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01.Sep.17
infoXpress Daily News Update

published daily since 1999

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Financial Services

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Government

Health, Ageing and Demographics

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Law & Legal

Markets

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    Index: Companies and Topics
 

Australian Bureau of Statistics

Australian Labor Party

Australian Navy

Australian Prudential Regulatory Authority

BAE Systems

Commonwealth Bank

Employment Minister Michaelia Cash

Federal Court

Federal Government

Federal Parliament

Federal Treasurer Scott Morrison

Former Federal Health Minister Nicola Roxon

Former Federal Health Minister Nicola Roxon

Indonesian Government

Macquarie Atlas Roads

Orocobre

Prime Minister Malcolm Turnbull

Qantas

S&P/ASX 200 Index

Sharemarket

Slater and Gordon

Telstra

WA Liberal Party

WA State Government

 
 

Commonwealth Bank - Compliance Review

The internal review of the Commonwealth Bank has reportedly found that billions of dollars of transactions in the US, Europe and Asia have not been properly monitored, which in turn potentially exposes the bank to investigation by global regulators. The review, which was confidential, examined the bank's compliance with Australian and global anti money laundering and counter terrorism laws. It is said to have revealed large scale failures in transaction monitoring across a multitude of businesses worldwide. - Aust Online

 

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Australian Bureau of Statistics - June Quarter Statistics

The resources industry is reportedly set to contend with an additional year of  contraction, while other businesses are set to experience the highest increase in 3 years. According to the June quarter survey by the Australian Bureau of Statistics, companies are predicting that the gain in non resource investment may reach 8% in 2017-18. - Aust Online
  • Aboriginal Population - According to figures newly released by the Australian Bureau of Statistics, the number of Aboriginal Australians living in NSW and Victoria increased twofold since 2001, outpacing the growth in non Indigenous population in both states. In NSW the number increased from 120,000 to 216, 000 in 2016, while in Victoria it increased by 25,000 to 47,000. - Age Online SMH Online


Qantas - Singapore Stopover - Announcement

Qantas flights to London will stop-over in Singapore instead of Dubai from March next year, under a renegotiated deal with Middle Eastern partner Emirates, as the airline prepares to increase its footprint in the fast-growing Asian market. Qantas confirmed that strategic move yesterday, as it announced an extension to its partnership with Dubai-based Emirates for another five years. The changes mean passengers in Australia will be able to fly to Europe through either Singapore or Perth on Qantas, and can fly via Dubai on Emirates. - AFR 19

 

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    Government
 

Australian Labor Party - Clean Energy Target - Comments

The Australian Labor Party has refused to rule out supporting a clean energy target that includes clean coal, as the party understands that Prime Minister Malcolm Turnbull and Energy Minister Josh Frydenberg need to help convince the government's backbench and guarantee industry certainty. Opposition Energy Spokesman Mark Butler said 'Josh Frydenberg and Malcolm Turnbull have a difficult path to tread through the Coalition party room processes to come up with anything they are authorised to negotiate with us. We’re trying to give them some room to maximise the chances of the Parliament finally being able to deal with this issue.' - AFR 5

Australian Prudential Regulatory Authority - Superannuation Funds - Possible Closures

The Australian Prudential Regulatory Authority (APRA) is reportedly set to meet superannuation funds that are failing to meet standards in order to discuss possible closure. The APRA reportedly sent a letter to super trustees yesterday in which it stated that following a review across the industry, the APRA will soon meet with the boards of failing funds in order to discuss whether they ought to close. - Aust Online Age Online SMH Online

BAE Systems - Accessing Space - Submission

The Australian arm of British defence company BAE Systems has reportedly made a submission to the review announced by Industry Minister Arthus Sinodinos, in which the company promotes a centralised approach to access space. The submission states that 'assured access to space launch and the ability to place equipment in orbit is key to the success of any upstream provider of space systems and complete space flight vehicles. We would welcome a focused and centralised Australian response to access space, either via a space agency or via a coordinated effort to source space launch access.' - Aust Online

Employment Minister Michaelia Cash - CFMEU - Merger Deal

Employment Minister Michaelia Cash has criticised union merger laws which have prevented Construction, Forestry, Mining and Energy Union members from voting on whether they amalgamate with the Maritime Union of Australia, after Fair Work Australia's deputy president Val Gostencnik granted the CFMEU’s bid to be exempted from requirements to ballot its members over the proposed amalgamation, as the number of members to be admitted into the union was lower than 25%. Senator Cash said the decision proved the law on union mergers was inadequate, insisting 'the current law is clearly deficient as it does not enable the public interest, the interests of affected employees or even the interests of members to be properly taken into account.' - AFR 3

Federal Government - Future Submarine Program - Supply Chain

The Federal Government has reportedly stated that 126 Australian businesses have pre qualified in order to take part in the supply chain for the Future Submarine program, which was awarded to Naval Group. These businesses reportedly have been 'thoroughly assessed' for delivering parts, services or products required. - Aust Online

Federal Parliament - Seat Expansion - Details

The federal Parliament will expand beyond 150 seats for the first time in its existence, with Labor to receive one new electorate after the Australian Electoral Commission confirmed a revision of electorate boundaries in South Australia, Victoria and the ACT. Under the changes, South Australia, which once had 13 federal electorates, will see its allotment reduced from 11 to 10. Victoria and expanding ACT will each gain one seat, with the number of seats in Parliament to rise to 151, which means that in order to govern with a majority, one party will be required appoint a Speaker and win a minimum 77 seats at the next election, up from 76. - AFR 6

Federal Treasurer Scott Morrison - Banking Regulation - Comments

Federal Treasurer Scott Morrison said yesterday that banking regulation can be used by incumbents to limit competition, and noted that the government wants to 'recalibrate' settings in order to empower customers and increase competitive tension in the sector. Mr Morrison said 'complexity and inertia in highly regulated markets is business’ profits best friend, and often the consumer’s worst nightmare,' and described the banking sector as a 'quadropoly' with profits driven by 'a unique and privileged regulatory system.' - AFR 21

Indonesian Government - Australian Investigation - Concerns

The Indonesian Government has reportedly expressed 'deep concern' following the launch by Australia of an investigation into allegations of the dumping of steel rods exported from Indonesia and 2 other countries. Anti-dumping commissioner Dale Seymour has stated that he is investigating steel rods in coils that was imported to Australia between April 2016 and March 2017 from Indonesia, Vietnam and Korea. - Age Online SMH Online

Prime Minister Malcolm Turnbull - North Korea - Comments

Prime Minister Malcolm Turnbull has encouraged China to ramp up economic sanctions against North Korea, by cutting off oil, and warned that Kim Jong-un risks starting a war he is unable to win. Mr Turnbull described Kim as a Mafia standover man who was increasing the risk of war with his provocations, and noted that whilst military action is not the main priority, 'clearly [it] is an option. - AFR 7

WA State Government - Investec - Possible Scoping Study Mandate

Investec, a South African bank, is reportedly believed to be likely to be selected to advise the WA State Government whether to sell its TAB. Sources have reportedly indicated that WA is looking for an adviser to conduct a scoping study. - Aust Online

 

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Former Federal Health Minister Nicola Roxon - Health Care Reform - Comment

Former Federal Health Minister Nicola Roxon has reportedly stated that Australia's healthcare leaders must find common ground to promote reform, and that Governments are only brave when industry creates the environment in which they are able to act. Ms Roxon stated that 'I don't see enough dialogue today between the different parts of the sector to really help make the ground fertile for government to act ... Governments always look like they are being brave but they are only being brave when everyone else has set the ground for them to act. Governments respond when unlikely partnerships put aside some of their differences and take the first step.' - Aust Online

 

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Australian Navy - New Sea Mine Equipment

Rear Admiral Jonathan Mead, the head of navy capability, has reportedly stated that the navy is investing in new remote controlled equipment which seeks to find and dispose of sea mines more effectively. Rear Admiral Mead stated that 'new autonomous and remote-controlled technologies deployed from within the maritime task force provide the opportunity to find and dispose of sea mines more safely and efficiently. In the 2030s, [the] Defence [Department] will seek to replace its specialised mine-hunting and environmental survey vessels with a single fleet of multi-role vessels embarking advanced autonomous and uninhabited systems.' - Aust Online

Macquarie Atlas Roads - Advisers - Appointment

Tollroad company Macquarie Atlas Roads has announced that it has appointed advisers to review investment opportunities and 'strategic issues,' including its relationship with Macquarie Group, to which it currently pays management fees. Macquarie Group, which owns about 12% of the toll-road company, said that the review is in 'the best interests' of shareholders. Macquarie said 'to date, the directors have taken an informed view that this structure has been to security holders’ benefit. [Our boards] have now appointed Adara Partners and King & Wood Mallesons to provide independent advice to assist them in forming their views on a variety of matters including investment opportunities and strategic issues.' - AFR 27

 

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    Law & Legal
 

Federal Court - ASIC - Unreasonable

The Federal Court has found that the corporate regulator acted unreasonably by giving its senior manager an 'Improvement Required' rating at a performance review without explanation before transferring him to a 'new, non-existent position.' The Federal Court upheld the Administrative Appeals Tribunal’s finding that the Australian Securities and Investments Commission acted unreasonably when it gave former senior manager John Chambers the rating at a mid-point performance review, after Mr Chambers filed a workers’ compensation claim for epileptic and non-epileptic seizures, anxiety, depression and fatigue, citing 'disharmony, bullying and lack of respect among various team members.' - AFR 9

Slater and Gordon - Likely Ownership Change

Slater and Gordon will reportedly soon likely be owned by a consortium of international hedge funds after it agreed to a bailout which will create a new board and strategy for the law firm. The new plan, which was revealed on Thursday, will include hedge funds led by Anchorage Capital swapping the debt owed by the firm into a 95% ownership of the company. The process is reportedly scheduled to be finalised in November. - Age Online SMH Online

WA Liberal Party - GST Distribution - High Court Challenge

The WA Liberal Party is reportedly set to propose a High Court challenge to the GST distribution among the states, on the basis that the Commonwealth may not discriminate between the states in the distribution of the funds. Success would require overturning what has been described as 'deeply entrenched precedent' and has therefore been deemed very unlikely. - Aust Online

 

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    Markets
 

S&P/ASX 200 Index - Strong Gains - Details

The S&P/ASX 200 Index recorded a gain of 45 points, or 0.8% yesterday, closing at 5715 points, cutting the month’s losses to just 6 points. - AFR 29

Sharemarket - Performance

On Thursday, the S&P/ASX200 Index increased by 45 points, or 0.8%, closing at 5715 points. - SMH Online

 

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Telstra - NBN Payments - Comment

Andrew Penn, head of Telstra, reportedly stated yesterday that the failed plan to move forward the delivery of up to $5.5 billion in NBN payments does not damage Telstra's strategic transformation roadmap. Mr Penn stated that 'we will move on from this, and it doesn't change the overall strategy for us at all' - Aust Online

 

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Orocobre - Share Increase

Orocobre, a lithium producer, has reportedly announced that it expects its Olaroz lithium brine project in Argentina to produce approximately 14,000 tonnes of lithium carbonate during this financial year, constituting an increase from 11,862 tonnes produced during financial 2017. Shares in the company yesterday increased by 48 cents, or 14.2%, to $3.86. - Aust Online

 

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