12/08/2020 - 06:26

Morning Headlines

12/08/2020 - 06:26

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Morning Headlines

LNG chiefs fight to revive tattered dream

Just months after Australia took over from Qatar as the planet’s biggest LNG exporter, over $12 billion of writedowns across the sector due to slashed oil price forecasts have exposed the cracks in the past decade’s exuberant $310 billion investment in new plants. The Fin

Andrews takes fire on ADF help

Victorian Premier Daniel Andrews’ evidence to the first day of a parliamentary inquiry into the state’s COVID-19 response has been contradicted by Defence Minister Linda Reynolds, who said the state was offered and rejected Australian Defence Force support to run hotel quarantine in Melbourne on multiple occasions. The Fin

Labor boxed in on JobKeeper IR changes

The federal government says it will stare down Labor over extending industrial relations exemptions to businesses that will lose JobKeeper at the end of September, effectively daring the Opposition to either pass the laws or block the new wage subsidy package worth more than $30 billion. The Fin

Boards brace for corona class actions

Insurance premiums covering directors of the nation’s biggest ASX-listed companies have surged in the past year as major insurers braced for a rush of class action claims in the wake of the coronavirus pandemic. The Aus

State not ready for explosion

WA’s first film studio should be built at a “shovel-ready” industrial site in Perth’s south, according to local film industry leaders who are intensifying their calls for investment in screen infrastructure. The West

Sam Walsh rebuffs request to appear before Rio blast inquiry

Former Rio Tinto chief executive Sam Walsh will rebuff a request to appear before a powerful parliamentary inquiry into the mining giant’s destruction of ancient rock shelters. The Fin

Ten axes stars, flagship bulletins

The Ten Network has axed some of its highest-profile stars, including Kerri-Anne Kennerley and Natarsha Belling, as it slashes news operations across the country. The Aus

Emeco looking to tap US private debt market

Mining services provider Emeco has hired JPMorgan to raise funds through the US private placement market and the understanding among some is that the marketing campaign for the debt raising is now underway. The Aus

A $7.2m shame file

City of Perth ratepayers suffered years of “greed, incompetence and mismanagement” — and will now be slugged $7.2 million for the two-year inquiry that put an end to the pain. The West

WA’s plan B for Gorgon

The WA Government is searching for alternative sources of domestic gas in case problems at Chevron’s Gorgon plant disrupt supply to the critically vital Dampier-to-Bunbury pipeline. The West

 

 

The Australian Financial Review

Page 1: Victorian Premier Daniel Andrews’ evidence to the first day of a parliamentary inquiry into the state’s COVID-19 response has been contradicted by Defence Minister Linda Reynolds, who said the state was offered and rejected Australian Defence Force support to run hotel quarantine in Melbourne on multiple occasions.

Just months after Australia took over from Qatar as the planet’s biggest LNG exporter, over $12 billion of writedowns across the sector due to slashed oil price forecasts have exposed the cracks in the past decade’s exuberant $310 billion investment in new plants.

Page 3: Michael Gu, the founder of collapsed property group iProsperity, has fled the country amid accusations he purchased a Lamborghini with investor funds and ran a $60 million Ponzi scheme.

Page 4: The federal government says it will stare down Labor over extending industrial relations exemptions to businesses that will lose JobKeeper at the end of September, effectively daring the Opposition to either pass the laws or block the new wage subsidy package worth more than $30 billion.

Page 6: The federal government should underwrite major new gas pipelines and associated infrastructure to deliver cheap supply to households and businesses, an expert panel advising on the pandemic recovery has recommended.

Page 11: Scott Morrison’s junior Coalition partner has publicly called for changes to the cost of studying university degrees, saying the plan will hurt the regions and undermine mental health.

Page 12: A senior minister in the Indonesian government has enthusiastically backed a travel bubble that would allow Australian tourists to return to the holiday island of Bali.

Page 16: Former Rio Tinto chief executive Sam Walsh will rebuff a request to appear before a powerful parliamentary inquiry into the mining giant’s destruction of ancient rock shelters.

Page 17: Expert360 founder Bridget Loudon has become the youngest independent director of an ASX top 200 company after joining Telstra’s board yesterday.

Page 18: Shares in marketing company IVE Group plunged 19 per cent after one of its biggest customers, Coles, unveiled plans to scrap its weekly printed specials catalogue in favour of digital catalogues.

Page 19: Disgruntled NBN customers may be in for a pleasant surprise after cryptic comments by chief executive Stephen Rue fuelled speculation he was preparing to bring forward network upgrades.

 

 

The Australian

Page 1: Proposed national security laws will allow a “national emergency” to be declared during an extreme cyber attack against critical infrastructure, giving security agencies, for the first time, the power to counter-attack through commercial networks.

Page 3: The Ten Network has axed some of its highest-profile stars, including Kerri-Anne Kennerley and Natarsha Belling, as it slashes news operations across the country.

Page 8: Russian President Vladimir Putin says a COVID-19 vaccine developed in the country is ready for use and one of his daughters has been inoculated.

Page 13: Insurance premiums covering directors of the nation’s biggest ASX-listed companies have surged in the past year as major insurers braced for a rush of class action claims in the wake of the coronavirus pandemic.

Former National Australia Bank chief executive Andrew Thorburn has emerged as the latest senior financial services executive known to have received a “no-action letter” from ASIC after a torrid session in the financial services royal commission in 2018.

Page 14: Mining services provider Emeco has hired JPMorgan to raise funds through the US private placement market and the understanding among some is that the marketing campaign for the debt raising is now underway.

Page 20: University leaders are losing hope that international students will be able to return to Australia in first semester next year, dealing a major blow to their plans to staunch university budget losses.

Page 21: Universities whose research funding has been hit by the loss of international students due to COVID-19 could find new sources of support by stepping up defence and security research in collaboration with Australia’s “Five Eyes” allies, according to two senior defence analysts.

 

 

The West Australian

Page 1: Mining magnate Clive Palmer is suing WA for almost $30 billion in relation to his iron ore interests in the Pilbara — a claim equal to $12,000 for every man, woman and child in the State.

Scott Morrison’s decision to back Clive Palmer’s legal challenge against WA’s hard border in the courts before backflipping is not being forgotten by voters — with the Coalition suffering a 10 per cent swing against it in an inner-city electorate.

Page 4: Unprecedented legislation is expected to be rushed through Parliament today to stop Clive Palmer’s attempt to sue the WA Government for almost $30 billion.

Page 10: City of Perth ratepayers suffered years of “greed, incompetence and mismanagement” — and will now be slugged $7.2 million for the two-year inquiry that put an end to the pain.

Page 14: Taking aspirin when it is not needed could be doing elderly people more harm than good.

Page 18: Construction will start next month on a $5 million playground at Wellington Square that promises to be the biggest — and arguably the best — in Perth.

Business: WA’s first film studio should be built at a “shovel-ready” industrial site in Perth’s south, according to local film industry leaders who are intensifying their calls for investment in screen infrastructure.

The WA Government is searching for alternative sources of domestic gas in case problems at Chevron’s Gorgon plant disrupt supply to the critically vital Dampier-to-Bunbury pipeline.

WA Agriculture Minister Alannah MacTiernan has accused the State’s farming groups and businesses of “not fully engaging” over the labour shortage which is set to reach crisis levels in coming months.

WA businesses have proved app TikTok can be a powerful marketing tool, having garnered millions of views and likes on videos that showcase their products and services.

Amazon might soon be filling online orders from the kind of shopping centres in the US it has helped destroy.

Sheffield Resources boss Bruce McFadzean is confident a proposed joint venture with a Chinese entity over the Thunderbird mineral sands project will win Federal Government approval despite recent knockbacks for similar deals.

Horizon Minerals is the latest to join the rush of gold juniors raising cash.

Small mining contractors are calling for an even playing field in recruitment, warning the industry is facing a worker shortage and needs support to fill positions.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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