Single virus case could shut us down: mine boss

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Original article by Brad Thompson
The Australian Financial Review – Page: 18 : 7-May-20

The coronavirus pandemic has had less impact on the mining industry than other sectors of the Australian economy. However, Northern Star Resources’ executive chairman Bill Beament has warned against complacency, arguing that a mine would be completely shut down if just one case of the virus were detected at the site. Saracen Mineral Holdings CFO Morgan Ball agrees that it is too soon to relax COVID-19 restrictions in the sector. Meanwhile, major resources groups support the Western Australian government’s plan to step up the testing of fly-in, fly-out workers for the virus.

CORPORATES
NORTHERN STAR RESOURCES LIMITED – ASX NST, SARACEN MINERAL HOLDINGS LIMITED – ASX SAR

Rio backs green stimulus ahead of activist meeting

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Original article by Nick Evans
The Australian – Page: 15 : 7-May-20

Rio Tinto’s scope 3 emissions will come under scrutiny at the resources group’s Australian annual general meeting on 7 May. A motion will be put to shareholders for Rio Tinto to outline its strategy for reducing scope 1,2 and 3 emissions. Just six per cent of shareholders voted in favour of a similar motion at the 2019 AGM. Meanwhile, Rio Tinto chairman Simon Thompson has supported a push by the Energy Transitions Commission for governments to ramp up investment in green energy as part of the recovery from the coronavirus pandemic.

CORPORATES
TIO2 CORPORATION PTY LTD, ENERGY TRANSITIONS COMMISSION

Handle the market with care: ASIC

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Original article by Eli Greenblat
The Australian – Page: 13 & 20 : 7-May-20

The Australian Securities & Investments Commission has expressed concern about a rise in day-trading activity among so-called ‘mum and dad’ investors during the coronavirus lockdown. ASIC notes that even market professionals often find it hard to time the market during volatile trading conditions, and it warns that retail investors risk incurring significant losses at a time when many cannot afford to do so. ASIC also notes that more retail investors are trading in complex investment products such as contracts for difference.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

ACTU wage bid ‘damaging’, puts recovery at risk

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 3 : 6-May-20

The ACTU has called for the minimum wage to be increased by four per cent in 2020, or $30 a week. Industrial Relations Minister Christian Porter has warned that the ACTU’s wage claim could jeopardise Australia’s recovery from the coronavirus pandemic. The Australian Chamber of Commerce & Industry contends that it would increase the financial strain on businesses that are already battling during the crisis.

CORPORATES
ACTU, AUSTRALIA. DEPT OF EMPLOYMENT, SKILLS, SMALL AND FAMILY BUSINESS, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

No deal with NRL: Nine boss

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Original article by Leo Shanahan
The Australian – Page: 13 & 19 : 6-May-20

Nine Entertainment CEO Hugh Marks says the cost of sports broadcasting rights must become more sustainable in the wake of the coronavirus pandemic. He stresses that Nine has not reached an agreement with the National Rugby League regarding how much it will pay to broadcast the 2020 season. Nine had originally agreed to pay $118m for the 2020 rights, but it is believed to have offered about $90m after the NRL season was put on hold. Marks has indicated that Nine would be prepared to walk away from the NRL if it does not "pay its way". Nine’s current broadcasting rights deal expires in 2022.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, NATIONAL RUGBY LEAGUE

Westpac dividend chance good as zero

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Original article by James Frost
The Australian Financial Review – Page: 19 : 6-May-20

Victor German of Macquarie and Matthew Wilson from Evans & Partners are among the analysts who do not expect Westpac to pay an interim dividend for 2019-20. However, German believes that Westpac could pay a final dividend of $0.40 per share, and Wilson forecasts a payout of $0.35. Brendan Sproules of Citigroup is more bullish, forecasting a final dividend of $0.65. Citi has a share price target of $26 for Westpac.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE GROUP LIMITED – ASX MQG, EVANS AND PARTNERS ASIA FUND – ASX EAF, CITIGROUP PTY LTD

Hard to switch off work for many Australians working from home

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Original article by Roy Morgan
Market Research Update – Page: Online : 6-May-20

A majority of employed Australians who do at least some work from home, whether paid or unpaid ‘find it difficult to switch off from work’, according to new research conducted by Roy Morgan in the lead-up to COVID-19 forced shutdowns. Over 10.5 million working Australians (68%) report being forced into an employment change because of COVID-19 and a large number have been forced to ‘work from home’. Some 52% of those who do at least some paid work from home, and 55% who do some unpaid work from home say they ‘find it difficult to switch off from work’. However, only 39% of all employed Australians ‘find it difficult to switch off from work’, as do only 35% of Australians who do no work from home. The self-employed are somewhere between, with those who do some work from home (43%) more likely than those who do no work from home (38%) to agree they ‘find it difficult to switch off from work’. These findings come from the Roy Morgan Single Source survey, Australia’s most comprehensive and trusted consumer survey.

CORPORATES
ROY MORGAN LIMITED

Let’s get 1 million back to work

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 6-May-20

Prime Minister Scott Morrison says the national cabinet will set a target date of July for the majority of businesses to reopen. The states and territories will decide the exact timeline for businesses to resume trading, but retailers, cafes and restaurants are expected to be amongst the first to have coronavirus restrictions lifted. Morrison argues that while Australia has been successful in ‘flattening the curve’, the focus must now be on getting people back to work. Nev Power, who chairs the National COVID-19 Coordination Commission, notes that some sectors of the economy are better placed than others to resume trading.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. NATIONAL COVID-19 COORDINATION COMMISSION

Coal vital to post-virus boost: minister

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Original article by Peter Ker
The Australian Financial Review – Page: 10 : 6-May-20

Federal Resources Minister Keith Pitt has stressed the importance of resources projects to the Australian economy as it recovers from the coronavirus pandemic. He has urged banks to continue to support coal projects, as a growing number of lenders move to reduce their exposure to the sector. Pitt has also emphasised the need to address the issue of ‘green lawfare’, which resulted in Adani’s Carmichael coal project being subject to multiple legal challenges.

CORPORATES
AUSTRALIA. DEPT OF INDUSTRY, SCIENCE, ENERGY AND RESOURCES, ADANI MINING PTY LTD

Full steel ahead for Fortescue as China draws down ore stockpiles

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Original article by Brad Thompson
The Australian Financial Review – Page: 21 : 6-May-20

Fortescue Metals Group CEO Elizabeth Gaines expects demand for iron ore to remain strong due to China’s urbanisation policy. China produced 234.5 million tonnes of crude steel in the March quarter, which is 1.2 per cent higher than the same period in 2019. Gaines says that any additional economic stimulus in China would further boost demand for steel, and therefore iron ore. Meanwhile, Gaines is confident that Fortescue’s application to increase its export capacity at Port Hedland by 20 per cent will be approved.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG