26/05/2020 - 06:56

Morning Headlines

26/05/2020 - 06:56

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Morning Headlines

JobSeeker surge in blue-ribbon suburbs

Adult children living with their well-heeled parents are signing up to the dole in droves, with the number of JobSeeker recipients in many of Perth’s most affluent neighbourhoods more than doubling last month. The West

Iron ore an export saviour

The Australian economy has taken a multi-billion-dollar hit due to a drop in trade between March and April but annual exports remain historically high thanks to demand for WA’s natural resources in Asia. The West

Resource explorers fight to find funding

Australia’s mineral and petroleum exploration sector faces a cash crunch as 43 per cent of explorers hold less than $1 million after the coronavirus froze the flow of funds into the high risk sector. The Fin

Surge in office supply imports

Australia’s working from home boom saw the importation of laptops and office equipment from China jump by up to 40 per cent during the COVID-19 shutdown in April. The Fin

Casual ruling ‘to hit healthcare, leisure’

Healthcare and leisure employers could face a total $343 million a year increase in their annual leave bill as a result of a landmark ruling granting regular casuals paid leave, according to a Credit Suisse analysis. The Fin

CSL aims to cover Australia

Vaccine manufacturer CSL has plans in place to manufacture a COVID-19 vaccine onshore as it confirms it will push any distributor to reserve a sufficient quantity of jabs for Australians. The Aus

$50k grants for new homes key to saving jobs, says industry

A $50,000 ‘‘new home buyer’’ incentive could prevent the residential construction sector from falling off a cliff within months, saving potentially hundreds of thousands of jobs, according to property industry groups. The Fin

Barley costs relief not on CBH agenda

CBH boss Jimmy Wilson says WA’s 3000 barley growers will not be given fee discounts to help absorb price falls after the industry lost China as a key customer when the economic powerhouse hit the sector with an 80 per cent tariff. The West

Fitch sticks to AAA credit cut warning

Global credit rating agency Fitch continues to threaten to downgrade Australia’s AAA sovereign credit rating even after the federal government reduced the cost of its JobKeeper program by $60 billion. The Fin

PM touts a new era of state unity

Scott Morrison will work with national cabinet to overhaul jobs training across a range of industries, as federal and state governments move to build the nation’s post-COVID-19 workforce, targeting employment growth as the key to Australia’s economic recovery. The Aus

 

 

The Australian Financial Review

Page 1: Company directors and executives providing profit guidance to sharemarket investors will be relieved from continuous disclosure rules for the next six months and further insulated from class action law suits, as the government seeks to protect business from the economic uncertainty fuelled by the coronavirus.

Page 3: Healthcare and leisure employers could face a total $343 million a year increase in their annual leave bill as a result of a landmark ruling granting regular casuals paid leave, according to a Credit Suisse analysis.

Young Australians flush with JobKeeper cash are leading a boom in discretionary online spending, retailers say.

Page 4: House economics committee chairman Tim Wilson has asked regulators to investigate ‘‘vertical integration’’ in the industry superannuation sector, after conflicts of interest between fund Hostplus and related party IFM Investors were raised.

A $50,000 ‘‘new home buyer’’ incentive could prevent the residential construction sector from falling off a cliff within months, saving potentially hundreds of thousands of jobs, according to property industry groups.

Page 6: Global credit rating agency Fitch continues to threaten to downgrade Australia’s AAA sovereign credit rating even after the federal government reduced the cost of its JobKeeper program by $60 billion.

Page 8: Retailers and top-tier law firms have abandoned their pushes to cut employees’ hours and direct them to take annual leave in response to the coronavirus crisis following union resistance.

Page 9: Australia’s working from home boom saw the importation of laptops and office equipment from China jump by up to 40 per cent during the COVID-19 shutdown in April.

Page 10: President Donald Trump on Sunday (Monday AEST) further limited travel from the world’s coronavirus hotspots by denying entry to foreigners coming from Brazil, which is second to the US in the number of confirmed cases.

Page 12: Australia’s mineral and petroleum exploration sector faces a cash crunch as 43 per cent of explorers hold less than $1 million after the coronavirus froze the flow of funds into the high risk sector.

Page 14: Lion has snared the Australian rights to the hugely successful White Claw brand, which pioneered the hard seltzer segment in the US and built it into a $2.5 billion category based on perceptions it is a ‘‘healthy alcohol’’ with lower calories and lower sugar.

Page 17: The Australian Council of Trade Unions has detailed the principles it will use to assess the bids for Virgin Australia, drawing a line in the sand over what it is prepared to sacrifice during the sale.

The impact investing consortium seeking to buy parts of Australian Associated Press will, if successful, look to reduce the number of stories and photos sent out on the newswire and raise as much as $12 million to fund a purchase and transition the service into a viable business.

Page 19: Communications Minister Paul Fletcher has left the door open for Telstra’s infrastructure arm to acquire the national broadband network in future, and says he is not concerned by emerging competition from state governments and privately owned rivals as the network had proven its value to most citizens during the COVID-19 lockdown.

 

 

The Australian

Page 1: Scott Morrison will work with national cabinet to overhaul jobs training across a range of industries, as federal and state governments move to build the nation’s post-COVID-19 workforce, targeting employment growth as the key to Australia’s economic recovery.

Page 2: Vaccine manufacturer CSL has plans in place to manufacture a COVID-19 vaccine onshore as it confirms it will push any distributor to reserve a sufficient quantity of jabs for Australians.

Fresh calls have been made to overhaul palliative care after research revealed more than $450m could be saved if funding for at-home end-of-life services was boosted and a national strategy implemented.

Page 3: More than 70 per cent of the nation’s children have returned to school full-time, with NSW and Queensland reporting strong attendance rates as face-to-face classes resumed on Monday.

Page 5: New Zealand’s tourism industry has called on Australian premiers to open their internal borders and allow Kiwi tourists in, warning it did not want to sign up to piecemeal “trans-Tasman bubble” deals with individual states.

Page 14: The commitment of ACS to its Australian construction and engineering services subsidiary CIMIC is continuing to be called into question, with reports out of Spain that the parent company may exit the local market.

Page 16: Fortescue Metals Group has lost the first round of its bid to block publication of some of its price data, with the UK High Court of Justice throwing out an interim publication injunction imposed on benchmark pricing providers Platts and Argus.

Page 17: Telstra says it is ahead of its schedule to roll out 5G and has established the first test sites of 5G millimetre wave technology.

 

 

The West Australian

Page 5: Adult children living with their well-heeled parents are signing up to the dole in droves, with the number of JobSeeker recipients in many of Perth’s most affluent neighbourhoods more than doubling last month.

Page 8: Kevin Rudd says the possibility of “future armed conflict” in East Asia and the West Pacific is “increasing” because of the growing chasm between US and Chinese policies on Taiwan.

Page 10: About 10,000 West Australian households were still without power overnight after the much-publicised storm bearing dangerous winds of up to 130km/h tore roofs off homes and ripped properties apart, destroyed bridges and footpaths and washed away long stretches of dunes along the State’s coast.

Page 16: New Zealand’s Prime Minister Jacinda Ardern was rattled live on television during a 5.8 magnitude earthquake in Wellington.

The first astronauts launched by SpaceX are breaking new ground for style with hip spacesuits, gull-wing Teslas and a sleek rocket ship — all of it white with black trim.

Business: The Australian economy has taken a multi-billion-dollar hit due to a drop in trade between March and April but annual exports remain historically high thanks to demand for WA’s natural resources in Asia.

While the government’s JobKeeper program has been hailed a lifeline for many, some WA businesses say the scheme may not be enough to keep them afloat.

Loss-making chocolate maker Yowie Group has announced plans to return half of its $US11 million ($17m) cash pile to shareholders, just a month after dissident investors launched a second bid to win board control of the company.

CBH boss Jimmy Wilson says WA’s 3000 barley growers will not be given fee discounts to help absorb price falls after the industry lost China as a key customer when the economic powerhouse hit the sector with an 80 per cent tariff.

A leading research group has called on super funds to help Australians understand investment risk after finding blissful ignorance in the lead-up to the COVID-19 meltdown three months ago.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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