Author: roymorgansocial

ACTU steps up campaign on penalty rates

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Original article by David Crowe
The Age – Page: 4 : 13-Jun-18

Polling undertaken on behalf of the ACTU show that a majority of voters in the marginal federal seats of Forde, Gilmore and Robertson would support a push to overturn the Fair Work Commission’s penalty rate cuts. The ACTU will launch a new campaign ahead of changes to the weekend penalty rates regime that take effect on 1 July and the five by-elections that will be held on 28 July. Employers argue that lower penalty rates allow them to trade on weekends.

CORPORATES
ACTU, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIAN LABOR PARTY, GETUP LIMITED, LIBERAL PARTY OF AUSTRALIA, REACHTEL PTY LTD

Surplus built on coal and more tax

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Original article by Mark Ludlow
The Australian Financial Review – Page: 4 : 13-Jun-18

The Queensland Government’s June 2018 Budget includes a surplus of $A1.5bn for 2017-18 and just $A148m in 2018-19. The government has also committed to spending $A11.6bn on infrastructure projects in 2018-19 and $A45.8bn over four years. This will contribute to a blowout in the state’s debt to $A83.1bn over the next four years. Revenue from coal royalties have topped $A3.77bn in 2017-18, after coal prices were higher than expected. The government will also raise an additional $A1.8bn via five new taxes over the next four years.

CORPORATES
QUEENSLAND. TREASURY, AUSTRALIAN LABOR PARTY, ADANI MINING PTY LTD, MOODY’S INVESTORS SERVICE INCORPORATED, STANDARD AND POOR’S FINANCIAL SERVICES LLC, LIBERAL-NATIONAL PARTY OF QUEENSLAND

Dane to replace Lynch at Rio Tinto

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Original article by Matt Chambers
The Australian – Page: 24 : 13-Jun-18

Rio Tinto has advised that CFO Chris Lynch will step down in September, after four years in the role. He will be succeeded by Jakob Stausholm, who has previously held executive roles at companies such as Shell and AP Moller-Maersk. Stausholm was also Shell’s representative on Woodside Petroleum’s board for several years. Rio Tinto CEO Jean-Sebastien Jacques has praised the contribution of Lynch, who had flagged his intention to retire in September 2017.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ROYAL DUTCH SHELL PLC, AP MOLLER-MAERSK AS, WOODSIDE PETROLEUM LIMITED – ASX WPL, ISS A/S, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION

Top financial advisers rush for the exits

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Original article by James Kirby
The Australian – Page: 19 : 13-Jun-18

The second annual list of Australia’s Top Fifty Financial Advisers shows that 29 are no longer affiliated with a financial services group such as a bank or insurance company. The growing trend for financial advisers to become non-aligned has coincided with the banking royal commission and moves by some of the major banks to retreat from the wealth management sector. The list is compiled by "The Australian" in partnership with financial magazine "Barron’s".

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AMP LIMITED – ASX AMP, WESTPAC BANKING CORPORATION – ASX WBC

Caltex tips profit rise despite downturn

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 : 13-Jun-18

Caltex Australia has advised that its 2018 interim net profit is expected to be within the range of $A295m to $A315m, compared with $A294m previously. Caltex has also forecast that its fuels and infrastructure division will post half-year EBIT growth of nine per cent. However, its convenience retail division’s EBIT is expected to be 17 per cent lower than previously. This has been attributed to factors such as lower fuel margins and costs associated with dismantling its franchise model.

CORPORATES
CALTEX AUSTRALIA LIMITED – ASX CTX, SEAOIL, WOOLWORTHS GROUP LIMITED – ASX WOW, GULL PETROLEUM (NZ) LIMITED

Petrol demand still on rise, but peak prediction is 2030

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 27 : 13-Jun-18

FACTS Global Energy chairman Fereidun Fesharaki expects growth in global consumption of crude oil to average 0.7 per cent a year until 2040. However, Fesharaki expects global demand for petrol to peak in 2030, while demand in Asia will peak in 2040. Fesharaki also says Woodside Petroleum’s Scarborough LNG project is certain to proceed, although he warns that other projects are doubtful due to LNG buyers’ aversion to long-term supply deals.

CORPORATES
FACTS GLOBAL ENERGY GROUP OF COMPANIES, WOODSIDE PETROLEUM LIMITED – ASX WPL, ORGANISATION OF PETROLEUM EXPORTING COUNTRIES, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, CREDIT SUISSE AG

Markets take cautious view of historic talks

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Original article by David Rogers
The Australian – Page: 19 & 28 : 13-Jun-18

The summit meeting between US President Donald Trump and North Korean leader Kim Jong-un has had relatively little impact on global financial markets. Royal Bank of Canada’s Sue Trinh says the upcoming release of key economic data in the US and Australia will be a greater focus for financial markets in the near-term, noting that the two leaders differ on just what "complete denuclearisation" on the Korean peninsula will entail. Meanwhile, the US Federal Reserve is tipped to tighten monetary policy at its monthly meeting.

CORPORATES
UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, ROYAL BANK OF CANADA, UNITED STATES. FEDERAL RESERVE BOARD, RESERVE BANK OF AUSTRALIA, EUROPEAN CENTRAL BANK, BANK OF JAPAN, KOSPI INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, STANDARD AND POOR’S ASX 200 INDEX

Big four return fire on business lending

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Original article by James Frost, James Eyers
The Australian Financial Review – Page: 3 : 13-Jun-18

Australia’s major banks have used submissions to the banking royal commission’s third round of hearings to refute suggestions that they had engaged in serious misconduct. Some of the banks acknowledged that they had breached the code of banking practice with regard to small business lending, but they maintained that such transgressions were relatively minor and did not constitute a breach of the law.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FINANCIAL OMBUDSMAN SERVICE LIMITED, PIE FACE PTY LTD

Unlockd falls to Google threat and enters administration

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Original article by Paul Smith
The Australian Financial Review – Page: 13 : 13-Jun-18

Australian advertising technology group Unlockd has been placed in the hands of administrators from insolvency firm McGrath Nicol. Unlockd has attributed its descent into voluntary administration to the actions of Google, which has sought to ban Unlockd’s app from its Play Store and AdMob platforms. Courts in Australia and the UK have ruled in favour of Unlockd in its legal dispute with Google, which has been accused of engaging in "anti-competitive" conduct.

CORPORATES
UNLOCKD PTY LTD, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, GOOGLE INCORPORATED, HIGH COURT OF AUSTRALIA, HIGH COURT OF ENGLAND AND WALES, MTV MUSIC TELEVISION, CITIBANK PTY LTD, CATCH-OF-THE-DAY.COM.AU

Westpac ends referral deal with Prospa

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Original article by James Eyers
The Australian Financial Review – Page: 15 & 28 : 12-Jun-18

Westpac has terminated a referral arrangement with fintech Prospa that it established in 2015. The arrangement saw Westpac refer customers that did not meet its lending criteria to Prospa; it is understood that not many referrals had been made under the agreement. The ending of the agreement is seen as being prompted by Westpac’s desire to increase the amount of unsecured loans it makes to small businesses, and comes after Prospa postponed plans to list on the Australian sharemarket.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, PROSPA GROUP LIMITED ASX PGL, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MYOB GROUP LIMITED – ASX MYO, LIBERTY FINANCE PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FINTECH AUSTRALIA PTY LTD, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN