WA’s FIFO ban a blow for resources giants
Australia’s biggest mining and energy companies are scrambling to relocate thousands of workers to Western Australia and bracing for hits to production volumes and cost structures after the WA government sounded the death knell for fly-in, fly-out workers from the eastern states. The Fin
Oil M&A looms as Woodside clears decks; FAR in trouble
Woodside Petroleum has swiftly emerged as a likely key predator in an expected wave of M&A in the embattled oil and gas space, just as explorer FAR Ltd emerged as a potential distressed target from the market crash. The Fin
Virgin seeking $1.4bn bailout to keep flying
Virgin Australia has sought a $1.4bn loan rescue package to ensure the airline’s survival beyond the COVID-19 crisis, in a plan that would see the government take an ownership stake in the company if it was unable to repay the loan within two to three years. The Aus
Experts wary despite cases slowing
Biosecurity and economic experts have warned that even stricter social distancing measures may be required to stop the COVID-19 outbreak overwhelming the hospital system, despite the rate of new cases continuing to ease. The Fin
Banks are our nation’s ‘cookie jar’
Australia’s banks are facing the pandemic with a ‘‘community-first mindset’’ that is a key legacy of the banking royal commission and we are ‘‘bloody lucky’’ to have strong banks to be the ‘‘cookie jar’’ of the nation, a top investor said. The Fin
Trump readies US for massive virus death toll
Donald Trump says that holding America’s death toll to under 100,000 would be a victory in his administration’s battle to limit what has become the world’s worst COVID-19 surge, with some of the nation’s hospitals already on the brink of collapse. The Fin
Australian exporters face soaring freight costs
Australian exporters are hopeful China’s middle classes will continue buying their products as the world’s second-largest economy recovers from the coronavirus outbreak. The Fin
Canadian copper miner in focus as giants look to buy
Large miners such as BHP, Rio Tinto and South32 are expected to be the first out of the blocks when it comes to post-coronavirus mergers and acquisitions, with some betting they will turn their attention back to the $5bn listed Canadian copper producer First Quantum Minerals. The Aus
Contractor plummets on return to trading
Shares in engineering and construction contractor Decmil have plunged as much as 84 per cent in a disastrous return to trading as COVID-19 fears added to investor concerns about last month’s loss of a $NZ185 million ($189 million) prisons contract. The West
The Australian Financial Review
Page 1: Almost half the Australian workforce will receive $1500 a fortnight for the next six months under a record $130 billion wage subsidy, news of which drove the biggest jump in the sharemarket for 40 years.
Page 3: Biosecurity and economic experts have warned that even stricter social distancing measures may be required to stop the COVID-19 outbreak overwhelming the hospital system, despite the rate of new cases continuing to ease.
Page 4: Restaurants and cafes will be able to reduce workers’ minimum hours and have greater powers to force staff to take leave as part of a new deal to save jobs during the coronavirus crisis.
Page 6: Co-ordination between competitors will lead to ‘‘much better outcomes’’ during the COVID-19 crisis, the ACCC’s Rod Sims has said, as experts warn the ‘‘fetishisation’’ of competition in the current environment could do more harm than good.
Page 7: Australia’s banks are facing the pandemic with a ‘‘community-first mindset’’ that is a key legacy of the banking royal commission and we are ‘‘bloody lucky’’ to have strong banks to be the ‘‘cookie jar’’ of the nation, a top investor said.
Page 15: Donald Trump says that holding America’s death toll to under 100,000 would be a victory in his administration’s battle to limit what has become the world’s worst COVID-19 surge, with some of the nation’s hospitals already on the brink of collapse.
Page 16: Australian exporters are hopeful China’s middle classes will continue buying their products as the world’s second-largest economy recovers from the coronavirus outbreak.
Page 17: The addition of $130 billion in wage subsidies to the federal government’s stimulus package intended to support workers has produced a sharemarket rally unseen since Malcolm Fraser defeated Bill Hayden to win re-election 40 years ago.
Woodside Petroleum has swiftly emerged as a likely key predator in an expected wave of M&A in the embattled oil and gas space, just as explorer FAR Ltd emerged as a potential distressed target from the market crash.
Page 19: Myer is in talks with bankers and landlords amid fears it is in danger of breaching debt covenants unless it receives rent relief while stores are closed.
Page 21: Super Retail Group’s Supercheap Auto and other companies are citing COVID-19 as a reason for delaying bill payments, hurting small businesses at a time when they are struggling to stay afloat.
Page 22: Australia’s biggest mining and energy companies are scrambling to relocate thousands of workers to Western Australia and bracing for hits to production volumes and cost structures after the WA government sounded the death knell for fly-in, fly-out workers from the eastern states.
Page 23: An emerging group of deep tech startups is pivoting its technologies and redeploying staff to help tackle the COVID-19 pandemic, as the sector begins to treat the outbreak with a wartime mentality.
The Australian
Page 1: A trial of existing HIV and arthritis drugs that could stem the coronavirus tide will start next Monday with the help of a $1m donation from Australia’s richest person, Anthony Pratt.
Virgin Australia has sought a $1.4bn loan rescue package to ensure the airline’s survival beyond the COVID-19 crisis, in a plan that would see the government take an ownership stake in the company if it was unable to repay the loan within two to three years.
Page 2: Surgeons are buying painting masks from Bunnings and other doctors are buying full-face snorkelling kits because they are so worried the government has not sourced enough equipment to protect them.
Page 14: Large miners such as BHP, Rio Tinto and South32 are expected to be the first out of the blocks when it comes to post-coronavirus mergers and acquisitions, with some betting they will turn their attention back to the $5bn listed Canadian copper producer First Quantum Minerals.
Page 15: Furniture retailer Nick Scali has decided to shut down its 58 stores and stand down roughly 270 of its 670 staff as it becomes the latest retailer to close its doors in the wake of the coronavirus pandemic.
Page 20: Online travel agency Webjet continues to work on a capital raising that is expected to be announced as early as this week.
The West Australian
Page 3: Homeless people could be moved into the five-star Pan Pacific hotel in Perth as the State Government intensifies its effort to fight coronavirus.
Page 6: The family of a 41-year-old Perth mother on life support after contracting COVID-19 aboard a cruise ship is pleading for West Australians to take the pandemic seriously.
Page 9: The once-bustling community spaces — Perth playgrounds, gym equipment and skate parks — will be deserted from today, with the Federal Government’s new bans now in place.
Authorities will have the power to force West Australians who ignore orders to self-isolate during the COVID-19 crisis to wear an electronic tracking device.
Page 11: Premier Mark McGowan will impose a “hard border” to stop Australians from the Eastern States coming to WA to ride out the virus storm.
Up to 180,000 West Australians could lose their jobs as a result of the coronavirus crisis, according to the latest forecasts by the State’s peak business group which expects the unemployment rate will “at least” double.
Business: Demand for hand sanitiser is showing no signs of slowing down amid the coronavirus crisis, with a local family-run business working around the clock, seven days a week, in an effort to increase production.
Wesfarmers appears to be building a post-coronavirus war chest, yesterday offloading its second billion-dollar parcel of Coles shares inside six weeks.
Shares in engineering and construction contractor Decmil have plunged as much as 84 per cent in a disastrous return to trading as COVID-19 fears added to investor concerns about last month’s loss of a $NZ185 million ($189 million) prisons contract.
The $300 million Civic Heart tower planned for South Perth has been put on hold amid the coronavirus crisis, as the peak development body warns it is most likely to be the first of many to stall.
Banking bosses are getting ready to play a game of financial Survivor as they prepare for the Australian economy to shrink upwards of 10 per cent next quarter alone.
China’s central bank cut the interest rate it charges on loans to banks by the biggest amount since 2015, as the authorities ramp up their response to the worsening economic impact from the coronavirus pandemic.