14/08/2020 - 06:52

Morning Headlines

14/08/2020 - 06:52

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Magnate’s legal play with injunction & court win

Morning Headlines

Magnate’s legal play with injunction & court win

Clive Palmer is using his incredible wealth to launch multiple court actions to stop the WA Government’s bid to kill off his $30 billion damages claim. The West

Forrest recruits allies for war on tech giants

Andrew Forrest has declared war on the tech giants and recruited a rebel alliance of academics and researchers in the fight for greater regulation after his image was used in criminal scams promoted through Facebook and Twitter. The Fin

Landlords fume over Lew profits

Billionaire landlords have slammed retail veteran Solomon Lew after his refusal to pay rent for stores and use of JobKeeper wage subsidies to slash costs helped deliver record profits at his listed investment company, Premier Investments. The Fin

KPMG revenue up in ‘wholly unusual year’, outlook ‘flattish’

Growth across all of KPMG’s divisions – including auditing, deals and advisory – has seen the big four consulting firm post a 7 per cent increase in revenue to $1.91 billion last financial year, despite the economic downturn caused by the coronavirus pandemic. The Fin

Woolworths appoints medical chief

In a telling sign of the challenges faced by corporate Australia operating during a pandemic, supermarkets operator Woolworths will announce the appointment of a chief medical officer today. The Fin

Eight reasons to buy North West Shelf stake: UBS pitch

Chevron has kicked off the sale of its one-sixth stake in Australia’s largest producing oil and gas project, the North West Shelf, with an eight-point pitch to potential buyers. The Fin

Arts put great stock in generous Forrests’ lifeline

Some of Western Australia’s most prominent cultural institutions have shared in a multi-million-dollar windfall as shares in Andrew Forrest’s Fortescue Metals Group touch record highs. The Aus

China expands port facilities for Brazil’s iron ore bulk carriers

China has opened four new ports catering for super-sized vessels used to ship iron ore from Brazil, in a move state media says will help the country wean itself off its dependence on Australian imports as political tensions rise. The Fin

Telstra readies investors for lower dividend as profit falls

Telstra has warned investors it will not be able to continue paying annual dividends of 16¢ a share if it cannot overcome a painful squeeze on its earnings from the permanent loss of customers to the NBN. The Fin

Woodside ‘primed’ for deals despite big loss

Woodside Petroleum will decide within 10 days or so whether to preempt the $US400 million purchase of a stake in its Senegal oil project by Russia’s Lukoil but is also looking to new regions for acquisitions despite suffering a record $US4.067 billion ($5.68 billion) first-half loss. The Fin

 

 

The Australian Financial Review

Page 1: Billionaire landlords have slammed retail veteran Solomon Lew after his refusal to pay rent for stores and use of JobKeeper wage subsidies to slash costs helped deliver record profits at his listed investment company, Premier Investments.

AMP chief executive Francesco De Ferrari has fended off questions about the mounting allegations of sexual harassment by senior executives, urging investors to focus on tangible outcomes as it prepares to return half a billion in capital and take full control of the flagship funds management business.

Page 2: Growth across all of KPMG’s divisions – including auditing, deals and advisory – has seen the big four consulting firm post a 7 per cent increase in revenue to $1.91 billion last financial year, despite the economic downturn caused by the coronavirus pandemic.

Page 3: Andrew Forrest has declared war on the tech giants and recruited a rebel alliance of academics and researchers in the fight for greater regulation after his image was used in criminal scams promoted through Facebook and Twitter.

Michael Gu, the founder of collapsed property group iProsperity, was preparing to flee Australia 12 months ago, spending $1 million to purchase Vanuatu passports, according to a creditors report released yesterday.

In a telling sign of the challenges faced by corporate Australia operating during a pandemic, supermarkets operator Woolworths will announce the appointment of a chief medical officer today.

Page 5: The Morrison government has told the states it will help them determine how much they can borrow, potentially without jeopardising their credit ratings, as part of Canberra’s push to share the cost of dealing with the coronavirus pandemic.

Page 10: The bureaucrat in charge of the Morrison government’s coronavirus recovery strategy says confidence needs to be at the centre of the post-pandemic reform process and ideology must take a back seat.

Page 12: China has opened four new ports catering for super-sized vessels used to ship iron ore from Brazil, in a move state media says will help the country wean itself off its dependence on Australian imports as political tensions rise.

Page 13: The COVID-19 pandemic has given extra bite to the chilly headwinds facing AGL Energy, with shock guidance on 2020-21 profits pointing to a drop of as much as 46 per cent in benchmark earnings in the space of two years and sending the shares to a five-year low.

Woodside Petroleum will decide within 10 days or so whether to preempt the $US400 million purchase of a stake in its Senegal oil project by Russia’s Lukoil but is also looking to new regions for acquisitions despite suffering a record $US4.067 billion ($5.68 billion) first-half loss.

Telstra has warned investors it will not be able to continue paying annual dividends of 16¢ a share if it cannot overcome a painful squeeze on its earnings from the permanent loss of customers to the NBN.

Page 14: Chevron has kicked off the sale of its one-sixth stake in Australia’s largest producing oil and gas project, the North West Shelf, with an eight-point pitch to potential buyers.

Page 17: Australia’s big superannuation collective says the inquiry into the destruction of Juukan Gorge has exposed cultural failures within Rio Tinto and an internal review must consider whether board oversight was adequate.

 

 

The Australian

Page 1: Treasury head Steven Kennedy has confidentially warned business and union leaders unemployment is expected to remain significantly above its pre-pandemic levels for four or five years and the impact of the economic crisis will hit younger workers the hardest.

Page 3: Some of Western Australia’s most prominent cultural institutions have shared in a multi-million-dollar windfall as shares in Andrew Forrest’s Fortescue Metals Group touch record highs.

Page 7: The tourism industry lost $11.8bn in April and May after international borders closed, states went into lockdown and those who could afford to travel spent about half as much a night as they normally would.

Page 8: Students have derided Education Minister Dan Tehan’s plan to strip government funding from people who fail more than 50 per cent of their first-year courses as an attempt to “boost academic success through fear”.

Page 15: Chief executives at Telstra, Woodside Petroleum and AGL are bracing for a long-lasting pandemic, drawing up plans for further spikes in infections and warn the virus is here to stay until a vaccine is fully developed.

Page 17: Luxury apartment buyers and investors from the eastern states are flocking to Perth amid COVID concerns, fuelling a boom in the west.

Treasury Wine Estates chief executive Tim Ford is prioritising navigating through the COVID-19 pandemic over a potential demerger of his luxury Penfolds brand, with his US business also in need of greater attention to return it being a growth engine for the group.

 

 

The West Australian

Page 1: Just when the State Government thought it had finally exterminated him, Clive Palmer has again demonstrated his cockroach-like ability to survive even the most devastating of attacks on his business empire.

Page 5: He’s usually the Western Force and WA rugby’s saviour but mining magnate and WA spruiker Andrew Forrest has jumped behind Perth’s AFL grand final push.

West Aussies are exploring their State in record numbers, keeping popular tourism spots busy and giving operators fresh hopes for a spring school holiday boom.

Page 8: Australian women are taking home $254 less a week than men amid warnings the gap could widen because of the pandemic.

Page 10: Smoking could be completely outlawed in the heart of inner city Perth suburbs.

Page 16: Australian teachers are more stressed than international counterparts, with one in five wanting to leave the profession in the next five years.

Business: Perth CBD office vacancy rates only increased marginally during the coronavirus pandemic but are by far the worst in the country and twice the national average.

An investor activist group has called on BHP to place a moratorium on mining activities at cultural heritage sites until laws that protect them are strengthened.

WA grain king John Nicoletti went on a $30 million farm-buying spree last year, despite making plans the previous year to retire from farming.

Telstra has extended a freeze on job cuts but chief executive Andy Penn has warned they will resume in the new year as part of a push to cut annual expenses by $2.5 billion.

Shares in Vmoto accelerated yesterday after the electric scooter manufacturer revealed it had attracted institutional interest in a $9.6 million placement.

Wind and solar energy has doubled its share of the global power mix over the past five years, moving the world closer to a path that would limit the worst effects of global warming.

Flight Centre boss Graham Turner has demanded that the Government reveal its strategy to recover from COVID-19 as his global travel business records a $475 million loss.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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