20/08/2020 - 06:54

Morning Headlines

20/08/2020 - 06:54

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Buyers eye Chevron’s $5.8bn North West Shelf stake

Morning Headlines

Buyers eye Chevron’s $5.8bn North West Shelf stake

The Canadian Pension Plan Investment Board and Global Infrastructure Partners have emerged as parties that are believed to be preparing to lob a first-round bid for Chevron’s $5.8bn stake in the North West Shelf project. The Aus

Frydenberg snubs China dairy bid

Treasurer Josh Frydenberg secretly shunned the Foreign Investment Review Board and Treasury which advised him to approve China Mengniu Dairy Co’s proposed $600 million acquisition of Lion Dairy & Drinks, but he has not officially publicly announced the rebuff. The Fin

Crown confident it can rebound from shutdowns

Crown Resorts chief executive Ken Barton says the early signs from the group’s Perth casino suggest revenue can bounce back after COVID-19 shutdowns are eased. The Fin

New breed of investor eyes LNG ahead of M&A wave

Australia is standing on the cusp of a potential multibillion-dollar overhaul in ownership of its liquefied natural gas infrastructure, with pension funds, infrastructure investors and private equity all keenly considering the opportunity, according to law firm Ashurst. The Fin

Rivals pan Woolies’ PFD stake

Woolworths will become one of Australia’s largest food service distributors after taking a 65 per cent strategic stake in privately owned PFD Food Services for $552 million. The Fin

Watchdog nod for power station

A proposal by Fortescue Metals Group to build a new gas-fired power station in the Pilbara has been recommended for environmental approval, subject to conditions supporting the miner’s commitment to reach net zero carbon emissions by 2040. The West

Threat to CSL’s stellar growth run

The COVID-19 pandemic is threatening blood products giant CSL’s stellar run of profit increases, as the plasma donations underpinning its most valuable products dry up with people choosing to stay home. The Fin

Airports pitch plan for staged take-off

Infrastructure Minister Michael McCormack has been urged to back a plan to get a quarter of Australia’s planes in the air by October amid fears aviation will stagnate until a COVID-19 vaccine is released. The Fin

China trade relations may hurt virus recovery: Lowy

Australia’s economy is recovering more strongly from the COVID-19 pandemic than other comparable countries, largely due to increasing economic ties with a higher growth Asian region, including China, according to a special report released by the Lowy Institute. The Fin

ANZ walks the tightrope with 25¢ dividend

ANZ boss Shayne Elliott says the bank is prepared for the next phase of the crisis after recording a 30 per cent increase in quarterly profit on an underlying basis and putting aside another half a billion dollars for bad debts. The Fin

 

 

The Australian Financial Review

Page 1: Treasurer Josh Frydenberg secretly shunned the Foreign Investment Review Board and Treasury which advised him to approve China Mengniu Dairy Co’s proposed $600 million acquisition of Lion Dairy & Drinks, but he has not officially publicly announced the rebuff.

The COVID-19 pandemic is threatening blood products giant CSL’s stellar run of profit increases, as the plasma donations underpinning its most valuable products dry up with people choosing to stay home.

West Australian lawyers have backed Queensland billionaire Clive Palmer in his $30 billion legal tussle against the WA government, saying new emergency laws to avoid being sued by the businessman over a stalled iron project were ‘‘unprecedented and extreme’’.

Page 5: Infrastructure Minister Michael McCormack has been urged to back a plan to get a quarter of Australia’s planes in the air by October amid fears aviation will stagnate until a COVID-19 vaccine is released.

Atlassian co-founder Mike Cannon-Brookes says he has no regrets about planning a big new corporate headquarters in central Sydney, despite a COVID-19-led announcement that the company will let its staff work remotely forever, saying office spaces will still be important after the virus threat passes.

Page 6: Australia and Japan are discussing a prime ministerial visit to Tokyo in coming months in order to send a ‘‘strong signal’’ to whoever wins this year’s presidential election that the US needs to step up its engagement in the region and strengthen alliances.

Page 8: Scott Morrison has indicated there could be penalties imposed on anyone who refuses a coronavirus vaccine, should one become available, saying only those with legitimate medical reasons should be exempted.

Page 13: Mission Australia, which supports disadvantaged Australians, is among the not-for-profit organisations being hit with steep hikes in insurance premiums for directors.

Australia’s economy is recovering more strongly from the COVID-19 pandemic than other comparable countries, largely due to increasing economic ties with a higher growth Asian region, including China, according to a special report released by the Lowy Institute.

Page 18: ANZ boss Shayne Elliott says the bank is prepared for the next phase of the crisis after recording a 30 per cent increase in quarterly profit on an underlying basis and putting aside another half a billion dollars for bad debts.

Lotteries and wagering giant Tabcorp will embark on a three-year cost-cutting program after a profit hit from COVID-19 and intense competition forced the group to tap investors for $600 million to strengthen its balance sheet.

Page 19: Crown Resorts chief executive Ken Barton says the early signs from the group’s Perth casino suggest revenue can bounce back after COVID-19 shutdowns are eased.

Page 20: Woolworths will become one of Australia’s largest food service distributors after taking a 65 per cent strategic stake in privately owned PFD Food Services for $552 million.

Page 23: Australia is standing on the cusp of a potential multibillion-dollar overhaul in ownership of its liquefied natural gas infrastructure, with pension funds, infrastructure investors and private equity all keenly considering the opportunity, according to law firm Ashurst.

 

 

The Australian

Page 1: Joel Fitzgibbon has warned Labor could split into two separate parties if it fails to bring together its working-class and socially progressive supporter bases, as Anthony Albanese faces ongoing destabilisation triggered by concerns he will not bring the party to the political centre.

Scientists are increasingly confident that a coronavirus vaccine could be on the market within months, paving the way for a global economic recovery in one of the largest-ever worldwide rollouts of a vaccine.

Australia’s biggest building and construction super fund — with $54bn under management — has been forced into damage control over a push by Cbus director Denita Wawn to let home buyers access up to $50,000 of their retirement savings to buy or build a home.

Page 3: Australia will pull two diplomats out of Beijing, including one responsible for monitoring human rights abuses, as it cuts positions at posts in Asia and the Pacific.

Page 4: COVID-19 infection control squads, including defence medical teams, will be rolled out across the country to prevent a repeat of the Victorian aged-care crisis in other states under a plan Scott Morrison will take to the national cabinet on Friday.

Page 6: A Chinese mining company in Papua New Guinea claims to have immunised its employees against COVID-19 in an apparent vaccination trial as Australia and China prepare for a new “vaccine diplomacy” battle for influence across the region.

Page 15: AMP is locked in a battle with sexual harassment complainant Julia Szlakowski, after the wealth company bowed to pressure to release the three-year-old investigation into the matter, which her lawyers say she has never seen.

Crown Resorts has written down the value of its investment in the Nobu restaurant chain by $21.7m to $121.2m.

Page 16: The Canadian Pension Plan Investment Board and Global Infrastructure Partners have emerged as parties that are believed to be preparing to lob a first-round bid for Chevron’s $5.8bn stake in the North West Shelf project.

 

 

The West Australian

Page 5: Millions of Australians with university debts could see the amount of money they have to pay back decrease.

Page 7: Minister for Indigenous Australians Ken Wyatt has expressed his disappointment that the Aboriginal flag will not be displayed at AFL grounds during this weekend’s Indigenous round as calls grow for the Commonwealth to intervene in the copyright spat.

Page 10: Flu deaths in WA have dropped 95 per cent this year, with doctors claiming the COVID-19 emphasis on personal hygiene is behind the life-saving trend.

Page 11: More than 130 additional Australian Defence Force personnel have been requested to help bolster WA’s coronavirus hotel quarantine, border control and contact tracing regimes.

Page 19: A new law to make wheel clamping illegal is a step closer after passing the Lower House yesterday.

Business: WA businesses have been scammed out of millions of dollars through increasingly sophisticated ploys this year as hackers capitalise on vulnerabilities exposed by COVID-19.

A proposal by Fortescue Metals Group to build a new gas-fired power station in the Pilbara has been recommended for environmental approval, subject to conditions supporting the miner’s commitment to reach net zero carbon emissions by 2040.

The Kimberley’s Cockatoo Island is set to undergo a $100 million revamp that will transform it into a hub for the oil and gas sector.

Bain Capital has agreed to pay $750 million should it fail to buy Virgin Australia, an unusually high break fee that helped win over the collapsed airline’s administrator.

ANZ says its improved capital position will allow it to pay a dividend to investors after deferring a payout in April as the coronavirus pandemic wreaked havoc on the Australian economy.

The Australian jobs market is showing signs of improvement but job opportunities have become twice as competitive.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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