18/03/2020 - 06:59

Morning Headlines

18/03/2020 - 06:59

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Morning Headlines

Iron ore’s $100bn export boom

Iron ore is projected to be Australia’s first commodity to top $100bn of export earnings in a single year, as the nation’s biggest exporters shrug off a global market meltdown to cash in on Chinese demand, government forecasts predict. The Aus

‘Time to close our borders’

Mark McGowan is calling for Australia’s borders to be closed to holidaymakers as he warned shutting WA off from the Eastern States to slow the COVID-19 spread would have “severe implications”. The Fin

Nation braces for ‘grim reality’

The Morrison government says Australians must prepare for the ‘‘grim reality’’ that not every business or job can be saved over the next six months. The Fin

Rationing extended as supermarket sales soar

Coles and Aldi have rationed purchases of more food and grocery products as panic hoarding by anxious shoppers escalates amid speculation the government is close to announcing more stringent social distancing rules to control the spread of the coronavirus. The Fin

Australia behind curve on slowing rate of infection

Australia is struggling to “flatten the curve” of coronavirus infections across the nation with an increase in the number of cases exceeding a disturbing rise in the US on a per capita basis, health authorities have warned. The Aus

RBA plots cheap loans

The Reserve Bank of Australia and Coalition government are making contingency plans for the central bank to offer billions of dollars in cheap long-term funding to commercial banks, in case the meltdown in global credit markets and sharp spike in bank borrowing costs continue. The Fin

Thirty-seven cruise ships in Australian waters hit by ban

At least 37 cruise ships still in Australian waters are either disembarking guests at ports around the nation or returning to an overseas port to complete the task, says the nation’s peak cruise body, Cruise Lines International Association (CLIA) Australasia. The Fin

G7 vows to revive world’s economies

The leaders of the West’s seven largest economies vowed to do whatever it takes to get global growth back onto its pre-pandemic course, but failed to dent the dramatic downward spiral in markets. The Fin

Construction ‘on brink of collapse’ says John Holland CEO

John Holland chief executive Joe Barr says the construction industry is on the brink of collapse and is not sustainable after the builder of Melbourne’s West Gate Tunnel and the Sydney Metro reported a $59.6 million annual loss. The Fin

Cafes at the crossroads in ghost town

The move by Perth businesses to direct employees to work from home in a bid to stop the threat of coronavirus spreading through city offices will have a big impact on outlets such as Hay Street cafe Crib Lane. The West

 

 

The Australian Financial Review

Page 1: The Morrison government says Australians must prepare for the ‘‘grim reality’’ that not every business or job can be saved over the next six months.

Page 3: NSW Health officials have increased security at hospitals to protect medical supplies such as face masks in response to rising public panic over coronavirus.

Page 6: The Reserve Bank of Australia and Coalition government are making contingency plans for the central bank to offer billions of dollars in cheap long-term funding to commercial banks, in case the meltdown in global credit markets and sharp spike in bank borrowing costs continue.

Page 7: Former Lehman Brothers debt adviser, Laminar Capital’s Cameron Rae, says cutting interest rates further will seriously strain second-tier lenders, which may find their businesses become ‘‘unviable’’.

At least 37 cruise ships still in Australian waters are either disembarking guests at ports around the nation or returning to an overseas port to complete the task, says the nation’s peak cruise body, Cruise Lines International Association (CLIA) Australasia.

Page 8: Chief executives, chairmen and business groups are calling for tax holidays, wage support, suspending super and even government bailouts to help business stay afloat and keep staff employed during the critical next six weeks.

Page 14: The leaders of the West’s seven largest economies vowed to do whatever it takes to get global growth back onto its pre-pandemic course, but failed to dent the dramatic downward spiral in markets.

Page 17: National Australia Bank chief executive Ross McEwan says the bank is open for business despite closing its headquarters for an industrial clean and ANZ chief executive Shayne Elliott says the lender had never been in better shape for a crisis.

John Holland chief executive Joe Barr says the construction industry is on the brink of collapse and is not sustainable after the builder of Melbourne’s West Gate Tunnel and the Sydney Metro reported a $59.6 million annual loss.

Page 19: A global spike in demand for respiratory humidifiers and devices used in ventilation treatments for hospital patients has triggered a profit upgrade for Fisher & Paykel Healthcare, which has ramped up production in Auckland and Mexico.

Page 20: Coles and Aldi have rationed purchases of more food and grocery products as panic hoarding by anxious shoppers escalates amid speculation the government is close to announcing more stringent social distancing rules to control the spread of the coronavirus.

Telstra and Optus have had to close most of their call centres in the Philippines, as Manila went into lockdown on Monday night to prevent the spread of COVID-19.

Page 22: The corporate regulator has commenced legal proceedings against Commonwealth Bank subsidiary Colonial First State, seeking penalties for allegedly making misleading and deceptive statements to superannuation members.

Page 23: Controversial fintech Afterpay Group has settled a dispute with a US regulator by agreeing to cough up $US1 million ($1.64 million) in refunds and fines but rejects its finding the loans it made were illegal.

Page 24: Balance sheet preservation has become front-of-mind for investors in the embattled oil and gas sector as analysts mull over the chances of equity raisings by indebted players such as Santos and Oil Search, cancelled dividends and smashed earnings.

Page 25: At the Shenzhen Third People’s Hospital in China, sick people arriving to be checked for the coronavirus are greeted by a robot, not a human, in a development set to significantly reduce the chances of nurses and doctors getting the disease.

 

 

The Australian

Page 1: A government rescue package to protect tens of thousands of businesses facing collapse will be targeted at saving jobs and propping up the aviation, tourism and hospitality sectors, which have been devastated by the COVID-19 economic fallout.

Page 3: A burgeoning black market in toilet paper and hand sanitiser has attracted profiteers exploiting the chaos at supermarkets, with hoarders charging exorbitant prices and supply-chain middlemen selling their stock directly to consumers.

The AFL is facing uncertainty over its $2.5bn broadcast rights deal with fewer games and the spectre of a severely truncated season threatening to undermine the revenue stream that underpins the entire competition.

Page 4: Australia is struggling to “flatten the curve” of coronavirus infections across the nation with an increase in the number of cases exceeding a disturbing rise in the US on a per capita basis, health authorities have warned.

Page 6: Strict rules limiting aged-care residents to two visitors at one time each day are being proposed, as one of the nation’s biggest operators, Regis Aged Care, began locking down 63 nursing homes for two weeks.

Page 10: The Morrison government is set to pump millions of dollars into two industry-led research centres tasked with modernising the nation’s building industry and developing lower cost housing solutions for Australians.

Page 17: Banks are bracing for a surge in lending losses as activity slows due to the coronavirus crisis, with expectations the losses may even double in the coming months as businesses grapple with the fallout from the deadly outbreak that has shut down economies around the globe.

Page 19: Iron ore is projected to be Australia’s first commodity to top $100bn of export earnings in a single year, as the nation’s biggest exporters shrug off a global market meltdown to cash in on Chinese demand, government forecasts predict.

Page 20: The dream is over for the owners of some of Australia’s most loved theme parks, with harsh restrictions on gatherings slamming their operations and leaving once-proud companies such as Ardent Leisure and Village Roadshow on their knees.

Page 25: The coronavirus pandemic has forced universities to rush to put courses online in what a former vice-chancellor said could be a watershed moment for higher education.

 

 

The West Australian

Page 3: Free on arrival visas to Bali are being suspended for a month all but assuring West Australians will be unable to travel to the tourist hot spot.

Page 4: Mark McGowan is calling for Australia’s borders to be closed to holidaymakers as he warned shutting WA off from the Eastern States to slow the COVID-19 spread would have “severe implications”.

Page 5: Australians will face a radically different way of life, with crowds in pubs, cinemas and big restaurants limited to 100 — and potentially as few as 50 people — from this week.

The West Australian Football Commission, West Australian Cricket Association, Football West, Basketball WA and Tennis West have followed the lead of their national governing bodies and suspended all competition for the time being.

Page 7: The private maternity ward at one of Perth’s biggest health precincts has been thrown into disarray, with almost two dozen staff and patients self-isolating after coming into contact with a COVID-19 infected midwife.

Page 11: Australia’s supermarkets have joined forces to beg customers for calm as new, stricter product limits are introduced on essential items.

Business: The price of steel reinforcement bar, the somewhat unglamorous but ubiquitous commodity used to strengthen concrete, has risen almost 5 per cent over the past month in Shanghai.

A burgeoning WA distillery is ready to rumble against the threat posed by coronavirus to its promising early business gains.

The move by Perth businesses to direct employees to work from home in a bid to stop the threat of coronavirus spreading through city offices will have a big impact on outlets such as Hay Street cafe Crib Lane.

Australia’s farm produce and food security is at risk because the supply of vital foreign workers will dry up due to the new 14-day self-isolation requirements for travellers entering Australia.

A Chevron worker on Barrow Island who had been isolated and tested for coronavirus after returning from overseas with flu-like symptoms has returned a negative result.

Uncertainty surrounding the global coronavirus crisis is not stopping mining billionaire Gina Rinehart from pushing ahead with a new iron ore project in the Pilbara.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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