06/08/2020 - 07:07

Morning Headlines

06/08/2020 - 07:07

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Morning Headlines

Rio’s actions in caves blast ‘beggar belief’

The chairman of a powerful parliamentary inquiry into Rio Tinto’s destruction of ancient rock shelters at Juukan Gorge says the company’s actions beggar belief, as pressure mounts on chief executive Jean-Sebastien Jacques and key lieutenant Simone Niven. The Fin

Premier wants ScoMo to back WA’s bid for new Palmer court fight

Mark McGowan is calling on Scott Morrison to support WA’s fight for a “fresh trial” after the Prime Minister withdrew the Commonwealth’s involvement in Clive Palmer’s court bid to demolish the State’s closed border. The West

Partner sues Deloitte for age discrimination

A Deloitte Australia partner is suing the firm and chief executive Richard Deutsch for age discrimination after he was allegedly directed to leave the partnership because he had turned 62 in a case that threatens to end mandatory retirement ages at professional services firms. The Fin

Gascoyne ready for recap

After a 15-month hiatus, under-administration gold miner Gascoyne Resources is poised to launch a whopper recapitalisation so it can resume trading on the ASX. The Fin

Andrews rejects business pleas

The Victorian government has rejected pleas by business to delay shutting down much of the state’s economy until anomalies could be minimised, saying it was impossible to give everyone the clarity they desired and delaying the deadline would not improve the situation. The Fin

Housing a key plank of budget

The federal government is planning a series of housing initiatives for the October 6 federal budget, but has rejected growing calls to fund large-scale social housing projects, saying that was more of a state responsibility. The Fin

We’re waiting to take your call: Morrison to Xi

Prime Minister Scott Morrison put the onus on China’s President Xi Jinping to pick up the phone and open dialogue amid the worsening bilateral tensions between Canberra and Beijing. The Fin

Key services, providers must up cyber security

Banks, utilities providers, defence contractors, universities and data storage services are among a host of critical infrastructure providers who face new obligations to reinforce their cyber defences, with government authorities to gain new powers to step in quickly and protect their networks when they come under attack. The Fin

Banks holding back $3b in compo: ASIC

Boards and management at major banks and insurers have held back almost $3 billion worth of compensation during the coronavirus pandemic over concerns that some customers could be overpaid, according to the corporate watchdog. The Fin

Car sales plunge in Vic as WA recovers

New car sales tumbled by almost 28 per cent in Victoria last month, as industry leaders brace for an even bigger slide amid retail shutdowns, but other states have been able to limit downturns as their economies reopened, with Western Australia leading the way. The Fin

Review of pilot pay key to Virgin’s FIFO routes

Pilot concessions will be critical to keeping Virgin Australia’s Perth-based regional operations intact under its new owner, US private equity firm Bain Capital, after Virgin announced it was axing TigerAir yesterday. The West

 

 

The Australian Financial Review

Page 1: The Victorian government has rejected pleas by business to delay shutting down much of the state’s economy until anomalies could be minimised, saying it was impossible to give everyone the clarity they desired and delaying the deadline would not improve the situation.

Page 3: A Deloitte Australia partner is suing the firm and chief executive Richard Deutsch for age discrimination after he was allegedly directed to leave the partnership because he had turned 62 in a case that threatens to end mandatory retirement ages at professional services firms.

Page 6: The federal government is planning a series of housing initiatives for the October 6 federal budget, but has rejected growing calls to fund large-scale social housing projects, saying that was more of a state responsibility.

Page 8: People in Sydney pay 68 per cent more for apartments than they cost to build, a gap the Reserve Bank says indicates a shortage of properties.

Page 10: Prime Minister Scott Morrison put the onus on China’s President Xi Jinping to pick up the phone and open dialogue amid the worsening bilateral tensions between Canberra and Beijing.

Page 10: Banks, utilities providers, defence contractors, universities and data storage services are among a host of critical infrastructure providers who face new obligations to reinforce their cyber defences, with government authorities to gain new powers to step in quickly and protect their networks when they come under attack.

Digital trade barriers between Australia and Singapore are set to be lowered after they sign a landmark agreement today.

Page 11: Boards and management at major banks and insurers have held back almost $3 billion worth of compensation during the coronavirus pandemic over concerns that some customers could be overpaid, according to the corporate watchdog.

Page 14: The chairman of a powerful parliamentary inquiry into Rio Tinto’s destruction of ancient rock shelters at Juukan Gorge says the company’s actions beggar belief, as pressure mounts on chief executive Jean-Sebastien Jacques and key lieutenant Simone Niven.

Page 15: After a 15-month hiatus, under-administration gold miner Gascoyne Resources is poised to launch a whopper recapitalisation so it can resume trading on the ASX.

Page 16: Australia’s biggest carbon emitter, AGL Energy, is facing renewed pressure to hasten its exit from coal-fired power generation with a resolution to be put to the annual shareholder meeting demanding it bring its exit forward by at least 12 years.

Taxpayers are on the hook for an estimated $200 million to keep an idle offshore oil production vessel safe and secure after what some are describing as a policy disaster and an embarrassment to the offshore oil and gas industry.

Page 18: An Israeli medical technology company trying to do what controversial defunct Silicon Valley start-up Theranos tried and failed to achieve is expanding to Australia with a $99 million capital raise ($US71 million).

The chief executive of buy now, pay later company Splitit says its $100 million capital raising will support a major marketing push in the US and Britain, as it sets out to take a larger chunk of the rapidly growing segment.

Page 19: Buy now, pay later heavyweight Afterpay has launched its first major rebrand since it was founded six years ago, ditching an undistinctive, corporate blue for a fresh, minty green, a move it expects will attract more users to the popular instalment service.

Wealth management group AMP may face criminal lawsuits by the end of the year, according to the Australian Securities and Investments Commission, which has ‘‘more than five’’ probes into the company.

Page 20: New car sales tumbled by almost 28 per cent in Victoria last month, as industry leaders brace for an even bigger slide amid retail shutdowns, but other states have been able to limit downturns as their economies reopened, with Western Australia leading the way.

 

 

The Australian

Page 1: Victoria faces an upward spiral of new coronavirus infections to the end of the month, with average daily infections peaking at 1100 cases by the end of next week and staying above 1000 for eight days.

Beirut is a “city in agony” as many of its dead lie in rubble, thousands of injured are treated in carparks of overwhelmed hospitals and a potentially catastrophic food crisis looms in the wake of the apocalyptic chemical explosion at its main port.

Home Affairs Minister Peter Dutton will be handed unprecedented powers to direct the Australian Signals Directorate to protect the country’s critical infrastructure from cyber attacks, under the Morrison government’s $1.67bn cyber security strategy.

Page 3: Andrew Forrest will be the latest billionaire to deliver the ABC’s prestigious Boyer Lectures, a major departure from recent speakers at the broadcaster’s major public policy event.

Page 4: The Minerals Council of Australia — representing the country’s biggest mining companies — says the Queensland government’s border closure will ban hundreds of workers and undermine the resources sector’s ability to support the national economy through the COVID-19 pandemic.

Page 7: Primary schools are being urged to make a “pledge” to slash the unacceptable rate of illiteracy among children, amid concerns thousands arrive at secondary school lacking sufficient reading skills to learn.

Page 13: One of the nation’s biggest supermarket operators has issued a warning to Prime Minister Scott Morrison the tougher COVID-19 lockdown across Victoria will lead to national shortages, fresh panic buying and could force more frequent visits to the shops as consumers struggle to fill their baskets.

Virgin Australia is set to emerge from administration later this year as a “well capitalised” airline with a strong balance sheet and a full service model serving both business and leisure travellers.

Gold’s bull run hit new heights on Wednesday, as analysts suggest the coronavirus crisis could propel the precious metal’s price above $US3000 an ounce in 2021, and junior explorers rush to cash in on gold’s bull run.

Page 15: Commercial property deal-making is going against the grain of the coronavirus crisis that has gripped corporate Australia, with purchasers still picking up assets but taking a focus on industries that will emerge relatively unscathed.

 

 

The West Australian

Page 3: About 20,000 First Nations people are expected to join a landmark WA stolen wages claim lodged this week in the Australian Human Rights Commission that could result in restitution payments totalling $400 million from the State Government.

Nearly 40 ABC journalists in WA’s mining areas have today been told their regional allowance will be axed, slashing up to $15,000 annually from some payslips.

Page 4: Mark McGowan is calling on Scott Morrison to support WA’s fight for a “fresh trial” after the Prime Minister withdrew the Commonwealth’s involvement in Clive Palmer’s court bid to demolish the State’s closed border.

Page 7: Western Australia’s exports have helped prop up the nation during the COVID-19 crisis, with the national economy in a virus-induced downturn.

Page 10: Melville Mayor George Gear has proposed a radical solution to Perth’s growing congestion: an underwater tunnel connecting Melville to Nedlands.

Page 16: The State Government is set to invest $6 million in a new Jewish hub that will include a Holocaust museum.

Business: Having got it mostly wrong for nearly 20 years, analysts are now again running with a “stronger for longer” scenario for iron ore prices as record Chinese steel production continues to confound observers.

Pioneering Margaret River winery Hay Shed Hill is up for sale after chief winemaker and part-owner Michael Kerrigan decided after 15 years at the helm and re-establishing the brand, he wanted to pursue other interests in the industry.

Millions of dollars were refunded to West Australians in July by struggling domestic and international tourism businesses, which are among the hardest hit by the coronavirus pandemic.

Plans to refloat Gascoyne Resources have hit a snag, with legal action from Habrok Mining contesting an agreed deed of company arrangement that would have recapitalised the collapsed gold miner.

Curtin University’s Bentley campus will get a geoscience machine to help explorers and research scientists.

Pilot concessions will be critical to keeping Virgin Australia’s Perth-based regional operations intact under its new owner, US private equity firm Bain Capital, after Virgin announced it was axing TigerAir yesterday.

Novo Resources Corp has struck a $130 million deal to acquire Millennium Minerals in a deal that could expedite the Canadian company’s plans to bring its Beatons Creek gold project in the Pilbara into production.

Bayswater-based Dynamic Drill & Blast will make its ASX debut today, two weeks earlier than expected after the company’s $5 million initial public offering was swamped with interest.

Salt Lake Potash has raised nearly $300 million to develop its Lake Way sulphate of potash project 15km south of Wiluna, including $65.5m from the Federal Government’s Clean Energy Finance Corporation.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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