17/03/2020 - 07:02

Morning Headlines

17/03/2020 - 07:02

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Morning Headlines

Up to 1.2m public staff could work from home

Australia’s largest employers – federal, state and territory governments – have resisted directing large numbers of their 1.2 million staff to work from home as part of broader plans to limit spread of the coronavirus. The Fin

Woolies sold seven days’ toilet paper in one day

Woolworths and Coles will close supermarkets at 8pm – two or three hours earlier than usual – from Wednesday so staff can restock shelves faster and clean stores amid panic buying by anxious shoppers. The Fin

RBA acts to stem bond sell-off

Financial and corporate regulators have been forced to take unprecedented actions to offset heavy foreign investor selling of government bonds and to discourage banks from shutting down loans to small business, which threaten to accelerate the coronavirus economic downturn. The Fin

Parents push schools to closures

Independent schools are buckling to pressure from anxious parents and shutting down campuses in a bid to protect students from the coronavirus, pitting the sector against federal and state health officials who have advised against pre-emptive closures. The Aus

Double whammy for LNG

WA LNG producers are facing a double hit from falling oil prices and lower demand because of coronavirus disruptions in Asia. The West

Forecasts abandoned as uncertainty reigns

The coronavirus pandemic is stalking the boardrooms of Australian corporates and swinging a scythe through profit forecasts, capital raisings and business plans, with dozens of ASX-listed companies ripping up their earnings outlooks for 2020, making forecasts given only weeks ago now totally irrelevant. The Aus

Cockburn shrouded in secrets

The City of Cockburn has delayed a decision on the future of embattled chief executive Stephen Cain. The West

Race for ventilators amid worldwide scramble

Health experts have warned of a lack of specialist medical staff to treat and monitor severe coronavirus patients as Australian health officials battle to secure extra ventilators amid a worldwide scramble for the lifesaving machines. The Fin

Easter holiday boom hopes fading fast

Tourism operators that were hoping for a surge in domestic visitors over the Easter break following international travel bans are now preparing for widescale cancellations as the coronavirus epidemic worsens in Australia. The Fin

Qantas to announce new cuts by weekend

Qantas will announce a fresh round of capacity cuts within the week in response to increased travel restrictions as Virgin Australia also considers near-term options amid the COVID-19 pandemic. The Fin

Medical expert calls for a class war

A rolling shutdown of schools should start immediately to prevent the spread of coronavirus, according to a WA infectious disease expert who is so concerned that he is pulling his daughter from class. The West

 

 

The Australian Financial Review

Page 1: Financial and corporate regulators have been forced to take unprecedented actions to offset heavy foreign investor selling of government bonds and to discourage banks from shutting down loans to small business, which threaten to accelerate the coronavirus economic downturn.

Australian stocks ruled off their worst session since the coronavirus outbreak began, eclipsing the biggest sell-off experienced during the global financial crisis as the outlook for the economy rapidly deteriorates and the Australian dollar crumbles.

Page 3: As the Morrison government warns of a worst-case scenario of 4 million people contracting coronavirus within six months, public health experts say pursuit of ‘‘herd immunity’’ policy risked seeing Australia head toward Italy’s catastrophic conditions.

Page 5: Health experts have warned of a lack of specialist medical staff to treat and monitor severe coronavirus patients as Australian health officials battle to secure extra ventilators amid a worldwide scramble for the lifesaving machines.

Page 7: Woolworths and Coles will close supermarkets at 8pm – two or three hours earlier than usual – from Wednesday so staff can restock shelves faster and clean stores amid panic buying by anxious shoppers.

Page 8: Australia’s largest employers – federal, state and territory governments – have resisted directing large numbers of their 1.2 million staff to work from home as part of broader plans to limit spread of the coronavirus.

The chance of finding a full-time job shortly after graduating from university has fallen to the lowest level since the 1990s recession, Reserve Bank analysis shows.

Page 9: The AFL season has been reduced, at a minimum, to 17 rounds, and will be played without crowds.

Page 10: Tourism operators that were hoping for a surge in domestic visitors over the Easter break following international travel bans are now preparing for wide-scale cancellations as the coronavirus epidemic worsens in Australia.

Former Business Council of Australia president Graham Bradley says it is a shame Australia and other governments have so little capacity left to counter the fallout from the coronavirus pandemic.

Page 11: In one of the boldest moves of its 116-year history, the US Federal Reserve yesterday (AEDT) fired off most of its remaining conventional monetary policy arsenal in a bid to prevent the coronavirus meltdown from triggering another global financial firestorm.

Page 13: The twin peaks of Australia’s financial regulatory system have told the banks to prioritise lending to small to medium enterprises over following the letter of the law in an emergency meeting held on the weekend focused on dealing with the COVID-19 pandemic.

Cochlear had more than $2 billion wiped from its market value yesterday after scrapping its full-year earnings forecast because of the downturn set off by the rapid spread of the coronavirus in Europe and the US.

Page 15: Qantas will announce a fresh round of capacity cuts within the week in response to increased travel restrictions as Virgin Australia also considers near-term options amid the COVID-19 pandemic.

Page 19: Businesses scrambling to prepare for their workforces working from home as a result of the COVID-19 pandemic risk being tripped up by simple networking and security issues that could make it impossible to execute their business continuity plans, security and networking, experts have warned.

 

 

The Australian

Page 1: The Reserve Bank is ready to cut rates this week to a record low of 0.25 per cent and intervene in the bond market, as part of a coordinated global central bank effort to reduce the threat of the coronavirus crisis after another horror day on the sharemarket.

Independent schools are buckling to pressure from anxious parents and shutting down campuses in a bid to protect students from the coronavirus, pitting the sector against federal and state health officials who have advised against pre-emptive closures.

Page 2: Australia is releasing known carriers of COVID-19 into self-isolation, contrary to World Health Organisation guidelines and best medical practice, warns an international infectious disease expert coordinating the UN’s pandemic response.

Page 3: Australia’s electricity operator will hold talks with power market experts from China, Europe and the US to understand how coronavirus-hit nations have dealt with threats from the pandemic.

Page 7: Billionaire Tim Roberts will pursue Canadian private jet manufacturer Bombardier for more than $US400m ($650m) in damages as a legal dispute between them gathers momentum.

Page 9: Joe Biden tried his best to appear presidential while Bernie Sanders threw wild verbal punches in all directions in a last-ditch attempt to get back into the Democratic presidential race in their one-on-one debate in Washington.

Page 18: Exchange traded funds seeking redemptions have been blamed for a major sell-off in the gold sector on Monday.

Page 19: Rolling out hundreds of hand sanitiser units across its gaming floors was not enough to prevent Crown Resorts from shutting down half of its flagship Melbourne casino after Victorian Premier Daniel Andrews declared a state of emergency.

Page 20: The coronavirus pandemic is stalking the boardrooms of Australian corporates and swinging a scythe through profit forecasts, capital raisings and business plans, with dozens of ASX-listed companies ripping up their earnings outlooks for 2020, making forecasts given only weeks ago now totally irrelevant.

 

 

The West Australian

Page 3: A rolling shutdown of schools should start immediately to prevent the spread of coronavirus, according to a WA infectious disease expert who is so concerned that he is pulling his daughter from class.

WA’s funeral and cemetery industry has been advised to implement extreme measures amid the coronavirus crisis, including introducing maximum guest numbers and banning attendees who have recently been abroad.

WA’s biggest university will run student lectures online and cancel campus events.

Page 4: The elderly and those with advanced terminal illness who contract COVID-19 would be pushed to the back of the queue in the event of high demand for intensive care beds under new national guidelines.

Mark McGowan says West Australians must “brace ourselves for the long-term impact” of the COVID-19 pandemic as he unveiled a $607 million stimulus package to help shield the State’s economy from the outbreak.

Page 5: WA’s justice system has been thrown into disarray in the wake of the coronavirus crisis, with the State’s top judges announcing that jury trials listed up until at least May will be postponed.

Page 6: For the first time since World War II, there will be no Anzac Day services.

Page 20: The City of Cockburn has delayed a decision on the future of embattled chief executive Stephen Cain.

Business: China suffered an even deeper slump than analysts feared at the start of the year as the coronavirus shuttered factories, shops and restaurants across the nation, underscoring the fallout now facing the global economy as the virus spreads.

WA’s jobless rate could surge past 6 per cent amid the impact of COVID-19, economists warn.

Qantas and Virgin Australia are both reviewing tough strategies to mitigate the Government’s unprecedented move to quarantine inbound travellers.

WA LNG producers are facing a double hit from falling oil prices and lower demand because of coronavirus disruptions in Asia.

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