Westpac lifeline for virus-plagued customers

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Original article by Glenda Korporaal
The Australian – Page: 19 : 12-Feb-20

Westpac has revealed details of its support package for businesses that have been impacted by the coronavirus. Amongst other things, it will allow business loan repayments to be deferred for up to three months, while businesses will also be able to extend their loans for up to three months. Westpac offered similar relief to bushfire victims. Businesses across the economy have been impacted by the virus outbreak, including tourism operators and fresh food exporters.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC

Coronavirus disease named Covid-19

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Original article by
bbc.com – Page: Online : 12-Feb-20

The death toll from the coronavirus on mainland China has risen to 1,017, and more than 42,000 people in China have been diagnosed with the respiratory illness. In its latest response to the coronavirus outbreak, the Chinese government has sacked two of the most senior officials at the Hubei Health Commission. Meanwhile, the World Health Organization has announced that the coronavirus has been officially designated Covid-2019. WHO’s Director-General Tedros Adhanom Ghebreyesus has praised China’s efforts to contain the virus and expressed optimism that action to limit its spread globally will be effective.

CORPORATES
WORLD HEALTH ORGANIZATION

BHP could pay out $3b extra cash for investors

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Original article by Luke Housego
The Australian Financial Review – Page: 30 : 12-Feb-20

Macquarie has forecast that BHP will report underlying earnings of $US12.52bn for the first half of 2019-20, which would be 14 per cent higher than previously. Macquarie also expects BHP to announce an interim dividend of $US0.76 per share, while the firm adds that there is potential for a special dividend of up to $US0.40 per share. BHP will release its interim results on 18 February.

CORPORATES
BHP GROUP LIMITED – ASX BHP, MACQUARIE GROUP LIMITED – ASX MQG

Australians’ desire for electric and hybrid vehicles continues to rise

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Original article by Roy Morgan
Market Research Update – Page: Online : 12-Feb-20

New automotive data from Roy Morgan shows that 59.1% of Australians aged 14+ who intend to purchase a new vehicle in the next four years say a petrol engine vehicle is the most likely type, down 6.3% points on a year ago. This is followed by diesel vehicles (23.5%), hybrid vehicles (12.7%) and electric vehicles (4.2%). The data also shows that of the Australians who intend to buy an electric vehicle in the next four years, 37.5% would consider purchasing a Tesla, followed by Hyundai (20.4%), Toyota (19.6%), Kia (12.5%) and BMW (12.3%). These findings are drawn from the Roy Morgan Single Source survey, compiled by in-depth face-to-face interviews with over 50,000 Australians each year in their homes.

CORPORATES
ROY MORGAN LIMITED

Recipe for disaster: TV chef’s empire crashes

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Original article by John Ferguson, Rachel Baxendale
The Australian – Page: 1 & 6 : 11-Feb-20

KordaMentha has been appointed as the voluntary administrator of 22 businesses in the Made Establishment Group, which was founded by celebrity chef George Calombaris. KordaMentha has issued a statement in which it notes that the business had been impacted by a wage underpayments scandal in 2017, which resulted in Made Establishment being fined $200,000 by the Fair Work Commission. The collapse of Made Establishment will result in hundreds of jobs being lost, with most of its restaurants having already ceased trading.

CORPORATES
MADE ESTABLISHMENT PTY LTD, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIA. FAIR WORK COMMISSION

Thriving US equities tipped to defy global risks

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Original article by David Rogers
The Australian – Page: 28 : 11-Feb-20

Kevin Anderson of State Street Global Advisors expects US economic growth to slow in 2020, but he says the country is unlikely to go into recession. Anderson adds that the asset manager has an overweight exposure to equities, and it is particularly upbeat about US shares. He says earnings will be a major driver of returns from equities in 2020, and the US is less vulnerable to an earnings shock than other markets. Meanwhile, Anderson is not unduly concerned about a recent flattening of the US yield curve, saying it was primarily due to 10-year bonds being regarded as a safe-haven investment.

CORPORATES
STATE STREET GLOBAL ADVISORS INCORPORATED

AFP probes Horizon graft claims

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Original article by Angus Grigg, Jemima Whyte
The Australian Financial Review – Page: 1 & 2 : 11-Feb-20

Shares in Horizon Oil fell by 30 per cent on 10 November, after the publication of newspaper reports regarding a $US10.3 million ($15.4 million) payment that it made in Papua New Guinea in 2011. The payment was made to an unknown shell company, despite warnings from lawyers that the company could have links to William Duma, who was PNG’s petroleum minister at the time. The Australian Federal Police will investigate documents in which the concerns of lawyers involved in the matter are raised, while Horizon Oil will conduct an independent investigation into the issues raised in the newspaper reports.

CORPORATES
HORIZON OIL LIMITED – ASX HZN

Rio’s Kakadu uranium takeover faces blocking stake

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Original article by Peter Ker
The Australian Financial Review – Page: 16 : 11-Feb-20

Zentree Investments has confirmed it will take part in a $476 million equity raising by Energy Resources Australia (ERA). ERA plans to use the money raised from the issue of new shares to finance the rehabiliation of uranium assets in the Northern Territory. Rio Tinto owns 68.39 per cent of ERA, and could boost its stake to over 90 per cent through the capital raising, as most of ERA’s minority shareholders are not expected to participate. This would allow it to move to move to compulsorily acquire the remaining ERA shares. Zentree currently owns 15.94 per cent of ERA, and can keep its stake at above 10 per cent if it buys around $48 million worth of new shares.

CORPORATES
ZENTREE INVESTMENTS, ENERGY RESOURCES OF AUSTRALIA LIMITED – ASX ERA, RIO TINTO LIMITED – ASX RIO

Tax cuts set to bolster economy

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Original article by Simon Benson
The Australian – Page: 6 : 11-Feb-20

Data from the Australian Taxation Office shows that taxpayers received an average tax refund of $967 for the 2018-19 financial year. In total, some $6.1bn was returned to working Australians in the form of tax cuts and refunds, largely to those with annual income of $37,000 to $90,000. Treasurer Josh Frydenberg say the income tax cuts are now flowing through to the economy, which is continuing to grow at a time when many other countries are experiencing negative growth.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY

Energy split as Lib says zero target too tough

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Original article by Greg Brown, Elias Visontay
The Australian – Page: 4 : 11-Feb-20

More than 80 countries have committed to a target of net-zero carbon emissions by 2050, and some members of the Liberal Party’s moderate faction believe that Australia should also adopt this target. However, moderate Liberal Jason Falinski doubts that Australia could achieve this target, given that it is a major energy and agriculture exporter. Conservative Liberal senator Eric Abetz also questions the viability of a 2050 zero emissions target. There is also dissension within the Coalition’s ranks with regard to taxpayer funding for new coal-fired power stations.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY