25/10/2019 - 07:01

Morning Headlines

25/10/2019 - 07:01

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Morning Headlines

McGowan subs pitch ‘pointless, expensive’

A former chief executive of British Aerospace who now heads the South Australian public service has moved to torpedo Western Australia’s bid to secure the Collins-class submarine maintenance contract, declaring the proposal “expensive and pointless”. The Aus

Crown slammed over culture of secrecy

Crown Resorts has been slammed for a culture of secrecy, after alleged links to criminals hit turnover in its VIP business, which plunged by 46 per cent in the first months of the financial year. The Fin

CIMIC says cash flows not reliant on ‘factoring’

CIMIC has claimed it is now generating solid income without relying on so-called ‘‘factoring’’, as the construction group revealed the financing scheme boosted cash flows by $905 million in the first nine months of 2018. The Fin

Boards more exposed to class actions

A landmark Federal Court decision has increased the threat to companies from shareholder class actions by confirming the principle that profit forecasts are quickly reflected in share prices. The Fin

Google’s quantum breakthrough ‘impressive’ despite IBM doubts

Google is standing by its claim that it has achieved one of the Holy Grails of computing, building a quantum computer that could perform in minutes a calculation that would take a supercomputer 10,000 years to finish, despite IBM’s claims that Google did no such thing. The Fin

Climate for small business firms up

Business conditions for small- and medium-sized enterprises bounced back in the third quarter with improvements in employment, profitability and trading conditions, according to the latest NAB survey. The Fin

Multiple super accounts cost $2.6bn a year

More than two million Australians have three or more superannuation accounts that face the threat of having their balances eroded by multiple fees being slugged on lost and forgotten savings. The Aus

Why TAB is a good bet

Wagering and gaming giant Tabcorp is the odds-on favourite to buy WA’s lucrative TAB after yesterday confirming its interest in the State Government-owned agency. The West

Defeated Myer gets off lightly

Shareholders chasing Myer over a shock profit downgrade four years ago have won a landmark class action in the Federal Court but are unlikely to ever see any damages from the retailer. The West

 

 

The Australian Financial Review

Page 1: A landmark Federal Court decision has increased the threat to companies from shareholder class actions by confirming the principle that profit forecasts are quickly reflected in share prices.

Page 3: Google is standing by its claim that it has achieved one of the Holy Grails of computing, building a quantum computer that could perform in minutes a calculation that would take a supercomputer 10,000 years to finish, despite IBM’s claims that Google did no such thing.

The Morrison government has been rebuffed on a key national security measure, with its own backbench MPs joining Labor to call for a rewrite of expanded facial recognition laws that critics warn could lead to mass surveillance in Australia.

Page 6: More than half of company directors expect the economy to deteriorate next year, prompting board members to call for the Morrison government to bring forward tax cuts and infrastructure spending to boost economic activity.

Page 9: Business conditions for small- and medium-sized enterprises bounced back in the third quarter with improvements in employment, profitability and trading conditions, according to the latest NAB survey.

Page 10: Australian and Chinese officials are going to have to work a lot harder to maintain ties because ‘‘enduring differences’’ over values are the ‘‘new normal’’ in the relationship, Australia’s chief diplomat has admitted amid ongoing tensions between Canberra and Beijing.

Page 11: The competition watchdog’s mortgage pricing investigation will extend beyond home loans to include banks ‘‘bundling’’ other financial products, such as credit cards and transaction accounts, which locks in customers and makes it harder to switch lenders.

Page 17: Crown Resorts has been slammed for a culture of secrecy, after alleged links to criminals hit turnover in its VIP business, which plunged by 46 per cent in the first months of the financial year.

The federal government has laid out plans to auction off the first chunk of valuable ‘‘millimetre wave’’ spectrum, opening up a vast new frontier for the development of 5G mobile technology.

Page 22: Gaming and wagering group Tabcorp’s chairman Paula Dwyer received a 34.65 per cent vote against her reelection, amid investor fears the group isn’t delivering the benefits from its Tatts Group merger fast enough.

Page 24: CIMIC has claimed it is now generating solid income without relying on so-called ‘‘factoring’’, as the construction group revealed the financing scheme boosted cash flows by $905 million in the first nine months of 2018.

 

 

The Australian

Page 2: Federal government secrecy provisions are preventing any scrutiny of the work of Family Court psychologists, including one charged with child abuse and another found guilty of misconduct.

Page 3: Key ethnic religious groups representing Orthodox, Methodist and Christian communities have warned that Attorney-General Christian Porter’s religious freedom reforms are “premature” and could trigger “unintended consequences”.

The high-end Rockpool restaurant chain founded by Neil Perry is accused of cheating workers out of at least $10m through tampering with time sheets, according to a complaint to the Fair Work Ombudsman.

Page 4: Agriculture Minister Bridget Mc-Kenzie is expected to announce a new code of conduct for the dairy industry soon, with one of her colleagues, Lyne MP David Gillespie, boasting he had lobbied successfully for a provision that would allow farmers to supply to more than one processor.

Page 6: A former chief executive of British Aerospace who now heads the South Australian public service has moved to torpedo Western Australia’s bid to secure the Collins-class submarine maintenance contract, declaring the proposal “expensive and pointless”.

Page 7: More than two million Australians have three or more superannuation accounts that face the threat of having their balances eroded by multiple fees being slugged on lost and forgotten savings.

Page 17: Power giant Origin Energy has warned against extending the life of coal plants without the government providing a ‘‘carbon signal’’ and urged an end to the decade-long energy war to help spur investment and shift the electricity grid towards renewables.

 

 

The West Australian

Page 7: Three workers at one of WA’s biggest mines have contracted scabies.

Page 9: Home videos will be used to detect if a child has developmental problems in a world-first research project starting in Perth next month.

Page 14: Ken Wyatt has told First Nations leaders there is no way the Federal Government’s referendum on recognition is going to result in a constitutionally enshrined “voice”, as one of the minister’s own WA Coalition colleagues has questioned whether a “voice” is needed at all.

Page 17: A primary school which has banned homework says parents back its policy of encouraging kids to be active rather than spending family time finishing schoolwork.

Page 18: Wagering and gaming giant Tabcorp is the odds-on favourite to buy WA’s lucrative TAB after yesterday confirming its interest in the State Government-owned agency.

Page 22: Labor is facing an internal stoush over its decision to this week push ahead with introducing a climate emergency motion to the Federal Parliament.

Page 55: Voluntary assisted dying laws are gaining strong momentum in the Parliament, with Wednesday’s Upper House vote endorsing the right to die showing how much more support WA politicians have for the laws compared with in Victoria when its assisted dying laws were passed.

Page 59: WA could face a shortage of tradies in future because schools are struggling to recruit enough qualified woodwork and metalwork teachers.

Business: Shareholders chasing Myer over a shock profit downgrade four years ago have won a landmark class action in the Federal Court but are unlikely to ever see any damages from the retailer.

Pessimism has taken a grip on corporate WA, with a steep fall in confidence among the State’s business leaders, according to a key survey which also calls for more personal tax cuts to help rejuvenate the economy.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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