Shutdown costing $4b a week
Treasurer Josh Frydenberg will kickstart the push to reopen the economy today warning it will lose $4 billion for every week the coronavirus restrictions stay in place, and that it is already on track to shrink by 10 per cent, or $50 billion, in the three months to the end of June. The Fin
Virgin valued at $5 billion in sellers’ pitch
Virgin Australia management reckons their re-born airline could more than triple earnings by the 2022 financial year, as part of a pitch to buyers that could value the group at about $5 billion including debt. The Fin
New bill seeks to allay fears of COVIDSafe
New draft COVIDSafe legislation has been unveiled that significantly strengthens privacy safeguards for the contact tracing app, meaning laws against misuse of citizens’ data will cover all federal, state and territory agencies, police, courts and anticorruption bodies. The Fin
China’s WTO backing a ‘potential game-changer’
Analysts have hailed China’s backing for a new global trade arbitrator as a game-changer and believe the new umpire offers a credible work-around to the paralysis of the World Trade Organisation’s appeals body. The Fin
Afterpay in Tencent’s global push
Afterpay shares closed 24 per cent higher on the back of Tencent’s equity investment, as analysts suggested it could be swept up into China’s ambition to take on the giants of the US payments industry, Visa and Mastercard. The Fin
Finally a profit for Citic iron ore mine
China’s costliest foray into the Australian mining industry has finally turned a profit, almost six years after exporting its first shipment of iron ore, as the surging iron ore price put Citic’s $16bn Pilbara magnetite project into the black. The Aus
Vic Park considers rate cut
The Town of Victoria Park is contemplating a 10 per cent reduction in rate collections as part of COVID-19 relief but its debt could treble to $6.3 million as a result. The West
Job ads plunge as COVID-19 hits home
Job advertisements had their biggest ever fall in April as strict social distancing rules and business closures to combat the coronavirus all but crushed demand for labour. The West
Julimar nickel find near Toodyay sparks nearology rush
Anson Resources is the latest junior to join a nearology rush around Chalice Gold Mines’ Julimar nickel discovery near Toodyay, just 70km north-east of Perth. The West
The Australian Financial Review
Page 1: Treasurer Josh Frydenberg will kickstart the push to reopen the economy today warning it will lose $4 billion for every week the coronavirus restrictions stay in place, and that it is already on track to shrink by 10 per cent, or $50 billion, in the three months to the end of June.
Virgin Australia management reckons their re-born airline could more than triple earnings by the 2022 financial year, as part of a pitch to buyers that could value the group at about $5 billion including debt.
Page 2: Employers have warned the pandemic has exposed the workplace system as outdated, backing a call by long-time Productivity Commission chairman Gary Banks that industrial relations reform will be critical to aid recovery.
Page 3: The Australian branch of Swiss investment bank UBS has been forced to explain to its Zurich headquarters how it handled sexual harassment allegations made by a junior female staff member against a male executive.
Page 4: Unions have split over a deal to temporarily waive overtime penalties for thousands of part-time employees in the fast-food industry in order to ensure they have work during the pandemic.
Page 5: Australia’s COVID-19 death toll edged closer to 100 yesterday after a 15th person died at the virus-ridden Newmarch House nursing home, while the number of active cases nationally dropped to 870.
Page 6: One of Western Australia’s biggest home builders has welcomed a return to a more normal life in the state where parents have sent children back to school in large numbers and office workers are filtering back into the city centre.
Page 8: Analysts have hailed China’s backing for a new global trade arbitrator as a game-changer and believe the new umpire offers a credible work-around to the paralysis of the World Trade Organisation’s appeals body.
Page 9: The $750 billion union-and-employer backed industry superannuation sector privately lobbied the Coalition government to force the Australian Taxation Office (ATO) to pay early release applications in a model that would have delayed relief payments by ‘‘several months’’.
Page 11: President Donald Trump on Sunday (Monday AEST) sought to reassure Americans that it was safe for states to reopen amid the coronavirus pandemic, offering support to protesters who have railed against the lockdowns across the country.
Brazilian President Jair Bolsonaro attacked Congress and the courts in a speech to hundreds of supporters on Sunday (Monday AEST) as the number of coronavirus cases blew past 100,000 in Brazil, underlining his increasing isolation as the former army captain downplays the impacts of the pandemic.
Page 13: Interim cash earnings across the four major banks plunged by nearly half, credit impairment charges tripled and return on equity nosedived to its lowest level in more than 20 years, as Westpac yesterday brought a dramatic and confronting bank reporting season to a conclusion.
Afterpay shares closed 24 per cent higher on the back of Tencent’s equity investment, as analysts suggested it could be swept up into China’s ambition to take on the giants of the US payments industry, Visa and Mastercard.
Page 16: Australian-born, Mexican-inspired food chain Guzman y Gomez has hit the pause button on its US expansion plans while ramping up growth plans at home.
Page 17: French energy major Total is preparing to launch into Australia’s electricity retailing sector with a focus on large industrial and government customers, in a significant expansion of its existing sole role as a power supplier to its part-owned GLNG venture in Queensland.
Page 19: New draft COVIDSafe legislation has been unveiled that significantly strengthens privacy safeguards for the contact tracing app, meaning laws against misuse of citizens’ data will cover all federal, state and territory agencies, police, courts and anticorruption bodies.
Page 21: Newly promoted ANZ Bank data and automation chief Emma Gray says her elevation to the bank’s top table will ensure big tech-style analysis of customer and internal data can shape a post COVID-19 resurgence, in a market bustling with open banking-fuelled fintech rivals.
The Australian
Page 1: Australia and New Zealand will mark a historic moment in their longstanding alliance when Scott Morrison welcomes Jacinda Ardern into the inner-sanctum of national cabinet, in a show of trans-Tasman solidarity not seen for 120 years.
Page 5: More Australian children are returning to school sooner after Queensland and NSW brought forward plans for more face-to-face learning and Tasmanian kids head back to the classroom in growing numbers, despite that state government’s advice to learn from home where possible.
One of Western Australia’s top doctors has cautioned the public about following a list of coronavirus health tips from iron ore billionaire Gina Rinehart.
Australians could be asked to give their name and phone number to front-of-house staff at restaurants and cafes if they do not have the COVIDSafe tracking app, as the industry unveils a blueprint for reopening in early June with about half as many diners.
Page 7: US Secretary of State Mike Pompeo says there is now “enormous evidence” that the coronavirus came from a research laboratory in Wuhan, China.
The federal government sought advice from the nation’s spy agencies on the use of Chinese coronavirus testing equipment obtained by billionaire Andrew Forrest amid fears over the privacy of Australians’ genetic information.
Page 13: Westpac chief executive Peter King has called for quick decision making and a round of reforms to kickstart economic activity during the COVID-19 crisis, including retaining the National Cabinet to guide and expedite the recovery.
Page 15: IAG has warned there is limited scope for it to pay a final dividend this year as its high-risk investments took a $280m hit from the coronavirus-induced market correction.
Page 16: China’s costliest foray into the Australian mining industry has finally turned a profit, almost six years after exporting its first shipment of iron ore, as the surging iron ore price put Citic’s $16bn Pilbara magnetite project into the black.
The West Australian
Page 3: A last-minute contract change means the City of Perth would have to pay out half of the local government’s new chief executive’s salary if the council wanted to sack her.
Page 8: The Town of Victoria Park is contemplating a 10 per cent reduction in rate collections as part of COVID-19 relief but its debt could treble to $6.3 million as a result.
Perth has taken a $2 billion hit to its economy in the past financial year because of COVID-19 but is one of the best positioned capital cities to rebound, according to analysts.
Page 9: Tourism Minister Simon Birmingham says Australians should holiday at home rather than seeking to spend their money across the ditch if the concept of a trans-Tasman travel bubble eventuates.
Page 11: Parents are erasing pinks and blues from their children’s rooms and retailers are selling toys and clothes in neutral colours in a push against gender stereotyping.
Business: Job advertisements had their biggest ever fall in April as strict social distancing rules and business closures to combat the coronavirus all but crushed demand for labour.
Anson Resources is the latest junior to join a nearology rush around Chalice Gold Mines’ Julimar nickel discovery near Toodyay, just 70km north-east of Perth.
Flight Centre says it is continuing to win new corporate accounts and generating sales despite the heavy travel restrictions in place.
