Moody’s sticks to AAA rating
Australia is one of just 10 countries to retain its AAA sovereign credit rating through the coronavirus-induced global recession, after Moody’s Investors Service affirmed the pristine rating and maintained its stable outlook for government finances. The Fin
Keeping borders shut a safe bet
Crown Resorts boss Barry Felstead has backed Mark McGowan’s decision to keep WA’s borders shut indefinitely as the casino prepares to swing open its doors after three months in lockdown. The West
Groundswell of support for Perth to host AFL’s showpiece event
Football greats are uniting in support of moving the AFL grand final to Perth. The West
Rules on foreign investment deter firms, warns PC
The federal government’s foreign investment review system imposes too many conditions on bids and is ‘‘unusually secretive’’, potentially deterring offshore investors and reducing the incomes of Australians, the Productivity Commission has warned. The Fin
Woodside wants a say on Chevron stake
Woodside Petroleum chief executive Peter Coleman has pointed to an infrastructure investor as the most likely type of firm to pick up Chevron’s stake in the North West Shelf venture but confirmed Woodside would look to use its pre-emptive rights to have some control over who its new partner is. The Fin
Myer to axe 90 management jobs
Myer, the nation’s biggest department store, will make 90 roles redundant at its head office, representing about 1 per cent of its workforce, as it cuts its cloth to better cope with the pressures of the coronavirus pandemic that has plunged Australia into a recession and threatened the survival of many businesses. The Aus
PM recruits Trump aide for cyber battle
Former US secretary of homeland security Kirstjen Nielsen, who led the global campaign against Huawei, has been recruited by the Morrison government to prepare its cyber security strategy amid rising tensions with China and mass cyber attacks targeting Australian governments and companies. The Aus
Vale reopens mine but pandemic risks persist
Vale’s Itabira mine is back up and running this week after the Brazilian mining giant convinced local health authorities that new measures would contain the spread of COVID-19 among its workers. The Fin
Bain’s Virgin pitch to unions fall short
Bain Capital’s 11th-hour pitch to win back the favour of Virgin Australia’s workforce met a lukewarm reaction, with one union leader saying the private equity firm needed to do more to regain his support. The Fin
Unis face block in rush to humanities
Education Minister Dan Tehan says he will put in place a system to stop universities funnelling students into humanities courses as the Morrison government hits back at suggestions from the higher education sector its funding shake-up would inadvertently incentivise those enrolments. The Aus
The Australian Financial Review
Page 1: Australia is one of just 10 countries to retain its AAA sovereign credit rating through the coronavirus-induced global recession, after Moody’s Investors Service affirmed the pristine rating and maintained its stable outlook for government finances.
Page 3: The federal government’s foreign investment review system imposes too many conditions on bids and is ‘‘unusually secretive’’, potentially deterring offshore investors and reducing the incomes of Australians, the Productivity Commission has warned.
ExxonMobil’s most senior representative in Australia has labelled the setting of a $4 a gigajoule price target by the COVID-19 commission’s manufacturing taskforce as ‘‘dangerous’’, saying it ignores the realities of production costs.
Page 6: Federal Labor has thrown its support behind the government’s technology roadmap, including the use of carbon capture and storage, but says an additional policy mechanism is needed to drive the technological change needed to reduce emissions.
Page 8: Senior tourism figures are concerned increasing minimum wages next year when international borders are likely to be closed could push the industry over the edge, with some blaming former tourism lobbyist Martin Ferguson.
Page 9: The federal government’s $708 million transitional funding for the childcare sector is set to deliver ‘‘super profits’’ for private operators, a specialist agent has told providers.
Page 12: Mid-tier accounting firm Grant Thornton has appointed five new partners, bucking the trend of professional services firms hitting pause on promotions and making sweeping job cuts in response to COVID-19.
The accountant of the future will need to be a compliance expert who can grapple with fast-changing rules while providing broader advice to clients about their business.
Page 13: US President Donald Trump suspended the entry into the United States of certain foreign workers on Monday (Tuesday, AEST), a move the White House said would help the coronavirus-battered economy, but which business groups strongly oppose.
Vale’s Itabira mine is back up and running this week after the Brazilian mining giant convinced local health authorities that new measures would contain the spread of COVID-19 among its workers.
Page 14: Australia will look to liberalise data flows and harmonise tech standards with Britain as part of free-trade talks, in what appears to be a part of a broader push to advance a new digital trade agenda.
Page 15: Woolworths’ record sales growth in the coronavirus pandemic has been overshadowed by a costs blow-out that will dent reported earnings about 20 per cent this year.
Page 16: Fund managers are back in love with nickel so investment bankers, stockbrokers and even corporate development teams are running around looking for nickel miners.
Page 17: Bain Capital’s 11th-hour pitch to win back the favour of Virgin Australia’s workforce met a lukewarm reaction, with one union leader saying the private equity firm needed to do more to regain his support.
Page 20: Woodside Petroleum chief executive Peter Coleman has pointed to an infrastructure investor as the most likely type of firm to pick up Chevron’s stake in the North West Shelf venture but confirmed Woodside would look to use its pre-emptive rights to have some control over who its new partner is.
The Australian
Page 1: Anthony Albanese has moved to end the energy and climate wars by abandoning the failed National Energy Guarantee and Clean Energy Target, in a bid to strike a bipartisan agreement with Scott Morrison and support investment in new power generation.
Former US secretary of homeland security Kirstjen Nielsen, who led the global campaign against Huawei, has been recruited by the Morrison government to prepare its cyber security strategy amid rising tensions with China and mass cyber attacks targeting Australian governments and companies.
Page 3: Education Minister Dan Tehan says he will put in place a system to stop universities funnelling students into humanities courses as the Morrison government hits back at suggestions from the higher education sector its funding shake-up would inadvertently incentivise those enrolments.
Page 4: Small businesses have failed to generate jobs or increase investment since 2015, casting doubt on the effectiveness of corporate tax cuts.
Page 7: ABC’s board members will take a 10 per cent pay cut for six months as the public broadcaster prepares to announce up to 250 job losses on Wednesday as part of its long-awaited five-year strategic plan.
Page 13: Woolworths will embark on the single biggest investment in its supermarket infrastructure, spending $780m on two automated distribution centres kitted out with armies of robots and hi-tech facilities, but will need to convince shareholders that the investment will pay off.
Latitude Financial chief executive Ahmed Fahour is betting on the coronavirus pandemic lasting another two years and is restructuring the non-bank lender to adjust to homes becoming the principal place of work.
Page 15: Myer, the nation’s biggest department store, will make 90 roles redundant at its head office, representing about 1 per cent of its workforce, as it cuts its cloth to better cope with the pressures of the coronavirus pandemic that has plunged Australia into a recession and threatened the survival of many businesses.
Page 21: Education Minister Dan Tehan is expected to unveil a higher education research package before the federal budget is announced on October 6, which universities hope will make up for revenue that was lost in the course funding changes announced last week.
The West Australian
Page 3: Australian researchers have secured a major $7 million grant to conduct trials using a derivative of cannabis to help treat young people experiencing early psychosis.
Page 4: Crown Resorts boss Barry Felstead has backed Mark McGowan’s decision to keep WA’s borders shut indefinitely as the casino prepares to swing open its doors after three months in lockdown.
Page 5: WA’s Federal MPs are divided over whether the State’s border should remain closed with some calling for the shackles to be removed immediately, while others want the State to remain an island within an island.
Page 6: Football greats are uniting in support of moving the AFL grand final to Perth.
Page 10: Greens MP Robin Chapple has been investigated by WorkSafe over “occupational violence and aggression in the workplace”.
Page 14: Digital car keys, a hand-washing timer and an even easier-to-use iPhone are among a raft of innovations unveiled by Apple as it bids to retain its place as the king of consumer technology.
Business: The latest trade figures show the value of exported goods plunged $1.3 billion to $29.7b in May, with economists saying the decrease could be a sign of things to come.
The corporate watchdog’s prosecution of Quintis founder Frank Wilson is now at the mercy of the COVID-19 pandemic ravaging America.
BHP’s Nickel West has struck a deal with Chevron for the delivery of natural gas from its Wheatstone domestic gas facility.
Despite limited sports action during the COVID-19 lockdowns, the gambling spend in WA jumped 200 per cent as punters found events online to bet on.
Administrators for Gascoyne Resources say they are reviewing the alternative recapitalisation plan put forward for the failed miner by Hanking Australia.
The Australian Securities And Investments Commission is suing the Commonwealth Bank and subsidiary Colonial First State Investments over a banking royal commission finding that the latter paid the bank to promote a superannuation product to customers.
The latest temperature check of Australia’s economy shows business activity in the private sector returning to growth in June, following a further loosening of coronavirus restrictions.
WA’s sheep abattoirs may be forced to mothball their operations in the next year because of high livestock prices and unsustainably low volumes.
More of WA’s most vulnerable community members will be able to access free legal advice through a new pro bono model supported with almost half a million dollars in funding.
Agri-land developer Alterra has been given the green light to construct a dam capable of holding enough water to fill 1200 Olympic-sized swimming pools at its WA-based avocado project.
