07/11/2019 - 07:08

Morning Headlines

07/11/2019 - 07:08

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Morning Headlines

Budget trouble as lithium loses its spark

A wave of lithium mine closures and curtailments risks blowing a hole of hundreds of millions of dollars in the West Australian budget, complicating the efforts of the McGowan government to dig WA out of its economic slump. The Aus

$46b LNG projects ‘are no certainty’

A senior Woodside executive says he cannot guarantee that the Browse and Scarborough LNG projects off the State’s North West, collectively worth almost $46 billion, will go ahead. The West

Government turbocharges payment

Businesses that bill the federal government and its contractors electronically will now be able to claim interest if they are not paid within five working days. The Fin

Saracen brings in the big guns

Saracen Mineral Holdings is understood to have hired Goldman Sachs and the Royal Bank of Canada to take on Northern Star in a competition to buy the Super Pit goldmine. The Aus

Underpay bosses face bans

Attorney-General Christian Porter has put corporate Australia on notice over the underpayment of workers, saying the directors of companies that fail to pay workers properly could be banned from sitting on boards. The Aus

Officials united on Facebook currency

The corporate watchdog has been considering confidential advice from international financial regulators about Facebook’s proposed cryptocurrency, Libra, as it battles concerns about “potential gaps” in the law that could leave it unable to police the mooted digital coin. The Fin

Woolworths faces underpayment bills of up to $250,000 per worker

Woolworths’ managers are preparing underpayment claims for as much as $250,000, raising questions about whether the company’s record wage bill could increase. The Fin

China delay to barley probe ‘a punishment’

Australian farmers have accused China of deliberately dragging out an investigation that has brought the multibillion-dollar barley trade to its knees because of political tensions between the two countries. The Fin

Red tape rebounds to record high

Red tape, driven by federal agencies, has grown to record levels despite Tony Abbott’s 2013 pledge to slash constraints on the economy. The Aus

Medibank slams health 'price gouge'

Medibank Private boss Craig Drummond has taken aim at the ballooning medical costs he believes are eroding the affordability of private health insurance and which on Wednesday was blamed for stripping $800m from Medibank’s market value. The Aus

Perth routes will drop off Virgin’s radar

Virgin Australia will stop flying the Perth to Canberra and Perth to Gold Coast routes as part of a wide network review to return it to profitability. The West

 

 

The Australian Financial Review

Page 1: The government will offer rural small businesses up to $500,000 in cheap loans and lower the cost of existing loans to farmers when it commits more than $1 billion to help drought-stricken communities today.

Federal authorities are investigating the money trail left by Chinese billionaire Huang Xiangmo, who broke his silence yesterday and raised the spectre of local government corruption.

Page 3: Woolworths’ managers are preparing underpayment claims for as much as $250,000, raising questions about whether the company’s record wage bill could increase.

Page 4: Businesses that bill the federal government and its contractors electronically will now be able to claim interest if they are not paid within five working days.

Company directors have to stop hiding behind their ‘‘very clever’’ finance chiefs and take responsibility for the tax risks being run by their companies or face more audits, a top Tax Office executive will say today.

Page 5: Leading economists at the country’s two biggest banks have urged the Morrison government to fast-track billions of dollars in personal income tax cuts to boost household incomes and stimulate sluggish consumer spending.

Page 6: Former shadow treasurer Chris Bowen has defended the so-called ‘‘tax-and spend agenda’’ he took to the last election by pointing out that the voters who would have been hardest hit by the policies largely stuck with Labor.

Page 9: Australian farmers have accused China of deliberately dragging out an investigation that has brought the multibillion-dollar barley trade to its knees because of political tensions between the two countries.

Page 12: In a move that backs a term used so far mainly by climate activists and left-leaning politicians, a new study by 11,258 scientists in 153 countries from many disciplines has warned that the planet ‘‘clearly and unequivocally faces a climate emergency’’, and gives six broad policy goals that must be met to address it.

Page 13: Private health insurers are threatening to audit private hospitals’ theatre records, following what they say is a suspicious surge in the use of certain prosthetic devices.

Private health insurers are threatening to audit private hospitals’ theatre records, following what they say is a suspicious surge in the use of certain prosthetic devices.

Controversial cryptocurrency advocate and cyber security entrepreneur John McAfee really doesn’t want you to know where he is – but he does want you to know he still believes bitcoin is going to hit $US1 million ($1.45 million) by the end of next year.

Westpac Banking Group says the sale of its non-branch automatic teller machine fleet to Prosegur Australia may help create a new utility to allow banks to share the rising costs of distributing the shrinking amount of cash used to buy and sell goods and services.

Page 15: Coles has defended chairman James Graham after proxy advisers questioned his independence and said the retailer’s board structure failed to meet governance guidelines.

Page 16: Global research house Morningstar sees opportunity in the fragmentation of the Australian wealth management industry, as the big four banks’ partial exit from the market opens the door to new entrants.

Page 18: South32 has sealed a deal to sell off its problematic South African coal business as it sheds unwanted assets as part of an increased focus on base metals.

Australia’s biggest brick maker, Brickworks Ltd, has made its third US acquisition in a year with the $US48 million ($70 million) purchase of Redland Brick based in Maryland.

Page 19: The newly-minted chief of Virgin Australia Paul Scurrah has said the airline will reduce domestic capacity by 2 per cent, marking a strategic retreat in its fight with Qantas for local passengers.

 

 

The Australian

Page 1: Attorney-General Christian Porter has put corporate Australia on notice over the underpayment of workers, saying the directors of companies that fail to pay workers properly could be banned from sitting on boards.

Drought-hit farmers and struggling regional businesses will be offered interest-free loans under a $1bn rescue package to be unveiled today.

Page 2: Red tape, driven by federal agencies, has grown to record levels despite Tony Abbott’s 2013 pledge to slash constraints on the economy.

Page 5: Children who are at risk of being harmed by family members and move interstate will be tracked under a “world-first” information-sharing platform between state and territory child protection agencies.

Page 6: The corporate watchdog has been considering confidential advice from international financial regulators about Facebook’s proposed cryptocurrency, Libra, as it battles concerns about “potential gaps” in the law that could leave it unable to police the mooted digital coin.

Page 8: A wave of lithium mine closures and curtailments risks blowing a hole of hundreds of millions of dollars in the West Australian budget, complicating the efforts of the McGowan government to dig WA out of its economic slump.

Page 17: Medibank Private boss Craig Drummond has taken aim at the ballooning medical costs he believes are eroding the affordability of private health insurance and which on Wednesday was blamed for stripping $800m from Medibank’s market value.

Page 18: Saracen Mineral Holdings is understood to have hired Goldman Sachs and the Royal Bank of Canada to take on Northern Star in a competition to buy the Super Pit goldmine.

Page 20: Buy now, pay later unicorn Zip Co’s founder Peter Gray says his business is better prepared for regulatory headwinds compared to its peers, adding that Zip shouldn’t be put in the same basket as market darling Afterpay.

 

 

The West Australian

Page 3: Controversial “three-parent IVF” may soon be allowed in Australia under a proposed law change aimed at preventing parents passing on horror genetic conditions to their children.

Page 4: A leading child cyber-safety expert has criticised the McGowan Government’s plan to ban mobile phones in schools, likening it to the US Prohibition era and pointing to evidence that bans do not stop bullying or improve learning.

Page 5: A former Liberal MP and doctor has called on his party to drop its “insane and ridiculous” proposed amendments to the Voluntary Assisted Dying Bill and pass the legislation.

Page 6: Banks and telcos will do more to make their services more private and reliable — and prevent outages — as part of a major government-led review into artificial intelligence.

WA farmers and businesses will be able to apply for loans of up to $500,000 in a major new funding package to assist those struggling with the drought.

Page 7: The conduct of warring councillors is believed to have played a role in City of Cockburn chief executive Stephen Cain’s decision to take stress leave from his $380,000 a year job.

Page 8: Desperate job hunters stranded in Perth’s northern suburbs are spending half a year searching for work as long-term unemployment skyrockets on the city’s urban fringes.

Page 11: Virgin Australia will stop flying the Perth to Canberra and Perth to Gold Coast routes as part of a wide network review to return it to profitability.

Business: Australia has lost the art of relationship building in Asia, ignored its history and is too transactional in its dealings with the continent, China expert Philip Kirchlechner says.

A senior Woodside executive says he cannot guarantee that the Browse and Scarborough LNG projects off the State’s North West, collectively worth almost $46 billion, will go ahead.

CBH Group has cut its financial support for the WA SuperNet plan, which aims to deliver enterprise-grade affordable broadband services throughout the grain belt.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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