08/04/2020 - 06:51

Morning Headlines

08/04/2020 - 06:51

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Forrest’s $500m injection

Iron ore billionaire Andrew Forrest and his wife Nicola have given another $520 million to their charitable Minderoo Foundation, bringing their total donations to more than $2 billion. The Fin

Dacian in gold rush cap push

Dacian Gold was last night going to investors with a $100 million fundraising to recapitalise the trouble-prone miner against the backdrop of a coronavirus-triggered run on bullion. The West

Mine wages to climb on border closures

The closure of state borders to curb coronavirus will exacerbate the skills shortage in the resources industry and drive up wages for workers in high demand roles, experts warn. The Fin

PM plans staggered virus exit

Australia’s economic recovery will be a series of ‘‘trials’’ with some states moving faster than others in lifting COVID-19 shutdown restrictions, and potentially gaining a competitive edge, Scott Morrison says. The Fin

Seven West responds to interest in West Australian Newspapers

Seven West Media has provided detailed information about its West Australian Newspapers business to interested parties, including details about potential synergies available for a new owner. The Fin

Virgin’s plea: help us across the bridge

Virgin Australia chief executive Paul Scurrah has called on the federal government to provide an urgent “statement of confidence” for the airline as it continues talks on a $1.4bn loan facility to allow it to survive the COVID-19 crisis. The Aus

Code offers relief to commercial tenants

Small and medium-sized businesses hurt by the coronavirus economic downturn will be exempted from paying part of their rent and given at least two years to catch up on any deferred payments under a mandatory code of conduct for tenants and landlords. The Fin

Silver lining seen for WA

WA’s economy is in a “relatively better position” compared with other States hit by the impact of the coronavirus because of our reliance on iron ore royalty income. The West

Job seekers flood recruitment sites in hunt for online work

Unemployed workers are flooding online jobs portals in the hunt for remote work as recruiters warn a highly competitive market is forcing job seekers to redeploy to different industries at an unprecedented rate. The Fin

Rio Tinto says China shows growing iron ore appetite

Australia’s biggest trading partner is rebounding quickly from its encounter with the coronavirus and showing a strong appetite for Australian iron ore, says Rio Tinto iron ore boss Chris Salisbury. The Fin

Principals’ new school of thought

Public school principals have been told to plan to continue teaching children at home for all of next term — while still keeping their schools open. The West

 

 

The Australian Financial Review

Page 1: Australia’s economic recovery will be a series of ‘‘trials’’ with some states moving faster than others in lifting COVID-19 shutdown restrictions, and potentially gaining a competitive edge, Scott Morrison says.

Page 2: Unemployed workers are flooding online jobs portals in the hunt for remote work as recruiters warn a highly competitive market is forcing job seekers to redeploy to different industries at an unprecedented rate.

Page 3: Iron ore billionaire Andrew Forrest and his wife Nicola have given another $520 million to their charitable Minderoo Foundation, bringing their total donations to more than $2 billion.

Small and medium-sized businesses hurt by the coronavirus economic downturn will be exempted from paying part of their rent and given at least two years to catch up on any deferred payments under a mandatory code of conduct for tenants and landlords.

Page 8: Universities say they will do what they can to help final-year students get into university next year, including offering bridging classes and catch-up sessions in the summer.

Page 11: The closure of state borders to curb coronavirus will exacerbate the skills shortage in the resources industry and drive up wages for workers in high demand roles, experts warn.

Page 14: China has lifted travel restrictions out of Wuhan, the city at the centre of the coronavirus pandemic, ending the country’s last remaining lockdown despite fears of a second wave of infections, as border controls are relaxed and millions return to work.

Page 15: Oil Search could consider selling part of its ‘‘crown jewel’’ asset, its stake in the PNG LNG venture, chief executive Keiran Wulff has revealed, if a $US700 million ($1.16 billion) share sale proves not to be enough for the oil and gas producer to ride out a protracted price slump.

Australia’s biggest trading partner is rebounding quickly from its encounter with the coronavirus and showing a strong appetite for Australian iron ore, says Rio Tinto iron ore boss Chris Salisbury.

Page 16: Seven West Media has provided detailed information about its West Australian Newspapers business to interested parties, including details about potential synergies available for a new owner.

Page 17: As staff at Myer, Smiggle, Lovisa, and Noni B stores are working out how to pay the rent or mortgage until JobKeeper subsidies start flowing, online retailer Kogan.com is giving all employees a bonus.

Page 20: Consumer goods importers have asked the federal government to defer taxes and customs duties for at least six months to relieve a cash squeeze caused by COVID-19 and stop food, clothing and furniture being stockpiled at ports.

Page 21: Senior executives at hearing implant maker Cochlear are taking at least a 20 per cent reduction in their base salary, in the latest effort from the medical device company to do everything it takes to hold on to its workforce.

 

 

The Australian

Page 1: A long-term strategy to ease social-isolation restrictions and expose Australians to COVID-19 in manageable doses, without overwhelming the public health system, is being considered by the country’s chief health officials and some NSW government ministers.

Page 4: The Reserve Bank is bracing for a “very large economic contraction” and the highest unemployment rate for “many years” as the Bank for International Settlements warns of a double whammy global recession if measures to suppress the coronavirus fail.

Page 15: Investors in banks and insurers are braced for a belting on Wednesday after the prudential regulator warned they should “seriously consider” suspending dividends until the fallout from COVID-19 recedes.

Virgin Australia chief executive Paul Scurrah has called on the federal government to provide an urgent “statement of confidence” for the airline as it continues talks on a $1.4bn loan facility to allow it to survive the COVID-19 crisis.

Page 17: Gaming giant Tabcorp is looking to join the queue of companies wanting a government handout as it stands down hundreds of workers to combat coronavirus-led shutdowns of hotels, clubs and major sport events.

Page 18: The next generation of innovative biotechnology and medical device companies could be hamstrung by the coronavirus crisis unless the federal government extends its wage subsidy program to companies that rely on the capital markets to fund their research, the industry says.

Ongoing strength in the iron ore price and low debt levels mean Australia’s biggest miners should be among the few local corporate giants in a position to maintain dividend levels, according to Macquarie analysts.

 

 

The West Australian

Page 8: British Prime Minister Boris Johnson is “in good spirits” after spending the night in intensive care being treated for coronavirus.

Page 14: Since WA’s hard border was introduced at midnight on Sunday, 235 people have been allowed into the State, Premier Mark McGowan said yesterday.

Page 16: Public school principals have been told to plan to continue teaching children at home for all of next term — while still keeping their schools open.

Business: Tourism and hospitality superannuation fund Hostplus has claimed the right to block withdrawal requests a little over a week after its chief executive said redemption freezes were not possible.

WA’s economy is in a “relatively better position” compared with other States hit by the impact of the coronavirus because of our reliance on iron ore royalty income.

Australia’s trade surplus fell 8.8 per cent in February to a seasonally adjusted $4.36 billion, reflecting the impact of the COVID-19 pandemic.

Perth Airport has forecast a $100 million hit to revenue this financial year and flagged terminal closures as travel evaporates amid COVID-19 lockdowns.

A sharply depreciating Indonesian rupiah is sending jitters through the State’s northern cattle producers at a time when the live export industry is already challenged by travel restrictions aimed at slowing the spread of COVID-19.

Perth-based medi-tech company Proteomics has begun research on a COVID-19 diagnostic test.

Dacian Gold was last night going to investors with a $100 million fundraising to recapitalise the trouble-prone miner against the backdrop of a coronavirus-triggered run on bullion.

Executive pay cuts by companies wanting to demonstrate they are sharing the pain of employees and shareholders are sweeping across corporate Australia.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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