09/03/2020 - 06:56

Morning Headlines

09/03/2020 - 06:56

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Morning Headlines

WA’s Pentanet lines up funds

The brokers are rattling the tin for Western Australia-based Pentanet, which is pitched as Perth’s fastest-growing internet services provider and a low-cost alternative to the NBN. The Fin

Oil crashes on OPEC split

Russia’s refusal to meet OPEC’s push for production cuts unleashed a 10 per cent fall in the price of crude and threatens to revive the energy wars as the global spread of the coronavirus inflicts mounting damage on commodity and equity markets. The Fin

Correction to extend as virus risks deepen

Australian shares are set to plunge further into correction territory today as global markets come to terms with a growing hit to the real economy from COVID-19. The Fin

Yelp helps ACCC take fight to Google

The ACCC is conducting a new investigation into how Google preferences its own and related businesses, and is interviewing international rivals as part of its probe into the digital giant. The Aus

Bosses ask workers to give up pay

Flight Centre employees are being asked to drastically cut back their working hours or take unpaid leave as executives scramble to offset the devastating financial impact of COVID-19. The Aus

Labor pledges support for stimulus plan

Labor health spokesman and former treasurer Chris Bowen says Labor would largely support the government’s stimulus package, including possible direct household assistance. The Fin

Tough but delicious mango season draws to a close

One of WA’s biggest mango growers, AGRIFresh, will wrap up its 2020 harvest this week, ending what owner and managing director Joseph Ling describes as his most challenging season since starting production eight years ago. The West

CSIRO seeks finance for super seaweed

In a breakthrough in the war on climate change, CSIRO is set to commercialise a seaweed product feed additive that makes cattle grow faster and cuts their greenhouse gas emissions to near zero. The Fin

Clouds gather for Decmil Group

Construction and engineering solutions provider Decmil Group has hired advisory firm Moelis to conduct work on the company as many believe it could be the latest group to become a casualty among those contracted to renewable energy projects. The Aus

Ten areas now declared water deficient after two-year dry

Water Minister Dave Kelly has declared an unprecedented 10th WA area water deficient, while describing the Great Southern one of the hardest hit places on the planet by reduced rainfall from climate change. The West

 

 

The Australian Financial Review

Page 1: Russia’s refusal to meet OPEC’s push for production cuts unleashed a 10 per cent fall in the price of crude and threatens to revive the energy wars as the global spread of the coronavirus inflicts mounting damage on commodity and equity markets.

Page 2: Construction union leaders including John Setka are set to take the witness stand to defend claims they fired two whistleblowers for raising allegations of corruption and union involvement with underworld figures.

Page 3: In a breakthrough in the war on climate change, CSIRO is set to commercialise a seaweed product feed additive that makes cattle grow faster and cuts their greenhouse gas emissions to near zero.

Page 6: The hostile reaction of judges, lawyers and business groups has scuppered a law reform plan that could have made executives criminally liable for any wrongdoing by ‘‘rogue employees’’.

Westpac has identified major business opportunities from new approaches to recycling, as governments move to invest in infrastructure ahead of a ban on the export of domestic waste.

Page 7: Leading directors have conceded companies may need to rethink CEO pay levels and be more transparent about the difference between CEO and worker pay in an effort to win back community trust.

Page 8: Labor health spokesman and former treasurer Chris Bowen says Labor would largely support the government’s stimulus package, including possible direct household assistance.

Coronavirus is creating a global experiment in working from home that could have major implications for traditional head offices, commercial leasing, office design, locations and business conferences.

Page 13: Australian shares are set to plunge further into correction territory today as global markets come to terms with a growing hit to the real economy from COVID-19.

Page 14: The brokers are rattling the tin for Western Australia-based Pentanet, which is pitched as Perth’s fastest-growing internet services provider and a low-cost alternative to the NBN.

Page 15: Frenzied stockpiling of staple items such as toilet paper, pasta, rice and tinned food by shoppers is delivering a substantial pull-forward of sales at big supermarket chains Woolworths and Coles, but analysts warn it will only be a short-term jump.

Page 18: Former Kmart and Target executive Andre Reich is taking the scalpel to The Reject Shop – slashing its product range by as much as 75 per cent and cutting inventories by a third – to reverse a three-year decline in earnings.

If you’re a miner selling commodities priced in US dollars or a services firm with a large proportion of overseas earnings, a weaker Australian dollar is good for you, chief executives say.

Page 19: Rio Tinto wants clarity over the exact size of the cost blowouts on its Mongolian copper project before approving any recapitalisation plan for struggling developer Turquoise Hill Resources.

 

 

The Australian

Page 1: Scott Morrison has jettisoned the budget surplus to fund a coronavirus stimulus package of almost $10bn in a bid to stave off a recession.

Flight Centre employees are being asked to drastically cut back their working hours or take unpaid leave as executives scramble to offset the devastating financial impact of COVID-19.

Page 2: BHP chief executive Mike Henry has hit back at a Fair Work Commission ruling that the company was wrong to sack a male worker for telling a vulgar sexually explicit “joke” to two female colleagues.

Page 5: The Nationals will target the Labor-held NSW seats of Hunter, Paterson and Shortland in the lead-up to the next federal election, with some MPs declaring the opposition’s zero net emissions target by 2050 had made the blue-collar electorates vulnerable.

Page 7: Australians have been warned to expect far less choice at supermarkets as the coronavirus outbreak sets in, but Industry Minister Karen Andrews says manufacturers are well placed to deal with disruptions to the supply chain.

Page 17: The $10bn Catholic Super Fund shelled out $75,000 worth of member savings to pay religious schools for “relief teachers” over a four-year period.

The nation’s third-biggest supermarket chain, German discounter Aldi, has warned suppliers in an internal memo that panic buying of essential grocery items has now quickly spread to everyday products and they need to co-operate closely to ensure shoppers aren’t faced with empty shelves.

Page 18: Construction and engineering solutions provider Decmil Group has hired advisory firm Moelis to conduct work on the company as many believe it could be the latest group to become a casualty among those contracted to renewable energy projects.

Page 19: Rio Tinto chief executive Jean-Sebastien Jacques will meet with NSW government representatives this week, with the company’s jointly owned Tomago aluminium smelter outside Newcastle remains under pressure.

Page 23: The ACCC is conducting a new investigation into how Google preferences its own and related businesses, and is interviewing international rivals as part of its probe into the digital giant.

 

 

The West Australian

Page 3: Utility services to 25 remote WA Aboriginal settlements have been suspended by the State’s Labor Government, in a move similar to one former Liberal premier Colin Barnett was criticised for in 2014.

Page 6: Kalgoorlie-Boulder’s rail realignment project is back on track after the State Government said it would pay for two studies designed to pave the way for future development.

Page 8: A woman infected with coronavirus attended a WA Symphony Orchestra performance on Saturday night with more than 1000 music lovers while awaiting her test results.

Page 17: Imposter syndrome is alive and well in WA, according to some of the State’s most successful women, who were yesterday recognised as the latest inductees into the WA Women’s Hall of Fame.

Business: One of WA’s biggest mango growers, AGRIFresh, will wrap up its 2020 harvest this week, ending what owner and managing director Joseph Ling describes as his most challenging season since starting production eight years ago.

China’s exports fell more than expected in the first two months of this year as the coronavirus outbreak led to extended holidays, depressed factory output and blocked transport and movement across the country.

What Veem claims is the world’s biggest and most powerful gyrostabiliser is destined for a new-model 73m work vessel being built by European ship builder Damen to transport workers between oil and gas platforms.

Water Minister Dave Kelly has declared an unprecedented 10th WA area water deficient, while describing the Great Southern one of the hardest hit places on the planet by reduced rainfall from climate change.

Australian agriculture is feeling the effects of coronavirus on many fronts stretching well beyond exports and this could deepen, according to Australia’s peak farm advocacy group.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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