and the abolition of the Australian Building & Construction Commission. Australian Chamber of Commerce & Industry CEO James Pearson has warned that the ACTU’s push for industrial relations reform would result in job losses.

CORPORATES
ACTU, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE, LABOUR PARTY (GREAT BRITAIN), AUSTRALIA. ROAD SAFETY REMUNERATION TRIBUNAL

Bankwest branch closures hit 200 workers as customers shift online

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Original article by Alice Uribe, David Marin-Guzman
The Australian Financial Review – Page: 19 : 19-Jul-18

Bankwest MD Rowan Munchenberg says consumers’ growing preference for mobile banking has prompted the Commonwealth Bank subsidiary to close 29 bank branches in New South Wales, Victoria and Queensland. The move will result in the loss of 200 jobs, and the Finance Sector Union’s national secretary Julia Angrisano says Bankwest should have engaged in more consultation with staff. She has identified digital disruption as the biggest issue facing the financial services industry.

CORPORATES
BANKWEST, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, FINANCE SECTOR UNION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Google hit with $6.9bn EU fine

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Original article by Darren Davidson
The Australian – Page: 17 & 19 : 19-Jul-18

Google has been ordered to pay a record fine of EUR4.34bn ($6.9bn) for breaching anti-trust laws in Europe. The case centred on Google’s practice of requiring smartphones that use the Android operating system to be sold with Google’s own apps and services already installed. The European Commissioner for Competition, Margrethe Vestager, says Google has sought to entrench the dominance of its search engine via Android. The European Union had previously fined Google EUR2.42bn in 2017 for giving its own products and services priority in search engine results.

CORPORATES
GOOGLE INCORPORATED, ALPHABET INCORPORATED, UNLOCKD PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, DOUBLECLICK INCORPORATED, NEWS CORPORATION – ASX NWS, FACEBOOK INCORPORATED, CAMBRIDGE ANALYTICA LLC, APPLE INCORPORATED, AMAZON.COM INCORPORATED, EMARKETER INCORPORATED

Super funds notch ninth year of growth

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Original article by Joanna Mather
The Australian Financial Review – Page: 18 : 19-Jul-18

Data from Chant West shows that Australia’s median growth superannuation fund achieved a return of 9.2 per cent in 2017-18. Mano Mohankumar of Chant West says growth funds have achieved positive returns for nine consecutive years, with an average annual return of nine per cent over the period. Hostplus delivered the best return for the financial year, at 12.5 per cent, ahead of AustSafe Super and Statewide Super. Unisuper was the top performer over 10 years, with an average annual return of 7.6 per cent.

CORPORATES
CHANT WEST HOLDINGS LIMITED – ASX CWL, HOST-PLUS, AUSTSAFE PTY LTD, STATEWIDE SUPERANNUATION PTY LTD, UNISUPER LIMITED, AUSTRALIANSUPER PTY LTD, SUNSUPER PTY LTD, SUPERRATINGS PTY LTD

Fairfax and News deal extends future of print

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 19-Jul-18

Fairfax Media and News Corp Australia have struck a landmark deal to share some newspaper printing and distribution facilities in New South Wales and Queensland. Fairfax will print some News Corp publications on its printing presses in North Richmond, while News Corp will in turn print some Fairfax publications. The deal is expected to generate annual cost savings of $A15m for Fairfax, and CEO Greg Hywood says it will help ensure the long-term viability of print newspapers.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, GOOGLE INCORPORATED

BHP rides record iron ore wave

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Original article by Paul Garvey
The Australian – Page: 19 : 19-Jul-18

BHP Billiton will aim to produce between 241 million and 250 million tonnes of iron ore in 2018-19, after output in 2017-18 rose by three per cent to a record 238 million tonnes. BHP has attributed the 2017-18 result to factors such as record production at its Jimblebar and Mining Area C mines in the Pilbara and its rail and port operations’ productivity gains. Meanwhile, BHP has advised that its costs associated with the Samarco tailings dam disaster in Brazil are likely to rise by $US440m ($600m).

CORPORATES
BHP BILLITON LIMITED – ASX BHP, SAMARCO MINERACAO SA, RIO TINTO LIMITED – ASX RIO, JEFFERIES AND COMPANY, MACQUARIE GROUP LIMITED – ASX MQG

APRA backs banks over Hayne probe

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Original article by James Frost
The Australian Financial Review – Page: 1 & 2 : 19-Jul-18

The Australian Prudential Regulation Authority has defended the banking sector in its submission to the royal commission’s fourth round of public hearings. APRA argued amongst other things that banks have a right to make a profit and to call in bad debts when a borrower is unable to repay a loan. APRA was responding to questions raised by royal commissioner Ken Hayne regarding the need to balance the interests of banks and customers who are experiencing financial problems.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BANKWEST, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Carnarvon soars 50pc after big oil discovery

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Original article by Paul Garvey
The Australian – Page: 20 : 19-Jul-18

Carnarvon Petroleum has advised that its Dorado-1 well off the coast of Western Australia has struck oil over a depth of 96.1 metres, including a net pay thickness of 79.6 metres. MD Adrian Cook has described the oil find as "transformational" for the oil and gas explorer, which holds a 20 per cent stake in the Dorado-1 well. Shares in Carnarvon closed 57.1 per cent higher at $0.275 on 18 July.

CORPORATES
CARNARVON PETROLEUM LIMITED – ASX CVN, QUADRANT ENERGY PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, BROOKFIELD ASSET MANAGEMENT INCORPORATED, WESFARMERS LIMITED – ASX WES

Fed chief Powell stays put with policy for now

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Original article by David Rogers
The Australian – Page: 27 : 19-Jul-18

US Federal Reserve chairman Jerome Powell has signalled that the central bank will retain its stated policy of increasing interest rates gradually, at least for now. The potential for a full-blown trade war with China appears to be the main reason for Powell’s caveat of "for now". Meanwhile, UBS forecasts that the Reserve Bank of Australia would most likely delay tightening monetary policy until beyond 2020 in the event of a full trade war.

CORPORATES
UNITED STATES. FEDERAL RESERVE BOARD, UNITED STATES. FEDERAL OPEN MARKET COMMITTEE, UBS HOLDINGS PTY LTD, RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S 500 INDEX

Militant to strike tough line for ACTU

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Original article by Ewin Hannan
The Australian – Page: 1 & 6 : 18-Jul-18

Michele O’Neil has called for changes to Australia’s laws on the right to strike in her first speech as the newly-elected president of the ACTU. She has told the peak union body’s congress that the right to strike is a basic human right that is now highly regulated and restricted. O’Neil also favours changes to workplace laws to allow enterprise bargaining to occur at industry-wide level. O’Neil was the only contender to succeed Ged Kearney. Meanwhile, ACTU secretary Sally McManus has urged the union movement to step up its campaign for industrial relations reform.

CORPORATES
ACTU, AUSTRALIAN LABOR PARTY, TEXTILE, CLOTHING AND FOOTWEAR UNION OF AUSTRALIA, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA, THE AUSTRALIAN INDUSTRY GROUP