18/06/2020 - 06:55

Morning Headlines

18/06/2020 - 06:55

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Morning Headlines

Mint board ‘ignored graft advice’

The Perth Mint board ignored legal advice in late 2017 and chose not to refer some representatives of the refiner to the state’s corruption watchdog, according to insiders at the government-owned entity. The Fin

Barley tariffs to backfire, costing China some $3.6b

China needs to begin respecting Australia’s sovereignty to repair bilateral ties, Trade Minister Simon Birmingham says, as he revealed Beijing’s punitive tariffs on barley exports will cost Chinese consumers 10 times more than the economic harm Australian farmers suffer. The Fin

Old jobs may have to go

The Morrison government believes moving people from JobKeeper to JobSeeker beyond the end of September will maximise their employment prospects by putting them into a system that is designed to find them work. The Fin

McGowan: Time East valued WA

Mark McGowan has declared WA is carrying the rest of the country and it is about time everyone east of the border started to appreciate what the State does for Australia. The West

Boost to welfare payment

The Federal Government will permanently increase the rate of Newstart in the July 23 economic statement, recognising that a $40 a day payment is not sustainable. The West

Cabin crew, engineers back Cyrus for Virgin

Cyrus Capital Partners, one of two remaining bidders in the race to acquire Virgin Australia, is primed to win the workforce’s backing after two critical unions threw their weight behind the Wall Street hedge fund. The Fin

High Court asked to ditch casual work double-dip decision

Labour hire firm Workpac has launched a High Court challenge to a landmark ruling on casual employment, warning it will expose businesses to up to $14 billion in backpay. The Fin

Euroz bid on Hartleys heats up

Shareholders in Perth institutional broking powerhouse Euroz face an unusual wait on the market’s sidelines as the group’s leadership hammers out a potential takeover of rival Hartleys. The West

Foxtel, AFL at loggerheads over broadcast rights extension

Foxtel has been unable to reach agreement with the AFL on an extension for its broadcast rights due to the substitution of games in NSW, South Australia and Western Australia on to free-to-air TV broadcaster Seven West Media. The Fin

Bauer out of the money in mag sale

Bauer Media may have sold its Australian business for less than the $40m it agreed to pay Seven West Media for the Pacific Magazines operation in recent weeks, sources say. The Aus

 

 

The Australian Financial Review

Page 1: The Morrison government believes moving people from JobKeeper to JobSeeker beyond the end of September will maximise their employment prospects by putting them into a system that is designed to find them work.

Cyrus Capital Partners, one of two remaining bidders in the race to acquire Virgin Australia, is primed to win the workforce’s backing after two critical unions threw their weight behind the Wall Street hedge fund.

Page 3: The Perth Mint board ignored legal advice in late 2017 and chose not to refer some representatives of the refiner to the state’s corruption watchdog, according to insiders at the government-owned entity.

Labour hire firm Workpac has launched a High Court challenge to a landmark ruling on casual employment, warning it will expose businesses to up to $14 billion in backpay.

Page 6: China needs to begin respecting Australia’s sovereignty to repair bilateral ties, Trade Minister Simon Birmingham says, as he revealed Beijing’s punitive tariffs on barley exports will cost Chinese consumers 10 times more than the economic harm Australian farmers suffer.

Page 8: Australia’s international borders are unlikely to reopen this year, Tourism Minister Simon Birmingham has warned, in a blow to hopes of a full and early recovery for the country’s pandemic-hit tourism industry.

Page 11: Foxtel has been unable to reach agreement with the AFL on an extension for its broadcast rights due to the substitution of games in NSW, South Australia and Western Australia on to free-to-air TV broadcaster Seven West Media.

Page 15: The financial advice industry and its largest corporate members, AMP and IOOF, have won a reprieve with a deadline extension for education requirements that threatened to slash their workforce and block millions of customers from receiving advice.

At least five former Commonwealth Bank directors are understood to be in the camp of board members questioning chairman Catherine Livingstone’s recollection that she challenged management about its handling of the AUSTRAC debacle.

Credit Suisse analysts say the Australian oil and gas sector faces massive writedowns if oil prices stay at longterm lows expected by BP’s top brass, who said they will slash up to $US17.5 billion ($25 billion) off the value of the British energy major’s assets.

Page 17: A shift in the balance of power between landlords and retailers–which is already being exploited by Naomi Milgrom’s Sussan Group and Solomon Lew’s Premier Group – has been driven by changes in consumer shopping habits during the coronavirus pandemic.

Page 18: The traditional owners of Juukan Gorge say a leaked tape of Rio Tinto executives talking to staff casts doubt on whether the company really is sorry for destroying two 46,000-year-old rock shelters as part of the expansion of an iron ore mine.

Page 21: The nation’s largest superannuation fund, the $180 billion AustralianSuper, is expected to finish the most turbulent year in financial markets in living memory with a ‘‘broadly flat’’ return to members.

Page 22: An online logistics company backed by AFR Rich Lister Ruslan Kogan is considering either raising external capital or an initial public offering after investing $40 million in robotic fulfilment centres.

 

 

The Australian

Page 1: Australian troops and warships are being deployed to join major military exercises and maritime surveillance operations in a show of force with Western allies in the Indo-Pacific, as the US expands its presence in the region amid increasing tensions with China.

Page 2: Border closures and the clampdown on interstate travel are costing nearly 5000 jobs a week and shrinking Australia’s economic output by $84m a day, according to new modelling, as Tourism Minister Simon Birmingham flags overseas holidays will be delayed until next year.

Page 3: More than 300 foreign students are set to be flown into Canberra next month and quarantined in hotels to help revive Australia’s hammered education industry.

Page 8: Beijing has closed schools, locked down more residential districts and begun stopping traffic leaving the capital as health experts believe a new coronavirus outbreak may have originated in Europe.

Page 13: The sharemarket’s recent rally has raised the prospect that super funds may escape a negative annual return, with AustralianSuper chief executive Ian Silk lifting his forecast for the current year on the back of the equities rebound.

Page 14: Bauer Media may have sold its Australian business for less than the $40m it agreed to pay Seven West Media for the Pacific Magazines operation in recent weeks, sources say.

Page 16: BHP chief executive Mike Henry has made the surprise decision to look outside the company’s own ranks for a new chief financial officer for the first time this century, tapping CSL finance boss David Lamont to replace Peter Beaven as CFO from December.

US corporation Oracle has branded Google’s adtech advertising service anti-competitive and monopolistic in a scathing submission to Australia’s competition regulator.

PwC will cut 400 employees in the financial advisory, consulting and support sectors of the business as the COVID-19 pandemic reduces demand for the big four firm’s services.

 

 

The West Australian

Page 3: More than a third of Australians working from home admit to watching TV on company time and one in 10 say they are getting on the drink.

Page 4: Mark McGowan has declared WA is carrying the rest of the country and it is about time everyone east of the border started to appreciate what the State does for Australia.

Page 5: The Federal Government will permanently increase the rate of Newstart in the July 23 economic statement, recognising that a $40 a day payment is not sustainable.

Page 10: Federal Attorney-General and WA MP Christian Porter says banning Colonial Brewing from the shelves of Eastern States liquor stores is “madness” based on the “ultra-extreme view” of a tiny minority.

Page 12: A group of powerful nuns from the order of Australia’s first saint Mary MacKillop has chastised the ALP, suggesting the party has lost its way and is not maximising the opportunities to hold the Government to account on social issues.

Legal cannabis growers will be able to export medicinal cannabis and hemp to more overseas markets.

Page 16: The West Australian’s Annabel Hennessy was last night crowned the best young reporter in the country.

Business: Shareholders in Perth institutional broking powerhouse Euroz face an unusual wait on the market’s sidelines as the group’s leadership hammers out a potential takeover of rival Hartleys.

The WA Nationals have dumped their iron ore tax policy, three years after the party’s former leader Brendon Grylls went to war with the mining industry.

Carsales.com expects full-year sales and profit to be lower because of the COVID-19 pandemic, despite a recent pick-up in volumes.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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