28/02/2020 - 06:53

Morning Headlines

28/02/2020 - 06:53

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Morning Headlines

Worse than SARS: tourism could bleed $2b a month

The impact of the coronavirus on Australia’s multibillion-dollar tourism industry will be worse than the SARS outbreak in 2003 and is expected to cost $2 billion a month, according to a new report. The Fin

Our Pilbara COAG coup

The nation’s top political leaders and bureaucrats will converge on Port Hedland in July for the first ever Council of Australian Governments meeting in regional West Australia. The West

Global pandemic upon us: PM

Scott Morrison has formally activated the emergency response plan to the coronavirus, and flagged targeted stimulus for the most severely affected sectors as he moved to get ahead of the outbreak being declared a global pandemic, a declaration the government now believes is inevitable. The Fin

No climate for wind and solar

The Federal Government’s plan to make “deeper cuts” to carbon emissions will involve winding back funding of wind and solar research and pouring cash into hydrogen, carbon capture and storage, and lithium development. The West

Telstra taunts NBN with 5G fixed wireless plan

Telstra chief executive Andy Penn hinted at plans to launch a 5G fixed wireless home broadband product to compete with the NBN, just hours after the company announced it would no longer offer high-speed NBN plans to most households. The Fin

Reject Shop raises $25m to reposition

Discount retailer The Reject Shop has taken advantage of a 140 per cent share price rise to raise $25 million in new capital, even though it is sitting on $52 million in net cash. The Fin

Defence raids big-ticket ‘ATM’ for sundries

Budget pressures have forced Defence to raid its $200bn capital investment program — meant for new equipment, technology and infrastructure — to pay salaries and sexual assault victims, clean up pollution and keep the department’s IT systems running. The Aus

Coronavirus, fires set new record for Qantas crisis meetings

Qantas’ crisis executive team met an average of twice a week for the past two months, setting a record, as the airline discussed the fallout from the coronavirus, bushfires and Iran’s missile attacks on Iraq. The Fin

BoQ cuts jobs, tweaks IT in revival plan

Bank of Queensland is cutting dozens of jobs while re-igniting ambitions of better use of technology to revive the struggling lender. The Fin

APRA probes bank, insurer virus plans

The prudential regulator has forced Australia’s biggest financial institutions to prove they have “adequate plans in place” to continue to operate in the face of the growing threat of a coronavirus pandemic as global equity markets plunge, credit markets become tighter and health funds brace for a surge in claims. The Aus

Nothing for Millennium shareholders

Shares in troubled miner Dacian Gold will remain suspended after it flagged a 40 per cent reduction in the resources inventory at its Mt Morgans project near Laverton and scaled back production over the next three years. The West

 

 

The Australian Financial Review

Page 1: Scott Morrison has formally activated the emergency response plan to the coronavirus, and flagged targeted stimulus for the most severely affected sectors as he moved to get ahead of the outbreak being declared a global pandemic, a declaration the government now believes is inevitable.

Page 2: Qantas’ crisis executive team met an average of twice a week for the past two months, setting a record, as the airline discussed the fallout from the coronavirus, bushfires and Iran’s missile attacks on Iraq.

Page 3: A witness in CFMEU national secretary Michael O’Connor’s court case against controversial unionist John Setka has denied Mr O’Connor asked him to give evidence in the trial after telling him in detail what Mr Setka’s defence argument would be.

Page 4: Australia will take a long-term technology-based emissions reduction plan to international climate talks in Glasgow later this year, but it won’t back Labor’s net zero emissions by 2050 pledge, according to federal Energy Minister Angus Taylor.

Page 5: EY chief executive Tony Johnson says Labor senator Deborah O’Neill made ‘‘outlandish comments’’ that were disrespectful of the consulting firm’s workers when she alleged widespread alcohol and behavioural issues at the firm.

Page 6: The impact of the coronavirus on Australia’s multibillion-dollar tourism industry will be worse than the SARS outbreak in 2003 and is expected to cost $2 billion a month, according to a new report.

Page 11: Doubts have emerged over plans to upgrade Australia’s maritime surveillance as no money has been allocated to the program and security companies that prepared bids are in the dark over the government’s intentions.

Page 17: Bank of Queensland is cutting dozens of jobs while re-igniting ambitions of better use of technology to revive the struggling lender.

The a2 Milk Company interim boss Geoff Babidge says the company has benefitted from the coronavirus outbreak in China, with sales in the first two months of the year ahead of expectations, but it was too early to predict the longer term effects.

Afterpay chief executive Anthony Eisen is confident its rapidly expanding customer base in the United States and Britain will become more profitable with time – as it has in Australia – as the buy now, pay later juggernaut ramps up spending to target global growth.

Page 19: Telstra chief executive Andy Penn hinted at plans to launch a 5G fixed wireless home broadband product to compete with the NBN, just hours after the company announced it would no longer offer high-speed NBN plans to most households.

Page 20: Zip Co is preparing to launch in Britain in the coming months and is expanding into small business lending with its Zip Biz offering, as the buy now, pay later player doubled revenue for the first half to $70 million and says it will grow customers almost 40 per cent in the second half.

Page 21: Big investors in Rio Tinto say action on climate change can be achieved without compromising returns, effectively denying the miner permission to cut dividends to fund emissions reductions.

Page 22: The chief executive of Australia’s biggest car dealership group says any recovery in the ailing new vehicle market is a long way off, with consumer confidence low and the coronavirus fallout making people more nervous.

Page 24: Discount retailer The Reject Shop has taken advantage of a 140 per cent share price rise to raise $25 million in new capital, even though it is sitting on $52 million in net cash.

 

 

The Australian

Page 2: Budget pressures have forced Defence to raid its $200bn capital investment program — meant for new equipment, technology and infrastructure — to pay salaries and sexual assault victims, clean up pollution and keep the department’s IT systems running.

Page 4: Aged Care Minister Richard Colbeck told Labor MP Emma McBride the government could not help two aged-care centres closing in her electorate as he fast-tracked $400,000 in funds to support a nursing home in Nationals MP Damian Drum’s electorate.

Page 6: In activating the nation’s coronavirus emergency response plan, the federal government is formally launching hospitals, aged-care centres and schools into full preparedness for a pandemic it now believes is virtually certain.

Page 17: The prudential regulator has forced Australia’s biggest financial institutions to prove they have “adequate plans in place” to continue to operate in the face of the growing threat of a coronavirus pandemic as global equity markets plunge, credit markets become tighter and health funds brace for a surge in claims.

Page 21: Foxtel CEO Patrick Delany has signalled a willingness of the subscription broadcaster to go without rugby union rights on Fox Sports and sports streamer Kayo pointing to the changing nature of consumer demand, but says he has “no hard feelings” toward Rugby Australia.

Page 24: Australian companies are expanding their in-house legal departments in an attempt to deal with a regulatory and compliance burden that is growing faster than the international average.

 

 

The West Australian

Page 1: The Federal Government’s plan to make “deeper cuts” to carbon emissions will involve winding back funding of wind and solar research and pouring cash into hydrogen, carbon capture and storage, and lithium development.

Page 3: The nation’s top political leaders and bureaucrats will converge on Port Hedland in July for the first ever Council of Australian Governments meeting in regional West Australia.

Page 8: Surgical masks are being rationed in WA private hospitals to prepare for what the peak doctors’ group says is an “inevitable” coronavirus outbreak.

Page 19: A five-year, low-hormone contraceptive that will save women up to $160 a year will be subsidised by the Federal Government.

Page 22: More than 120 lives have been saved in the past year with the help of an increase in the number of people becoming organ donors, figures show.

Business: Shareholders of Millennium Minerals will receive nothing from their failed investments in the collapsed gold miner while ordinary creditors can expect to get back between 2¢ and 12¢ in the dollar.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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