26/03/2020 - 07:10

Morning Headlines

26/03/2020 - 07:10

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Funds may not insure pandemic deaths

Four industry super funds with combined assets of more than $180 billion have refused to rule out exemptions to insurance cover for pandemic-related death, illness or lost income, in a move slammed by consumer advocates. The Fin

Cochlear in $850m raising

Medical tech group Cochlear is seeking to eliminate liquidity risk by raising $800 million as the coronavirus pandemic delays elective surgeries across a growing number of countries. The West

Curbs on booze may be coming

The peak body for the liquor retail industry says the federal government wants national restrictions on alcohol sales but is warning that measures introduced in Western Australia yesterday could lead to panic buying. The Fin

Energy sector rattled amid oil crash upheaval

FAR Ltd has signalled a potential delay to Woodside Petroleum’s $7 billion oil project in Senegal, while more job losses are looming in WA gas as turmoil builds in the industry following the oil price crash. The Fin

Childcare-at-home rescue plan

Parents could get government-funded childcare workers to look after their children at home under a plan put to Federal Education Minister Dan Tehan to prevent the sector from collapsing. The West

South-east states go for lockdown

NSW, Victoria and the ACT are poised to break ranks with the other states and move into near-total lockdown within days, as the national consensus over how to handle the coronavirus begins to fray. The Fin

Woolworths cuts store hours for deliveries

Woolworths will restrict trading hours at five Perth supermarkets to free up staff time to support home deliveries to vulnerable, mainly elderly customers forced indoors by the coronavirus. The West

YouTube lowers video quality to reduce internet congestion

Google is cutting back YouTube streaming quality in Australia in line with its actions overseas. The Aus

Aussies returning home lift infections

A recent surge in COVID-19 cases has largely been triggered by Australians rushing to return home before the border shuts, and not a failure to control community transmission, a leading infectious diseases expert says. The Aus

$US2 trillion ‘wartime’ deal to battle virus

US senators and Trump administration officials have reached an agreement on a massive economic stimulus bill to alleviate the economic impact of the coronavirus outbreak, negotiators said yesterday. The Fin

 

 

The Australian Financial Review

Page 1: NSW, Victoria and the ACT are poised to break ranks with the other states and move into near-total lockdown within days, as the national consensus over how to handle the coronavirus begins to fray.

Australia’s biggest companies are rushing to shore up their balance sheets and bolster liquidity amid the coronavirus market downturn, with hearing implant maker Cochlear raising up to $930 million in fresh equity and Qantas and Toll tapping debt markets.

Page 5: More than 2400 property auctions scheduled across Australia this week are in limbo after the government banned public auctions and open homes from yesterday.

A failure by Australia’s governments to pass measures to halt evictions and keep rents stable to keep tenants in their homes during an employment and earnings crisis will only spread the COVID-19 virus, tenant advocates say.

Page 8: Four industry super funds with combined assets of more than $180 billion have refused to rule out exemptions to insurance cover for pandemic-related death, illness or lost income, in a move slammed by consumer advocates.

The peak body for the liquor retail industry says the federal government wants national restrictions on alcohol sales but is warning that measures introduced in Western Australia yesterday could lead to panic buying.

Page 10: Job losses from COVID-19 are soaring as more of the biggest companies, including Virgin Australia, Star Entertainment Group and womenswear retailer Mosaic Brands lay off tens of thousands of staff.

Page 11: Medical technology companies will be allowed to work together to coordinate the supply and manufacture of ventilators, testing kits, and protective gear needed to deal with the pandemic.

Page 12: Services Australia boss Hank Jongen has announced a new online shortcut for workers to register for the government’s coronavirus crisis payments as thousands of unemployed Australians joined Centrelink queues for the third day in a row.

Leading scientists are calling for the underlying data on COVID-19 to be made public as the mixed messages between Canberra and the states provoke confusion and anger in scientific, school and university communities.

Page 17: The waste and recycling industry has welcomed the release of an ambitious detailed plan to build a local recycling and reuse industry as the foundation for a transition to a ‘‘circular economy’’.

Page 19: US senators and Trump administration officials have reached an agreement on a massive economic stimulus bill to alleviate the economic impact of the coronavirus outbreak, negotiators said yesterday.

Page 21: Virgin Australia chief Paul Scurrah has claimed it is not the end of the road for Tigerair after he closed the budget airline indefinitely due to a steep fall-off in demand amid the COVID-19 pandemic.

Page 23: Food and liquor retailer Coles will become one of the largest manufacturers of ready-made meals after getting the green light to buy a major supplier.

Page 24: Sigma Healthcare boss Mark Hooper says he is applying with two other drug wholesalers to the competition watchdog for permission to work together during the COVID-19 crisis.

Page 25: FAR Ltd has signalled a potential delay to Woodside Petroleum’s $7 billion oil project in Senegal, while more job losses are looming in WA gas as turmoil builds in the industry following the oil price crash.

Global farm chemicals supplier Nufarm has said regional restrictions imposed to control the spread of COVID-19 were creating supply chain delays and putting pressure on costs.

Some of the resources industry’s most important host communities say they do not want fly-in fly-out (FIFO) workers bringing the coronavirus into their region, but Australia’s biggest mining union has thrown its weight behind government moves to make mine workers exempt from the lockdowns now affecting most of society.

 

 

The Australian

Page 1: Scott Morrison is calling on G20 leaders to guarantee the survival of the global trading system beyond the COVID-19 pandemic and will push for international supply chains to remain open, allowing the “flow of vital medical supplies” to help neutralise the lethal disease.

Scott Morrison has moved to free up thousands of hospital beds around the nation to cope with an anticipated wave of coronavirus patients falling seriously ill and needing urgent treatment as the COVID-19 pandemic heads towards its peak over the next few months.

Page 3: The NSW teachers union is calling on the Berejiklian government to follow Victoria’s lead and order a school shutdown, expressing concerns for staff safety as the coronavirus pandemic spreads.

The Australian Olympic Committee will keep the $70m sponsorship it has raised for the Tokyo Olympics but will roll over the contracts with its corporate backers for another 12 months until the delayed Tokyo Olympics are held next year.

Page 5: A recent surge in COVID-19 cases has largely been triggered by Australians rushing to return home before the border shuts, and not a failure to control community transmission, a leading infectious diseases expert says.

Page 6: National retailers have backed union calls for taxpayer-funded wage subsidies for displaced workers, as the ACTU warns up to two million jobs could be lost in weeks.

Page 7: Foxtel will unlock a huge amount of its content, including drama, entertainment and documentaries, for no extra charge to all subscribers, and offer unlimited data to its broadband customers, in a bid to boost morale during forced isolation.

Page 10: The US is set to overtake China as the country with the most confirmed cases of COVID-19 by the weekend.

Page 16: Flight Centre and Southern Cross Media are believed to be assessing their options for an equity raising as their shares remain suspended after a dramatic slide in their market values due to the coronavirus crisis.

Page 17: Google is cutting back YouTube streaming quality in Australia in line with its actions overseas.

Page 18: One in three Australians are still expected to buy a ticket in Thursday night’s $80m Powerball draw, with sales tracking in line with Tabcorp’s usual expectations.

Page 23: Former Fortescue Metals chief executive Neville Power has vowed to take action to save jobs across Australia as he heads up a new National COVID-19 Coordination Commission of senior business leaders and public servants to advise the government on ways to minimise the economic shocks from the virus.

 

 

The West Australian

Page 1: Parents could get government-funded childcare workers to look after their children at home under a plan put to Federal Education Minister Dan Tehan to prevent the sector from collapsing.

Page 6: Premier Mark McGowan has called on the military to help fend off unwanted cruise ships.

Page 7: A quarter of all WA’s COVID-19 patients have recently travelled on cruise ships, which have emerged as a dangerous chink in the armour of the State’s containment efforts.

Page 16: Western suburbs beachgoers who flout social distancing rules face a crackdown by council rangers.

As doctors and nurses on the forefront of the coronavirus crisis work around the clock to protect the community against COVID-19, West Australians are being asked to continue going to their local physiotherapists and other allied health professionals.

India yesterday ordered a 21-day lockdown of the country’s 1.3 billion people to protect the world’s second-most populous country from the infection.

Business: Australian shares have ridden a wave of global hope that the $3 trillion US stimulus package will gain congressional approval and help recovery from the coronavirus recession.

WA businesses face an unprecedented fight to survive as stage 2 restrictions announced by the Federal Government on Sunday kicked in at midnight, forcing thousands to close.

Woolworths will restrict trading hours at five Perth supermarkets to free up staff time to support home deliveries to vulnerable, mainly elderly customers forced indoors by the coronavirus.

Chevron has joined Woodside Petroleum in slashing job numbers at its WA gas operations to meet the combined threat of COVID-19 and sharply lower oil prices.

Medical tech group Cochlear is seeking to eliminate liquidity risk by raising $800 million as the coronavirus pandemic delays elective surgeries across a growing number of countries.

Northern Minerals has had to suspend operations at its Browns Range rare earths pilot plant in the East Kimberley because of COVID-19.

Mincor Resources is on the cusp of reviving its shuttered nickel mines, with its sights set firmly on cashing in on the burgeoning electric vehicle battery market.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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