28/04/2020 - 06:49

Morning Headlines

28/04/2020 - 06:49

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Morning Headlines

BHP project could pump millions into economy

BHP wants to vastly increase its shipping capacity at Port Hedland in a move that could boost Australia’s annual export income by nearly $5 billion and provide more than $350 million in extra royalties for the WA Government. The West

WA warned it must boost virus testing

The Australian Medical Association has warned Western Australia to dramatically step up its testing regime as it becomes a guinea pig state for easing COVID-19 restrictions.

JobKeeper wage warning

WA businesses have been warned they could be missing out on JobKeeper payments because they mistakenly believe they are ineligible for the $1500 fortnightly Federal subsidy. The West

Mining makes case for tax help

Helen Coonan — chair of Crown Resorts and the Minerals Council of Australia — is calling for a COVID-19 recovery and reconstruction blueprint to address high company tax rates and accelerate mining project approvals to “supercharge” the economy. The Aus

Payne warns China on ‘economic coercion’

Foreign Minister Marise Payne has accused China of ‘‘economic coercion’’ after warnings of a consumer backlash against key Australian goods and services over the Morrison government’s advocacy of an international inquiry into the coronavirus pandemic. The Fin

NAB pain builds bad debt buffer

National Australia Bank has provided the first insight into the damage the COVID-19 pandemic will do to the major banks, taking the axe to its dividend and announcing a $3.5 billion capital raising to ensure it can play its role as a shock absorber for the economy as the crisis unfolds. The Fin

Ex-productivity boss leads recovery job

Former Productivity Commission chairman Peter Harris has been appointed CEO of the National COVID-19 Co-ordination Commission, signalling a pro-reform agenda focused on rapid job and investment recovery. The Fin

Qube raises $500m to mop up minnows

Qube Holdings is planning to use an equity raising to make bolt-on acquisitions of smaller logistics companies that are struggling through COVID-19 so it can emerge stronger on the other side. The Fin

US wants bigger Oz slice in post-corona world

Australia’s ambassador to the US, Arthur Sinodinos, says Washington wants to use the post-COVID economic rebuild to expand trade and investment ties with Australia. The West

Return to the office for some

Plans are under way at WA’s biggest employers for their workers to return to the office but most are still waiting for government directions that it is safe to do so. The West

 

 

The Australian Financial Review

Page 1: National Australia Bank has provided the first insight into the damage the COVID-19 pandemic will do to the major banks, taking the axe to its dividend and announcing a $3.5 billion capital raising to ensure it can play its role as a shock absorber for the economy as the crisis unfolds.

Foreign Minister Marise Payne has accused China of ‘‘economic coercion’’ after warnings of a consumer backlash against key Australian goods and services over the Morrison government’s advocacy of an international inquiry into the coronavirus pandemic.

Page 2: New Zealand will follow Australia’s lead and launch a bespoke COVID-19 contact tracing app as the country said it had ‘‘won the battle’’ against coronavirus.

Page 3: The Australian Medical Association has warned Western Australia to dramatically step up its testing regime as it becomes a guinea pig state for easing COVID-19 restrictions.

Page 4: London-based billionaire hedge fund manager and philanthropist Michael Hintze has urged political leaders, including those in Australia, to urgently reopen their economies, which he says would help build a buffer if there were a second wave of infections.

Page 6: Former Productivity Commission chairman Peter Harris has been appointed CEO of the National COVID-19 Co-ordination Commission, signalling a pro-reform agenda focused on rapid job and investment recovery.

Page 8: Younger workers who have been laid off or have had their hours reduced appear to be draining their superannuation savings, according to average drawdown data for the first week of the government’s early access scheme.

Page 9: The competition watchdog has accused the big banks of ‘‘oligopoly behaviour’’ in setting interest rates, advising that some home borrowers could save up to $5000 a year by putting pressure on their bank for a discount or switching to a cheaper lender.

Page 11: British Prime Minister Boris Johnson said on Monday the government would outline plans for an easing of the coronavirus lockdown in the coming days but warned that there would be difficult judgments required.

Page 13: The competition watchdog is monitoring the position of the members of Velocity Frequent Flyer, who are unsecured creditors in Virgin Australia’s tumble into administration triggered by the COVID-19 crisis.

Page 17: The perverse commodity price rally that accompanied the early stages of the coronavirus outbreak is a distant memory for Australian coal and alumina producers, which face a tough winter following steep price falls over the past month.

Page 18: Qube Holdings is planning to use an equity raising to make bolt-on acquisitions of smaller logistics companies that are struggling through COVID-19 so it can emerge stronger on the other side.

Page 19: Google’s Australian managing director Melanie Silva says she is shocked by federal government claims her company has been dragging its feet in negotiations for a voluntary media code of conduct but it will fully co-operate with the competition watchdog’s work in formulating a mandatory code.

 

 

The Australian

Page 1: Nearly half the nation’s children face significant learning setbacks as a result of COVID-19 school closures, with literacy and numeracy results set to slide by up to 16.7 per cent if students are kept at home for six months, new research shows.

Flight Centre chief executive Graham Turner says many tourism companies will be “decimated” if domestic travel restrictions are not lifted within a month.

Page 2: Helen Coonan — chair of Crown Resorts and the Minerals Council of Australia — is calling for a COVID-19 recovery and reconstruction blueprint to address high company tax rates and accelerate mining project approvals to “supercharge” the economy.

Australia must move towards a system of so-called “sentinel surveillance’’ — aggressive testing of vulnerable community groups, such as prisoners or aged-care residents — if authorities are to ease lockdown restrictions imposed to control the spread of COVID-19.

Page 4: Tabcorp is claiming financial hardship and pushing for big rent cuts at its betting shops, fuelling the claims of agitated landlords that some of Australia’s big corporates are using their muscle to take advantage of commercial lease rules introduced to help small to medium businesses during the pandemic.

Page 6: Australia has joined Britain, Singapore and New Zealand in a push against protectionism, calling for major reforms to the World Trade Organisation and warning against barriers that would “further erode business confidence”.

Page 13: Australia’s $3 trillion super fund sector has plenty of liquidity to get through the current COVID-19 crisis and is in a position to handle requests for early release of superannuation, according to the chief investment officer of the $175bn Australian Super, Mark Delaney.

Page 14: Woodside chairman Richard Goyder is making efforts to shore up investor support before the group’s annual general meeting on Thursday, leaving some to question whether activist investors are on the company’s register.

Page 16: Japan Post chief executive Hiroya Masuda has confirmed the embattled postal group is taking external advice on a potential restructure of its Australian subsidiary Toll Holdings, but has denied Toll is for sale.

 

 

The West Australian

Page 1: Australia’s ambassador to the US, Arthur Sinodinos, says Washington wants to use the post-COVID economic rebuild to expand trade and investment ties with Australia.

Page 5: WA football great Glen Jakovich claims an AFL hub in WA to help reboot the season is “non-negotiable” and says he will not watch games if they are all held in Victoria.

Page 6: BHP wants to vastly increase its shipping capacity at Port Hedland in a move that could boost Australia’s annual export income by nearly $5 billion and provide more than $350 million in extra royalties for the WA Government.

All primary school aged children will be able to access free flu jabs after a $400,000 cash injection to the McGowan Government’s immunisation program.

Page 10: West Australians could be the first in the world to receive a COVID-19 vaccine, with a groundbreaking study expected to begin in Perth within weeks.

Page 11: Students are likely to flood into WA public schools in large numbers when they reopen tomorrow for the start of Term 2.

Camping restrictions have been lifted but Premier Mark McGowan has told West Australians they still should not be going on holidays.

Business: WA businesses have been warned they could be missing out on JobKeeper payments because they mistakenly believe they are ineligible for the $1500 fortnightly Federal subsidy.

The pandemic will cause the global economy to shrink 4 per cent this year, according to a Bloomberg Economics estimate that assumes a recovery starts in the second half of the year.

Plans are under way at WA’s biggest employers for their workers to return to the office but most are still waiting for government directions that it is safe to do so.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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