12/02/2020 - 06:59

Morning Headlines

12/02/2020 - 06:59

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Morning Headlines

Woodside burnt on Kitimat

Woodside Petroleum has taken a $1 billion hit on the proposed Kitimat LNG project in Canada amid a glut of gas in North America that is hurting prices. The West

Deal won’t be palmed off

Mark McGowan is backing away from his threat to rewrite a State Agreement with Clive Palmer’s company to allow a key iron ore project to go ahead in a bid to save 3000 jobs. The West

Chinese tourism blow as PM slams racism

Australian Chamber of Tourism chairman John Hart says the Chinese tourism market, which contributes $711m a week on average to the economy, has effectively “come to a dead stop” after the coronavirus outbreak prompted the government to shut its borders. The Aus

TPG and Vodafone braced to learn fate of delayed $15b merger

TPG Telecom and Vodafone Hutchison Australia are hours away from learning whether their long-delayed $15 billion merger can go ahead, with the Federal Court due to hand down its decision tomorrow. The Fin

Housing boom to lift economy

Australians are taking up new mortgages at the fastest pace in more than three years, encouraged by a sharp recovery in property prices and stoking hopes for a recovery in spending and housing construction in 2020. The Aus

Rebel Nats defy PM on gas

Appeals for unity by Scott Morrison and his leadership team have fallen on deaf ears with former resources minister Matt Canavan rejecting the Prime Minister’s call for gas to act as a transition fuel until clean energy was sufficiently reliable. The Fin

Broker loophole ‘cost shareholders $1.6b’

A commission loophole for stockbrokers and financial advisers opened up by the Coalition government contributed to investors losing out on $1.6 billion in sharemarket returns last year, according to new analysis. The Fin

Super rise to 12pc ‘puts cart before the horse’

Consumers have criticised industry super funds for a $3.5 million advertising campaign praising the rise in mandatory superannuation to 12 per cent, after the Reserve Bank of Australia confirmed that the rise would come at the expense of wages. The Fin

Incubation period up to 24 days: study

New research based on data gathered from more than 1000 coronavirus patients in China found that the incubation period for the virus was as long as 24 days, rather than the previously believed 14 days, and fewer than half of the patients showed fever symptoms when they first saw doctors. The Fin

Kayo streaming service kicks off deal for Telstra customers

Telstra has struck a deal with Kayo giving the telco’s customers $10 off all the online sports streaming service’s plans over 12 months. The Aus

Sculpture by sea-you-later

Organisers of Cottesloe’s popular Sculpture by the Sea exhibition are railing against a push to shift the world-renowned event to Scarborough. The West

 

 

The Australian Financial Review

Page 1: Appeals for unity by Scott Morrison and his leadership team have fallen on deaf ears with former resources minister Matt Canavan rejecting the Prime Minister’s call for gas to act as a transition fuel until clean energy was sufficiently reliable.

China has sacked two of the most senior health officials in the central province of Hubei, the centre of the coronavirus outbreak, as the country’s death toll passed 1000 and authorities struggled to restart the economy as millions of people returned to work.

Page 3: Senior executives at Horizon Oil, the company at the centre of bribery allegations in Papua New Guinea, avoided questions around the ownership of a shell company in the weeks before paying it $US10.3 million ($15.4 million).

Page 4: A commission loophole for stockbrokers and financial advisers opened up by the Coalition government contributed to investors losing out on $1.6 billion in sharemarket returns last year, according to new analysis.

Page 7: Consumers have criticised industry super funds for a $3.5 million advertising campaign praising the rise in mandatory superannuation to 12 per cent, after the Reserve Bank of Australia confirmed that the rise would come at the expense of wages.

Page 10: Prominent business leaders are backing independent Zali Steggall’s plan for net zero emissions by 2050, increasing pressure on the Coalition to consider bipartisan efforts to fight climate change.

Page 11: Soaring emissions in the LNG and other industries are eroding improvements in emissions from electricity generation, according to Reputex.

Page 13: New research based on data gathered from more than 1000 coronavirus patients in China found that the incubation period for the virus was as long as 24 days, rather than the previously believed 14 days, and fewer than half of the patients showed fever symptoms when they first saw doctors.

Page 15: Hearing device maker Cochlear is confident its sales will return to normal in China once the coronavirus is controlled, despite the outbreak causing a significant hit to its full-year profit expectations.

Page 17: TPG Telecom and Vodafone Hutchison Australia are hours away from learning whether their long-delayed $15 billion merger can go ahead, with the Federal Court due to hand down its decision tomorrow.

Page 18: NBN Co chief executive Stephen Rue says the government-backed company is on track to hit its revenue targets, despite failing to boost the key measure of average revenue per user (ARPU) in the six months to December 31.

Page 19: Oil and gas company Beach Energy has defended its decision to boost capital expenditure after downgrading its production outlook and posting a weaker than expected half-yearly result.

The shock collapse of an offshore oil operator has dramatically increased the risk of a levy being imposed on the oil and gas industry to prevent taxpayers having to bear the cost of abandonment of cash-strapped owners’ disused fields.

 

 

The Australian

Page 1: Australians are taking up new mortgages at the fastest pace in more than three years, encouraged by a sharp recovery in property prices and stoking hopes for a recovery in spending and housing construction in 2020.

Page 6: The inquisitors of NSW’s Crown Resorts casino inquiry have been left scrambling on the eve of the investigation’s first hearing, after a landmark Supreme Court judgment found it did not have the powers of a royal commission.

Page 7: Australian Chamber of Tourism chairman John Hart says the Chinese tourism market, which contributes $711m a week on average to the economy, has effectively “come to a dead stop” after the coronavirus outbreak prompted the government to shut its borders.

Page 19: German supermarket giant Aldi is the latest company to capitalise on the boom in logistics property deals and has tapped real estate firm JLL to offer a $700m portfolio of warehouses.

Page 20: Global emissions from the energy industry were unchanged in 2019 despite an expansion in the world economy, as more nations switched their power supply away from coal and towards renewables and gas, the International Energy Agency said.

Woodside Petroleum has suffered a $US720m ($1.07bn) writedown on its Kitimat LNG project in Canada, raising fresh uncertainty about the chances of the development proceeding due to depressed gas market conditions on the country’s west coast.

Page 24: Telstra has struck a deal with Kayo giving the telco’s customers $10 off all the online sports streaming service’s plans over 12 months.

 

 

The West Australian

Page 3: Football fans are being urged to rally in record-breaking numbers to mark the first women’s western derby between West Coast and Fremantle at Optus Stadium.

Page 4: Mining magnate Andrew Forrest has urged Australians not to let “fear trump empathy” as the coronavirus crisis continues to spread across the world.

Page 7: WA motorists will face the harshest penalties in Australia — a $1000 fine — for using a mobile phone behind the wheel.

Page 18: Organisers of Cottesloe’s popular Sculpture by the Sea exhibition are railing against a push to shift the world-renowned event to Scarborough.

Page 19: Mark McGowan is backing away from his threat to rewrite a State Agreement with Clive Palmer’s company to allow a key iron ore project to go ahead in a bid to save 3000 jobs.

Page 26: Girls are starting puberty nearly a year earlier than they did four decades ago, research suggests.

Business: A WA restaurateur is warning things are going from bad to worse for the struggling restaurant sector, with business owners fearful of putting up prices despite facing increasing costs.

Banks are continuing to smack their customers with egregious fees for basic services including ringing up and asking for help or simply paying a bill.

Woodside Petroleum has taken a $1 billion hit on the proposed Kitimat LNG project in Canada amid a glut of gas in North America that is hurting prices.

Property giant Mirvac has won a $50 million-plus legal battle over the collapse of a proposed billion-dollar residential development at Binningup Beach, between Perth and Bunbury.

Watertown discount shopping complex is to undergo a major refurbishment and a rejig of tenancies after the management and leasing contract was this year taken over by Lease Equity.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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