08/05/2020 - 06:52

Morning Headlines

08/05/2020 - 06:52

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Chevron to slash 800 jobs

Chevron is cutting up to 800 jobs, or nearly one-third of its largely WA-based workforce in Australia, as it drills down deeper to combat the savage coronavirus-triggered economic downturn and the collapse in oil prices. The West

Trade surplus hits $10.6b thanks to iron ore, coal

A record $10.6 billion monthly trade surplus in March suggests exports to China could cushion the Australian economy’s cliff-like fall because of the coronavirus. The Fin

Our global LNG leadership ‘is under threat’

Australia’s economic “golden years” and global leadership in natural gas production, plus $50bn in new investment and 6500 jobs, are under threat from low oil prices, capital shortages, new competitors and rising regulation as the world tries to recover from the COVID-19-induced recession. The Aus

Cheers! Asahi’s CUB buy approved

The Foreign Investment Review Board has approved Japan’s Asahi Beverages’ $16bn acquisition of Australia’s biggest brewer, Carlton & United Breweries, owner of some of the most popular brands in the country. The Aus

Here’s the recipe for eating out again

Restaurants, cafes, bars and pubs must be permitted to reopen at half normal capacity — at a minimum — with the 4sqm rule viewed as unviable in anything but the very short-term. The West

Debt load spurs return to work

State and federal leaders will move today to restart the economy as quickly and safely as possible, as new data on the economic cost of the pandemic shows the banks are wearing up to $160 billion in loan repayment deferrals while half the entire workforce is on welfare or wage subsidies. The Fin

Trade deal to boost exports

Australian exporters will be the biggest beneficiaries of a landmark free-trade deal with Indonesia, that will come into effect on July 5, after it was ratified by Indonesia yesterday. The West

KPMG predicts workplace change

When the COVID-19 pandemic is over, professionals will be going back to radically different workplaces with the traditional 9 to 5 workday upended and office sizes shrinking as more of us work from home. The Fin

BHP to trace staff with its own COVID app

BHP has developed its own app for tracing the movements of staff with coronavirus and says it expects to keep virus precautions in place at its mines for some time despite various rules being relaxed in some Australian states. The Fin

Reopening won’t stop year loss for Mosaic

The fashion group behind brands including Millers, Rockmans, Noni B, Rivers, Katies and Autograph says the coronavirus shutdown will plunge it into a full-year loss. The West

 

 

The Australian Financial Review

Page 1: State and federal leaders will move today to restart the economy as quickly and safely as possible, as new data on the economic cost of the pandemic shows the banks are wearing up to $160 billion in loan repayment deferrals while half the entire workforce is on welfare or wage subsidies.

Page 3: When the COVID-19 pandemic is over, professionals will be going back to radically different workplaces with the traditional 9 to 5 workday upended and office sizes shrinking as more of us work from home.

Page 5: Only half the hospitality sector has enrolled for the government’s JobKeeper payments despite the industry being among the worst hit by the coronavirus restrictions.

Page 6: A record $10.6 billion monthly trade surplus in March suggests exports to China could cushion the Australian economy’s cliff-like fall because of the coronavirus.

Page 8: Public service managers expect an easy return to work practices, with most workplaces enjoying enough space for at least three times what is required under the Safe Work Australia standard for safe physical distancing.

Page 9: Taxi and rideshare passengers should handle their own luggage, take the back seat and not open doors themselves to minimise the spread of the coronavirus, the safety regulator has advised.

Page 11: More people are back at work and doing grocery shopping than they were last week, while driving, walking and public transport trips are up significantly from their low points as momentum builds around easing the COVID-19 restrictions.

Page 12: AustralianSuper has paid out more than $1 billion under the government’s early release scheme, with Hostplus and REST also nearing the $1 billion mark.

Page 14: The European Union’s economy will plunge 7.4 per cent this year and unemployment will skyrocket to 9 per cent in ‘‘the deepest economic recession in its history’’, its own forecasts show.

Page 17: Australian Securities and Investments Commission (ASIC) deputy chairman Karen Chester has warned savers that even modest increases in fixed income returns offered by investment firms come with "significantly higher risk".

The heads of two of the country’s remaining four refineries have signalled their plants could shut down without government support, as soft refining margins and a slump in fuel demand due to COVID-19 pushes plants into the red as costly upgrades loom.

The Reject Shop, whose 356 stores have stayed open the past few weeks while many other retailers shut temporarily, is planning at least another six months of stringent customer spacing, screens and in-store sanitising.

Page 19: Deloitte has claimed it is running an "efficient and thorough" administration process of Virgin Australia in response to a scathing broadside by Regional Express executive chairman Lim Kim Hai.

Page 20: Corporate Travel Management’s debt facility has been reduced by £25 million ($48 million) to £100 million, and the travel group has secured a waiver of covenants linked to the 2020 calendar year, averting a scenario that could have triggered its loans being called.

Page 24: BHP has developed its own app for tracing the movements of staff with coronavirus and says it expects to keep virus precautions in place at its mines for some time despite various rules being relaxed in some Australian states.

 

 

The Australian

Page 1: Darwin is preparing for what could be the party of the decade as the Northern Territory aims to import 175,000 litres of beer in time for the opening of pubs and clubs next Friday as it goes first in lifting coronavirus restrictions.

Page 2: Australia is throwing its support behind the participation of Taiwan as an observer at the upcoming World Health Assembly meeting that will discuss the urgent global response to the COVID-19 pandemic.

Page 4: Australia’s economic “golden years” and global leadership in natural gas production, plus $50bn in new investment and 6500 jobs, are under threat from low oil prices, capital shortages, new competitors and rising regulation as the world tries to recover from the COVID-19-induced recession.

Page 6: Indonesia and Singapore will review the sale and slaughter of live animals at wet markets, authorities in both countries say, amid an Australian-led global push to phase out wildlife meat markets that create a petri dish for the transmission of zoonotic viruses.

Page 13: Rio Tinto boss Jean Sebastien Jacques says sorting out Australia’s long-term energy policy should be a key plank in the federal government’s plans to bring the national economy back from the coronavirus crisis, saying cheap and reliable power is one of the keys to economic recovery.

Australia’s next generation of innovative biotech and medical device companies look likely to be left out of the government’s Job-Keeper program after the tax office knocked back an industry bid to win access to the wage subsidy scheme.

Two of Australia’s biggest energy operators plan to slash up to 700 jobs as the oil market crash and COVID-19 economic shutdown force the industry into emergency action to cut costs.

Page 15: Seek chief executive Andrew Bassat says job advertising volumes have turned the corner as governments lift coronavirus lockdown restrictions, but they are unlikely to match the V-shaped rebound the online jobs group has enjoyed in its China business.

The Foreign Investment Review Board has approved Japan’s Asahi Beverages’ $16bn acquisition of Australia’s biggest brewer, Carlton & United Breweries, owner of some of the most popular brands in the country.

Page 22: The hardline border approach adopted by the governments west of Victoria has added another layer complexity to the AFL’s hopes of achieving its preferred charter-flight model to resume the season.

 

 

The West Australian

Page 4: National Cabinet will today agree to an aspirational timeframe to have at least 80 per cent of all businesses across Australia fully operational by July.

Page 5: Country towns whose economies are being devastated by COVID-19 restrictions are ready to welcome back tourists when health officials give the go-ahead, amid calls for the regional travel ban to be among the first measures lifted.

Page 7: Restaurants, cafes, bars and pubs must be permitted to reopen at half normal capacity — at a minimum — with the 4sqm rule viewed as unviable in anything but the very short-term.

Page 20: The former Corruption and Crime Commissioner says his reputation has been tarnished by the same committee of MPs who blocked his reappointment.

Page 68: West Australian businesses, workers and families need to know how and when WA is going to emerge from the COVID-19 lockdown, lift restrictions and get people back to work, now that testing appears to show there is no community spread of the coronavirus.

Business: Chevron is cutting up to 800 jobs, or nearly one-third of its largely WA-based workforce in Australia, as it drills down deeper to combat the savage coronavirus-triggered economic downturn and the collapse in oil prices.

Australian exporters will be the biggest beneficiaries of a landmark free-trade deal with Indonesia, that will come into effect on July 5, after it was ratified by Indonesia yesterday.

The fashion group behind brands including Millers, Rockmans, Noni B, Rivers, Katies and Autograph says the coronavirus shutdown will plunge it into a full-year loss.

One of Australia’s greatest wineries and vineyards, the South Gippsland-based Bass Phillip, has been sold to overseas interests for an undisclosed amount.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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