Author: roymorgansocial

Docks strike not an anniversary walkout

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Original article by Ewin Hannan
The Australian – Page: 8 : 5-Apr-18

The Maritime Union of Australia has defended its decision to launch industrial action at Melbourne’s Webb Dock. The MUA attributes the four-day strike to Qube’s refusal to reinstate a 2014 roster whereby employees worked for seven weeks and had one week off. Qube argues that this roster is uneconomic, and it wants the Fair Work Commission to terminates an existing enterprise agreement. The MUA has rejected suggestions that the strike is timed to coincide with the 20th anniversary of the 1998 waterfront dispute.

CORPORATES
MARITIME UNION OF AUSTRALIA, QUBE PORTS, QUBE HOLDINGS LIMITED – ASX QUB, AUSTRALIA. FAIR WORK COMMISSION

FTA networks concerned over potential pay TV cricket deal

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Original article by Max Mason
The Australian Financial Review – Page: 28 : 5-Apr-18

Cricket Australia has signalled that its new six-year broadcasting rights deal may require only certain matches to be televised by free-to-air networks. There is growing concern among the three commercial networks that CA could secure a rights deal for pay-TV coverage that would require them to negotiate directly with Fox Sports rather than CA. The three commercial networks are also believed to have expressed interest in at least some cricket broadcasting rights.

CORPORATES
CRICKET AUSTRALIA, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NINE NETWORK AUSTRALIA LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, SEVEN NETWORK LIMITED, TEN NETWORK HOLDINGS LIMITED, FOX SPORTS AUSTRALIA PTY LTD, FOXTEL MANAGEMENT PTY LTD, TENNIS AUSTRALIA

Alinta’s $1bn bid for coal power station

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Original article by Ben Packham, Andrew White
The Australian – Page: 1 & 4 : 5-Apr-18

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have urged AGL Energy to consider selling the Liddell power station, which is slated to close in 2022. Alinta Energy has advised that it is preparing to make an indicative offer of around $A1bn for the coal-fired power plant, and CEO Jeff Dimery is confident that his company can extend the ageing plant’s operational life at a significantly lower cost than AGL has estimated. AGL in turn has argued that it needs to retain Liddell as the site will be used to supply alternative sources of energy beyond the existing plant’s closure.

CORPORATES
AGL ENERGY LIMITED – ASX AGL, ALINTA ENERGY (AUSTRALIA) PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, MACQUARIE GENERATION, AUSTRALIAN ENERGY MARKET OPERATOR LIMITED, CS ENERGY LIMITED, DELTA ELECTRICITY AUSTRALIA PTY LTD, SHANDONG RUYI TECHNOLOGY GROUP COMPANY LIMITED

Aussies dare to splash the cash

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Original article by David Uren
The Australian – Page: 2 : 5-Apr-18

Data from the Australian Bureau of Statistics shows that retail sales increased by 0.6 per cent in February, while growth in sales for January has been upwardly revised to two per cent. Rahul Bajoria and Krishna Goradia of Barclays say that the February sales data may have been boosted by an increase in Chinese tourists for the lunar new year. Department stores recorded the strongest growth in sales during February, at 1.5 per cent.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, BARCLAYS BANK PLC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA

APRA targets banker bonuses

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: W1 & W2 : 5-Apr-18

A review of remuneration in the banking, insurance and superannuation industry shows that senior executives are rarely penalised financially for poor risk management practices or misconduct among staff within their purview. Wayne Byers, the chairman of the Australian Prudential Regulation Authority – which undertook the review – says bank executives should be held more accountable, calling for their bonuses to be deferred or forgone. Frank Mirenzi of Moody’s Investors Service notes that many countries have cracked down on executive pay in the banking sector in the wake of the global financial crisis.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, MOODY’S INVESTORS SERVICE INCORPORATED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC

Greens’ income plan to cost extra $254bn a year

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Original article by Adam Creighton
The Australian – Page: 1 & 8 : 5-Apr-18

Economists have criticised a proposal by Australian Greens leader Richard Di ­Natale to introduce a universal basic income. This would replace all existing welfare payments, but some estimates suggest that the policy would increase federal government spending by 55 per cent a year, or $A254bn. Modelling by social researcher Ben Phillips also suggests that funding a UBI would require all marginal tax rates to be increased by 33 per cent. This in turn would be likely to significantly reduce the incentive to work for many people.

CORPORATES
AUSTRALIAN GREENS, NATIONAL PRESS CLUB (AUSTRALIA), AUSTRALIAN NATIONAL UNIVERSITY, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Smith won’t fight against year in exile

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Original article by Peter Lalor
The Australian – Page: 32 : 5-Apr-18

Disgraced former cricket captain Steve Smith has advised that he will not challenge a 12-month ban on playing international and state cricket. Cameron Bancroft has also indicated that he will not contest a nine-ban over his role in the ball-tampering scandal, while David Warner must decide on 5 April whether to appeal against his 12-month ban. Smith and Warner will be eligible to play club cricket during the 2018-19 season, and their international bans will be lifted prior to an Australia A tour of England in 2019, which will be followed by the Ashes series.

CORPORATES
CRICKET AUSTRALIA, AUSTRALIAN CRICKETERS’ ASSOCIATION, ENGLAND AND WALES CRICKET BOARD, INTERNATIONAL CRICKET COUNCIL

Australians are real stars at cheating – Ball-tampering is merely the tip of the iceberg

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Original article by Janet Albrechtsen
The Australian – Page: 12 : 4-Apr-18

Factors such as the extent of "liar loans" revealed by the banking royal commission, the black economy, and rampant insurance fraud and theft from shops suggest that Australia is a nation of cheats. The forgone tax revenue from the $A25bn-a-year black economy, for example, is much greater than tax evasion by large companies. For many people in a nation founded by petty criminals, the real crime arising from cricket’s ball-tampering scandal may be not the plot itself but the fact that Smith, Warner and Bancroft did it live on international television.

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, UBS HOLDINGS PTY LTD, AUSTRALIAN TAXATION OFFICE, BUNNINGS GROUP LIMITED

ANZ-Roy Morgan Consumer Confidence falters amidst market fears, down 1.9pts to 115.5

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

ANZ-Roy Morgan Australian Consumer Confidence fell 1.6% to 115.5 in the week ended 1 April, on the back of a 0.9% decline the prior week. Views towards current economic conditions edged up 0.7% to 102.5, and sentiment around future economic conditions fell for the second straight week, down another 1.1%. Households’ views towards current financial conditions slipped 0.8% following a 3.1% decline previously. Consumers were also pessimistic about future financial conditions, with a fall of 2.3% unwinding much of the 2.8% rise in the previous week.

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

Big Power says No to new fossil-fuel plant

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Original article by Ben Potter
The Australian Financial Review – Page: 4 : 4-Apr-18

Major electricity companies maintain that the construction of new coal-fired power stations is not economically viable, despite a push by some Coalition MPs. A spokesperson for EnergyAustralia says the company’s focus is on a "modern energy system" based on renewables and technology such as battery storage. Ben Skinner of the Australian Energy Council argues that clean-coal technology would not significantly reduce the "material carbon risk" of coal-fired power plants.

CORPORATES
ENERGYAUSTRALIA PTY LTD, AUSTRALIAN ENERGY COUNCIL, AGL ENERGY LIMITED – ASX AGL, GENEX POWER LIMITED – ASX GNX, ENGIE SA, GRATTAN INSTITUTE