11/02/2020 - 06:40

Morning Headlines

11/02/2020 - 06:40

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Morning Headlines

Rio’s Kakadu uranium takeover faces blocking stake

Rio Tinto may be blocked from a full takeover of Energy Resources of Australia (ERA) after the second-biggest shareholder in the Kakadu uranium miner confirmed it was participating in a controversial $476 million equity raising. The Fin

Airlines warned to make regional fares cheaper

The State Government has threatened airlines with intervention and regulation if they do not reduce airfares on intrastate routes. The West

Nats rebels draw blood in coal war

At least five Nationals MPs voted with Labor to inflict an embarrassing defeat on their own leader and the Morrison government yesterday, while a fresh internal war erupted over coal-fired power, all as a consequence of the failed leadership coup in the junior Coalition partner. The Fin

New tech JV aims to flush out bootleggers

Peter Yates, a former Macquarie banker and ex-chief executive of Kerry Packer’s PBL, has joined forces with ASX-listed Israeli supply chain integrity firm Security Matters to launch a new company focused on eliminating counterfeit wines and spirits. The Fin

Greensill tight-lipped on CIMIC payday lending scheme

Greensill is refusing to say whether it has dumped Australia’s biggest construction company, CIMIC, as a client despite the global financier earlier stating it would not do business with companies that blowout supplier payment terms beyond 30 days. The Aus

Huawei linked to research grants

The Australian Research Council has handed out more than $226m in taxpayer-funded grants over the past five years to projects involving Chinese organisations, including four involving “high risk” telco Huawei. The Aus

Fancy phones fail to connect

Mobile phone makers are being slow to react to changing consumer preferences and are leaving money on the table by focusing on high-end phones at a time when the demand for cheaper phones is surging, new Australian data suggests. The Fin

Nutrien exits race for Incitec Pivot’s fertiliser division

One of the world’s largest producers of fertiliser that was expected to be in the mix to acquire Incitec Pivot’s fertiliser operation is understood to have bowed out of the contest, leaving private equity firms to battle it out for the division of the $5bn listed group. The Aus

ALP’s Albany election headache

Lower House Speaker and veteran Labor MP Peter Watson has announced he will not recontest the seat of Albany at next year’s State election. The West

 

 

The Australian Financial Review

Page 1: At least five Nationals MPs voted with Labor to inflict an embarrassing defeat on their own leader and the Morrison government yesterday, while a fresh internal war erupted over coal-fired power, all as a consequence of the failed leadership coup in the junior Coalition partner.

Australian companies including vitamins group Blackmores and rail freight operator Aurizon are being increasingly caught in the fallout from the coronavirus outbreak, as a ban on Chinese tourists curbs demand in Australia and manufacturing shutdowns across China hit supply chains.

Page 9: The death toll from China’s coronavirus outbreak has risen to more than 900, as plans to restart the world’s second-largest economy yesterday faltered.

Page 11: Boral chief executive Mike Kane, who will leave by August, says he doesn’t want to pre-judge the qualities a new boss will need but hints that his successor may require ‘‘Superman’’ characteristics as the company tries to recover from an accounting scandal in the US and tough market conditions.

JB Hi-Fi will flex its muscle as Australia’s largest consumer electronics retailer and work with suppliers to secure key brands if the coronavirus disrupts supplies and jeopardises its profit guidance.

Page 13: Peter Yates, a former Macquarie banker and ex-chief executive of Kerry Packer’s PBL, has joined forces with ASX-listed Israeli supply chain integrity firm Security Matters to launch a new company focused on eliminating counterfeit wines and spirits.

Page 15: Life companies are set to raise disability income insurance premiums and stop selling agreed-value income protection policies over the next few weeks as they rush to meet an ultimatum by the prudential regulator to end years of eye watering losses.

Rio Tinto may be blocked from a full takeover of Energy Resources of Australia (ERA) after the second-biggest shareholder in the Kakadu uranium miner confirmed it was participating in a controversial $476 million equity raising.

Page 19: Mobile phone makers are being slow to react to changing consumer preferences and are leaving money on the table by focusing on high-end phones at a time when the demand for cheaper phones is surging, new Australian data suggests.

Page 20: The man in charge of AGL Energy’s $300 million digital transformation and move to the cloud says using fewer external consultants, and watching how Chinese social media phenomenon TikTok works, has helped the company avoid the pitfalls that often come with big corporate tech change.

 

 

The Australian

Page 1: Hundreds of job losses will flow from the collapse of George Calombaris’s food empire, which was cooked when the fallout from the wages scandal sparked a customer backlash.

The Australian Research Council has handed out more than $226m in taxpayer-funded grants over the past five years to projects involving Chinese organisations, including four involving “high risk” telco Huawei.

Page 4: Moderate Liberal MP Jason Falinski says he does not think Australia can meet a net-zero emissions target by 2050, as the Coalition’s energy wars escalate amid open conflict between inner-city and regional MPs.

Page 18: One of the world’s largest producers of fertiliser that was expected to be in the mix to acquire Incitec Pivot’s fertiliser operation is understood to have bowed out of the contest, leaving private equity firms to battle it out for the division of the $5bn listed group.

It may not only be Downer’s mining business that is coming up for sale — sources suggest its oil and gas sector-related operations could also soon be on offer.

Page 19: Greensill is refusing to say whether it has dumped Australia’s biggest construction company, CIMIC, as a client despite the global financier earlier stating it would not do business with companies that blowout supplier payment terms beyond 30 days.

 

 

The West Australian

Page 3: Long Monday night queues at Perth petrol stations may be a thing of the past, with Fuel-Watch reporting a “disruption” to the weekly fuel cycle.

Page 4: Lower House Speaker and veteran Labor MP Peter Watson has announced he will not recontest the seat of Albany at next year’s State election.

Page 10: The City of Perth is facing yet another scandal with two senior staff suspended over allegations of misconduct.

Page 18: British Airways has recorded its fastest ever transatlantic flight after a plane flew from New York to London in just four hours and 56 minutes.

Business: Woodside Petroleum has joined talks on the fate of an abandoned oil production ship in the Timor Sea as the Federal Government looks to save taxpayers from a hefty decommissioning bill.

The State Government has threatened airlines with intervention and regulation if they do not reduce airfares on intrastate routes.

Australian wheat growers need not quake that the coronavirus will lead to catastrophe in their industry, according to Australian Export Grains Innovation Centre chief economist Ross Kingwell.

Regional businesses that rely on Chinese tourists are slashing staff or cutting back their hours as the impact of the coronavirus continues to send tidal waves through the local economy.

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