15/05/2020 - 06:51

Morning Headlines

15/05/2020 - 06:51

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Beijing options limited to Australian iron ore

Analysts have shot down Beijing’s threat that China will replace its massive Australian iron ore imports with Brazilian ore, as China opens up another front in the fledgling Australia-China trade war. The Fin

Shareholders say goodbye to Caltex and hello to Ampol

More than 99 per cent of shareholders at Caltex Australia’s annual general meeting yesterday approved renaming the company Ampol, the name of one of its predecessor companies that operated for decades in Australia. The West

Job help at breaking point

Prime Minister Scott Morrison has signalled the $130 billion JobKeeper program could face cost blowouts, while the $14 billion JobSeeker may need to be reined in despite the biggest-ever monthly collapse in employment.

Jobless rate hides even grimmer reality

The official 6.2 per cent unemployment rate conceals the full pain being felt by workers and the damage COVID-19 restrictions have done to the economy. The Fin

Unions favour Brookfield in race for Virgin

The influential Transport Workers Union is likely to throw its support behind Canada’s Brookfield Asset Management among those bidding for Virgin Australia. The Fin

We’re powering energy giant

Energy company Alinta was given more than $100 million in taxpayer-funded loans for a project in the East Pilbara despite it being the subject of a Federal Government remediation process over concerns it was storing Australians’ personal data overseas. The West

Small business to bear the brunt of pandemic recession

The “COVID-19 recession” in WA will be a case of mining versus tourism, accommodation and retail, with small businesses tipped to bear the brunt of the economic fallout. The West

Pandemic pain to hit wage rises

Hundreds of thousands of lowpaid workers could have wage rises delayed for up to six months after the Fair Work Commission revealed it was looking at deferring minimum wage increases for stressed companies operating under the JobKeeper scheme. The Aus

Fewer shops as retail ‘reinvents’ itself

Retailers across Australia are increasingly planning to cut the numbers of bricks and mortar stores as they prepare for the post COVID-19 landscape, with grooming products company Shaver Shop the latest to question the size of its physical store footprint. The Fin

News says $600m from tech giants not enough

News Corp Australasia executive chairman Michael Miller says Google and Facebook should be forced to pay Australian media organisations much more than the $600 million suggested by Nine chairman Peter Costello. The Fin

 

 

The Australian Financial Review

Page 1: Prime Minister Scott Morrison has signalled the $130 billion JobKeeper program could face cost blowouts, while the $14 billion JobSeeker may need to be reined in despite the biggest-ever monthly collapse in employment.

Page 2: The Morrison government will limit changes made to enterprise agreements in response to the coronavirus pandemic to be effective for no more than 12 months.

Page 4: The official 6.2 per cent unemployment rate conceals the full pain being felt by workers and the damage COVID-19 restrictions have done to the economy.

Page 5: The surge in unemployment from the coronavirus could see workers lose almost a year’s income in the long term if there is not a speedy recovery, a labour economist has warned.

Page 7: China Mobile has been ‘‘running the slide rule’’ over the Pacific Islands assets of Digicel since the start of this year, but any deal involving the region’s biggest carrier could be affected by a sharp drop in traffic since the outbreak of the COVID-19 pandemic.

Analysts have shot down Beijing’s threat that China will replace its massive Australian iron ore imports with Brazilian ore, as China opens up another front in the fledgling Australia-China trade war.

Page 8: The number of coronavirus deaths is not much higher than a drop in road fatalities caused by fewer people travelling by road.

Page 10: Virgin Australia chief executive Paul Scurrah is in the mix to lead a ‘‘fitter, leaner’’ Virgin Mark II, insisting his turnaround plan was on the right path, staff strongly support him and they can challenge the dominance of Qantas.

Page 12: Industry Super Australia (ISA) has acknowledged it used different assumptions in modelling that warned accessing savings should be a ‘‘last resort’’ for laid-off workers compared with those in its generic online calculators.

Page 14: The federal Privacy Commissioner has pledged to protect COVIDSafe app users’ privacy after safeguards legislation beefing up oversight of the app passed Parliament.

Page 16: The New Zealand government believes it can keep the unemployment rate in single digits through the COVID-19 crisis, unveiling a budget that will see debt and spending soar as it fights to keep jobs.

Page 17: The influential Transport Workers Union is likely to throw its support behind Canada’s Brookfield Asset Management among those bidding for Virgin Australia.

Page 19: Caltex Australia interim chief executive Matt Halliday expects the upswing of consumer support for all-Australian brands in the COVID-19 pandemic to stand the fuels supplier in good stead under its new name Ampol, even as it struggles with a slump in demand that has worsened this quarter.

Retailers across Australia are increasingly planning to cut the numbers of bricks and mortar stores as they prepare for the post COVID-19 landscape, with grooming products company Shaver Shop the latest to question the size of its physical store footprint.

Page 20: News Corp Australasia executive chairman Michael Miller says Google and Facebook should be forced to pay Australian media organisations much more than the $600 million suggested by Nine chairman Peter Costello.

Page 21: Coles is expanding a direct-sourcing model for fresh milk, negotiating directly with dairy farmers to supply its home brand milk brand under one- or two-year contracts.

Page 22: GrainCorp has added its voice to calls for China to abandon its plan to impose crippling tariffs on barley imports amid a wider trade row between Beijing and Canberra.

Page 23: The global glut in natural gas and a growing frostiness in trade relations with China have so far failed to dent Australia’s LNG exports to China, with a big jump in cargoes delivered last month.

 

 

The Australian

Page 1: Hundreds of thousands of low-paid workers could have wage rises delayed for up to six months after the Fair Work Commission revealed it was looking at deferring minimum wage increases for stressed companies operating under the JobKeeper scheme.

Page 3: The AFL has become embroiled in a dispute with the sport’s key broadcasters, who are jockeying for a cut to the costs of the existing television deal due to the fewer number of matches to be played this season.

Page 5: Chinese hackers are targeting US universities, pharmaceutical and other healthcare firms in a bid to steal intellectual property related to coronavirus treatments and vaccines and the intrusions may be jeopardising progress on medical research, US officials said in an alert on Thursday.

Page 9: The US has sent three naval ships on patrols near oil and gas operations off Malaysia’s coast this week, a show of support for the Southeast Asian nation whose offshore explorations in the South China Sea have faced pressure from China.

Page 13: Four serious indicative bids for Virgin Australia are expected to be lodged with its administrator on Friday, with a consortium involving the $170bn Australian Super and the Ben Gray-backed private equity firm BGH firming as one of the leading bidders.

Page 16: The recently demerged United Malt Group, the world’s fourth-biggest maltster, will shave costs by up to $15m this year to better absorb the shock of the coronavirus pandemic that has shut down pubs around the globe and sunk demand for beer.

 

 

The West Australian

Page 1: More than 70,000 West Australians have lost their job since the coronavirus pandemic took hold and the number of hours worked in WA has plunged to its lowest level in a decade.

Page 6: Energy company Alinta was given more than $100 million in taxpayer-funded loans for a project in the East Pilbara despite it being the subject of a Federal Government remediation process over concerns it was storing Australians’ personal data overseas.

Page 9: Premier Mark McGowan has not ruled out fining parents who refuse to send their children to school once it becomes compulsory again from next week.

Page 20: About one in three young women do not eat, or eat differently, to try and save calories for binge drinking.

Page 24: Almost 10 per cent of all hospital admissions in WA are related to being overweight or obese, costing the health system more than $340 million a year.

Business: The “COVID-19 recession” in WA will be a case of mining versus tourism, accommodation and retail, with small businesses tipped to bear the brunt of the economic fallout.

The corporate regulator has pulled share trading restrictions imposed at the height of the COVID-19 mayhem on financial markets, despite “a real risk” of traders being swamped again.

WA’s first major hemp processing plant could be built at Collie, after the WA Hemp GrowersCooperative received funding from the State Government to develop a business case for the facility.

More than 99 per cent of shareholders at Caltex Australia’s annual general meeting yesterday approved renaming the company Ampol, the name of one of its predecessor companies that operated for decades in Australia.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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