Your data at risk in takeovers

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Original article by Glenda Korporaal
The Australian – Page: 1 & 2 : 21-Aug-19

Foreign Investment Review Board chairman David Irvine has stressed the need to closely scrutinise foreign bids for companies that own data centres or hold Australians’ personal data. Irvine has used an Australia China Business Council speech to argue that data must be afforded the same level of protection as critical infrastructure such as ports, water supply and the power sector. He added that the FIRB’s tougher stance on the issue of data security has not attracted much concern among foreign investors.

CORPORATES
AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIA CHINA BUSINESS COUNCIL, AUSTRALIAN SECURITY INTELLIGENCE ORGANISATION, AUSTRALIAN SECRET INTELLIGENCE SERVICE, AUSTRALIA. CRITICAL INFRASTRUCTURE SECTOR, SIRTEX MEDICAL LIMITED, NATURE’S CARE, LIFE-SPACE GROUP, HEALIUS LIMITED – ASX HLS, JANGHO GROUP, AUSTRALIAN DEFENCE FORCE, KPMG AUSTRALIA PTY LTD, UNIVERSITY OF SYDNEY, AUSTRALIAN STRATEGIC POLICY INSTITUTE LIMITED

ABC loses bid to see federal police reasons for search warrant

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Original article by Hannah Wootton
The Australian Financial Review – Page: 11 : 21-Aug-19

The Federal Court has ruled that the ABC had no "proper basis" for its claim that the Australian Federal Police failed to consider public policy factors when it applied for a warrant to search the public broadcaster’s Sydney offices in June. These factors included the protection of journalists’ sources and the implied freedom of political communication in the Constitution. The ABC is seeking to have the AFP’s warrant declared invalid and return of documents that were seized in the raid.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN FEDERAL POLICE, FEDERAL COURT OF AUSTRALIA

More rate cuts in RBA mix to guard economy

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Original article by David Rogers
The Australian – Page: 19 : 21-Aug-19

The minutes of the Reserve Bank of Australia’s latest monthly board meeting show that the central bank will be open to further easing of monetary policy if the economic outlook worsens. The minutes also indicate that RBA board members expect that official interest rates may need to remain at a record low for some time in order to achieve the central bank’s inflation target. However, the RBA also indicated that it will assess developments in the global and domestic economies before taking any further monetary policy action. Sally Auld of JP Morgan does not expect a rate cut until February.

CORPORATES
RESERVE BANK OF AUSTRALIA, JP MORGAN AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC

ANZ-Roy Morgan Consumer Confidence down to 112.8

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Original article by Roy Morgan
Market Research Update – Page: Online : 21-Aug-19

ANZ-Roy Morgan Australian Consumer Confidence fell 2.3% to 112.8 in the week ended 18 August, closing below the long-term average. Households’ views towards current financial conditions rose 0.2%, and views towards future financial conditions gained 0.6%. However, consumers’ views toward current economic conditions fell 3.8%, and views toward future economic conditions fell 7.9%; both of the economic subindices are now below their respective long-term average. The ‘time to buy a major household item’ index fell 1.4%, its third consecutive decline; the four-week moving average for inflation expectations fell 0.1ppt to 3.9%

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

BHP takes Rio’s iron ore heavyweight title

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Original article by Nick Evans
The Australian – Page: 21 : 21-Aug-19

BHP has become the world’s lowest-cost iron ore producer, after its average unit cost of production fell to $US11.89 a tonne in the second half of 2018-19. Meanwhile, BHP expects iron ore shipments from the Pilbara to top 286 million tonnes in 2019-20. However, BHP does face some challenges; it recently advised that the iron content of its Jimblebar Fines iron ore product will fall from 61 per cent to 59.5 per cent during 2019-20, while two autonomous haulage trucks at the Jimblebar mine remain out of action following a collision in March.

CORPORATES
BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Gillard’s IR laws need rework: Lib MPs

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 20-Aug-19

Liberal MPs Tim Wilson, Jason Falinski and Andrew Bragg have called for changes to unfair dismissal laws that were introduced when Julia Gillard was the Labor government’s industrial relations minister. The trio argues that Labor’s Unfair Dismissal Code has also been ineffective, and the number of unfair dismissal cases heard by the Fair Work Commission has risen sharply under Labor’s reforms. A recent review of the code by Small Business Ombudsman Kate Carnell recommended 15 changes to it.

CORPORATES
LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN

Transacting $10,000 or more in cash could make you a criminal under proposed law

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Original article by Nassim Khadem
abc.net au – Page: Online : 20-Aug-19

The 2018-19 federal Budget included a proposal that would restrict cash payments to businesses to no more than $10,000. The measure was recommended by the federal government’s Black Economy Taskforce; those who infringe the proposed measure if it is legislated could be fined up to $25,000 or jailed for two years. One Nation has indicated that it will vote against legislation, while the Australian Chamber of Commerce & Industry is among a number of organisations that oppose the measure.

CORPORATES
ONE NATION LIMITED, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

AMP accused of leaving planners in limbo

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Original article by Joyce Moullakis
The Australian – Page: 12 : 20-Aug-19

The Finance Sector Union will ask the Fair Work Commission to intervene over AMP’s plans to revamp its financial planning operations. AMP has indicated that it intends to reduce the amount it pays when acquiring financial planning practices as a ‘buyer of last resort’, as well as cutting adviser numbers. The AMP Financial Planners Association will hold a meeting during August to allow members to vote on possible courses of legal action against AMP.

CORPORATES
AMP LIMITED – ASX AMP, FINANCE SECTOR UNION, AUSTRALIA. FAIR WORK COMMISSION, AMP FINANCIAL PLANNERS ASSOCIATION

Second Smith hit could be catastrophic: expert

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Original article by Jill Margo
The Australian Financial Review – Page: 5 : 20-Aug-19

Dr Adrian Cohen says Steve Smith should not be allowed to play in the third Ashes cricket test, which starts on 22 August. Smith was hit on the neck during the second Test and became the first player to be replaced under international cricket’s new concussion substitution rule. Cohen is the founder of concussion research and advocacy organisation Headspace. He says the brain needs around eight to 10 days to recover from concussion, and any blow to Smith’s head or neck before the end of that period could prove fatal.

CORPORATES
HEADSPACE

Banks should explain credit card fine print

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Original article by Tom McIlroy
The Australian Financial Review – Page: 3 : 20-Aug-19

Research involving almost 400,000 Commonwealth Bank of Australia credit card users suggests that there are benefits to be had by being more transparent with customers. Harvard researchers found that CBA customers who were provided with more transparency about their credit cards spent 9.9 per cent more each month, and were much less likely to cancel their accounts. In announcing the results of their study, authors Ryan W. Buell and MoonSoo Choi called for more research into transparency and customer engagement.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, HARVARD UNIVERSITY