07/08/2020 - 07:01

Morning Headlines

07/08/2020 - 07:01

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JobKeeper to cost another $15b

Morning Headlines

JobKeeper to cost another $15b

The cost of the JobKeeper wage subsidy will increase by more than $15 billion due to the hammer blow to business caused by the Victorian coronavirus crisis. The Fin

Fly-in offshore workers left high and dry

Western Australia’s border shutdown is forcing offshore oil and gas operators to implement plans for workers from the US, Greece and other countries to replace local fly-in, fly-out crew who cannot enter the state because they live in Victoria and NSW. The Aus

Cyber security shortfall

Information technology experts have launched a scathing attack on the Federal Government’s $1.67 billion cybersecurity strategy, saying it would need to invest at least 10 times that amount to have any real impact. The West

Supermarkets head off Vic food shortages

The coronavirus pandemic is ‘‘not a one-off event’’ and Woolworths will have to build COVID-19 safe practices into its operations for the foreseeable future, says chief executive Brad Banducci. The Fin

Instagram takes on TikTok with ‘Reels’

Instagram Reels, a new feature that allows people to make and upload 15-second videos featuring music and other special effects, launched to Australian users yesterday. The Fin

GE settled ATO audit for $273m in UK ‘tax fraud’ case

US multinational General Electric made a $273 million settlement with the Australian Taxation Office over transactions linked to fraud allegations in the United Kingdom. The Fin

Age retirement partners rule is illegal: experts

Rules in large professional service partnerships that impose age-based retirement requirements on older partners are most likely illegal, experts say, and leave those firms open to court action over age discrimination. The Fin

Government considers blocking cyber threats

Internet service providers could be forced to provide so-called ‘‘cleaner pipes’’ and block threats such as malware and trojans that hijack computer systems, exposing the Morrison government to claims of attempted internet censorship. The Fin

ASX keen to get on with blockchain

ASX says an ‘‘overwhelming majority’’ of participants in the market can meet its proposed and revised start date of April 2022 for switching on a new distributed ledger to settle and clear the equity market, as criticism about the governance of the project continues to swirl. The Fin

Law backs CCC chief

John McKechnie will return as WA’s Corruption and Crime Commissioner within weeks if the Liberals support new legislation to reappoint the former Supreme Court judge for a second term. The West

 

 

The Australian Financial Review

Page 1: The cost of the JobKeeper wage subsidy will increase by more than $15 billion due to the hammer blow to business caused by the Victorian coronavirus crisis.

Page 2: US multinational General Electric made a $273 million settlement with the Australian Taxation Office over transactions linked to fraud allegations in the United Kingdom.

Page 3: Rules in large professional service partnerships that impose age-based retirement requirements on older partners are most likely illegal, experts say, and leave those firms open to court action over age discrimination.

Instagram Reels, a new feature that allows people to make and upload 15-second videos featuring music and other special effects, launched to Australian users yesterday.

The national economy is likely to remain in recession to the end of September and shrink for a third consecutive quarter for the first time since the early 1980s recession.

Page 5: Victoria’s skyrocketing case numbers are finally starting to flatten as the effect of mandatory mask rules start to play out.

Page 11: Internet service providers could be forced to provide so-called ‘‘cleaner pipes’’ and block threats such as malware and trojans that hijack computer systems, exposing the Morrison government to claims of attempted internet censorship.

Page 14: Depending on who you ask, Walt Disney’s decision to release its next big film Mulan online either guarantees the movie will lose money or could be a smart way to break even on a $US300 million ($417.5 million) investment.

Page 15: The coronavirus pandemic is ‘‘not a one-off event’’ and Woolworths will have to build COVID-19 safe practices into its operations for the foreseeable future, says chief executive Brad Banducci.

Page 17: Australia’s toilet paper manufacturers are grappling with a structural shift in the market, where demand has risen in the retail sector because of more people working from home as well as a new round of panic buying.

Furniture retailer Nick Scali kicked off profit reporting season for the retail sector with better than expected 2020 profits and forecast bumper growth in 2021 as consumers cocooning at home invest in new sofas, beds and dining suites.

Page 20: ASX says an ‘‘overwhelming majority’’ of participants in the market can meet its proposed and revised start date of April 2022 for switching on a new distributed ledger to settle and clear the equity market, as criticism about the governance of the project continues to swirl.

Page 22: Perth-based ASX-listed medicinal cannabis producer Little Green Pharma is gearing up for an assault on the European market, the linchpin of the start-up’s growth strategy.

 

 

The Australian

Page 1: Universities will face a sweeping review into whether they are meeting national standards for freedom of speech in the face of several censorship controversies engulfing higher education.

Page 2: One of the Pilbara’s biggest Indigenous groups says more than 700 heritage sites on its land have been destroyed or impacted by mining, with the group lamenting what it said was a power imbalance between it and mining giant Rio Tinto.

Page 3: The cyber defences of Australia’s critical infrastructure operators and government agencies, under mass assault from state-sponsored actors linked to China, will be ramped up under Scott Morrison’s $1.67bn cyber security strategy.

Page 4: Western Australia’s border shutdown is forcing offshore oil and gas operators to implement plans for workers from the US, Greece and other countries to replace local fly-in, fly-out crew who cannot enter the state because they live in Victoria and NSW.

Page 6: British American Tobacco has used the COVID-19 pandemic to push for a freeze on excise duty increases from next month, claiming international border restrictions are fuelling an emerging illegal tobacco black market.

Page 14: Shareholders and creditors in WA gold miner Gascoyne Resources will find out today whether the company’s relaunch on the listed market will be derailed by an activist investor backed by Blackrock.

Page 15: Shopping centre landlords have been shaken by sector giant Scentre Group disclosing a 10 per cent drop in the value of its portfolio even before woes related to Victoria’s latest coronavirus crisis are taken into account.

Sir Richard Branson’s Virgin Group will continue to push for a stake in a rejuvenated Virgin Australia despite the financial woes of its Virgin Atlantic airline.

Page 17: The nation’s gas industry took another hammer blow after Japanese producer Inpex Corporation recorded a giant ¥140bn ($1.84bn) writedown on its Australian LNG projects from the oil market crash, adding to $22bn already blown up across the sector.

Page 18: 5G, the next-generation wireless standard once exclusively the province of top-line smartphones, is sliding into more affordable handsets faster than expected.

 

 

The West Australian

Page 1: Scott Morrison is promising to “help” the State Government convince a Federal Court judge to restart from scratch Clive Palmer’s bid to knock down WA’s hard border.

Page 3: The WA Government would prefer to settle a stolen wages case worth potentially $400 million outside of court.

Page 5: 7NEWS and The West Australian can reveal that the Government has lodged a formal submission to the AFL or Optus Stadium to host the entire 2020 finals series, including the decider.

Page 6: Another $15 billion will be pumped into the JobKeeper wage subsidy scheme — which now totals $100 billion — in an attempt to save the national economy from the worst of the Victorian carnage.

Page 16: Pilbara station owner Evan Pensini’s heart breaks a little more with each thought that his spectacular Cheela Plains property could one day become just “holes in the ground”.

Page 17: John McKechnie will return as WA’s Corruption and Crime Commissioner within weeks if the Liberals support new legislation to reappoint the former Supreme Court judge for a second term.

Business: Information technology experts have launched a scathing attack on the Federal Government’s $1.67 billion cybersecurity strategy, saying it would need to invest at least 10 times that amount to have any real impact.

A government-appointed expert looking at the abandonment of the Northern Endeavour floating platform in the Timor Sea early this year has recommended Australia follow other countries in holding oil and gas companies accountable for projects even after they are sold.

The agriculture sector is warning supermarket shelves could be bare of fruit and vegetables as a result of a critical worker shortage caused by COVID-19.

Rich lister Chris Ellison’s Mineral Resources is believed to have bought Herdsman’s biggest office block amid doubts about a planned move to a new head office in Subiaco.

The latest COVID-19 outbreak wreaking havoc in the Eastern States has dealt a massive blow to Qantas’ plans to rebuild its domestic network.

Shares in Middle Island Resources climbed 4 per cent yesterday after the explorer unveiled more high-grade drilling results from its Sandstone gold project.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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