24/08/2020 - 06:45

Morning Headlines

24/08/2020 - 06:45

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Fortescue to deliver Forrest record pay-out

Morning Headlines

Fortescue to deliver Forrest record pay-out

Fortescue Metals Group founder Andrew Forrest and his family are preparing for their biggest pay day as the iron ore powerhouse is expected to pay a record final dividend that will deliver him more than $1 billion. The Fin

China's great science swindle

The Chinese government is actively recruiting leading Australian scientists for a secretive research program that offers lucrative salaries and perks but requires their inventions to be patented in China and obliges them to abide by Chinese law. The Aus

Seven West’s five-year fightback

Seven West Media will develop a five-year plan for its newspapers in Western Australia in the wake of a review of the company’s print operations by former Fairfax Media boss Greg Hywood. The Aus

Make the office worth getting out of bed for: EY

Bosses will struggle to entice staff back to the office after the pandemic as they compete with the allure of working from home and six months of no commuting, warns EY. The Fin

Work rules return for recovery

The Morrison government has softened its plans to extend industrial relations exemptions to companies that no longer qualify for JobKeeper, and is now likely to exclude businesses that have fully recovered. The Fin

Border closures ‘could become illegal’

Premiers could be under further pressure to reopen their borders as experts say ‘‘disproportionate’’ hard closures could be illegal if coronavirus cases keep declining. The Fin

Young to bear brunt of $100b early super hit

Young and low-paid workers will comprise the bulk of a $100 billion shortfall in retirement savings resulting from the Morrison government’s early release of superannuation scheme, according to a new analysis. The Fin

No vaccine, no fly: Webjet says travel needs jab to thrive

Webjet says the battered travel industry will not flourish again until a vaccine to the coronavirus is found, and it could be a year after it’s given to a broad number of people before sentiment in the sector significantly improves. The Fin

Bankruptcy protection bid for SMEs

The Morrison government is examining major reforms to the insolvency industry ahead of an expected surge in company collapses once COVID-19 assistance packages are wound down, including bankruptcy protection measures for small and mid-sized business. The Aus

Tax relief call for oil, gas explorers

Australia’s oil and gas industry has made a pitch to the federal government for an exploration tax break used by miners to be extended to energy players as it seeks to rekindle investment in the sector following the COVID-19-induced oil crash. The Aus

 

 

The Australian Financial Review

Page 1: The Morrison government has softened its plans to extend industrial relations exemptions to companies that no longer qualify for JobKeeper, and is now likely to exclude businesses that have fully recovered.

Page 3: Two directors sanctioned for ‘‘misleading’’ conduct by the corporate regulator were allowed to oversee a $124 million fund for fugitive businessman Michael Gu and are accused of helping him perpetuate one of the largest scams in Australian corporate history.

Bosses will struggle to entice staff back to the office after the pandemic as they compete with the allure of working from home and six months of no commuting, warns EY.

Page 4: Premiers could be under further pressure to reopen their borders as experts say ‘‘disproportionate’’ hard closures could be illegal if coronavirus cases keep declining.

Page 5: The United States and its Western allies, including Australia, are unprepared for strategic and economic changes in China over the next 15 years and need to plan for major upheavals in the Indo-Pacific region, analysis by an independent Washington-based think tank warns.

Page 6: Former United States’ top trade diplomat James Carouso says Australia is at risk of caving in to economic coercion from China and should be more optimistic about its trade relationships with other countries.

Trade Minister Simon Birmingham has warned of the increased risks for Australian companies exporting to China, pointing to the opportunities on offer in the 10 ASEAN countries.

Page 8: Young and low-paid workers will comprise the bulk of a $100 billion shortfall in retirement savings resulting from the Morrison government’s early release of superannuation scheme, according to a new analysis.

Page 9: Cyber security should be a mandatory government procurement requirement to create an industry-wide standard and lift cyber resilience across the economy, according to a new report.

Page 12: The barriers to apprenticeships are too high and the old model of training is a closed shop even to people who want to get into it and even though some skilled jobs have had a shortage of workers for most of the last 30 years.

Page 13: Fortescue Metals Group founder Andrew Forrest and his family are preparing for their biggest pay day as the iron ore powerhouse is expected to pay a record final dividend that will deliver him more than $1 billion.

Page 15: AMP has threatened employees with possible ‘‘termination’’ if they are found to be leaking information to the press, which the company says is damaging its ‘‘reputation’’ as it battles multiple sexual harassment allegations against top executives.

Webjet says the battered travel industry will not flourish again until a vaccine to the coronavirus is found, and it could be a year after it’s given to a broad number of people before sentiment in the sector significantly improves.

Page 17: The Australian Securities and Investments Commission wants lenders to invest more in credit approval systems, in the regulator’s first statement about responsible lending since its failed appeal of the ‘‘wagyu and shiraz’’ case against Westpac.

Page 19: Seven West Media has inked a new deal with TEG Analytics to combine its ticketing data with the free-to-air network’s own data, to better target audiences across its digital assets for its soon-to-be launched consumer data platform.

Page 20: The last week of the August earnings season will be bookended by two of the biggest success stories of the pandemic, Fortescue Metals Group and Afterpay, whose results will underscore two key themes that have emerged in the first two weeks of reporting: strong demand for commodities and the sharp shift to online retail.

 

 

The Australian

Page 1: The Chinese government is actively recruiting leading Australian scientists for a secretive research program that offers lucrative salaries and perks but requires their inventions to be patented in China and obliges them to abide by Chinese law.

Josh Frydenberg says Australia’s economy won’t bounce back until the Victorian crisis is brought under control, with new Treasury analysis showing lockdowns and border closures are crushing national jobs recovery.

Page 4: Australia’s largest employer group has called for a radical overhaul of Australia’s “ill-suited and burdensome” tax system, an increase of the migration cap and for the Morrison government to accelerate the reopening of international borders to support workers and companies through the recession.

China’s slowing economy, massive national debt and rapidly ageing population suggest its rise as a global power may have already peaked, feeding strategic uncertainty in the Indo-Pacific, a new paper argues.

Page 13: The Morrison government is examining major reforms to the insolvency industry ahead of an expected surge in company collapses once COVID-19 assistance packages are wound down, including bankruptcy protection measures for small and mid-sized business.

Page 15: The stoush over Virgin Australia’s future has taken a bitter turn with new owner Bain Capital revealing two key bondholders offered to abandon their rival proposal if the US private equity firm paid them enough.

Page 17: Australia’s oil and gas industry has made a pitch to the federal government for an exploration tax break used by miners to be extended to energy players as it seeks to rekindle investment in the sector following the COVID-19-induced oil crash.

Page 19: Seven West Media will develop a five-year plan for its newspapers in Western Australia in the wake of a review of the company’s print operations by former Fairfax Media boss Greg Hywood.

Besieged video-sharing app Tik-Tok is bolstering its operations in Australia amid political pressure on its Chinese owner to sell its US business over concerns about the safety of the personal data it collects and stores.

 

 

The West Australian

Page 7: Young women who have surgery to cut their risk of ovarian cancer could now avoid an early menopause, thanks to a new technique that saves the ovaries.

Page 8: More than half of all West Australians out of work at the height of the COVID-19 downturn in April were back in a job by last month, Federal Treasury figures reveal.

Australia’s COVID-19 death toll has topped 500, with many new fatalities again coming from the aged-care sector in Victoria.

West Australians are splashing their cash with local businesses while locked inside the State during the COVID-19 pandemic, according to new research.

Page 9: Mark McGowan has cast doubt on Queensland’s ability to host the AFL grand final amid a scramble to contain Brisbane’s coronavirus outbreak, saying if safety was the priority Perth would win.

Page 10: The stepson of construction tycoon Len Buckeridge is considering entering the race to fill the Senate vacancy created by Finance Minister Mathias Cormann’s looming retirement from politics.

Page 15: Indigenous children are being removed from their families and placed in state care at a rate of more than two a week in WA.

Business: More WA shoppers are embracing the safety of contactless digital payments, with transactions made through smart devices at the height of the COVID-19 pandemic more than doubling from a year ago.

WA contractors are reaping the rewards of a resources sector that has barely missed a beat during the COVID-19 pandemic but industry leaders warn a prolonged shutdown of the State’s borders will exacerbate the growing need for more skilled workers.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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