16/12/2019 - 06:59

Morning Headlines

16/12/2019 - 06:59

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Morning Headlines

China appetite for ore strong, says Fortescue

Fortescue Metals Group chief executive Elizabeth Gaines says the fundamentals of steel production in China remain very robust and she cannot foresee any return to big price penalties for lower iron content ore in 2020. The Fin

Go-slow on bills if subs move west

Key balance-of-power party the Centre Alliance says the Morrison government can expect a ‘‘very, very bumpy ride’’ in the Senate if it shifts the maintenance of the Collins Class submarines from Adelaide to Perth. The Fin

Scorching Avita run tops ASX

The company founded on burns expert Fiona Wood’s spray-onskin technology has topped the Australian sharemarket as this year’s fastest-growing stock, surging from less than 10¢ to catapult into the ASX top-200. The West

Surplus could be reinforced with iron ore

The federal government will ignore the surging iron ore price when it hands down its mid-year budget update today, creating the potential for a bigger surplus this financial year than will be forecast. The Fin

Christmas pain as Jetstar faces further strikes

Jetstar passengers face more cancellations and disruption in the lead-up to the peak Christmas travel period as the Transport Workers Union warns of further industrial action beyond stoppages planned this week. The Aus

Trump plan to smash, reset WTO

The Trump administration is vowing privately to swing its focus next year to breaking down and rebuilding the World Trade Organisation after clinching a ‘‘phase one’’ ceasefire deal with China to end their all-consuming 21-month trade war. The Fin

Deloitte, KPMG, EY fall short in audit quality

Three of the big four consulting firms failed to do enough work to support their audit opinions on every important aspect of at least one client’s financial reports. The Fin

NBN reaches out to debt markets for $2bn injection

Australian advisory firm Grant Samuel has been hired by the National Broadband Network to tap the debt markets for $2bn. The Aus

WACA will be a true all-rounder

WA Cricket Association chief executive Christina Matthews is keen for the WACA Ground to become a multi-sport venue once again after its future was secured by a $30 million Federal Government lifeline. The West

 

 

The Australian Financial Review

Page 1: The Trump administration is vowing privately to swing its focus next year to breaking down and rebuilding the World Trade Organisation after clinching a ‘‘phase one’’ ceasefire deal with China to end their all-consuming 21-month trade war.

Page 4: The federal government will ignore the surging iron ore price when it hands down its mid-year budget update today, creating the potential for a bigger surplus this financial year than will be forecast.

Key balance-of-power party the Centre Alliance says the Morrison government can expect a ‘‘very, very bumpy ride’’ in the Senate if it shifts the maintenance of the Collins Class submarines from Adelaide to Perth.

Page 5: UniSuper chief investment officer John Pearce has topped the ranks of the best paid super executives with his $1.7 million pay packet, one of 12 super bosses making more than $1 million.

Page 6: Three of the big four consulting firms failed to do enough work to support their audit opinions on every important aspect of at least one client’s financial reports.

Page 8: Three alleged scammers have fled overseas after the Australian Securities and Investments Commission accused them of fleecing more than 50 superannuation clients of up to $8 million.

Page 9: AUSTRAC’s efforts to share intelligence on suspicious transactions to police at home and abroad have earned high praise from one of the Philippines’ highest-ranking police officers.

Page 10: Prime Minister Boris Johnson’s stunning election victory has not delivered certainty on Brexit, experts warn, as he’s given himself barely a year to negotiate a daunting long-term free trade agreement with the European Union or else potentially quit the transition period with no deal.

Page 14: Australian investors will be able to track and back the ASX’s booming tech stocks with greater clarity from next year, with the launch of a new S&P technology index that will highlight the winners and losers in a sector that is growing rapidly with IPOs of companies from around the world.

Page 15: ASX-listed online car retailer Carsales.com has been mulling a bid for German company Scout24’s up-for-sale car trading business.

Page 20: As trucking and freight groups call on other states to follow NSW’s lead in ordering a halt to soaring port fees, DP World Australia has said its service charges are ‘‘broadly equivalent’’ to those levied by government agencies such as port authorities.

Page 21: Fortescue Metals Group chief executive Elizabeth Gaines says the fundamentals of steel production in China remain very robust and she cannot foresee any return to big price penalties for lower iron content ore in 2020.

Page 22: China’s pork crisis, which has hit consumers as it pushed inflation to a multiyear high last month, has still produced some huge winners.

 

 

The Australian

Page 1: The budget has been hit with a writedown of more than $30bn in government revenue due to the weaker global outlook and an expected downgrade in domestic economic growth to about 2.25 per cent.

Page 2: Jetstar passengers face more cancellations and disruption in the lead-up to the peak Christmas travel period as the Transport Workers Union warns of further industrial action beyond stoppages planned this week.

Page 6: Australia’s $90bn naval shipbuilding plan faces critical skills shortages that could set back the delivery of Australia’s next generation submarines, frigates and patrol boats in a threat to national security.

Page 13: Governments around the globe will boost spending in 2020, injecting much-needed stimulation of economies after years of “destructive” negative rates, billionaire Kerr Neilson predicts.

New digital bank Volt believes larger banks will begin to come under pressure to stop using confusing pricing tactics, including introductory and conditional deposit rates, as it pushes into the local market with a “no catches” savings rate.

Page 14: Australian advisory firm Grant Samuel has been hired by the National Broadband Network to tap the debt markets for $2bn.

Page 15: The founder and chairman of the nation’s largest enterprise software firm has urged technology companies to abandon traditional board structures to encourage risk-taking and lashed the growing number of tech firms pretending to be “software as a service” businesses.

 

 

The West Australian

Page 3: A piece of undercooked chook sparked chaos at Optus Stadium yesterday afternoon with bemused punters told to “immediately” return sandwiches, wraps or salads bought at the venue.

Page 11: WA Cricket Association chief executive Christina Matthews is keen for the WACA Ground to become a multi-sport venue once again after its future was secured by a $30 million Federal Government lifeline.

Page 16: Qantas and its pilots appear to be as far apart as Sydney and London on a deal to fly the aircraft that would operate nonstop between the cities.

Page 18: The Federal Government will boost funding to drought-hit communities as buoyant iron ore prices are expected to swell Budget coffers in today’s midyear economic review.

Page 55: A money-laundering mule found with $175,100 cash at Perth Airport in October last year initially told Federal police he only had $55,000 cash, which he intended to use to buy a Mercedes-Benz in Melbourne.

Business: The company founded on burns expert Fiona Wood’s spray-on-skin technology has topped the Australian sharemarket as this year’s fastest-growing stock, surging from less than 10¢ to catapult into the ASX top-200.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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