26/06/2020 - 07:01

Morning Headlines

26/06/2020 - 07:01

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Morning Headlines

Afterpay plots future growth with Tencent

Afterpay is deepening its relationship with Chinese giant Tencent to capitalise on a dramatic shift away from credit cards by Millennial and Gen Z customers that has accelerated during the pandemic, says Nick Molnar. The Fin

Perth gets ready to party as the clock strikes midnight tonight

A handful of venues will open their doors at 11.59pm today — the minute WA’s phase four restrictions come into effect removing gathering limits for venues that hold fewer than 500 people. Limits for those with more than 500 will be determined by the 2sqm rule. The West

Woodside partner eyed for slice of Shelf

Woodside Petroleum may look to cut a deal with a new partner where it would split Chevron’s stake in the $34bn North West Shelf and sell down part of its Scarborough project, consultancy Wood Mackenzie said. The Aus

Unions weigh legal action over job cuts

Unions are considering challenging Qantas’ 6000 job cuts in court after complaining they were not consulted over the decision and have demanded the cuts be put on hold until the Morrison government decides whether to extend JobKeeper. The Fin

Neil Perry takes deal off the table

The deal between Neil Perry and his private equity backers to divide their restaurant empire and go their separate ways has collapsed, a victim of COVID-19 restrictions that make it impossible to figure out what restaurants are now worth. The Fin

Vodafone-TPG pledges competitive broadband and mobile bundles

Australia can look forward to lots of competitive bundles of broadband and mobile phone plans from the merged Vodafone-TPG Telecom, according to new chief executive Inaki Berroeta. The Fin

Arts a casualty in ABC’s war on costs

The ABC’s news division has abolished its arts and entertainment round, cut jobs in Brisbane and Melbourne from its investigations unit and reduced the number of annual episodes for Foreign Correspondent and Australian Story as part of its cost-saving measures. The Aus

Irrational investors pay a price

Investors need to be acutely aware of behavioural biases in volatile times as buy-and-hold investors could earn better returns than those who move in and out of markets, according to one of the world’s biggest and oldest fund managers. The Aus

 

 

The Australian Financial Review

Page 1: The federal government is working on an assistance package for airlines, saying the decision by Qantas to sack 6000 workers confirmed the industry would take years to bounce back.

The deal between Neil Perry and his private equity backers to divide their restaurant empire and go their separate ways has collapsed, a victim of COVID-19 restrictions that make it impossible to figure out what restaurants are now worth.

Page 2: Former minister Matt Canavan is leading a charge to overturn the government’s ban on e-cigarettes and nicotine vaping refills.

Page 3: The navy’s $35 billion fleet of new frigates is undergoing design changes because they have become too heavy, risking a cost blowout for taxpayers and potentially compromising their performance.

Australia can look forward to lots of competitive bundles of broadband and mobile phone plans from the merged Vodafone-TPG Telecom, according to new chief executive Inaki Berroeta.

Page 4: Scott Morrison has expressed fears for his own two daughters as he condemned the alleged sexual harassment scandal in the High Court and said women needed to feel safe enough to call out such treatment.

Page 6: EY will repay the staff who had their pay and hours cut through a COVID-19 bonus that will reduce their annual salary reduction to 4 per cent – from the original 5 per cent – thanks to better than expected revenue.

Page 8: Unions are considering challenging Qantas’ 6000 job cuts in court after complaining they were not consulted over the decision and have demanded the cuts be put on hold until the Morrison government decides whether to extend JobKeeper.

Australia’s tourism and travel sector say their businesses will remain in a holding pattern until Qantas reactivates most international flights in the middle of next year.

Page 9: Job vacancies suffered their largest fall on record in the past three months and workers were laid off in record numbers in arts and recreation, accommodation and food services.

Page 12: Afterpay is deepening its relationship with Chinese giant Tencent to capitalise on a dramatic shift away from credit cards by Millennial and Gen Z customers that has accelerated during the pandemic, says Nick Molnar.

Page 14: China’s iron ore demand is expected to remain at record levels this year off the back of a government infrastructure spending spree, before declining in 2021.

Page 15: America’s months-long battle to contain the coronavirus is on the verge of disintegration as infection numbers accelerate alarmingly across dozens of states in a sign early easing of restrictions last month is backfiring.

As Qantas prepares to axe 6000 staff and faces a strong backlash from the powerful transport unions, Virgin Australia bidder Bain Capital has been locked in meetings with key airline unions in a last-ditch attempt to win employee support for its buyout proposal.

Page 17: Downer Group has sold part of its chunky mining services business to mining and software company Datamine, in a deal that signals a potential divestment spree.

Page 18: Blood products giant CSL has made its next major push into the gene therapy space, acquiring the exclusive global licence rights from Dutch company uniQure to commercialise a treatment for haemophilia B.

Page 19: The unaudited operating earnings of art and creativity online marketplace Redbubble Limited have soared 101 per cent for the first 11 months of the financial year but that has not been enough to stop the company from shedding jobs.

 

 

The Australian

Page 1: Businesses are pleading with the states to throw open their borders or risk a tsunami of job losses, ahead of a national cabinet meeting on Friday that will discuss the alarming coronavirus outbreak in Victoria.

Page 2: Internal dissent has shaken the peak body representing the nation’s biggest power companies, with InterGen labelling its decision to endorse a 2050 net zero emissions target a “partisan” decision.

Page 3: The ABC’s news division has abolished its arts and entertainment round, cut jobs in Brisbane and Melbourne from its investigations unit and reduced the number of annual episodes for Foreign Correspondent and Australian Story as part of its cost-saving measures.

Australia should move first and allow people from New Zealand to arrive without having to quarantine, Canberra Airport has demanded, in a bid to kickstart the trans-Tasman travel bubble next month and revive the struggling tourism and aviation industries.

Page 5: Dozens of infections in Victoria’s hotel quarantine system have forced a review of the way in which contractors interact with overseas travellers held in isolation.

Page 6: Education Minister Dan Tehan’s university reforms will leave regional institutions $400m better off than their city counterparts, as a push to increase maths and science students in the bush splits the higher education sector.

Page 13: Qantas is on track to make a modest profit in 2020 as the airline embarks on a brutal cost reduction plan in response to the “biggest shock” the aviation industry has ever experienced.

Investors need to be acutely aware of behavioural biases in volatile times as buy-and-hold investors could earn better returns than those who move in and out of markets, according to one of the world’s biggest and oldest fund managers.

Page 16: Banks have won a temporary reprieve from some provisions in the industry’s code of practice, after ASIC accepted the effects of COVID-19 should be part of any consideration of whether a bank has met its obligation to engage fairly and ethically with small business customers.

Page 20: Woodside Petroleum may look to cut a deal with a new partner where it would split Chevron’s stake in the $34bn North West Shelf and sell down part of its Scarborough project, consultancy Wood Mackenzie said.

 

 

The West Australian

Page 5: A handful of venues will open their doors at 11.59pm today — the minute WA’s phase four restrictions come into effect removing gathering limits for venues that hold fewer than 500 people. Limits for those with more than 500 will be determined by the 2sqm rule.

West Aussies are planning road trips in droves, with caravan parks and tourist resorts sold out amid an advanced bookings boom extending to Easter next year.

Australia is entering a “dangerous period” of the pandemic as people begin to “fatigue” of following health restrictions.

Page 7: As many as 5000 WA workers are about to directly benefit when Perth becomes the centre of the AFL world next month.

Page 9: Two-week quarantine periods could be reduced to as little as two days for some countries by the end of the year, with the Federal Government’s peak research body on the COVID-19 response pushing for funding to model if shorter quarantine periods for certain nations could allow international travellers into Australia sooner rather than later.

Page 14: Facing worldwide pressure to pay for news it uses, Google has announced plans to compensate some publishers for using their content, including a small number of Australian outlets.

Page 16: Landmark new laws to tackle the scourge of domestic violence in WA were expected to pass State Parliament last night.

Business: US health and agricultural authorities issued thinly veiled criticism of demands from China for food-exporting companies to sign documents stating they comply with safety standards to prevent COVID-19 transmission.

EasyJet has raised about $747 million in a share sale, padding its coffers for the gearing up of flights as the European aviation sector emerges from the pandemic lockdown.

US safety officials will require all Boeing 737 Max planes to be inspected for a manufacturing defect on engine coverings that they say could lead to loss of power during flights.

Margaret River artist Shaun Atkinson is fighting an uphill battle to get paid the full $4 million for a luxury retreat he sold to a western suburbs health consultant at the height of the global financial crisis.

A family-owned WA potato farming business has signed a deal with a major South-East Asian supermarket operator valued at more than $2 million annually.

Toyota is recalling about 752,000 gas-electric hybrid vehicles worldwide because the engines can lose power and stall.

Australian fitness chain F45 Training, which is backed by actor Mark Wahlberg, has struck a deal to list on the US Nasdaq exchange by merging with blank-cheque company Crescent Acquisition.

Creditors of Gascoyne Resources have approved a revised deed of company arrangement put up by administrators of the failed gold miner that offers improved terms for mining contractor NRW Holdings and unsecured creditors.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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