Author: roymorgansocial

Rinehart plans to share Pilbara riches

roymorgansocial Leave a comment

Original article by Brad Thompson
The Australian Financial Review – Page: 17 : 5-Jul-18

Mining magnate Gina Rinehart has launched a profit-sharing scheme for employees of her Roy Hill iron ore project. The share of profits to be distributed to Roy Hill workers will be linked to the company’s iron ore export volumes, with the first payment to be made in December. Roy Hill is seeking government approval to lift the mine’s capacity from 55 million tonnes to 60 million tonnes. Rinehart’s Hancock Prospecting, which has a 70 per cent stake in Roy Hill, has also formally opened its $A390m takeover bid for Atlas Iron.

CORPORATES
ROY HILL HOLDINGS PTY LTD, HANCOCK PROSPECTING PTY LTD, ATLAS IRON LIMITED – ASX AGO, REDSTONE CORPORATION PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, MARUBENI CORPORATION, POSCO

ANZ bracing for fallout over AmBank stake as $4.5bn 1MDB scandal erupts

roymorgansocial Leave a comment

Original article by Ben Butler
The Australian – Page: 17 & 21 : 5-Jul-18

The ANZ Bank has a 24 per cent stake in Malaysia’s AmBank, which has become embroiled in the scandal over the siphoning of funds from the nation’s 1MDB sovereign wealth fund. Malaysia’s former prime minister Najib Razak is alleged to have channelled 1MDB’s funds into his AmBank account. Brian Johnson of CLSA says ANZ or its executives could potentially be drawn into the corruption scandal. CEO Shayne Elliott is among the ANZ executives who have previously served on AmBank’s board.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AMBANK BERHAD, 1MDB, CLSA AUSTRALIA PTY LTD, BERNAMA, SARAWAK REPORT, SRC INTERNATIONAL, KUMPULAN WANG PERSARAAN (DIPERBADANKAN), UNITED STATES. DEPT OF JUSTICE, THE GOLDMAN SACHS GROUP INCORPORATED

No more low-doc lending, CBA says

roymorgansocial Leave a comment

Original article by Anthony Klan
The Australian – Page: 6 : 5-Jul-18

The Commonwealth Bank of Australia has advised that it will cease issuing low-documentation mortgage loans. These products have come under scrutiny amid revelations that mortgage brokers have falsified clients’ income in order to write loans. Low-documentation loans now account for 1.8 per cent of mortgage loans, compared with 7.6 per cent in 2010. CBA also intends to shift from a volume-based remuneration system for mortgage brokers rather than one based on the value of loans written.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Skills shortage hits a third of employers

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 9 : 5-Jul-18

Some 34 per cent of Australian businesses have reported a shortage of skilled labour in a Manpower Group survey. This compares with 38 per cent in 2016 and 54 per cent in 2011. Richard Fischer of Manpower notes that Australian employers have been actively investing in staff training and upskilling in the wake of the global financial crisis. The survey also shows that companies are looking at options such as flexible working arrangements and greater use of temporary workers and freelancers.

CORPORATES
MANPOWER INCORPORATED, RESERVE BANK OF AUSTRALIA

Call for tougher penalties to stop trade secret theft

roymorgansocial Leave a comment

Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 5-Jul-18

The federal government’s new espionage and foreign interference impose criminal penalties for theft of trade secrets on behalf of foreign interests. However, Australian Industry Group CEO Innes Willox argues that more legislative action is needed to protect against the domestic theft of commercial trade secrets. Clayton Utz partner John Collins notes that Australia has traditionally treated the theft of trade secrets as a commercial issue that attracts civil remedies, although he says there is potential for criminal penalties to be introduced in the future.

CORPORATES
THE AUSTRALIAN INDUSTRY GROUP, CLAYTON UTZ, LAW COUNCIL OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, BOEING COMPANY

Braddon business writes off Shorten’s write-off

roymorgansocial Leave a comment

Original article by Matthew Denholm
The Australian – Page: 5 : 5-Jul-18

Opposition Leader Bill Shorten is campaigning in the seat of Braddon in Tasmania ahead of the by-election on 28 July. Local business owner Shane Smith says the Coalition’s company tax cuts package would be of more benefit to businesses in Braddon than Shorten’s alternative of a tax deduction on capital investments of at least $20,000. Smith argues that many businesses in the electorate would not qualify as they lack the capital to make such a large investment.

CORPORATES
AUSTRALIAN LABOR PARTY, PENSTOCK DISTRIBUTORS, DEVONPORT CHAMBER OF COMMERCE AND INDUSTRY, LIBERAL PARTY OF AUSTRALIA

Cash ban lacks hard evidence: ACCI

roymorgansocial Leave a comment

Original article by Joanna Mather
The Australian Financial Review – Page: 9 : 5-Jul-18

The Australian Chamber of Commerce & Industry has questioned whether the Federal Government’s proposal to limit cash payments to $10,000 will be effective in combating the cash economy. The ACCI has warned that the ban, which was announced in the May 2018 Budget and is based on the recommendations of the black economy taskforce, could potentially undermine the integrity of the financial system. Australian Bankers’ Association CEO Anna Bligh has called for a sufficient transition period for bank customers to adapt to the proposed policy.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIA. DEPT OF FINANCE, KPMG AUSTRALIA PTY LTD

$7bn GST top-up to win states

roymorgansocial Leave a comment

Original article by Simon Benson
The Australian – Page: 1 & 2 : 5-Jul-18

The Federal Government proposes to introduce a new model for the distribution of goods and services tax revenue which aims to ensure that no state territory will be disadvantaged. The reforms include the introduction of a GST floor, which will ensure that each state receives a minimum of $0.70 per person for each dollar of GST revenue from 2022. This will rise to $0.75 in 2024. The Government will also provide a funding boost totalling $A7bn to compensate states and territories for any loss of revenue during the six-year transition phase.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. PRODUCTIVITY COMMISSION

Addressable TV will challenge existing attitudes to TV advertising

roymorgansocial Leave a comment

Original article by Roy Morgan
Market Research Update – Page: Online : 5-Jul-18

It is well known that TV has been eclipsed in recent years by the Internet as the largest advertising medium in Australia. Australians’ attitudes to TV advertising will probably not surprise anyone, with 75% agreeing that "Some TV advertising is devious" and 67.6% agreeing that "Nearly all TV advertising annoys me". However, for one-in-five Australians "TV advertising often gives me something to talk about" and 14.3% agree that "Quite often they find TV advertising more entertaining than the programs". Roy Morgan CEO Michele Levine says that the power of addressable TV to show relevant advertising to consumers will give commercial TV channels the chance to level the playing field that has thus far been tilted in favour of purely online competitors and the opportunity to "flip" the perceptions of advertising many Australians currently hold.

CORPORATES
ROY MORGAN LIMITED

Coalition told to boost Fair Work posts

roymorgansocial Leave a comment

Original article by David Marin-Guzman
The Australian Financial Review – Page: 9 : 4-Jul-18

The Australian Mines & Metals Association has warned that the Fair Work Commission is under-resourced. AMMA CEO Steve Knott says the Federal Government should appoint up to seven additional FWC members in order to address its heavy workload. He notes that the FWC currently has 39 commissioners, compared with 46 when Labor was last in office in 2013. Knott also supports the Productivity Commission’s recommendation to limit FWC members’ terms to 10 years.

CORPORATES
AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS