29/08/2019 - 06:36

Morning Headlines

29/08/2019 - 06:36

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Morning Headlines

Pilbara Minerals changes tack

Only two days after telling shareholders it had been unable to find a buyer at an acceptable price for a half stake in its flagship Pilgangoora project, the$650 million Pilbara Minerals is expected to be cap-in-hand in front of investors with an equity raising. The Fin

Afterpay’s customer roll exceeds 5 million

Afterpay has been attracting more than 11,000 new customers each day for the past eight weeks, a faster-than-expected growth rate that has boosted total customers to 5.2 million. The Fin

Fight for Asia ties or lose exports

Australia risks losing multibillion-dollar exports through government “complacency” as more aggressive regimes — including the Trump administration — strike better trade deals with Asia, the peak farmers group has warned. The Aus

Residential construction drops, economists cut GDP forecasts

Australia’s economic outlook has deteriorated further, with official figures showing home building contracted at its fastest pace in almost 19 years in the June quarter and engineering construction work continued to shrink as infrastructure spending failed to offset weaker housing. The Fin

WA Labor backs Coalition carbon emission target

Western Australia’s Labor government has split with the federal ALP and adopted the Morrison government’s emission targets in order to prevent the WA environment watchdog imposing investment-threatening climate targets on new projects. The Fin

Virgin cuts 750 jobs amid soft conditions

Virgin Australia chief executive Paul Scurrah, who has been in the top job less than five months, says the struggling airline can be profitable – but he can’t estimate how quickly. The Fin

Macquarie's $1.6bn capital raise

Macquarie Group chief executive Shemara Wikramanayake has shrugged off the low interest rate environment and tapped investors for up to $1.6 billion, readying to pounce on investments across renewable energy, infrastructure and technology. The Aus

Cedar Woods’ profit up 14pc despite headwinds

A portfolio focused on Australia’s smaller capitals helped Perth-based developer Cedar Woods to weather the softer market conditions and post a full-year profit boost of 14 per cent. The Aus

Twiggy turns to tech man

Fortescue Metals Group chairman Andrew Forrest has turned to a 53-year-old Chinese-born, Seattle-based former Microsoft executive as he seeks to navigate his mining company through the continuing technological revolution sweeping the globe. The West

 

 

The Australian Financial Review

Page 1: Investment bank Macquarie Group will raise up to $1.6 billion from investors to meet demands for higher capital, and heed the federal Treasurer’s call for companies to back themselves and invest, by targeting opportunities in renewables, technology and infrastructure.

Western Australia’s Labor government has split with the federal ALP and adopted the Morrison government’s emission targets in order to prevent the WA environment watchdog imposing investment-threatening climate targets on new projects.

Page 3: Australia’s economic outlook has deteriorated further, with official figures showing home building contracted at its fastest pace in almost 19 years in the June quarter and engineering construction work continued to shrink as infrastructure spending failed to offset weaker housing.

Page 6: The behemoth industry superannuation lobby has threatened a public campaign if the government tries to walk away from a commitment to lifting the compulsory contribution rate to 12 per cent.

Page 8: Google and the Australian Recording Industry Association have inked a deal for YouTube to broadcast the ARIA Awards and classic clips of live performances from the event across the past three decades.

Page 10: The federal government has widened its planned scrutiny of universities, pointing to ‘‘suppression of dissident voices’’ as one of its reasons for wanting to know more about what happens on campuses.

Page 15: Afterpay has been attracting more than 11,000 new customers each day for the past eight weeks, a faster-than-expected growth rate that has boosted total customers to 5.2 million.

Page 16: Only two days after telling shareholders it had been unable to find a buyer at an acceptable price for a half stake in its flagship Pilgangoora project, the$650 million Pilbara Minerals is expected to be cap-in-hand in front of investors with an equity raising.

Page 17: Virgin Australia chief executive Paul Scurrah, who has been in the top job less than five months, says the struggling airline can be profitable – but he can’t estimate how quickly.

Bega Cheese missed its own revised target for its fiscal 2019 earnings, with the dairy manufacturer arguing that drought and intense competition for milk created extra tough operating conditions this year.

Page 19: Rising electricity prices have lifted demand for data centres as businesses are forced to close their in-house computer rooms and move data storage into the cloud, Macquarie Telecom chief executive David Tudehope says.

Page 21: A major gas discovery made in Western Australia this week could form the basis of a huge onshore resource that could be much more economical to develop for LNG production than remote fields offshore, according to the managing director of 50 per cent resource owner Warrego Energy.

 

 

The Australian

Page 1: Australia risks losing multibillion-dollar exports through government “complacency” as more aggressive regimes — including the Trump administration — strike better trade deals with Asia, the peak farmers group has warned.

Page 3: Police and councils in Australian cities have begun quietly integrating facial recognition systems with their CCTV camera networks, as other jurisdictions seriously consider introducing the same technology, despite concerns from privacy groups about the data being hacked or misused.

Page 7: Federal Education Minister Dan Tehan has accused the states and territories of shirking responsibility for disappointing NAPLAN results and instead blaming the test for a lack of student improvement.

Page 17: Macquarie Group chief executive Shemara Wikramanayake has shrugged off the low interest rate environment and tapped investors for up to $1.6 billion, readying to pounce on investments across renewable energy, infrastructure and technology.

Page 18: Echo Resources has been described as “a logical fit” for Northern Star by analysts at Credit Suisse following the company’s $243 million acquisition of the smaller miner.

Page 19: Shares in Bellamy’s dropped as much as 15 per cent after it missed its sales guidance and profits were cut in half as it wore the bruises of tough competition, regulatory delays and a slowdown in the birthrate in its crucial Chinese market.

Page 20: Oil Search may be forced to lower its 2019 production guidance after wild weather and sea conditions in Papua New Guinea caused the ExxonMobil-operated PNG LNG plant to curtail output last week.

Melco Resorts and Entertainment last night pressed pause on increasing its stake in troubled casino company Crown Resorts as it awaits a regulatory probe into its target.

Page 23: A portfolio focused on Australia’s smaller capitals helped Pert-based developer Cedar Woods to weather the softer market conditions and post a full-year profit boost of 14 per cent.

 

 

The West Australian

Page 3: In another stunning twist to the Brexit saga, the Queen, at the request of Boris Johnson, has suspended the UK Parliament.

Page 4: Actor Marcus Graham has thrown his support behind the proposed relocation of the WA Academy of Performing Arts to the city, claiming it would benefit everyone.

Page 8: Industry has welcomed increased certainty for investment and jobs from a McGowan Government plan to work with business towards an “aspiration” of net zero carbon emissions for WA by 2050.

Page 9: While parents in Queensland could check the latest NAPLAN results for their child’s school yesterday, WA parents will have to wait until next year to find out how their school performed.

Page 10: One in nine Australian women has endometriosis, according to the first national report on the painful and under-recognised condition.

Page 18: Plans to build a marina at Rottnest have been scrapped in favour of more accommodation, transport hubs and a skate park.

Business: WA farming has never been in better shape, judging by the thousands who descended on the Wheatbelt town of Dowerin in unusually warm temperatures yesterday for the biggest event on the State’s agricultural calendar.

Fortescue Metals Group chairman Andrew Forrest has turned to a 53-year-old Chinese-born, Seattle-based former Microsoft executive as he seeks to navigate his mining company through the continuing technological revolution sweeping the globe.

A divisive plan to include broadacre cropping and grazing in Agricultural Produce Commission legislation is set for review by a parliamentary standing committee.

BP has agreed to sell its entire business in Alaska to US group Hilcorp Energy for $US5.6 billion ($8.3 billion), ending a six-decade presence as oil production there declines.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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