12/06/2020 - 06:41

Morning Headlines

12/06/2020 - 06:41

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Morning Headlines

Buy Australian, streaming services told

Streaming video providers such as Netflix, Stan and Disney+ would be required to invest in local content under proposals to have similar content and classification rules apply to broadcast and internet television. The Fin

Mint auditor unaware of killer

The auditor charged with ensuring the Perth Mint avoids ‘‘conflict gold’’ has never conducted an independent check on its suppliers and was unaware the refiner was buying from a convicted killer in Papua New Guinea. The Fin

Working it out for miners

The Federal Government is finalising plans to turbocharge the mining sector in order to create jobs and cut green tape to get more projects approved. The West

Woodside warms to underwritten pipeline

Woodside Petroleum boss Peter Coleman says the Morrison government would need to underwrite the offtake from a west-east gas pipeline if it were to go ahead. The Fin

Contract discounts cost AFL $150m

Foxtel and Seven West Media will save about $200m on their AFL coverage for the next three years after clinching revised broadcast deals just before the opening bounce of the restart of this year’s season on Thursday. The Aus

Tax Office set for virus-led returns surge

The ATO is preparing for ‘‘a tax time like no other’’ as millions of Australians claim expenses for working from home during the pandemic. The Fin

JB Hi-Fi set for biggest profit growth in years

JB Hi-Fi chief executive Richard Murray believes elevated demand for consumer technology, which emerged during the pandemic and fuelled the retailer’s strongest organic sales and profit growth in 10 years, will continue to Christmas. The Fin

Reality check slashes $57bn off markets

Investors wiped $57bn off the local sharemarket and the Australian dollar dived on Thursday as a sobering economic outlook from the US Federal Reserve sparked a reality check on cyclical assets after central bank liquidity caused massive gains in the past three months despite the coronavirus pandemic. The Aus

One-third of country jobs hit by restrictions

Coronavirus restrictions have resulted in the loss or “hibernation” of one-third of regional jobs, with estimates country tourism operators are losing $77 million a week. The West

G8 write-off $230m

G8 Education says it expects to recognise a non-cash impairment in the range of $230 million to $250m, reflecting the impact that COVID-19 has had on its childcare business. The West

 

 

The Australian Financial Review

Page 1: The Morrison government has demanded states reopen their borders next month, and that they also crack down on fresh protest rallies planned for the weekend, saying both are jeopardising the economic recovery.

Streaming video providers such as Netflix, Stan and Disney+ would be required to invest in local content under proposals to have similar content and classification rules apply to broadcast and internet television.

Page 3: The auditor charged with ensuring the Perth Mint avoids ‘‘conflict gold’’ has never conducted an independent check on its suppliers and was unaware the refiner was buying from a convicted killer in Papua New Guinea.

Page 5: Technology start-ups and healthcare companies controlling customer data could be captured by the federal government’s planned tightening of foreign investment laws.

Page 6: Large companies, such as manufacturers and smelters, will be paid to cut their energy usage, as part of an overhaul of the National Electricity Market.

Page 8: The ATO is preparing for ‘‘a tax time like no other’’ as millions of Australians claim expenses for working from home during the pandemic.

Page 12: Regional television stations risk continually breaching multi-channel Australian content obligations due to not broadcasting new channels created by metropolitan affiliates.

Page 13: The number of businesses cutting staff has rapidly reduced and some have even started rehiring, according to the latest data from the National Skills Commission.

Page 16: Brazilian iron ore giant Vale has stuck to its revised production forecasts for 2020, despite abysmal first-quarter numbers and a local court order to shut down one of its leading mines until it reinforces its coronavirus safety protocols.

Argentina is jockeying to get more of its malt barley into Chinese beer, now that Asia’s mega-economy is locked in a trade fight with its top barley supplier Australia, according to industry sources in the South American grains powerhouse.

Page 17: JB Hi-Fi chief executive Richard Murray believes elevated demand for consumer technology, which emerged during the pandemic and fuelled the retailer’s strongest organic sales and profit growth in 10 years, will continue to Christmas.

BHP has backed down on work at Australia’s biggest mining project in the face of an outcry over its plans to destroy scores of heritage sites against the wishes of traditional owners who previously welcomed the opportunities promised by the development.

Page 19: Woodside Petroleum boss Peter Coleman says the Morrison government would need to underwrite the offtake from a west-east gas pipeline if it were to go ahead.

Page 24: The boss of Australia’s No. 2 ridesharing company, Ola, says there has been a strong take-up of a premium service offering higher levels of sanitation in vehicles in Sydney in the past few weeks, as people steer clear of public transport but want to get on with their lives.

 

 

The Australian

Page 1: Thousands of activists are preparing to take to the streets once again, defying health advice as an “industrial-scale” investigation is launched to prevent a second mass outbreak sparked by a Melbourne Black Lives Matter protester who tested positive for COVID-19.

A demand for truck drivers, childcare workers, mechanics, retail workers, receptionists and sales representatives is driving the nation’s economic recovery as states and territories roll back social restrictions to get more Australians back to work.

Page 2: The family spearheading the long battle to win compensation for Labor’s live-cattle export ban has pleaded with the Morrison government not to appeal against the court ruling giving it victory.

Page 3: Foxtel and Seven West Media will save about $200m on their AFL coverage for the next three years after clinching revised broadcast deals just before the opening bounce of the restart of this year’s season on Thursday.

Page 5: ACT Chief Minister Andrew Barr has appealed to Scott Morrison and New Zealand Prime Minister Jacinda Ardern to launch a trans-Tasman travel bubble from Canberra and Wellington, as more than 3000 people register their interest in making the trip.

More than 200,000 Australian citizens returned from overseas in the past three months as the coronavirus pandemic took hold, with the most people, nearly 30,000, leaving the US.

Page 13: Investors wiped $57bn off the local sharemarket and the Australian dollar dived on Thursday as a sobering economic outlook from the US Federal Reserve sparked a reality check on cyclical assets after central bank liquidity caused massive gains in the past three months despite the coronavirus pandemic.

Page 15: The embattled cruise industry is trying to make a comeback, with the American-owned line Royal Caribbean commencing sales of cruise itineraries to the Australian market while its ultra-luxury brand Silversea will start marketing cruises from next week.

A Senate committee has raised concerns the Morrison government granted Australia Post regulatory relief from its community service obligations with little consultation or scrutiny.

 

 

The West Australian

Page 3: WA Year 12 students have been banned from taking any type of watch into exam rooms under a new rule to discourage cheating.

Page 4: WA’s top cop has slapped down calls for Black Lives Matter protesters to be arrested, telling Prime Minister Scott Morrison: “I don’t take directions.”

Page 7: The Federal Government is finalising plans to turbocharge the mining sector in order to create jobs and cut green tape to get more projects approved.

Page 11: Prime Minister Scott Morrison has apologised for his Government’s controversial and unlawful Robodebt scheme.

Business: Coronavirus restrictions have resulted in the loss or “hibernation” of one-third of regional jobs, with estimates country tourism operators are losing $77 million a week.

A Perth-based IT security expert has revealed cyber attacks cost the WA economy $150 million each year, and the figure is growing.

G8 Education says it expects to recognise a non-cash impairment in the range of $230 million to $250m, reflecting the impact that COVID-19 has had on its childcare business.

An increasing number of JobKeeper applicants could unwittingly find themselves in trouble with the tax office because of the scheme’s complicated legislation, tax experts warn.

The Indonesia-Australia trade agreement — which comes into force next month — could not have come at a better time for WA after China shut the door on Australian barley and beef.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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