04/05/2020 - 06:59

Morning Headlines

04/05/2020 - 06:59

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Morning Headlines

Popular McGowan plans reform push

West Australian Premier Mark McGowan will use his unprecedented public support to overhaul planning and building restrictions as he attempts to catapult the state’s economic recovery. The Aus

65-day wait: CIMIC unit, Greensill put payment squeeze on small suppliers

Supply chain financier Greensill Capital and Australia’s biggest construction company are again under fire for continuing to push small business payday lending arrangements in Western Australia, despite Lex Greensill’s threat to ditch clients who use his services to squeeze smaller companies. The Aus

Covid kickstart: states fire up

The low-infection states of South Australia and Western Australia are set to jumpstart their economies this week, stealing a march on the eastern states that continue to plot a more sluggish approach to the reopening of businesses and schools. The Aus

Virgin bidders set to team up after talks

The 20 bidders for Virgin Australia, including Richard Branson, Andrew Forrest and AustralianSuper-backed BGH, have been in frantic talks over the weekend to determine which bidders can team up, as the race to save the stricken airline heats up. The Fin

FMG gives BHP nod at Port Hedland

Fortescue Metals chief executive Elizabeth Gaines says Australia’s top iron ore port is big enough for both BHP and Fortescue’s growth ambitions, but she told investors they should not assume higher export capacity will automatically lead to a flood of new supply. The Fin

China backs new umpire for WTO

Australia has bypassed the United States by teaming up with the European Union and China to back a new global trade dispute umpire, even as Beijing lashes Canberra’s call for an inquiry into the global coronavirus pandemic. The Fin

Universities, sport ready as case rate stays low

Chief Medical Officer Brendan Murphy says Australia is on track for a staged easing of virus restrictions from Monday of next week as cases of community infection remained low over the weekend. The Fin

Bad debts hang over Westpac dividend plans

Westpac Banking Corp may be better off delaying its interim dividend or making no distribution when it delivers first-half results this morning, say investors growing increasingly uneasy about the outlook for bad debts. The Fin

Japanese bond buyers help lift burden on RBA

Japanese life insurance companies have been snapping up Australian government bonds, easing pressure on the Reserve Bank of Australia as it tries to keep borrowing costs low while the coronavirus crisis plays out. The Fin

‘Fearmongering’ claim as cyber experts say app safe

The nation’s top cyber experts have lauded the security of the coronavirus app after an independent review found it cannot be hacked, as the federal government seeks to encourage millions more Australians to download COVIDSafe ahead of a national cabinet meeting on Friday when significant easing of social controls will be on the table. The Aus

 

 

The Australian Financial Review

Page 1: Australia has bypassed the United States by teaming up with the European Union and China to back a new global trade dispute umpire, even as Beijing lashes Canberra’s call for an inquiry into the global coronavirus pandemic.

The coronavirus crisis has made people more accepting of huge government spending and unprecedented interventions in the economy, leaving business vulnerable to new regulations and tax rises to repay the record debt, conservative political strategist Sir Lynton Crosby has warned.

Page 3: Chief Medical Officer Brendan Murphy says Australia is on track for a staged easing of virus restrictions from Monday of next week as cases of community infection remained low over the weekend.

Page 4: Australia’s chief statistician has called on the big four banks to hand over valuable customer transaction data to help the Australian Bureau of Statistics and the Morrison government plan a powerful economic recovery from the coronavirus.

Page 5: Former Productivity Commission chairman Gary Banks has called for the removal of costly industrial relations regulations which he warns will impede jobs in a COVID-19 recovery.

Page 6: Japanese life insurance companies have been snapping up Australian government bonds, easing pressure on the Reserve Bank of Australia as it tries to keep borrowing costs low while the coronavirus crisis plays out.

Page 8: Industry super funds are warning top listed companies to extend CEO, executive and board pay cuts beyond June 30 to avoid the ire of investors, despite EY analysis showing CEOs have cut their pay by more than 40 per cent.

Page 10: Flight Centre avoided a costly legal clash with the competition regulator after bowing to pressure over its cancellation fees.

Page 11: Donald Trump, America’s most prominent cabin-fever sufferer, is busting out after almost two months holed up inside the White House.

Page 14: The federal Education Minister wants universities open for business and getting on with the job of teaching.

Page 15: Westpac Banking Corp may be better off delaying its interim dividend or making no distribution when it delivers first-half results this morning, say investors growing increasingly uneasy about the outlook for bad debts.

Afterpay’s co-founders say the Chinese technology giant Tencent, which appeared as a substantial shareholder in the buy now, pay later pacesetter on Friday, will help it expand in Asia, as the two companies consider integrating aspects of their payment platforms.

Page 17: The 20 bidders for Virgin Australia, including Richard Branson, Andrew Forrest and AustralianSuper-backed BGH, have been in frantic talks over the weekend to determine which bidders can team up, as the race to save the stricken airline heats up.

Page 20: Analysts warn of extended turmoil in the battery minerals sector as electric vehicles sales fall off a COVID-19 cliff.

Fortescue Metals chief executive Elizabeth Gaines says Australia’s top iron ore port is big enough for both BHP and Fortescue’s growth ambitions, but she told investors they should not assume higher export capacity will automatically lead to a flood of new supply.

Page 24: Short-selling interest against News Corp’s Australian listing has surged this year, with bets that customers leaving Foxtel’s premium service due to the lack of sport amid COVID-19 will return, but only to its cheaper streaming service Kayo.

 

 

The Australian

Page 1: The low-infection states of South Australia and Western Australia are set to jumpstart their economies this week, stealing a march on the eastern states that continue to plot a more sluggish approach to the reopening of businesses and schools.

The estimated cost of Australia’s future submarine program has hit nearly $90bn — a rise of nearly $10bn in just five months.

Page 2: The nation’s top cyber experts have lauded the security of the coronavirus app after an independent review found it cannot be hacked, as the federal government seeks to encourage millions more Australians to download COVIDSafe ahead of a national cabinet meeting on Friday when significant easing of social controls will be on the table.

Page 2: West Australian Premier Mark McGowan will use his unprecedented public support to overhaul planning and building restrictions as he attempts to catapult the state’s economic recovery.

Page 5: One of the world’s top scientists has branded lockdowns a “huge mistake” and called Australia a “standout loser” for “massively” damaging its economy and society without obtaining immunity to COVID-19.

Page 13: Supply chain financier Greensill Capital and Australia’s biggest construction company are again under fire for continuing to push small business payday lending arrangements in Western Australia, despite Lex Greensill’s threat to ditch clients who use his services to squeeze smaller companies.

Woolworths is encouraging grocery suppliers to improve their brands’ attractiveness when displayed on its websites as the coronavirus pandemic and home isolation drive a record boom in online shopping.

Page 14: More than a million of the nation’s workers have applied for early access to their superannuation savings, in a grim milestone that underscores the depth of the economic damage inflicted by the coronavirus shutdown.

Page 15: Billions of dollars-worth of property could be sold off by major mall owners Scentre, which runs the local Westfield empire, and rival Vicinity Centres, as they battle a permanent fall off in values, Citi has warned.

Page 19: Sports are set to miss out on at least $200m from broadcasters even if respective competitions resume later this year, as networks push to wind back highly priced broadcast fees, arguing the content will be inferior without crowds in grandstands.

 

 

The West Australian

Page 6: WA’s property experts have warned house prices will slump — one analyst tipping falls of 10 per cent — as COVID-19 lockdown measures fuel a rapid decline in international migrants.

Page 16: Donald Trump has welcomed the reappearance of North Korean leader Kim Jong Un after weeks of speculation about the dictator’s demise as tensions racheted up with fighting breaking out on the Korean border.

Journalism in Egypt has effectively become a crime over the past four years, as authorities muzzle dissent, Amnesty International has said in a report.

Business: Australia’s financial crimes watchdog has been labelled “hopeless” after its legal action against Westpac’s alleged breaches of anti-money laundering laws resulted in just one person being charged.

Perth’s once bustling nightclubs have been among the worst-hit businesses in WA, with COVID-19 set to have potentially long-term impacts on the sector.

Energy giant Chevron may have to contribute an extra $4.3 million to Pilbara local council coffers this year despite a State Government request to freeze rates.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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