27/07/2020 - 06:49

Morning Headlines

27/07/2020 - 06:49

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State spends $5.5b but borders to stay shut

State spends $5.5b but borders to stay shut

The West Australian government unveiled a $5.5 billion recovery plan to help shore up employment and assist the state in bouncing back from COVID-19 as it continues to cocoon itself and the royalty-generating resources industry from the virus. The Fin

Bank giants blacklist Perth Mint gold

Two of the world’s largest banks, HSBC and JPMorgan, have stopped buying gold from the Perth Mint, citing potential damage to their reputation and concerns the government-owned refiner could lose its London accreditation. The Fin

Lynas revives agriculture option for low-level radioactive waste

Lynas Corporation is set to revive plans to repurpose low-level radioactive residue as a fertiliser as it seeks environmental approvals to build a new rare earths processing plant in Western Australia. The Fin

Jobless rate puts WA behind other States, despite fast growth

Accelerating population growth and a resources sector revving back into top gear had WA on the cusp of an economic revival before the pandemic struck, according to the latest State of the States Report. The West

Cyber army being planned to foil hackers

The federal government wants to build a cyber army across the public and private sector with an additional 76,000 recruits by 2024 to deal with major hacks and a rapidly transforming digital economy. The Fin

AMP culture ‘rife’ with bullying: staff

AMP suffers from a culture ‘‘rife’’ with bullying and intimidation by senior managers, according to current and former employees, who have rated the troubled corporation as the worst place to work of all major listed Australian financial institutions. The Fin

Miners ‘must come clean on tax’

Australia urgently needs to boost transparency requirements for mining and energy companies to ward against tax avoidance, offshore secrecy and businesses seeking unfair tax breaks, as government coffers are hit by COVID-19, new analysis has found. The Aus

New China threat to wine & beef

Chinese state media has threatened trade sanctions on Australian beef and wine, saying the chance of “turnaround” for the relationship is now “slim” after the Morrison Government backed the United States on the South China Sea. The West

A five-star resort & top-rate hostel the key to Rottnest’s future

Tourism Minister Paul Papalia wants to see Rottnest’s Lodge become a five-star resort and has renewed calls to improve backpackers’ facilities to lure young people to the island. The West

 

 

The Australian Financial Review

Page 1: Prime Minister Scott Morrison and Treasurer Josh Frydenberg are privately throwing the pressure back on NSW Treasurer Dominic Perrottet to ‘‘walk the talk’’ on state tax reform after more than a year publicly floating potential changes.

Page 3: Two of the world’s largest banks, HSBC and JPMorgan, have stopped buying gold from the Perth Mint, citing potential damage to their reputation and concerns the government-owned refiner could lose its London accreditation.

Huawei has unleashed on a top defence think tank, accusing it of poisoning attitudes to all Chinese technology companies and jeopardising Australia’s economic prosperity.

Melbourne’s COVID-19 lockdown is set to be extended as surging cases in aged care, health facilities and workplaces force authorities to scramble for more support staff amid the establishment of a joint emergency centre to quell spiralling nursing home deaths.

Page 6: The West Australian government unveiled a $5.5 billion recovery plan to help shore up employment and assist the state in bouncing back from COVID-19 as it continues to cocoon itself and the royalty-generating resources industry from the virus.

Page 9: The federal government wants to build a cyber army across the public and private sector with an additional 76,000 recruits by 2024 to deal with major hacks and a rapidly transforming digital economy.

Page 13: AMP suffers from a culture ‘‘rife’’ with bullying and intimidation by senior managers, according to current and former employees, who have rated the troubled corporation as the worst place to work of all major listed Australian financial institutions.

Page 14: Street Talk understands ASX aspirant and telecommunications services provider Aussie Broadband has started booking in meetings with fund managers ahead of a slated $150 million listing next month.

Page 15: New IFM Investors chief executive David Neal has pledged to take a zero-tolerance approach to bullying and harassment at the $156 billion fund management group, after it paid out $493,000 to settle a sexual harassment lawsuit last year.

Coles hopes its first collectables program in almost seven months will not only augment quarterly sales growth but also help entertain customers locked down at home.

Page 18: Eight of Australia’s biggest mining and industrial polluters have pledged to collectively try to rid their operations and supply chains of greenhouse gas emissions, as shareholder pressure mounts for business to meet net zero emissions by 2050.

Lynas Corporation is set to revive plans to repurpose low-level radioactive residue as a fertiliser as it seeks environmental approvals to build a new rare earths processing plant in Western Australia.

 

 

The Australian

Page 1: Australia has the highest minimum wage in the world, igniting business concerns it will hamper the economic recovery from the coronavirus pandemic and penalise young job seekers during a recession.

Page 2: Senior defence strategists have urged Scott Morrison to greenlight freedom-of-navigation operations by Australian warships in the South China Sea after Australia declared Chinese maritime claims in the waters to be illegal.

Page 3: The head of an alleged massive tax fraud syndicate met senior union and construction industry figures including a top CFMEU official while under surveillance, police say.

Page 7: North Korean leader Kim Jong Un placed the city of Kaesong near the border with South Korea under total lockdown after a person was found with suspected COVID-19 symptoms, saying he believes “the vicious virus” may have entered the country, state media reported on Sunday.

Page 13: The COVID-19 crisis is creating merger opportunities in the superannuation industry, according to the chief executive of Equipsuper and Catholic Super, Scott Cameron, who said the pandemic had not altered his ambition to reach $50bn in funds under management within the next five years.

Australia urgently needs to boost transparency requirements for mining and energy companies to ward against tax avoidance, offshore secrecy and businesses seeking unfair tax breaks, as government coffers are hit by COVID-19, new analysis has found.

Page 15: Mining companies have been urged to reinvest a larger portion of the windfall profits from the iron ore and gold price surge back into their own business to boost future growth.

Page 19: Leading authorities on defamation law have warned that one of the key reforms due to be approved on Monday — a new defence for public interest journalism — is unlikely to herald a new dawn for the media.

 

 

The West Australian

Page 3: Chinese state media has threatened trade sanctions on Australian beef and wine, saying the chance of “turnaround” for the relationship is now “slim” after the Morrison Government backed the United States on the South China Sea.

Page 4: Budget repair will be cast aside in favour of job creation as the State Government prepares to pump $2.7 billion in new money into rebooting the State economy post-coronavirus.

Page 5: Treasurer Josh Frydenberg says the Morrison Government is “favourably disposed” to extending the coronavirus supplement dole payment beyond Christmas.

Page 7: Thousands will benefit from a $500,000 injection in Men’s Sheds, which help men find social support while taking part in community projects.

Page 10: Nine News weekend presenter Tracy Vo is the latest name to be thrown into the ring for the job of the ABC’s Perth anchor.

Page 14: Tourism Minister Paul Papalia wants to see Rottnest’s Lodge become a five-star resort and has renewed calls to improve backpackers’ facilities to lure young people to the island.

Anti-competition laws and financial feasibility have thwarted a City of Kalgoorlie-Boulder plan to open its own service station to offer cut-price fuel to residents.

Business: Accelerating population growth and a resources sector revving back into top gear had WA on the cusp of an economic revival before the pandemic struck, according to the latest State of the States Report.

Mineral Resources hit top gear with the ramp-up of its Koolyanobbing iron ore operations in the June quarter, cashing in as the benchmark price of the commodity surged above $US100/t.

A troubled Aboriginal corporation accused of “squandering” millions of dollars on travel and legal fees is selling cattle stations, properties and other assets to help repay its debts.

As the coronavirus pandemic wreaks havoc on the US and other economies, the gold price has jumped over $US1800 an ounce and could test $US2000/oz within the next 12 months as economic risks mount, forcing even more capital into the relative safety of gold and gold stocks, which provide valuable portfolio diversification.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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