13/02/2020 - 06:59

Morning Headlines

13/02/2020 - 06:59

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Morning Headlines

Hydrogen the ‘hero’: chief scientist backs PM on gas as transition fuel

Australia’s chief scientist, Alan Finkel, has backed the government’s strategy of using gas as a transition fuel to generate electricity while the sector moves away from coal to clean energy sources, including hydrogen. The Fin

Downer to shun ‘risky’ projects as profit slips

Downer EDI will no longer offer fixed-price bids to build solar, coal or iron ore projects because they are too risky, says chief executive Grant Fenn. The Fin

PM's April visit to WA

Scott Morrison will bring his new-look ministry to WA in April for a full meeting of Cabinet. The West

Woodside spending in spotlight amid unrest

Woodside Petroleum faces a near-70 per cent drop in bottom-line profit for 2019 after advising of a $1 billion-plus write-down of a stalled LNG project in Canada, stoking emerging concerns about funding capacity heading into a major phase of spending. The Fin

French tell subs firms to shape up

The French company building Australia’s $80bn Future Submarines says local firms may not get half of the value of the subs’ contracts and warns that the capability of defence suppliers is falling short of expectations. The Aus

CBA to grab bigger share of business

Commonwealth Bank of Australia is preparing to attack rivals for a bigger share of the spoils from business banking after delivering one of the standout results of the reporting season and further entrenching its dominance of retail banking in Australia. The Fin

McCormack hits back amid LNP split speculation

Nationals Leader Michael McCormack has instructed his MPs to fund their own travel to a party function in Melbourne next month after a damaging internal leak showed the leader’s office has structured the event so taxpayers would foot the bill. The Fin

‘Over in April’, but toll rises

A top Chinese government scientist says he is hopeful the spread of the coronavirus in China will be stopped by April with the death toll expected to peak later this month, as millions of struggling business owners receive mixed messages about when to return to work. The Fin

Vale confirms drop in iron ore exports

In a boost to Australia’s iron ore exporters, their biggest foreign rival will export 7 per cent less than expected in the first three months of 2020, and has signalled that it will require everything to go right to achieve its fullyear iron ore targets. The Fin

Milk’s 1c price rise sours

WA dairy farmers have described a 1¢/litre price rise from processor Harvey Fresh as a massive slap in the face for their struggling industry. The West

Huawei can tap into phones: US

US officials says tech giant Huawei can secretly access mobilephone networks around the world through “back doors” designed for use by law enforcement, as Washington tries to persuade allies to exclude the Chinese company from their networks. The Aus

Caltex takeover battle heats up as new suitor looms

The takeover battle for fuels retailer Caltex has gained fresh momentum, with investment giant Macquarie joining the UK’s EG Group to consider a potential bid to trump Couche-Tard’s $8.6bn offer. The Aus

 

 

The Australian Financial Review

Page 1: Commonwealth Bank of Australia is preparing to attack rivals for a bigger share of the spoils from business banking after delivering one of the standout results of the reporting season and further entrenching its dominance of retail banking in Australia.

Horizon Oil paid $US10.3 million to a shell company where the sole director and shareholder had close personal and business links to Papua New Guinea’s then petroleum minister, William Duma, new documents reveal.

Page 3: Federal Labor says it is ‘‘offensive’’ to suggest workers can only have wage rises if they give up superannuation increases, with shadow assistant treasurer Stephen Jones insisting company profits are enough to afford both.

Page 6: Nationals Leader Michael McCormack has instructed his MPs to fund their own travel to a party function in Melbourne next month after a damaging internal leak showed the leader’s office has structured the event so taxpayers would foot the bill.

Australia’s chief scientist, Alan Finkel, has backed the government’s strategy of using gas as a transition fuel to generate electricity while the sector moves away from coal to clean energy sources, including hydrogen.

Page 7: Former prime minister Kevin Rudd has warned that climate tariffs against Australia are being actively considered by the European Union, and that the government is set to be ‘‘200 years too late’’ on achieving net zero emissions.

Page 9: Labor has rejected employers’ complaints that unions’ emotive campaign against ‘‘wage theft’’ is to blame for the collapse of celebrity chef George Calombaris’ restaurant empire, which has left 400 workers out of a job.

Page 11: A top Chinese government scientist says he is hopeful the spread of the coronavirus in China will be stopped by April with the death toll expected to peak later this month, as millions of struggling business owners receive mixed messages about when to return to work.

Page 12: Indonesia’s expanding middle class are travelling abroad in ever-greater numbers each year, but Australia’s visa requirements have put it way down the list of favoured destinations.

Page 14: Vitamin group Blackmores has scrapped its first-half dividend after a dramatic 48 per cent slide in profits and warned the second half will be even worse because of three months of disruption from the coronavirus outbreak, and upheaval at a Melbourne factory.

CSL chief executive officer Paul Perreault has hardly had a misstep in his six and a half years in the top job, but the leader of the $148 billion blood products giant says the company has more work to do to improve on its digital strategy.

Page 16: Woodside Petroleum faces a near-70 per cent drop in bottom-line profit for 2019 after advising of a $1 billion-plus write-down of a stalled LNG project in Canada, stoking emerging concerns about funding capacity heading into a major phase of spending.

Downer EDI will no longer offer fixed-price bids to build solar, coal or iron ore projects because they are too risky, says chief executive Grant Fenn.

Page 17: In a boost to Australia’s iron ore exporters, their biggest foreign rival will export 7 per cent less than expected in the first three months of 2020, and has signalled that it will require everything to go right to achieve its full-year iron ore targets.

Page 21: Insurance Australia Group chief executive Peter Harmer says premiums will have to rise as an ‘‘exceptionally harsh’’ summer of bushfires, hailstorms and heavy rain forces the insurer to reprice catastrophe risk.

Page 23: Mineral Resources boss Chris Ellison has warned the mining industry faces an inevitable hit from China’s coronavirus outbreak and expects the impact to become clearer in the next week to 10 days.

 

 

The Australian

Page 1: The French company building Australia’s $80bn Future Submarines says local firms may not get half of the value of the subs’ contracts and warns that the capability of defence suppliers is falling short of expectations.

Page 2: The Age Pension should be paid to all retirees and the legislated superannuation guarantee increase to 12 per cent scrapped, professional services giant Mercer says.

Page 6: Scott Morrison says he will not be bound by a timeline for holding a referendum to recognise indigenous Australians in the Constitution, raising doubts over Ken Wyatt’s push to hold a vote within this term of parliament.

Page 8: US officials says tech giant Huawei can secretly access mobile phone networks around the world through “back doors” designed for use by law enforcement, as Washington tries to persuade allies to exclude the Chinese company from their networks.

Page 10: Egypt’s fast-growing population has hit 100 million people, presenting a pressing problem for an already overburdened country with limited resources.

Page 17: A NSW Supreme Court judge has slammed the “materially misleading” and “deceptive” reports of a US-based short seller criticising the ASX-listed Rural Funds Group, in a move set to shake up the way high-profile shorts target the market.

Page 19: NBN Co’s use of fibre-to-the-node technology to connect homes to the National Broadband Network has once again come under fire, with the competition regulator’s latest speed test highlighting it as a major pain point for end users.

Page 20: The takeover battle for fuels retailer Caltex has gained fresh momentum, with investment giant Macquarie joining the UK’s EG Group to consider a potential bid to trump Couche-Tard’s $8.6bn offer.

 

 

The West Australian

Page 3: Allegations of misconduct by two suspended senior City of Perth employees have been reported to the Corruption and Crime Commission.

Page 4: Scott Morrison says the Federal Government’s 12-year campaign to “close the gap” between indigenous and non-indigenous Australians has failed and a new approach led by First Nations people is needed.

Scott Morrison will bring his new-look ministry to WA in April for a full meeting of Cabinet.

Page 10: Deaths from breast cancer will be non-existent within the next decade if an ambitious Australian plan comes to fruition.

Page 20: Iron ore pioneer Peter Wright had a “peculiar obsession about blood line and the Wright family dynasty” and wanted his company controlled by all three of his children after his death, according to an old legal letter.

Business: WA dairy farmers have described a 1c/litre price rise from processor Harvey Fresh as a massive slap in the face for their struggling industry.

Australian Finance Group’s purchase of rival mortgage wholesaler Connective Group is under a cloud after the competition regulator raised concerns about the $120 million deal.

Millennials have become pessimistic for the first time since the end of the last housing boom, according to Westpac’s latest consumer confidence survey.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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