28/07/2020 - 06:50

Morning Headlines

28/07/2020 - 06:50

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PM willing to negotiate with WA in bid to get the borders back open

Morning Headlines

PM willing to negotiate with WA in bid to get the borders back open

Prime Minister Scott Morrison has written to WA Premier Mark McGowan saying he is willing to work with WA to open the borders safely, including using special provisions under the Biosecurity Act. The West

BCA outlines antidote for investment rut

Corporate Australia says all businesses should be entitled to a 20 per cent investment allowance in the absence of company tax cuts, that the government should consider bringing forward both sets of legislated tax cuts to July 1 next year, and there should be a permanent increase to the unemployment benefit. The Fin

‘Deception by design’: ACCC pursues Google

The head of the competition watchdog has called out Google for using ‘‘deception by design’’ to create user notifications about changes to their privacy policies that actively confuse people, rather than help them. The Fin

Mining magnate's Roy Hill cattle buy

Billionaire Gina Rinehart’s Roy Hill iron ore company has struck a deal to buy the Roy Hill cattle station in the Pilbara, successfully closing the chapter on a long-running conflict with its leaseholders. The West

Office life: no going back now

Hundreds of thousands of Australians could abandon the office in the wake of COVID-19, in a potential boon to small businesses and regional towns able to capitalise on a crisis that has driven the rapid digitalisation of the economy. The Aus

‘Wait and see’ no longer feasible for expat tax arrangements

Australian expats caught up in COVID-19 disruption have been warned to carefully consider their tax arrangements, with initial flexibility offered by the Australian Taxation Office showing signs of ending. The Fin

Metcash agrees to acquire 70pc of hardware chain for $57m

Grocery, liquor and hardware wholesaler Metcash confirmed it has entered into a binding agreement to acquire 70 per cent of independent hardware chain Total Tools Holdings for $57m as first announced last month when it unveiled it had sought the controlling stake in the professional tool firm. The Aus

South China Sea patrols on the agenda

The Trump administration is pressing Australia and other partners to increase the tempo of joint exercises to preserve freedom of navigation in the South China Sea, with Foreign Minister Marise Payne and Defence Minister Linda Reynolds in Washington DC for crucial talks. The Fin

Win for Lynas as Pentagon agrees to fund Texas rare earths plant

Lynas has scored a big win over Republican foreign policy hawks who tried to shoot down Pentagon backing for the company’s plans to build a heavy rare earths separation plant in Texas. The Fin

US-China row could split the internet: Cisco

The chief executive of US technology giant Cisco, Chuck Robbins, says escalating tensions between China and the United States could damage the world’s ability to respond to crises by dividing the internet in two, and urged leaders to seek unity to avoid disastrous consequences. The Fin

 

 

The Australian Financial Review

Page 1: Gold rose to a record $US1944 an ounce yesterday, eclipsing its 2011 high on fears of another sharemarket correction and a sharp rebound in inflation unleashed by trillions of dollars of monetary stimulus introduced in response to COVID-19.

Rising cases and deaths in private aged care homes are jeopardising tentative improvements in suburban infections as authorities hope modelling that suggests Melbourne’s second wave has peaked proves correct.

Page 4: Corporate Australia says all businesses should be entitled to a 20 per cent investment allowance in the absence of company tax cuts, that the government should consider bringing forward both sets of legislated tax cuts to July 1 next year, and there should be a permanent increase to the unemployment benefit.

Page 5: The administrator of failed property group iProsperity has identified almost $150 million in missing funds and suggested to an initial creditors meeting yesterday he had ‘‘serious concerns’’ over the group’s financial activity.

Page 6: The head of the competition watchdog has called out Google for using ‘‘deception by design’’ to create user notifications about changes to their privacy policies that actively confuse people, rather than help them.

Federal Energy Minister Angus Taylor has warned big energy companies to pass on large falls in wholesale electricity prices to their customers or face potential action from the competition regulator.

Page 9: Australian expats caught up in COVID-19 disruption have been warned to carefully consider their tax arrangements, with initial flexibility offered by the Australian Taxation Office showing signs of ending.

Page 10: The Trump administration is pressing Australia and other partners to increase the tempo of joint exercises to preserve freedom of navigation in the South China Sea, with Foreign Minister Marise Payne and Defence Minister Linda Reynolds in Washington DC for crucial talks.

Perpetual chief executive Rob Adams says he is confident his double-down bet on value investing will pay off as he begins selling his ‘‘transformational’’ $465 million acquisition of a Dallas-based fund manager to investors.

Page 17: Australian Foundation Investment Company’s managing director, Mark Freeman, said the impact of the coronavirus is worse than the global financial crisis as his company’s full-year net profit fell 40.8 per cent to $240.4 million, and as it drew on reserves to make up the final dividend.

Page 18: Lynas has scored a big win over Republican foreign policy hawks who tried to shoot down Pentagon backing for the company’s plans to build a heavy rare earths separation plant in Texas.

Page 19: The chief executive of US technology giant Cisco, Chuck Robbins, says escalating tensions between China and the United States could damage the world’s ability to respond to crises by dividing the internet in two, and urged leaders to seek unity to avoid disastrous consequences.

 

 

The Australian

Page 2: Taxpayers have paid for $1.5bn worth of capabilities on the nation’s Joint Strike Fighters — including ship-killer missiles and advanced jet-to-jet communications — that won’t be delivered under the approved $16.5bn funding for the aircraft.

Page 4: Hundreds of thousands of Australians could abandon the office in the wake of COVID-19, in a potential boon to small businesses and regional towns able to capitalise on a crisis that has driven the rapid digitalisation of the economy.

Page 13: Melbourne businesses are bracing for an extension to the city’s six-week lockdown and a deeper economic slump as COVID-19 cases across the state continue to spike to record levels.

Hospitality operators fear cuts to JobKeeper slated for the end of September and beginning of next year will plunge their businesses into crisis, with almost half reporting they would have collapsed without the subsidy.

Page 14: Chinese demand for products from infant nutrition company Bubs is continuing unabated, despite Beijing warning of potential sanctions on Australian goods amid fresh tensions between the two countries.

Page 15: Grocery, liquor and hardware wholesaler Metcash confirmed it has entered into a binding agreement to acquire 70 per cent of independent hardware chain Total Tools Holdings for $57m as first announced last month when it unveiled it had sought the controlling stake in the professional tool firm.

Some of the nation’s top food brands have joined with key companies in the financial services sector to back a $10m food supply chain initiative, to be announced on Tuesday, to help the agribusiness industry reinvent its business models for the post COVID-19 world.

 

 

The West Australian

Page 4: WA’s tourism industry could be boosted by “packaging” Indigenous experiences with other artistic adventures, according to the man tasked with running the Federal Government’s National COVID-19 Commission.

Prime Minister Scott Morrison has written to WA Premier Mark McGowan saying he is willing to work with WA to open the borders safely, including using special provisions under the Biosecurity Act.

Premier Mark McGowan has warned that every West Australian would have to wear a face mask if the State has a Victoria-style outbreak of COVID-19.

Page 5: Premier Mark McGowan says “people will die” if Clive Palmer wins his legal battle to tear down WA’s hard border, with the Federal Court told there was a 99 per cent chance the State would stay free of COVID-19 if restrictions continued.

Page 9: About 3000 Australians in Bali have been granted a one-month visa reprieve but are being warned there will be no further extensions and they must make arrangements to leave the holiday hotspot before September 10.

Page 16: Billionaire Gina Rinehart’s Roy Hill iron ore company has struck a deal to buy the Roy Hill cattle station in the Pilbara, successfully closing the chapter on a long-running conflict with its leaseholders.

WAFarmers has put Australia’s biggest trading partner on notice, warning China the more it “beats up” Australian producers, the more inclined they will be to seek out other relationships.

A World Trade Organisation appeal against China’s decision to slap hefty tariffs on Australian barley would take at least three years but the option is still on the table, according to a leader from the nation’s biggest grain exporter.

HBF reckons its push into the dental sector will be embraced by members when the first of a planned chain of clinics opens its doors by the end of the year.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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