13/12/2019 - 06:55

Morning Headlines

13/12/2019 - 06:55

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Morning Headlines

Ten biggest firms pay $23b tax

The big four banks, Telstra and mining giants BHP and Rio Tinto are the nation’s biggest taxpayers, with new transparency data showing the 10 largest companies paying $23 billion to the Australian Taxation Office. The Fin

Tech giants forced to share profits

Australia will become the first country to force tech giants Facebook and Google to negotiate with media companies over the sharing of revenue, data and algorithm changes, in a bid to protect public interest journalism and local programming. The Fin

Skilled migrant A-list gets a haircut

Australia no longer needs migrant hairdressers and massage therapists, but more blockchain managers and nurses, according to employers around the country. The Fin

Revamp in pipeline for St John of God

St John of God Health Care is getting closer to pulling the trigger on a long-planned major redevelopment of its flagship hospital complex in Subiaco. The West

Seafood a $1b bonus to WA

WA’s commercial seafood industries pump nearly $1 billion into the WA economy, according to new research, which also shows the sector provides more than 6000 jobs. The West

China steel demand tipped to fall on soft construction outlook

China’s chief government forecaster has predicted lower steel demand in 2020, the first decline in five years and possibly bad news for Australian iron ore miners. The Fin

BHP keeps faith with coal groups

BHP has resisted pressure to quit membership of industry associations which have drawn the ire of activist investors amid accusations groups such as the Minerals Council of Australia have lobbied against action on climate change. The Fin

Perth prices turn back time as property slump takes hold

Houses have sold for as little as $115,000 this year after some entrylevel properties plummeted to prices not seen since the last century. The West

Working to put stop to prejudices

Employers would be made to introduce targets to boost the number of people with disabilities working for them as part of sweeping changes being considered by the Federal Government. The West

Wellard sale good news for creditors

Creditors are set to swoop on millions of dollars of shares held by former Wellard boss Mauro Balzarini’s family after the $77 million sale of the live exporter’s carrier, Ocean Shearer. The West

 

 

The Australian Financial Review

Page 1: Australia will become the first country to force tech giants Facebook and Google to negotiate with media companies over the sharing of revenue, data and algorithm changes, in a bid to protect public interest journalism and local programming.

Page 3: The big four banks, Telstra and mining giants BHP and Rio Tinto are the nation’s biggest taxpayers, with new transparency data showing the 10 largest companies paying $23 billion to the Australian Taxation Office.

A new maths curriculum could be in place as early as 2021 after state and federal education ministers put aside their differences in the face of last week’s disastrous PISA results and agreed to urgent action.

Page 4: Scott Morrison has acknowledged that climate change ‘‘and many other factors’’ are behind the fires ravaging the eastern states but says his government’s policies are not to blame.

Page 5: Big defence contractors face an audit over the extent of Australian involvement in major projects, in response to growing criticism from industry that local companies are missing out on work.

Page 10: Australia no longer needs migrant hairdressers and massage therapists, but more blockchain managers and nurses, according to employers around the country.

A successful challenge to Australian anti-dumping measures is set to increase pressure on local paper producers and even steelmakers, but the paper industry insists there is no problem.

Page 11: Philip Morris is seeking government approval to sell vaping-like ‘‘heated tobacco products’’ to the 3 million smokers in Australia, but is set to face political and anti-smoking resistance.

Page 12: The standard of audit work undertaken by KPMG and PwC slipped in 2019, the corporate regulator has revealed, as a year of enhanced public scrutiny over audit quality at the big four consulting firms draws to a close.

Page 14: China’s chief government forecaster has predicted lower steel demand in 2020, the first decline in five years and possibly bad news for Australian iron ore miners.

Page 15: A syndicate of Australian banks and global retailer Steinhoff International sold their debt in retailer Harris Scarfe weeks before it collapsed, leaving unsecured creditors including landlords and suppliers facing potential losses.

 

 

The Australian

Page 2: Big super funds will be forced to hand over “lost super” to the tax office from next year under tough new rules aimed at accelerating a clean-up across the super industry which has continued to collect fees despite efforts to shut down so-called inactive accounts.

Page 3: Nine Entertainment boss Hugh Marks has admitted he was left in the dark about star Karl Stefanovic’s legal action against a rival media company.

Page 6: Digital platforms initially will not be forced to hand over revenue or inform media companies of algorithm changes, but instead will draw up a voluntary code of conduct with news organisations with the aid of the ACCC.

Page 9: Britain is at a crossroads as polling officials begin counting in the knife-edge general election that could see the country lurch to the far left under Jeremy Corbyn or finally exit the EU under Boris Johnson.

Page 17: The Ahmed Fahour-run Latitude Financial Services has secured a step-change for its LatitudePay “buy now, pay later” business after striking an alliance with global cards giant Mastercard.

BHP has resisted pressure to quit membership of industry associations which have drawn the ire of activist investors amid accusations groups such as the Minerals Council of Australia have lobbied against action on climate change.

Page 19: Tech darling Atlassian paid zero tax in Australia despite drawing in more than $1bn in local revenue, after using research and development tax credits to offset $137m in taxable income.

Page 25: Airlines’ peak body is demanding an end to “one size fits all” security screening, saying 99 per cent of travellers are no threat to aviation and should be treated as such.

 

 

The West Australian

Page 3: A former Western Power employee has been charged with 27 counts of corruption after he allegedly used his position to influence the awarding of contracts worth $1.45 million in returns for kickbacks.

Page 6: An annual blockbuster Test match at Perth Stadium should sizzle on long into the national game’s fixturing future, according to WA cricket great Simon Katich.

Page 9: Fewer than 20 children in out-of-home care in WA were adopted last financial year, despite there being 5000 kids in care across the State and the system bursting at the seams.

Page 14: Houses have sold for as little as $115,000 this year after some entry-level properties plummeted to prices not seen since the last century.

Page 18: Employers would be made to introduce targets to boost the number of people with disabilities working for them as part of sweeping changes being considered by the Federal Government.

Page 22: As national fertility rates slide some of WA’s most remote towns are facing a baby drought, with no new bubs being born in one town for eight years.

Page 23: A remedy for overeating is edging closer with scientists identifying a specific brain circuit that can spark food cravings.

Business: Creditors are set to swoop on millions of dollars of shares held by former Wellard boss Mauro Balzarini’s family after the $77 million sale of the live exporter’s carrier, Ocean Shearer.

St John of God Health Care is getting closer to pulling the trigger on a long-planned major redevelopment of its flagship hospital complex in Subiaco.

WA’s commercial seafood industries pump nearly $1 billion into the WA economy, according to new research, which also shows the sector provides more than 6000 jobs.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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