03/03/2020 - 07:00

Morning Headlines

03/03/2020 - 07:00

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Virus sparks Scarborough LNG delay fear

Woodside and BHP’s $US11.4 billion ($17.4 billion) Scarborough liquefied natural gas (LNG) project could be delayed, analysts say, as the coronavirus roils oil markets and exacerbates an existing glut of LNG. The Fin

Caltex board keeps the door ajar for EG Group

Caltex Australia says the $3.9 billion-plus buyout proposal from British company EG Group undervalues the company, but it is prepared to talk further with EG because a better deal might eventuate. The Fin

Call for investment tax break

Peak business groups have demanded the government use the economic downturn being caused by the coronavirus outbreak to unveil a “significant” investment incentive in the May budget. The Fin

Emissions a big issue at Browse

The $30 billion Browse LNG project is forecast to emit 0.11 per cent of total global carbon emissions — but that could still be enough to delay the massive development. The West

Loans, tax relief for small business

Small businesses affected by the coronavirus will be able to defer tax debts in the same way as firms hit by the summer bushfires, under a government plan to formalise eight-week deferrals for the business activity statements of companies squeezed for cash. The Aus

Builders sound alarm over supply shortages

Australia’s $220bn building and construction industry faces a potential slowdown in some sectors within the next four to six weeks amid fears of an extended disruption to the supply chain of core Chinese-made materials triggered by the coronavirus outbreak. The Aus

WA visitor vacuum could cost $350m with 3000 jobs at risk

Keeping West Australians safe and healthy during the coronavirus crisis is the key to protecting WA’s economy and jobs, the State’s peak business group says. The West

WA nation’s top drill choice

Australia experienced the biggest growth in mineral exploration globally last year with WA retaining its crown as the nation’s top destination for drilling. The West

McDonald’s to phase out plastic cutlery

McDonald’s will phase out the use of plastic cutlery at its Australian restaurants before the end of 2020, saving as much as 585 tonnes of waste every year. The Fin

Australia Post delivers $10.6b in e-commerce to regions

Australia Post says booming e-commerce and online shopping is driving its $806 million economic contribution to regional Australia, boosted by nearly 36 million parcel deliveries. The Fin

Energy proves a fizzer for Coca-Cola

The Coca-Cola Company is pulling its recently launched Coke Energy drink from Australian supermarket shelves after it failed to win enough drinkers from rival brands such as Red Bull and Monster, racking up another miss for the drinks giant after the high-profile Coke Life failure three years ago. The Aus

 

 

The Australian Financial Review

Page 1: Peak business groups have demanded the government use the economic downturn being caused by the coronavirus outbreak to unveil a “significant” investment incentive in the May budget.

Page 3: As part of its review into workplace laws, the Morrison government has invited employers to raise their concerns over the new requirements to record the hours and unpaid breaks of salaried workers.

McDonald’s will phase out the use of plastic cutlery at its Australian restaurants before the end of 2020, saving as much as 585 tonnes of waste every year.

Page 4: Federal agencies will be able to directly purchase cloud services, without needing approval from the Australian Signals Directorate, in a move set to cause a big shake-up of the $2 billion annual public sector cloud market.

The risk of ‘‘armed mistrust’’ between China and the US is rising, with climate change and coronavirus two key areas where co-operation is sorely lacking, according to opposition foreign affairs spokeswoman Penny Wong.

Australia Post says booming e-commerce and online shopping is driving its $806 million economic contribution to regional Australia, boosted by nearly 36 million parcel deliveries.

Page 5: A return to average rainfall levels across Australia in the next financial year would boost crop production by at least $2.8 billion even with the negative effects of coronavirus on trade, new figures from the government’s chief commodity analyst reveal.

Page 10: Australia’s housing market faces a new balancing act, with a looming interest rate cut expected to offset threats that the coronavirus could derail reinvigorated buyer sentiment.

Page 13: Woodside and BHP’s $US11.4 billion ($17.4 billion) Scarborough liquefied natural gas (LNG) project could be delayed, analysts say, as the coronavirus roils oil markets and exacerbates an existing glut of LNG.

Caltex Australia says the $3.9 billion-plus buyout proposal from British company EG Group undervalues the company, but it is prepared to talk further with EG because a better deal might eventuate.

Page 16: Iron ore miner Fortescue Metals has provided some comfort that the large build-up of steel inventories in China over the past few weeks could be quickly soaked up by stimulus packages and the resumption of the construction industry in coming months.

Page 17: AUSTRAC chief executive Nicole Rose has defended the intelligence agency’s sense of urgency, telling a Senate hearing its analysts will refer suspicious transactions involving child exploitation to other law enforcement agencies within three to four days – and could move faster given new data analytics capability.

Page 19: Australia and New Zealand Banking Group is shaping as a key pillar in the push at EY to become a major player in cyber security consulting and operations, as an intense battle rages among the big four firms and IT outsourcers for the booming sector.

 

 

The Australian

Page 2: The construction union and five current and former officials have been hit with penalties totalling $486,500 for organising unlawful blockades, disrupting concrete pours and abusing workers at Sydney’s Barangaroo.

Page 4: Small businesses affected by the coronavirus will be able to defer tax debts in the same way as firms hit by the summer bushfires, under a government plan to formalise eight-week deferrals for the business activity statements of companies squeezed for cash.

Miners led a sharp fall in company profits over the final three months of last year, as a slump in commodity prices weighed on producers’ bottom lines.

Page 6: Australia’s $220bn building and construction industry faces a potential slowdown in some sectors within the next four to six weeks amid fears of an extended disruption to the supply chain of core Chinese-made materials triggered by the coronavirus outbreak.

Page 7: The elderly will be particularly at risk in the event of a widespread outbreak of the coronavirus, with aged-care homes unable to cope, a nurses’ group has warned.

Page 17: Growing expectations of a coordinated central bank response to turmoil in global markets sparked a strong intraday bounce in Australian shares, the dollar and bond yields even as China’s economy appeared to slow more than expected and the spread of coronavirus outside of China worsened.

The Coca-Cola Company is pulling its recently launched Coke Energy drink from Australian supermarket shelves after it failed to win enough drinkers from rival brands such as Red Bull and Monster, racking up another miss for the drinks giant after the high-profile Coke Life failure three years ago.

Page 19: Vegemite may put a rose in every cheek, but peanut butter, it seems, has the opposite effect as Bega Cheese fights legal battles on two fronts, wiping $9.5m off its half-year earnings.

The listed Rural Funds Group was hit by selling on Monday morning despite an earnings upgrade as it delivered a healthy first-half result that defied the drought conditions on the eastern seaboard.

 

 

The West Australian

Page 1: West Australians are being urged to stop going to Bali during the coronavirus crisis and instead explore their own backyard.

Page 3: Refund point locations for WA’s cash-for-containers scheme will be so inconvenient it will deter some households from returning their cans and bottles, the McGowan Government has been warned.

Page 5: Keeping West Australians safe and healthy during the coronavirus crisis is the key to protecting WA’s economy and jobs, the State’s peak business group says.

Page 10: The $30 billion Browse LNG project is forecast to emit 0.11 per cent of total global carbon emissions — but that could still be enough to delay the massive development.

Page 11: People attending this year’s Sculpture by the Sea are being asked to chip in so it can keep its head above water.

Business: The prospect of fresh cuts to interest rates has helped calm the sharemarket but investors remain on edge about the immediate outlook.

Long-suffering creditors of failed heavy gear provider Goldfields Equipment Pty Ltd could double their payout after an Applecross-based investor failed in a legal push to be lifted up the payment pecking order.

Australia experienced the biggest growth in mineral exploration globally last year with WA retaining its crown as the nation’s top destination for drilling.

Battery Minerals has acquired a prospective copper-gold project in Victoria after battling to lock in financing for its flagship graphite project in Mozambique.

Mincor has defied bearish sentiment around base metals after Andrew Forrest boosted his stake in the nickel player.

A prominent South West fruit and vegetable producer has tapped into the lucrative Asian export market after adopting blockchain technology.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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