03/02/2020 - 06:38

Morning Headlines

03/02/2020 - 06:38

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Morning Headlines

Joyce circles after minister quits

Scott Morrison faces ugly internal divisions after senior cabinet minister Bridget McKenzie was forced to resign over the sports rorts scandal, with Barnaby Joyce preparing to challenge Michael McCormack for Nationals leader. The Aus

World’s cheapest LNG contract finally ‘in the money’ for NW Shelf

The dire state of LNG spot prices means the North West Shelf venture’s famously cheap LNG sales contract to China may finally be ‘‘in the money’’ for the first time. The Fin

Tyre fitter on a roll with fleet expansion

The online tyres supplier backed by the rich-lister Vidor family’s Toga Group, wealthy Perth heiress Rhonda Wyllie and Melbourne investment banker David Williams is raising $10m to more than double the size of its fleet of service vehicles, as its sales are forecast to hit $100m within two years. The Aus

Super rise hurts the low paid: ACOSS

The nation’s peak welfare group says increasing compulsory superannuation contributions to 12 per cent of wages will financially hurt low income earners and has called on the Morrison government to first cut generous super tax breaks for the wealthy. The Fin

Frydenberg warns on virus hit

The Morrison government has warned of a hit to the Australian economy, and is no longer discounting contraction for at least one quarter, as it races to assess the twin impacts of the bushfires and the coronavirus. The Fin

Panoramic view gets cloudy

Panoramic Resources faces at least another half-year under intense scrutiny as it fights to improve grades and meet the cash demands from its Savannah nickel, copper and cobalt project. The West

Employers push for Fair Work review

Resources and energy employers are urging the federal government to launch a ‘‘full scale’’ review of the Fair Work Commission over claims it is politicised and stacks full benches with Labor appointees. The Fin

PNG gas talks evaporate as PM Marape calls time

The troubled talks between the Papua New Guinea government and Exxon-Mobil on a potential $20 billion LNG expansion have broken down. The Fin

Virus costs China services $217b in week

China’s coronavirus outbreak cost more than 1 trillion yuan ($217 billion) in losses to the restaurant, tourism and movie industries in seven days of the lunar new year holiday, economists estimated. The Fin

New report shows more than 60pc of teachers want new job

Australia’s teachers feel overworked, underappreciated and unhappy, with three-in-five planning to leave the classroom to pursue a different career. The West

 

 

The Australian Financial Review

Page 1: The Morrison government has warned of a hit to the Australian economy, and is no longer discounting contraction for at least one quarter, as it races to assess the twin impacts of the bushfires and the coronavirus.

The nation’s peak welfare group says increasing compulsory superannuation contributions to 12 per cent of wages will financially hurt low income earners and has called on the Morrison government to first cut generous super tax breaks for the wealthy.

Page 6: Veteran banker Mark Johnson warns the Hayne royal commission has driven money into unregulated shadow banking, fintechs and reverse factoring, which is exposing the financial system to greater risk.

The Australian Securities and Investments Commission says cases related to the banking royal commission are ‘‘moving swiftly to conclusion’’ and that it expects up to 20 more prosecutions, including some that could lead to jail terms, over the first half of 2020.

Page 9: Resources and energy employers are urging the federal government to launch a ‘‘full scale’’ review of the Fair Work Commission over claims it is politicised and stacks full benches with Labor appointees.

Page 10: China’s coronavirus outbreak cost more than 1 trillion yuan ($217 billion) in losses to the restaurant, tourism and movie industries in seven days of the lunar new year holiday, economists estimated.

Page 13: Global bond giant PIMCO hit pause on its potential $1 billion Australian corporate bond fund IPO in reaction to Treasurer Josh Frydenberg’s snap review of commissions paid by listed investment funds.

Page 18: The troubled talks between the Papua New Guinea government and Exxon-Mobil on a potential $20 billion LNG expansion have broken down.

Page 19: Rio Tinto would be compelled to set targets for reducing the greenhouse gas emissions of its customers under a shareholder resolution that dismisses the miner’s carbon reduction pact with China’s biggest steelmaker as ‘‘lacking any detail’’.

The dire state of LNG spot prices means the North West Shelf venture’s famously cheap LNG sales contract to China may finally be ‘‘in the money’’ for the first time.

 

 

The Australian

Page 1: Scott Morrison faces ugly internal divisions after senior cabinet minister Bridget McKenzie was forced to resign over the sports rorts scandal, with Barnaby Joyce preparing to challenge Michael McCormack for Nationals leader.

The Australian economy faces a coronavirus hit of up to $13bn in the first half of the year amid warnings from the mining industry that the international health crisis is casting “uncertainty over economic outlooks and commodity markets”.

Page 4: The Coalition has taken a damaging electoral hit from the bushfire crisis and sports rorts controversy that forced the resignation of cabinet minister Bridget McKenzie as Scott Morrison’s popularity flatlines.

Page 5: A leading executive of one of Australia’s largest resources companies has denied the mining giant has an internal mandate that puts production ahead of safety.

Page 6: Airline authorities are taking a vigorous approach to security as Australians return home from China after the outbreak of the deadly coronavirus.

Page 17: The online tyres supplier backed by the rich-lister Vidor family’s Toga Group, wealthy Perth heiress Rhonda Wyllie and Melbourne investment banker David Williams is raising $10m to more than double the size of its fleet of service vehicles, as its sales are forecast to hit $100m within two years.

Page 18: British petrol and food retailer EG is believed to be continuing to assess whether to launch a rival takeover bid for Caltex Australia, and it is understood a joint bid is not yet totally out of the question.

Page 24: Facebook is facing a perfect storm of privacy trends and increased regulation that will affect not only its ad targeting effectiveness but its whole business model, a leading advertising executive has told The Australian.

 

 

The West Australian

Page 3: Former WA attorney-general Michael Mischin has tumbled down the Liberal preselection pecking order into an all-but unwinnable position.

Page 14: The addition of several councils to the Drought Communities Program has been called into question, amid allegations key criteria has been routinely ignored in Coalition seats.

Page 16: Distracted driving, speeding and even cases of road rage are plaguing WA school zones.

Page 18: Australia’s teachers feel overworked, underappreciated and unhappy, with three-in-five planning to leave the classroom to pursue a different career.

Panoramic Resources faces at least another half-year under intense scrutiny as it fights to improve grades and meet the cash demands from its Savannah nickel, copper and cobalt project.

The two most important members of an expanded OPEC coalition are split on whether the slump in oil prices triggered by the coronavirus outbreak requires an urgent response.

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