06/05/2020 - 07:03

Morning Headlines

06/05/2020 - 07:03

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Morning Headlines

30pc of WA businesses tap into wage help

WA businesses have proven among the most resilient in the nation, with one of the lowest registrations for the Federal Government’s JobKeeper wage subsidy. The West

Qantas plans baptism of fire for Virgin 2.0

Qantas chief Alan Joyce plans a baptism of fire for Virgin Australia’s new owners when states re-open their borders and domestic flying resumes via Melbourne-Sydney flights priced as low as $19 to kick-start demand. The Fin

Let’s get 1 million back to work

The vast majority of businesses could be up and running in less than two months after the national cabinet approved a comprehensive set of health protocols to enable commerce to resume in a ‘‘COVID-safe environment’’. The Fin

Full steel ahead for Fortescue as China draws down ore stockpiles

Fortescue Metals chief executive Elizabeth Gaines says China’s commitment to urbanisation and development will underpin iron ore demand and Australia’s recovery from the COVID-19 pandemic. The Fin

Future could lack skilled staff

WA could be facing a skills shortage as a result of COVID-19, with advertisements for apprentices down 80 per cent on some websites. The State had been struggling with a decline in apprentices over the past five years, but industry figures fear if the decline is exacerbated, there will be an increased reliance on overseas workers. The West

Stronger recovery on cards: RBA

Reserve Bank of Australia governor Philip Lowe has flagged a stronger than expected economic recovery if Australia’s successful containment of the coronavirus allows more businesses to reopen earlier. The Fin

Infection rate in America to surge: report

As US President Donald Trump presses for states to reopen their economies, his administration is privately projecting a steady rise in the number of cases and deaths from coronavirus over the next several weeks, reaching about 3000 daily deaths on June 1, according to an internal document obtained by The New York Times, nearly double the current level of about 1750. The Fin

Merged Sportsbet targets rivals’ punters

A merged Sportsbet and BetEasy will ram home its digital wagering advantage and take customers from wounded rivals who have lost punters from their closed outlets and pubs, the newly appointed boss of the combined business says. The Aus

Board fight a threat to CBH

A move by the board of Australia’s biggest co-operative to oust a longstanding director has prompted some of WA’s most respected grain growers to publicly share how they intend to vote. The West

Nickel play seeks $3.6m

Nickel explorer St George Mining is believed to be raising $3.6 million in a placement for drilling at its Mt Alexander project near Leinster. The West

 

 

The Australian Financial Review

Page 1: The vast majority of businesses could be up and running in less than two months after the national cabinet approved a comprehensive set of health protocols to enable commerce to resume in a ‘‘COVID-safe environment’’.

Macquarie Group chief executive Shemara Wikramanayake said the billions of dollars of capital successfully raised by Australian companies is proof investors are believers in the outlook, as she joined other top CEOs in welcoming the early transition out of the shutdown.

Reserve Bank of Australia governor Philip Lowe has flagged a stronger than expected economic recovery if Australia’s successful containment of the coronavirus allows more businesses to reopen earlier.

Page 3: The Morrison government and employers slammed the Australian Council of Trade Unions for pressing forward with a claim to lift the minimum wage by 4 per cent during the coronavirus crisis as ‘‘outrageous’’, saying it will jeopardise the recovery.

New Zealand tourism operator Darryl Wilson says the creation of an Australia-New Zealand ‘‘travel bubble’’, as part of the recovery from the coronavirus, makes perfect sense.

A dramatic expansion of ventilator and medical protective equipment production in Australia has built new industries that are set to outlast COVID-19, with enough stock now in place to begin exports.

Page 5: More major COVID-19 outbreaks like one linked to a Melbourne abattoir should be expected in coming months across Australia, Commonwealth Chief Medical Officer Brendan Murphy has warned.

Page 7: New car sales tumbled by almost half in April as consumer confidence collapsed in worsening economic fallout from the tough restrictions to fight the coronavirus pandemic.

Page 11: Draft privacy legislation for the COVIDSafe app offers significant improvements, but needs further strengthening according to legal practitioners.

Page 12: Pandemic-battered Europe is joining Asia as a continent of maskwearers as its locked-down countries take the first steps toward freeing shuttered economies.

Page 13: As US President Donald Trump presses for states to reopen their economies, his administration is privately projecting a steady rise in the number of cases and deaths from coronavirus over the next several weeks, reaching about 3000 daily deaths on June 1, according to an internal document obtained by The New York Times, nearly double the current level of about 1750.

Page 15: Qantas chief Alan Joyce plans a baptism of fire for Virgin Australia’s new owners when states re-open their borders and domestic flying resumes via Melbourne-Sydney flights priced as low as $19 to kick-start demand.

Australian retailers are gradually reopening physical stores using strict hygiene rules, customer limits and social distancing inside outlets after a bruising few weeks that decimated overall sales but accelerated e-commerce expansion.

Page 17: Telstra is investing millions of dollars in a large scale cyber security program to protect customers from an explosion in online malware, ransomware and phishing attacks – many of which are related to COVID-19.

Logistics giant Toll Group said it suffered a second major cyber attack this year, revealing it had closed internal and customer-facing systems after being infected by a new form of ransomware.

Page 19: Bondholders in ME Bank’s residential mortgage-backed securitisations face a greater risk of lower returns and squeezed payments after the lender controversially stopped borrowers from accessing redraw facilities on some loans.

Page 20: Electricity and gas supplier AGL Energy is poised to ride a wave of enthusiasm for home batteries after the COVID-19 slump.

Zip Co co-founder and chief executive Larry Diamond says Tencent’s investment into Afterpay validates the evolution of the buy now, pay later (BNPL) sector.

Page 21: Oil Search chief executive Keiran Wulff has revealed that the Papua New Guinea oil and gas producer may take the drastic step of temporarily shutting down oil production from July as it baulks at selling cargoes at rock-bottom prices.

Fortescue Metals chief executive Elizabeth Gaines says China’s commitment to urbanisation and development will underpin iron ore demand and Australia’s recovery from the COVID-19 pandemic.

 

 

The Australian

Page 1: Health Department blunders in two states have led to major coronavirus outbreaks, including the nation’s two most deadly clusters which are responsible for more than a third of the Australian deaths from the pandemic.

Page 2: University losses due to COVID-19 travel bans have claimed the jobs of the two top officials of the University of Adelaide, who left following a heated row over a financial rescue plan.

Page 4: Josh Frydenberg says the government is looking to “smooth the transition” from crisis to recovery for businesses and workers in the hardest-hit sectors, as he firmly planted corporate tax cuts as a key element of the government’s planned reform agenda.

Page 7: New Australian-made combat drones will be able to operate in teams of 16 or more with a single manned fighter jet, offering cutting-edge capabilities to the RAAF and friendly nations.

Page 13: BMW has dodged the worst monthly crash in new car sales in 30 years, shedding almost 6 per cent against a near halving of the broader auto market as the economy hits the skids from coronavirus-fuelled shutdowns.

Page 15: A merged Sportsbet and BetEasy will ram home its digital wagering advantage and take customers from wounded rivals who have lost punters from their closed outlets and pubs, the newly appointed boss of the combined business says.

Office heavyweight Dexus has flagged pressure on city towers and even industrial parks in the coronavirus crisis, but it is still striking fresh deals and has not tapped the market for new equity.

The Nine-owned Domain Holdings Group was hit by a sharp falloff in new sale listings in April as the property market was slugged by the coronavirus, amid warnings from analysts a market recovery could be slow.

Page 16: James Hardie Industries warned it will suspend dividend payments and cut nearly 400 jobs and close several plants around the world as it battles a sharp drop in demand for construction materials.

Page 21: Treasurer Josh Frydenberg has, for the third time, intervened to block universities from using the JobKeeper program to retain staff.

 

 

The West Australian

Page 1: West Coast and Fremantle may be forced to relocate interstate if the AFL pushes ahead with its latest bid to restart the season.

Page 9: WA businesses have proven among the most resilient in the nation, with one of the lowest registrations for the Federal Government’s JobKeeper wage subsidy.

Page 10: Playgrounds, skate parks and outdoor gym equipment should be reopened as a priority, a poll of West Australians has found ahead of the release of a roadmap to rollback WA’s coronavirus restrictions.

Page 11: WA has recorded its sixth consecutive day of no new coronavirus cases with only 14 active cases remaining in the State.

The choice to work from home and keeping distance from others look set to be among the lasting legacies of COVID-19.

Business: WA could be facing a skills shortage as a result of COVID-19, with advertisements for apprentices down 80 per cent on some websites.

The Federal Government has officially given the go-ahead for companies to hold their annual general meetings online to allay COVID-19 health concerns.

Grim new payroll data suggests 160,000 West Australians are now jobless, with the unemployment rate barrelling past 11 per cent.

A former senior Federal Treasury official has warned that Australia will need to prepare for global financial COVID-19 shocks on the economy, even as domestic measures are lifted.

A move by the board of Australia’s biggest co-operative to oust a longstanding director has prompted some of WA’s most respected grain growers to publicly share how they intend to vote.

A Perth day spa has raised concerns about COVID-19 restrictions stopping it from selling special gift vouchers as it reveals it has stood down 82 staff and recorded an almost 100 per cent drop in revenue.

Federal and State governments must lead by example with significant but targeted public sector investments in infrastructure to ensure the best possible economic recovery from the coronavirus crisis, according to Deloitte Access Economics.

Nickel explorer St George Mining is believed to be raising $3.6 million in a placement for drilling at its Mt Alexander project near Leinster.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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