16/04/2020 - 06:59

Morning Headlines

16/04/2020 - 06:59

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Pupils back to school in Term 2

Western Australia could be the first State to send kids back to the classroom in a large-scale way in Term 2, with Mark McGowan unlikely to keep school on hold once the holidays are over. The West

Fast-tracking projects critical to recovery

The $7 billion rail line to Sydney’s new airport at Badgerys Creek, a $2 billion extension to the Pacific Highway, and Perth’s signature $4.1 billion Metronet rail project are among ‘‘shovel ready’’ projects that state and federal governments are being urged to fast-track to create jobs and kick-start the economy. The Fin

Gas exploration put on hold as oil price crash hits

Energy giants have frozen exploration work in two of Australia’s most prolific gas basins as the industry cuts costs amid tumbling oil prices and falling demand from the coronavirus pandemic. The Aus

Who will pay for stimulus?

Fear is mounting among Australia’s corporate elite that big business will ultimately be forced to foot the massive bill for the $214 billion stimulus spend by the Federal Government in response to the COVID-19 crisis. The West

De Grey ready to get de money

Hot on the heels of gold junior raisings such as Dacian Gold, Bellevue Gold, Oklo Resources and even the bigger Resolute Mining, attention has turned to another ASX-listed junior, De Grey Mining. The Fin

Covid and the Great Exodus

The coronavirus is driving the biggest population decline in Australian history, with 300,000 tourists, temporary workers and students already departing this year in an exodus that threatens to deepen a consumer spending slump and hit the housing market. The Aus

Power ‘bill shock’ on way despite price cut

Electricity prices are expected to fall by 20 per cent over the next two years courtesy of a global recession from the coronavirus pandemic, according to a new report. The Fin

Thousands win exemption from the foreign travel ban

Big companies are finding it easy to sidestep the Australian government’s ban on foreign travel, with thousands of exemptions awarded in the early weeks of the moratorium. The Fin

Retailers push to reopen doors

Retailers eager to reopen their stores have called on governments to clarify the lockdown laws and on landlords to rewrite lease agreements as Australia’s COVID-19 infection rate slows. The Fin

Content quotas go in $100 million media rescue package

The near $100 million government lifeline to help media companies navigate a collapse in advertising due to the COVID-19 pandemic has been largely welcomed as a first step, but the industry wants more urgent action to force Facebook and Google to fairly share revenue made from content produced by other companies. The Fin

Crayfish flights save 2400 jobs

Up to 2400 West Australians will be saved from losing their job after the Morrison Government inked a deal to send 500 tonnes of rock lobster from WA to China over the next eight weeks. The West

 

 

The Australian Financial Review

Page 1: Retailers eager to reopen their stores have called on governments to clarify the lockdown laws and on landlords to rewrite lease agreements as Australia’s COVID-19 infection rate slows.

Page 2: A recently retired judge of the workplace tribunal has called for reform to the enterprise agreement system, saying its rigid requirements are stifling bargaining and that it needs the kind of flexible approach adopted during the coronavirus crisis.

Page 3: New recoveries from COVID-19 have topped new cases of the disease for the past week, meaning the effective reproduction rate of the virus has fallen below the critical level of one.

Big companies are finding it easy to sidestep the Australian government’s ban on foreign travel, with thousands of exemptions awarded in the early weeks of the moratorium.

Scott Morrison says the reopening of schools is vital to Australia’s economic recovery but accepts there will not be full levels of attendance for the duration of the coronavirus crisis.

Page 6: The $7 billion rail line to Sydney’s new airport at Badgerys Creek, a $2 billion extension to the Pacific Highway, and Perth’s signature $4.1 billion Metronet rail project are among ‘‘shovel ready’’ projects that state and federal governments are being urged to fast-track to create jobs and kick-start the economy.

The near $100 million government lifeline to help media companies navigate a collapse in advertising due to the COVID-19 pandemic has been largely welcomed as a first step, but the industry wants more urgent action to force Facebook and Google to fairly share revenue made from content produced by other companies.

Page 8: Deloitte has asked staff to agree to a pay cut of 20 per cent for five months and will reduce partner pay by up to 25 per cent as the firm seeks to generate at least $100 million in savings to offset the downturn caused by the COVID-19 outbreak.

House prices could fall by 10 per cent or more while new housing starts could drop to a level not seen since the 1960s as social distancing measures put a blanket over the property market, according to UBS.

Page 9: A COVID-19 contact tracing app being rolled out in Australia is designed for global use, and may help accelerate the resumption of international travel if it is adopted broadly.

Page 10: Electricity prices are expected to fall by 20 per cent over the next two years courtesy of a global recession from the coronavirus pandemic, according to a new report.

Employers may be able to select which employees receive JobKeeper payments, experts say, despite the government claiming that ‘‘one in, all in’’ was a key feature of the wage subsidy.

Page 12: Donald Trump launched a blistering attack on the World Health Organisation (WHO), accusing it of promoting ‘‘China’s misinformation’’ about the COVID-19 virus outbreak, as part of a growing assault on Beijing by the President and his supporters.

Page 14: BHP says it has changed the way it works with its customers and suppliers in China after the coronavirus outbreak triggered travel restrictions and shutdowns that made doing business the traditional way impossible.

Page 15: The corporate regulator’s relaxation of financial advice rules amid the coronavirus crisis has created a dangerous ‘‘moral hazard’’ for accountants and tax agents to provide unlawful advice to consumers facing hardship, industry executives have warned.

Virgin Australia delayed the announcement of a scheme aimed at underwriting critical domestic air services between the capital cities to ensure taxpayers covered all losses incurred for operating the flights.

Page 16: Hot on the heels of gold junior raisings such as Dacian Gold, Bellevue Gold, Oklo Resources and even the bigger Resolute Mining, attention has turned to another ASX-listed junior, De Grey Mining.

Page 17: Chris King’s business leasing cars to rideshare drivers put him in the express lane to the Financial Review Young Rich List, now he’s running just as fast to save it.

Page 20: Andrew Forrest-backed nickel producer Panoramic Resources has suspended operations in the Kimberley region of Western Australia, where strict movement controls were imposed to protect vulnerable Aboriginal communities from COVID-19 outbreaks.

 

 

The Australian

Page 1: The coronavirus is driving the biggest population decline in Australian history, with 300,000 tourists, temporary workers and students already departing this year in an exodus that threatens to deepen a consumer spending slump and hit the housing market.

Schools could reopen within four to six weeks to start unlocking the economy and getting people back to work, with states and territories preparing to resume classes by the middle of term two as the spread of COVID-19 is contained.

Page 3: The Morrison government is working to help more than 11,000 Australians trapped in 13 priority countries where coronavirus restrictions have made travel difficult or impossible, with the vast majority believed to be seeking assisted flights home.

Page 4: The federal government has increased pressure on Virgin Australia’s shareholders to step up for the embattled airline, after ruling out a company-specific $1.4bn assistance package.

Page 13: Global asset management giant Legg Mason has snapped up an investment portfolio from Industry Fund Services, an outsourcing provider to some of the nation’s largest industry superannuation funds.

Page 14: Private equity firm Kohlberg Kravis Roberts is believed to have set up a special team to examine distressed acquisition opportunities in the Asia-Pacific, as some high-quality companies get brought to their knees over COVID-19 disruptions.

Page 15: Energy giants have frozen exploration work in two of Australia’s most prolific gas basins as the industry cuts costs amid tumbling oil prices and falling demand from the coronavirus pandemic.

Page 17: Westpac’s BT Super is in late-stage negotiations to shift its group life insurance from in-house to Asia’s AIA, without going to a tender process, sources say.

 

 

The West Australian

Page 1: Western Australia could be the first State to send kids back to the classroom in a large-scale way in Term 2, with Mark McGowan unlikely to keep school on hold once the holidays are over.

Page 4: Up to 2400 West Australians will be saved from losing their job after the Morrison Government inked a deal to send 500 tonnes of rock lobster from WA to China over the next eight weeks.

Page 7: There is no evidence of virus-induced panic selling in the Perth property market, which has defied the economy to increase in value slightly in the past six weeks.

Business: Fear is mounting among Australia’s corporate elite that big business will ultimately be forced to foot the massive bill for the $214 billion stimulus spend by the Federal Government in response to the COVID-19 crisis.

Australia’s first locally grown medicinal cannabis producer has reached one of its biggest milestones so far, announcing its maiden export of local medicinal cannabis oil for patients.

The southern hemisphere’s biggest air dome has been built in WA’s Goldfields region to help contain hazardous waste.

A former Department of Mines bureaucrat who the CCC claims engaged in serious misconduct when she used her position to award contracts to her lover’s company has been charged with a string of corruption-related offences.

Virgin Australia is sticking to its call for the Federal Government to play a part in a billion-dollar rescue package, despite Canberra turning a blind eye to its pleas.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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