22/04/2020 - 06:58

Morning Headlines

22/04/2020 - 06:58

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Morning Headlines

Parent support grows for kids to get back to class next week

Support for the McGowan Government’s decision to reopen schools next week is growing, as worried parents were encouraged to trust the advice of public health experts. The West

RBA’s tax, work crisis agenda

The Reserve Bank is insisting major reforms to tax and industrial relations need to be delivered soon by governments in a ‘‘Team Australia’’ style cooperation effort to help the economy recover from the once-in-a-century COVID-19 economic shock. The Fin

Resources sector takes $8b off table

Close to $8 billion of future investment has been taken off the table by the Australian resources sector, after BHP said it would spend less next year despite signs the Chinese economy was recovering from its bout with the coronavirus. The Fin

'The nation needs two airlines'

The billionaire who nearly rescued Ansett from financial collapse almost two decades ago, trucking magnate Lindsay Fox, says the federal government needs to play a role in the resurrection of Virgin Australia to ensure the nation has two viable domestic carriers. The Aus

Leaders lobby for review of origins

Scott Morrison and Foreign Minister Marise Payne have kicked off their diplomatic push for an international investigation into the Chinese origins of coronavirus, with the Prime Minister raising an independent review with Europe’s two top leaders and Microsoft founder Bill Gates. The Aus

ABC in the frame for tech giant payments

Australia’s competition boss has said he wants to find a way for the Australian Broadcasting Corporation to be involved in new media revenue-sharing requirements being imposed on tech giants Google and Facebook, despite its model not being funded by advertising. The Fin

Richest SMSFs leveraged to the gills

The largest 100 self-managed super funds in Australia have plumbed a collective $1 billion into leveraged residential and commercial property investments which has supercharged returns, expanding their wealth by $800 million in a single year. The Fin

Bug’s deadlier risk for those with diabetes

People infected with COVID-19 who have diabetes, cardiac disease or chronic respiratory disease are more likely to land up in hospital and are at greater risk of death, according to the latest data. The Fin

UberEats secures landmark FWC win

Uber delivery drivers are not employees entitled to minimum pay and conditions because of their freedom to choose when they work, according to a precedent ruling. The Fin

Virus doubts halt Incitec’s spin-off plan for fertiliser

Industrial chemicals company Incitec Pivot is dropping plans to spin off its fertiliser business amid the coronavirus market rout. The Fin

 

 

The Australian Financial Review

Page 1: The Reserve Bank is insisting major reforms to tax and industrial relations need to be delivered soon by governments in a ‘‘Team Australia’’ style cooperation effort to help the economy recover from the once-in-a-century COVID-19 economic shock.

Page 2: The ban on elective surgery will start to be lifted next week as Prime Minister Scott Morrison declared Australia had reached a turning point in the fight against the coronavirus.

Page 3: People infected with COVID-19 who have diabetes, cardiac disease or chronic respiratory disease are more likely to land up in hospital and are at greater risk of death, according to the latest data.

Page 5: Administrators have assured Virgin Australia’s 10,000 employees there are no plans for job cuts as it seeks to restructure the struggling airline.

Virgin’s frequent flyer program has temporarily frozen members from redeeming points, even as administrators for the airline say the points have not been lost.

Page 6: The largest 100 self-managed super funds in Australia have plumbed a collective $1 billion into leveraged residential and commercial property investments which has supercharged returns, expanding their wealth by $800 million in a single year.

Page 7: The federal government has loosened restrictions requiring Australia Post to deliver letters every day, as the mail service retrains 2000 motorcycle posties – almost a quarter of its total number – to deliver parcels in vans to help save jobs.

Page 8: Uber delivery drivers are not employees entitled to minimum pay and conditions because of their freedom to choose when they work, according to a precedent ruling.

Australia’s competition boss has said he wants to find a way for the Australian Broadcasting Corporation to be involved in new media revenue-sharing requirements being imposed on tech giants Google and Facebook, despite its model not being funded by advertising.

Page 15: Close to $8 billion of future investment has been taken off the table by the Australian resources sector, after BHP said it would spend less next year despite signs the Chinese economy was recovering from its bout with the coronavirus.

Private equity firm BGH Capital, airline investor Indigo Partners, distressed debt investor Oaktree Capital and entrepreneur Richard Branson head a field of more than 10 parties grappling for control of stricken airline Virgin Australia.

Page 17: Childcare giant G8 Education hit up landlords for a 50 per cent rent reduction, far higher than flagged to the market and greater than the hit its executive team is taking.

Page 18: Leading consumer advocate CHOICE wants banks to waive long-term credit card debt and cap card interest rates at 10 per cent.

Page 19: The discounts being applied to the flurry of coronavirus capital raisings are even bigger than those seen during the global financial crisis, as boards panic under the influence of investment bankers and leave some retail investors in the lurch.

Page 20: Industrial chemicals company Incitec Pivot is dropping plans to spin off its fertiliser business amid the coronavirus market rout.

Page 21: Proxy advisers are split over whether Rio Tinto should set targets for its customers’ carbon emissions, with one saying it is ‘‘nearly impossible’’ for Rio to control such emissions, while another says Rio must step up to fill the vacuum left by governments.

 

 

The Australian

Page 1: In a move that will shake Australian rugby, 11 former Wallabies captains have co-signed a letter calling for an urgent change of leadership at the top of the struggling code.

Page 3: A Melbourne technology company that has raised $30m from wealthy families and individuals has joined with the local arm of German manufacturing giant Robert Bosch to build and safety-test $64m worth of ventilator equipment for the federal and Victorian governments.

Almost every patient who is hospitalised with COVID-19 in Australia will be asked to participate in a clinical trial that aims to assess whether two potential drug treatments for coronavirus are effective.

Page 4: Tens of millions of dollars worth of sponsorship deals, including a major contract potentially worth up to $10m annually with the AFL, are at risk after Virgin Australia entered voluntary administration on Tuesday.

Page 5: Scott Morrison and Foreign Minister Marise Payne have kicked off their diplomatic push for an international investigation into the Chinese origins of coronavirus, with the Prime Minister raising an independent review with Europe’s two top leaders and Microsoft founder Bill Gates.

Page 6: The COVID-19 crisis has led to the loss of 780,000 jobs over the three weeks to April, with the young and cafe and restaurant workers bearing the brunt of the hit.

Page 13: The billionaire who nearly rescued Ansett from financial collapse almost two decades ago, trucking magnate Lindsay Fox, says the federal government needs to play a role in the resurrection of Virgin Australia to ensure the nation has two viable domestic carriers.

Page 15: Australia’s $4bn online sports betting market will be dominated by two big players, with one of the country’s largest digital wagering brands, BetEasy, set to close and be subsumed into rival and merger partner Sportsbet.

Page 21: A new association representing senior academics has called for a Senate inquiry into universities and questioned whether highly paid vice-chancellors have the financial acumen required to run their business-oriented institutions in a time of crisis.

 

 

The West Australian

Page 1: Support for the McGowan Government’s decision to reopen schools next week is growing, as worried parents were encouraged to trust the advice of public health experts.

Page 7: Traffic on three of Perth’s busiest roads increased 3 per cent in the past week in a sign fewer people are working from home.

Page 8: Treasurer Josh Frydenberg was last night working the phones in a bid to find a buyer for Virgin Australia and prevent the biggest corporate collapse so far of the COVID-19 crisis.

Pubs, restaurants and other businesses in WA that have closed because of COVID-19 will not be on the State Government’s discussion table for re-opening at the end of the month.

Page 14: Transport Minister Rita Saffioti has rebuffed criticism of the decision to trust the Spanish builder behind the Sydney light rail project with the $253 million upgrade of Bayswater Station.

Page 16: WA’s regional fuel retailers are in the firing line for gouging motorists, after research has revealed they have failed to pass on significant falls in fuel’s wholesale price like many metropolitan bowsers.

Business: BHP has highlighted the resilience of its powerhouse iron ore division by posting record production in the nine months to March.

Chinese billionaires, oil-rich oligarchs and foreign governments are among the shareholders who refused to bail out Virgin Australia, with the company forced to lobby for a $1.4 billion loan from the Australian taxpayer.

The flattening of the coronavirus curve and a reinvigorated sharemarket appear to be shining through the doom and gloom, with consumer confidence gaining for a third-straight week.

Aspiring lithium miner AVZ Minerals has placed a $US545 million ($865 million) price tag on its Manono project in the Democratic Republic of Congo.

Oil Search has posted a near 10 per cent fall in first-quarter revenue but sharply beat estimates and said it aimed to lower production costs to weather an oil price crash.

WA will not escape the US oil price collapse unscathed, with the State Government likely to take a hit on royalties from the North West Shelf.

Australian Vanadium will get special State Government help with permitting for its namesake project in the Mid West.

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