16/07/2020 - 07:04

Morning Headlines

16/07/2020 - 07:04

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Morning Headlines

Woodside eyes escape from NW Shelf stall

Woodside Petroleum chief executive Peter Coleman says 18 months may be needed for an overhaul of ownership in the fractious North West Shelf LNG venture so the company is no longer ‘‘held hostage’’ to the interests of partners stalling on the next phase of LNG development in Western Australia. The Fin

$2.5b boost for trades, reskilling

The Morrison government will today pledge $1.5 billion to subsidise the jobs of an extra 100,000 apprentices, and, under a deal with the states to reform the vocational education sector, $500 million to train or reskill 340,000 school leavers and unemployed. The Fin

Funding crisis likely to hit WA hardest

Australia faces a looming funding threat to large-scale projects as the economies of its two biggest foreign investors struggle through the pandemic — and WA could be hardest hit, according to a leading trade expert. The West

Elimination will ruin economy: PM

Prime Minister Scott Morrison has ruled out pursuing a strategy to eliminate the coronavirus in Australia, saying it would cause the unemployment rate to double and ruin the economy. The Fin

Directors push for extension of pandemic regulatory shield

Company directors are calling for an extension of extraordinary regulatory relief for insolvent trading liabilities and corporate disclosures to investors that were temporarily introduced in response to COVID-19. The Fin

Afterpay teams up with Apple, Google

Afterpay will pay Apple to allow its instalment payments to be made through the US tech giant’s iPhone wallet, but the deal will reduce Afterpay’s costs of rolling out the system to new merchants and help drive customer adoption. The Fin

NAB offers blueprint for SME reform

The federal and state governments are considering an eight-point package of productivity enhancing reforms from National Australia Bank to help small and medium-sized businesses recover from the economic shock caused by the coronavirus pandemic. The Aus

RCR class action hearing set down for November

Former RCR Tomlinson chief executive Paul Dalgleish, who has been pitched by new employer Tempo Australia as a man who boosts investor wealth, is unlikely to be called to court until next year if a class action trial against the collapsed engineering group goes ahead. The Fin

‘Deepest fiscal hole’ in 75 years awaits us

Australia’s budget deficit is set to blow out to more than $200bn in this financial year, making it “easily” the biggest fiscal hole the country has faced since World War II. The Aus

Survey shows WA looking to better times

About two-thirds of WA’s property sector is optimistic that better times are coming in three months, according to the ANZ/ Property Council Survey. The West

 

 

The Australian Financial Review

Page 1: The Morrison government will today pledge $1.5 billion to subsidise the jobs of an extra 100,000 apprentices, and, under a deal with the states to reform the vocational education sector, $500 million to train or reskill 340,000 school leavers and unemployed.

Prime Minister Scott Morrison has ruled out pursuing a strategy to eliminate the coronavirus in Australia, saying it would cause the unemployment rate to double and ruin the economy.

Page 2: Company directors are calling for an extension of extraordinary regulatory relief for insolvent trading liabilities and corporate disclosures to investors that were temporarily introduced in response to COVID-19.

Page 3: People under 30 are less likely to smoke, drink alcohol or consume illicit drugs than previous generations, according to a benchmark survey.

Page 6: The corporate regulator has vented frustration with banks and wealth managers slow to remediate customers dudded by poor financial advice, as more than 2 million people wait for $3 billion in compensation.

Page 8: Foreign Minister Marise Payne and Defence Minister Linda Reynolds are set to fly to the United States for annual diplomatic and defence talks in the next fortnight amid the spectre of coronavirus and rising China tensions.

Page 9: A landmark inquiry into the gig economy backed an ‘‘entrepreneurial’’ test on whether platform workers are employees and supported platforms that pay superannuation and other benefits to self-employed workers.

Page 13: Woodside Petroleum chief executive Peter Coleman says 18 months may be needed for an overhaul of ownership in the fractious North West Shelf LNG venture so the company is no longer ‘‘held hostage’’ to the interests of partners stalling on the next phase of LNG development in Western Australia.

Page 15: Afterpay will pay Apple to allow its instalment payments to be made through the US tech giant’s iPhone wallet, but the deal will reduce Afterpay’s costs of rolling out the system to new merchants and help drive customer adoption.

Page 16: Australian banks are unlikely to see a return to pre-COVID-era earnings with National Australia Bank the best placed to absorb the hit, according to a report from global credit ratings agency S&P Global Ratings.

Page 17: Institutional investors in AMP have raised ‘‘serious concerns’’ about risks to members’ retirement savings posed by the company’s ‘‘failure to foster’’ gender diversity and social inclusion, two weeks after the besieged wealth giant promoted an executive accused of sexual harassment.

Page 20: Former RCR Tomlinson chief executive Paul Dalgleish, who has been pitched by new employer Tempo Australia as a man who boosts investor wealth, is unlikely to be called to court until next year if a class action trial against the collapsed engineering group goes ahead.

 

 

The Australian

Page 2: Britain’s decision to ban Huawei from supplying equipment for its 5G network has been welcomed in Australia as a vital step in strengthening the Five Eyes security alliance.

Page 3: A government-backed remote retailer established to promote healthy eating has been earning hundreds of thousands of dollars annually through incentives for selling tobacco products.

CFMEU national secretary Michael O’Connor is refusing to quit after the union’s national executive passed a new no-confidence motion against him, imposed controls on his office and tried to dump him from the ACTU executive.

Page 4: Australia’s budget deficit is set to blow out to more than $200bn in this financial year, making it “easily” the biggest fiscal hole the country has faced since World War II.

Page 6: Virgin Australia customers say the airline’s recovery from administration and the COVID crisis risks being undermined by poor customer service and a rigid no-refund policy.

Page 13: The federal and state governments are considering an eight-point package of productivity enhancing reforms from National Australia Bank to help small and medium-sized businesses recover from the economic shock caused by the coronavirus pandemic.

Page 14: Global private equity firm TPG Capital and local fund Adamantem Capital are said to have joined the group of private equity firms vying for the Asahi drinks portfolio, with documents for the sales process currently circulating in the market.

Page 17: Australia’s largest plastics producer Qenos has warned manufacturers may be forced into job cuts due to high cost gas rendering heavy industry uncompetitive with its international rivals.

 

 

The West Australian

Page 2: An audit has found there was no guarantee that everyone who needed a working-with-children card at three major government departments actually had one.

Page 3: An empty hostel in the Perth CBD could be providing transitional accommodation support to 50 rough sleepers within weeks.

Page 4: Pitch invaders at tonight’s historic all-Victorian clash at Optus Stadium will be fined up to $50,000 and forced into 14 days quarantine, WA’s Chief Health Officer Andy Robertson has warned.

Page 10: Ratepayers in blue-collar Belmont are “doing in tough” but councillors will continue to graze on three-course meals and enjoy an open bar before meetings despite a seven-year campaign by one of their colleagues to end the “extravagance”.

Page 11: Australian university students will have to pay double if they want to enrol in Indigenous studies, with fears the fee hikes will get in the way of reconciliation and better understanding of Aboriginal people, academics have warned.

Business: Australia faces a looming funding threat to large-scale projects as the economies of its two biggest foreign investors struggle through the pandemic — and WA could be hardest hit, according to a leading trade expert.

Heat in the gold sector was on full display again yesterday after Cardinal Resources became the target of a bidding war between two foreign companies.

About two-thirds of WA’s property sector is optimistic that better times are coming in three months, according to the ANZ/ Property Council Survey.

Developer Nigel Satterley is “considering all options” after planning authorities rejected a proposal for a new estate in North Stoneville, claiming it would have injected $550 million into the economy.

Perth rich lister Kerry Harmanis has been appointed non-executive chairman of Talisman Mining, taking his first step back into public company life after 13 years.

The retail group behind Black Pepper, Review and Yarra Trail, which collapsed into administration, owes creditors, including one of the nation’s most up-market catering firms, almost $10 million.

WA mining magnate Andrew Forrest is continuing his hunt for new oil and gas riches in the Kimberley, with his Squadron Energy and joint venture partner Goshawk Energy seeking new exploration permits in the Canning Basin.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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