14/07/2020 - 07:05

Morning Headlines

14/07/2020 - 07:05

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Morning Headlines

JobKeeper could send firms broke

The Morrison government will revamp and extend the JobKeeper program beyond September but struggling business owners are being cautioned to think twice before signing up again because it might send them broke. The Fin

Iron ore drives FMG record

Enthusiasm for iron ore pushed shares of miner Fortescue Metals Group to a record high of $15.36 yesterday with iron ore futures traded on the Singapore exchange touching $US108 a tonne. The Fin

Union blasts resources giants for sticking with COVID rosters

Chevron and Woodside have come under fire for not returning their fly-in, fly-out staff and contractors to pre-COVID rosters despite no evidence of community transmission of the virus in WA. The West

Chinese ore backer still losing money in WA

Chinese steel giant Ansteel is still losing money hand over fist at its $4.7bn WA magnetite mine despite the surging iron ore price, with the operation facing the prospect of refinancing $1bn worth of loans in 2020 while still losing money. The Aus

Doubts raised over navy’s future frigate

The navy’s $45 billion future frigate project has been added to a Defence Department watch list because of emerging concerns over its design. The Fin

West Aussies want increase to JobSeeker

West Australians are backing calls for a permanent increase to JobSeeker when the $1100 payment expires next month. The West

Bain pumps crucial $125m into Virgin

Virgin Australia’s prospective new owner, US private equity outfit Bain Capital, urgently injected $125 million into the airline to ensure its immediate survival. The Fin

Ground handlers’ dire warning for aviation

An alliance of aviation companies responsible for almost 75 per cent of airport ground handling operations said the COVID-19 economic recovery could be stalled and airlines grounded after the sector was locked out of a $1bn bailout package. The Aus

Millions of vaccine doses coming

Drug-maker CSL will produce millions of doses of Australia’s experimental COVID-19 vaccine as it is being tested this year to speed up an anticipated rollout. The Aus

True rate of jobless is 13.3pc

Australia’s effective unemployment rate — that also includes people who have opted against searching for work as the economy shrinks — is almost double the official jobless level. The West

 

 

The Australian Financial Review

Page 1: The Morrison government will revamp and extend the JobKeeper program beyond September but struggling business owners are being cautioned to think twice before signing up again because it might send them broke.

Enthusiasm for iron ore pushed shares of miner Fortescue Metals Group to a record high of $15.36 yesterday with iron ore futures traded on the Singapore exchange touching $US108 a tonne.

Page 3: The navy’s $45 billion future frigate project has been added to a Defence Department watch list because of emerging concerns over its design.

Page 5: Donning a face mask in public will help achieve better health and economic outcomes and reduce the need for more draconian lockdowns, according to medical professionals and economists.

Page 7: Maintaining the moratorium on live sheep exports to the Middle East during the northern summer will ‘‘panic the population’’ in the volatile region, Kuwait warns as coronavirus threatens the Middle East’s food security.

Page 9: Pricing carbon emissions drives bigger falls in greenhouse gas emissions than in economies that have not embraced a similar policy approach, according to a comparison of 142 countries.

Page 11: Florida on Sunday (Monday AEST) reported a record 15,300 new coronavirus cases, the most for any state in a single day and a bleak sign of the United States’ failure to control the pandemic about six months after the first infection surfaced there.

Page 12: Virgin Australia’s prospective new owner, US private equity outfit Bain Capital, urgently injected $125 million into the airline to ensure its immediate survival.

Page 13: It’s four weeks since Chevron put its 16.67 per cent stake in the North West Shelf project on the block, and investment bankers have returned from (virtual) talks with energy companies and infrastructure funds to test their early appetite.

Page 17: Oil Search has become the first ASX-listed oil and gas producer to announce sizeable write-downs in its upcoming half-year results after the collapse in oil prices.

 

 

The Australian

Page 1: The NSW government will prioritise economic recovery over preemptive lockdowns, even as it slashes the number of people who will be allowed in the state’s pubs and ramps up enforcement against venues flouting the rules.

The take-up rate of the federal government’s $688m Home-Builder program could underwrite up to half all new expected dwellings in the housing market over six months, with the building industry saying some regions were recording highest activity levels in a decade.

Page 2: Chinese video-sharing platform TikTok is seeking to head off any regulatory move against it, contacting Australian MPs to reject “false claims” and complain it is being used as a “political football”.

Labor has called on Scott Morrison to immediately boost the capacity of commonwealth agencies to withstand cyber attacks, saying the vast majority of organisations had failed to introduce basic measures to protect sensitive information.

The five state branches revolting against the administration of Equestrian Australia have made a last-ditch attempt to free the national body of receivership ahead of a creditors meeting on Tuesday that will determine whether the embattled organisation is closed down or reformed.

Page 4: Australia’s farmers want industrial relations rules simplified, export fees waived, cuts to green tape and millions poured into regional infrastructure to spark a post-coronavirus economic recovery led by the agricultural sector.

Page 6: An alliance of aviation companies responsible for almost 75 per cent of airport ground handling operations said the COVID-19 economic recovery could be stalled and airlines grounded after the sector was locked out of a $1bn bailout package.

Page 7: Drug-maker CSL will produce millions of doses of Australia’s experimental COVID-19 vaccine as it is being tested this year to speed up an anticipated rollout.

Page 13: A second wave of coronavirus and a new round of lockdowns will deliver a significant hit to the nation’s economic recovery, as the Victorian outbreak slows the pace of reopening across other states, economists have warned.

Page 15: Life in lockdown is fuelling a much-needed surge in agribusiness investment, with farmers taking advantage of a spike in demand for fresh produce as people shun restaurants to cook their own meals at home, the nation’s biggest bank says.

Page 16: Chinese steel giant Ansteel is still losing money hand over fist at its $4.7bn WA magnetite mine despite the surging iron ore price, with the operation facing the prospect of refinancing $1bn worth of loans in 2020 while still losing money.

 

 

The West Australian

Page 2: Former City of Perth councillor Jim Adamos will stand trial to “vehemently” deny allegations he ripped off ratepayers by swindling more than $600 in false allowance claims and engaging in electoral fraud.

Page 4: Andrew Mitchell has become the fourth person charged over the Department of Communities corruption scandal, accused of having a company set up that he and Paul Whyte subsequently used to defraud the agency of nearly $400,000.

WA Opposition Leader Liza Harvey has reshuffled her shadow cabinet with changes in the environmental, agriculture and regional portfolios.

Page 6: Desk jobs keep people mentally sharp while physical labour increases the risk of memory and concentration problems, a study has found.

Washington’s NFL team is planning on ridding themselves of the name Redskins.

Page 8: More than 1400 West Australians will head back to work for the first time in more than four months on Thursday when Optus Stadium hosts its first major event since Queen and Adam Lambert played to a packed-out venue in late February.

Page 10: Victorian Premier Daniel Andrews has left the door open for harsher Stage Four lockdowns if COVID-19 is not contained, with authorities now battling up to five new outbreaks every day.

Page 11: West Australians are backing calls for a permanent increase to JobSeeker when the $1100 payment expires next month.

Page 14: A plan for a controversial development at Yelo cafe in Trigg has been knocked back but the developer will not give up, revealing he has plans to appeal.

Business: Tesla needs to succeed in China if it wants to dominate the world of electric cars, especially in a post-virus world.

Oil fell ahead of an OPEC+ meeting this week at which the group may announce plans to start tapering historic production cuts, even as the coronavirus surges unabated in many parts of the world.

A Russian mining giant, which is already in a dispute with authorities over a fuel spill in the Arctic earlier this year, has had a pipeline leak.

Chevron and Woodside have come under fire for not returning their fly-in, fly-out staff and contractors to pre-COVID rosters despite no evidence of community transmission of the virus in WA.

Perth’s 20-somethings are turning to the equivalent of Tinder for homebuyers as they attempt to enter a market they have long felt priced out of, according to the co-founders of Mortgage Mates.

The economic impact of closed international borders as the global pandemic rages may not be as bad as initially feared, according to a new report.

Australia’s effective unemployment rate — that also includes people who have opted against searching for work as the economy shrinks — is almost double the official jobless level.

The Insurance Commission will slash automated payment times from 20 days to 24 hours in a move that will benefit WA health practitioners, according to State Treasurer Ben Wyatt.

Artemis Resources is joining the rush to raise cash at the junior end of the gold sector on the back of excitement around its Patersons Central Armada Project in the East Pilbara.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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