12/03/2020 - 06:54

Morning Headlines

12/03/2020 - 06:54

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Morning Headlines

Woodside casts more doubt on LNG projects

Woodside Petroleum has added weight to speculation it could have to reconsider huge LNG expansion projects off the coast of Western Australian after a collapse in world oil prices. The Fin

Wesfarmers in $400m green deal

Wesfarmers will reduce carbon emissions in its chemical operations and set fresh quotas for Indigenous employment, off the back of a bilateral sustainability-linked loan arrangement with the Commonwealth Bank. The Fin

Telstra offers affected staff 14 days’ leave pay

Thousands of Telstra employees unable to work from home will be guaranteed up to 14 days’ paid leave if forced into isolation by the coronavirus or required to care for children affected by school or childcare centre closures. The Aus

Dark Mofo cancelled, Olympics may be two years late

The Olympics could be delayed by up to two years if the coronavirus crisis makes its scheduled July 24 start date untenable, a Tokyo Olympic Committee executive said amid the cancellation of qualifying events around the world. The Fin

Doctors urge free flu jabs

The Federal Government is being implored to consider giving everyone a free flu vaccination to reduce the impact of the coronavirus on the health system. The West

$17b stimulus to avoid recession

The federal government will attempt to stave off recession caused by the coronavirus outbreak by splurging about $17 billion on economic stimulus measures, including incentives to fast track investment, wage subsidies for apprentices, and cash payments of up to $25,000 for small and medium businesses to save jobs. The Fin

New machine sows seeds for growth

Commercial processing of WA-grown hemp seed has begun in the south-west this week, providing a major shot in the arm for the fledgling industry. The West

Australia urged to ‘step up’ in SE Asia

The Trump administration wants the Morrison government to extend its ‘‘Pacific Step-up’’ to south-east Asia, amid a fierce battle for regional influence between Washington and Beijing. The Fin

Treasurer and the bank CEOs united in fight

Treasurer Josh Frydenberg has left a meeting with the chiefs of Australia’s biggest banks reassured they will be able to play their part and keep lending as the impact of the coronavirus hits home. The Fin

BlueScope is back up to speed in China

All four of steelmaker BlueScope’s factories in China are back running at full speed after a temporary shutdown which was at its worst in late February, in a further signal that China’s industrial production is returning towards normality. The Fin

 

 

The Australian Financial Review

Page 1: The Australian sharemarket is back in the bear’s grip, led by sinking banks and tourism stocks, as the world waits on a fiscal relief package promised by Donald Trump to restore confidence and alleviate the toll of COVID-19.

The federal government will attempt to stave off recession caused by the coronavirus outbreak by splurging about $17 billion on economic stimulus measures, including incentives to fast track investment, wage subsidies for apprentices, and cash payments of up to $25,000 for small and medium businesses to save jobs.

Page 3: The Trump administration wants the Morrison government to extend its ‘‘Pacific Step-up’’ to south-east Asia, amid a fierce battle for regional influence between Washington and Beijing.

Page 4: Treasurer Josh Frydenberg has left a meeting with the chiefs of Australia’s biggest banks reassured they will be able to play their part and keep lending as the impact of the coronavirus hits home.

Page 6: Labor leader Anthony Albanese said it was too early to commit to legislated tax cuts for high income earners due to the deteriorating budget.

Page 8: Wesfarmers will reduce carbon emissions in its chemical operations and set fresh quotas for Indigenous employment, off the back of a bilateral sustainability-linked loan arrangement with the Commonwealth Bank.

Page 10: The Olympics could be delayed by up to two years if the coronavirus crisis makes its scheduled July 24 start date untenable, a Tokyo Olympic Committee executive said amid the cancellation of qualifying events around the world.

Page 14: The Italian government has moved swiftly into its total coronavirus lockdown, setting up checkpoints and ordering tourists to leave, while scrambling for ways to ease the pain of the extraordinary three-week quarantine.

Page 15: President Donald Trump and lawmakers were yesterday negotiating an emergency relief package for an economy battered by the coronavirus crisis, with lawmakers and the administration upbeat about a deal despite delays.

Page 17: All four of steelmaker BlueScope’s factories in China are back running at full speed after a temporary shutdown which was at its worst in late February, in a further signal that China’s industrial production is returning towards normality.

Companies that deliver fresh ingredients for meals made at home say business is booming as some people shun supermarkets and restaurants amid fears of catching the coronavirus.

Page 19: Coronavirus is blowing a hole in earnings forecasts for travel companies as Webjet and Helloworld both scrapped profit guidance given only last month.

Page 20: Woodside Petroleum has added weight to speculation it could have to reconsider huge LNG expansion projects off the coast of Western Australian after a collapse in world oil prices.

BHP will have to pay another $125 million in tax after the High Court ruled on Wednesday that income earned by the Singapore branch of its marketing arm can be taxed in Australia.

Page 22: Australia’s largest food and grocery retailer tweaked its returns policy yesterday and will no longer allow customers to return or exchange high-demand products if they have had a change of mind.

Page 24: Ramsay Health Care has agreed with insurer Australian Unity to set up a new joint venture offering home healthcare, as it seeks revenue growth outside of its private hospitals.

 

 

The Australian

Page 1: Three F1 team members have been placed in isolation and tested for the coronavirus after exhibiting symptoms, casting doubt over the Melbourne Grand Prix, which starts on Thursday and is expected to attract more than 300,000 fans over four days.

Page 4: Consumer confidence has crashed to its lowest level in five years under the weight of the coronavirus emergency and sharemarket collapse, as CEOs of the country’s biggest banks assured Josh Frydenberg they were willing to help support the economy and struggling customers.

Thousands of Telstra employees unable to work from home will be guaranteed up to 14 days’ paid leave if forced into isolation by the coronavirus or required to care for children affected by school or childcare centre closures.

Page 17: Australia’s big four banks have been crunched in a $100bn sharemarket rout after the Reserve Bank warned it would “absolutely” consider unconventional monetary policy to stimulate the economy if the government’s package to fight the coronavirus crisis falls short.

The Australian Taxation Office is preparing to knock down the doors of 5000 wealthy individuals and companies to comb over their affairs after finding the shortfall in tax that ought to be paid has grown since 2013.

Page 19: Network Ten boss Paul Anderson has quit the free-to-air television broadcaster after five years at the helm, including a stint in voluntary administration, as its newly merged US owner ViacomCBS unveiled a new management structure for its combined operations in Australia and New Zealand.

Page 22: Australia’s mining sector is scrambling to deal with possible exposure to the coronavirus after a delegate to the world’s biggest mining conference in Canada was diagnosed with COVID-19.

Qantas will make a formal approach to suppliers and airports asking them to reduce or freeze prices until mid-September, as the airline navigates severe financial turbulence from the coronavirus crisis.

Anxiety is mounting among doctors, nurses and other medical professionals who say they don’t have enough masks and personal protective equipment to combat the coronavirus.

Page 25: Listed property investment and funds group GDI is stepping up its push into the Perth market and is in talks to buy the city’s Durack Centre that diversified major Stockland put on the block for about $110m last year. 

 

 

The West Australian

Page 4: BP will appeal against a Fair Work Commission decision to reinstate a worker who shared a Downfall parody video about the company’s wage negotiations.

Page 8: The Federal Government is being implored to consider giving everyone a free flu vaccination to reduce the impact of the coronavirus on the health system.

One of Perth’s biggest annual fundraisers — HBF Run for a Reason — has been the latest event to be axed amid growing fears around the spread of coronavirus.

Mining and resources giants have assured the Premier that the wellbeing and safety of their vast workforce of staff and contractors will be a priority in the event of a widespread COVID-19 outbreak.

Business: Australia will soon be mired in recession as the spread of coronavirus delivers a painful economic shock, one of the world’s most influential credit rating agencies has warned.

The Bank of England cut interest rates in an emergency move and announced measures to help keep credit flowing through the economy, saying the coronavirus outbreak will damage economic activity.

Japan and Thailand added to a fast-rising global tally of government stimulus to counter the economic damage from the coronavirus outbreak, while Italy considered doubling its aid as the nation went into lockdown.

Bankwest has cut up to 60 jobs, including 40 in WA, since last month as part of “organisational” cutbacks by its new chief.

Commercial processing of WA-grown hemp seed has begun in the south-west this week, providing a major shot in the arm for the fledgling industry.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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