China’s Tianqi offers stake in giant Aussie lithium project
While West Australian lithium projects scooped up by Wesfarmers and US giant Albemarle in the past six months sit idle and burn holes in their new owners’ pockets, China’s Tianqi Lithium Corporation is trying to net a buyer for what would be the biggest deal yet. The Fin
Crisis cabinet to outlive virus
Scott Morrison has signalled his preference for the national cabinet to become a permanent decision-making body to manage the federation, with West Australian Labor Premier Mark McGowan arguing the COVID-19 leaders’ model should replace the Council of Australian Governments. The Aus
Trump brokers historic deal to cut production
The world’s top oil producers have pulled off a historic deal to cut global petroleum output by nearly one tenth — putting an end to the devastating price war that brought the energy industry to its knees. The West
Laverton progress for Focus
Chinese-backed Focus Minerals has taken another step towards consolidating its Laverton gold project after settling nine forfeiture applications over tenements at the historic mine. The West
State nears new phase of virus fight
The State’s coronavirus curve is close to flattening after just two new West Australians were diagnosed with the disease yesterday — the third consecutive day of single-digit increases and the smallest daily rise in a month. The West
Japan Post seeking $2.5b exit from Toll
Japan Post has called in bankers to pitch potential salvage plans, including a possible sale, for Toll Holdings, five years after it paid $8 billion for the Australian transport logistics group. The Fin
Taxpayers to foot bill to save domestic travel
Qantas and Virgin Australia are in line for a rescue package worth tens of millions of dollars to subsidise flights between capital cities after the airlines abandoned much of their domestic networks because of travel restrictions crippling demand. The Fin
Jobless rise to hit 10pc: Treasury
Australia is headed for double-digit unemployment due to the coronavirus pandemic, but the spike in joblessness would be twice as bad were it not for the $130 billion JobKeeper payment, Treasury analysis reveals. The Fin
Good news for fake news on Facebook
Australians should prepare to see many more misleading stories on social media after Facebook was forced to send thousands of human moderators home due to the coronavirus pandemic. The Fin
The Australian Financial Review
Page 1: Australia is headed for double-digit unemployment due to the coronavirus pandemic, but the spike in joblessness would be twice as bad were it not for the $130 billion JobKeeper payment, Treasury analysis reveals.
Japan Post has called in bankers to pitch potential salvage plans, including a possible sale, for Toll Holdings, five years after it paid $8 billion for the Australian transport logistics group.
Page 4: Hungry Jack’s has had to wait a year for its first national agreement to be approved in what has become a debacle for the workplace tribunal after a Coalition appointee was heavily criticised for his extraordinary failures in dealing with the case.
Page 5: Australia has evaded the catastrophic consequences of the COVID-19 pandemic, but the jury is still out on how much is due to its aggressive policy stance and how much to the seasonal advantage of the virus arriving in summer.
Page 6: Qantas and Virgin Australia are in line for a rescue package worth tens of millions of dollars to subsidise flights between capital cities after the airlines abandoned much of their domestic networks because of travel restrictions crippling demand.
Australia needs to boost its capacity to make pharmaceutical drugs after the coronavirus pandemic, even if it means paying more over the counter, Industry Minister Karen Andrews suggests.
Page 9: The COVID-19 pandemic is forcing CEOs and senior executives to turf out the conventional leadership rule book as it forces them to innovate at an unprecedented pace.
Page 11: The world’s top oil producers have pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia.
British Prime Minister Boris Johnson praised doctors for saving his life during his week-long hospitalisation for COVID-19 treatment that has left him too weak to resume immediate leadership of the government.
Page 12: The Association of South East Nations is expected to call on China, Japan and South Korea to help fund the region’s fight against COVID-19 as member nations mull the merits of a collective approach.
Page 15: Commonwealth Bank of Australia chief executive Matt Comyn says demand for the major banks’ coronavirus relief packages is starting to ‘‘level out’’, as the number of individuals and businesses that have sought financial assistance sits at just under half a million.
Page 16: While West Australian lithium projects scooped up by Wesfarmers and US giant Albemarle in the past six months sit idle and burn holes in their new owners’ pockets, China’s Tianqi Lithium Corporation is trying to net a buyer for what would be the biggest deal yet.
Page 19: G8 Education is placing a massive chunk of shares in a new institutional placement, with the childcare giant arguing that risks surrounding raising cash and speed helped drive the decision.
Page 21: The Australian start-up sector is beginning to suffer the feared carnage of COVID-19, with new figures showing the number of venture capital deals fell off a cliff in March, and were down more than 75 per cent on last year.
Page 23: As foot traffic plummets and consumers (mostly) heed warnings to stay at home, online retailing is the only bright spot for bricks-and-mortar retailers struggling to stay afloat.
The Australian
Page 1: Scott Morrison has signalled his preference for the national cabinet to become a permanent decision-making body to manage the federation, with West Australian Labor Premier Mark McGowan arguing the COVID-19 leaders’ model should replace the Council of Australian Governments.
The World Health Organisation has backed the reopening of China’s notorious wet markets, prompting calls from Scott Morrison for greater “transparency” from the UN body on the causes of the COVID-19 outbreak.
Page 2: Australia’s international education sector is ramping up demands for a hardship fund to help stranded foreign students, as it all but gives up hope for more support from Scott Morrison.
The Australian Medical Association has warned nurses against giving out their personal mobile phone numbers to quarantined travellers after it emerged one had declared “to hell with protocol” and provided her number to people at Crowne Plaza in Melbourne.
Page 4: Younger Australians are paying the price of defending the elderly from the threat of the coronavirus pandemic and, thanks to a tax system skewed against them, will pay more than their fair share of the cost as well, the head of the ANU’s tax institute has said.
The Australian Industry Group says sales and orders have dropped dramatically since the coronavirus outbreak, with businesses struggling to break even.
Page 5: Teachers’ unions are pushing back against a return to the classroom, citing safety concerns on coronavirus, despite Chief Medical Officer Brendan Murphy saying schools are the first priority of the Australian Health Protection Principal Committee if and when social-distancing restrictions are relaxed.
Page 13: The push by governments to have insurers pay for business losses caused by the COVID-19 pandemic risks creating even bigger problems, according to Swiss RE’s reinsurance chief executive, who says contracts should be respected regardless of the political shift towards consumer protectionism.
Page 15: Commonwealth Bank chief executive Matt Comyn says the lender is seeing signs of a “levelling out” in customer requests for help stemming from COVID-19 shutdowns, as demand subsides after an initial flood in applications.
Page 16: China’s industrial heartland is edging back to normality, with crude steel production up to pre-coronavirus levels according to one market forecaster, as key commodity prices and exports underpin Australia’s coronavirus economy.
The West Australian
Page 1: About 2000 frontline WA hospital workers will take part in a tuberculosis vaccine trial in an experimental bid to boost resistance to COVID-19 and reduce the severity of symptoms should medical staff contract the deadly virus.
Page 3: Mobile phone use behind the wheel has been pinpointed as a major factor in a surge in road fatalities linked to distracted driving.
Page 4: The State’s coronavirus curve is close to flattening after just two new West Australians were diagnosed with the disease yesterday — the third consecutive day of single-digit increases and the smallest daily rise in a month.
Taxpayers will underwrite airline routes to keep the industry afloat as part of an additional assistance package for the aviation sector worth tens of millions of dollars to be announced as early as today.
Page 6: Hundreds of thousands of Australians have been saved from the breadline — including potentially 70,000 in Western Australia — as a direct result of the JobKeeper payment, Treasury analysis reveals.
Page 8: Australians should prepare to see many more misleading stories on social media after Facebook was forced to send thousands of human moderators home due to the coronavirus pandemic.
Business: The world’s top oil producers have pulled off a historic deal to cut global petroleum output by nearly one tenth — putting an end to the devastating price war that brought the energy industry to its knees.
There are 70 coronavirus vaccines in development globally, with three candidates already being tested in human trials, according to the World Health Organisation, as drug makers race to find a cure.
Chinese-backed Focus Minerals has taken another step towards consolidating its Laverton gold project after settling nine forfeiture applications over tenements at the historic mine.
WA’s biggest lithium miner could be forced to withhold dividends to cover nearly $120 million in overdue payments racked up by its cash-strapped Chinese co-owner this year.
Mineral Resources boss Chris Ellison says the company remains committed to its carbon fibre dump truck tray business despite putting the division on ice amid the coronavirus crisis.
