27/08/2020 - 07:02

Morning Headlines

27/08/2020 - 07:02

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PM seeks veto over China deals

Morning Headlines

PM seeks veto over China deals

The Commonwealth is seeking powers to torpedo new and existing agreements between a foreign power and state governments, local councils or universities, in a move aimed primarily at curbing infiltration by China. The Fin

Albemarle defies ill market for lithium

US chemicals giant Albemarle will begin a recruitment drive next month for up to 300 operational roles at its new lithium hydroxide plant at Kemerton, defying negative sentiment regarding the battery metal. The West

Gas free kick will benefit WA: Stokes

The West Australian government’s decision to grant a one-of-a-kind exemption to an onshore gas project backed by his family is good for investment in the state, says Seven Group Holdings boss Ryan Stokes. The Fin

Lew facing lockout from Westfield

The long-simmering dispute between the powerful Scentre Group, owner of the local Westfield mall empire, and high-profile retailer Solomon Lew is moving to a legal confrontation that could trigger the closure of hundreds of stores. The Aus

ALP wants JobKeeper 2.0 wage floor

Federal Labor will move amendments to the new JobKeeper scheme aimed at ensuring those no longer receiving the wage subsidy cannot be paid less than those who are. The Fin

Mining helps construction to beat predictions

Construction work in the June quarter fell just 0.7 per cent, as mining saved the sector from dire market expectations of a 7 per cent fall in completed projects. The Fin

‘Best’ aged care needs $3.2b a year more

A funding boost of at least $620 million is needed to ensure Australia’s aged care sector meets even basic standards, with the best levels of care for the nation’s elderly requiring as much as $3.2 billion more a year from government. The Fin

‘Bubble not blanket’: plan to guide states

Border closures would be scrapped and states could only impose “targeted and time-restricted local lockdowns” on areas with community transmission of coronavirus where the source was unknown, under a plan being worked on by business and the Morrison government. The Aus

Northern gas appetite fuels interest

The growing interest in exploring for gas off Australia’s north coast has prompted the release of several new exploration permits to international and domestic energy companies. The Fin

Lawsuit alleges CIMIC misled on cash flow

CIMIC, Australia’s biggest construction group, has been hit with a new class action lawsuit alleging it used controversial financing techniques to mislead investors about its cash flows and did not fully disclose the financial problems in its Middle Eastern joint venture. The Fin

 

 

The Australian Financial Review

Page 1: The Commonwealth is seeking powers to torpedo new and existing agreements between a foreign power and state governments, local councils or universities, in a move aimed primarily at curbing infiltration by China.

Page 3: A top Chinese diplomat has warned against ‘‘ill-founded’’ accusations being used to block Chinese investment.

The trustee overseeing a $124 million fund for iProsperity’s Michael Gu was unaware for seven months the fugitive businessman had breached a loan agreement, worsening investor losses.

Page 6: Federal Labor will move amendments to the new JobKeeper scheme aimed at ensuring those no longer receiving the wage subsidy cannot be paid less than those who are.

The hotel industry wants greater transparency around the coronavirus quarantine program after returned travellers were relocated from a Sydney Travelodge following a string of complaints.

Page 7: Construction work in the June quarter fell just 0.7 per cent, as mining saved the sector from dire market expectations of a 7 per cent fall in completed projects.

Supermarket conduct will be scrutinised by the competition watchdog after the Morrison government ordered an inquiry into ‘‘harmful’’ bargaining power imbalances in grocery supply chains.

Page 9: The Australian Energy Market Operator has warned that uncertainty caused by the coronavirus pandemic has added an extra level of uncertainty to power supply for the coming summer, but there should be enough to avoid the sort of large-scale blackouts that threatened Victoria last year.

Page 10: A funding boost of at least $620 million is needed to ensure Australia’s aged care sector meets even basic standards, with the best levels of care for the nation’s elderly requiring as much as $3.2 billion more a year from government.

Page 15: The West Australian government’s decision to grant a one-of-a-kind exemption to an onshore gas project backed by his family is good for investment in the state, says Seven Group Holdings boss Ryan Stokes.

Page 17: The growing interest in exploring for gas off Australia’s north coast has prompted the release of several new exploration permits to international and domestic energy companies.

Page 18: CIMIC, Australia’s biggest construction group, has been hit with a new class action lawsuit alleging it used controversial financing techniques to mislead investors about its cash flows and did not fully disclose the financial problems in its Middle Eastern joint venture.

Page 19: The shift in consumer spending towards smaller retailers and neighbourhood stores that helped wholesaler Metcash achieve record sales growth in May and June has accelerated, even though COVID-19 restrictions across most of Australia have eased.

 

 

The Australian

Page 1: Scott Morrison has directly urged Daniel Andrews to dramatically pull back from his year-long emergency power bid and only seek monthly or quarterly extensions, in an attempt to quell public anger and restore faith in government coronavirus restrictions.

Page 4: Billionaire Bill Gates has praised Australia and South Korea as “doing great” in handling the COVID-19 pandemic and that they could have returned to a “normal” if only the rest of the world had done the same.

Page 5: Border closures would be scrapped and states could only impose “targeted and time-restricted local lockdowns” on areas with community transmission of coronavirus where the source was unknown, under a plan being worked on by business and the Morrison government.

The Australia logo attacked for looking like the coronavirus has been quietly dropped and is being “redesigned” by the Morrison government.

Page 6: Universities who have entered into commercial arrangements or signed memorandums of understanding with Chinese government institutes and military universities face having their current and future research collaborations scrapped.

Page 7: Employees should be compensated for the secondary use of data gathered through workplace monitoring and surveillance, an inquiry into the future of work has been told.

Page 13: The long-simmering dispute between the powerful Scentre Group, owner of the local Westfield mall empire, and high-profile retailer Solomon Lew is moving to a legal confrontation that could trigger the closure of hundreds of stores.

Shoppers heading into their local Dan Murphy’s for a bottle of Moet champagne or vintage Dom Perignon are likely to be walking out empty-handed after a feud between Woolworths and the world’s leading owner of luxury brands, French conglomerate Louis Vuitton Moet Hennessy, spilt into the aisles.

Page 14: Private equity firms with a major presence in Japan are believed to be among the parties that have been circling the Australian logistics business Toll Holdings.

Page 15: Shares in buy now, pay later provider Zip defied the broader market on Wednesday and soared by 31 per cent as investors lapped up the prospect of a new vertical — Zip Business — as well as a new partnership with e-commerce powerhouse eBay.

Page 16: Billionaire Kerry Stokes’ conglomerate Seven Group hopes its stake in Boral will in time deliver returns on a similar scale to mining machinery supplier WesTrac, as it eyes greater exposure to infrastructure on Australia’s east coast.

 

 

The West Australian

Page 5: Google’s “scare campaign” against new laws that would force it to compensate media companies for their content is facing a social media backlash with people using the campaign’s hashtag to call on the tech giant to pay its fair share of tax.

Page 6: The WA Government will explore having Clive Palmer declared a vexatious litigant, with Premier Mark McGowan accusing the billionaire of launching a barrage of “over the top” legal actions.

The AFL grand final will be held on October 24 — but where it will be held is still up in the air.

Page 7: A powerful parliamentary committee ordered to investigate press freedom after police raids on Australian reporters has recommended the Federal Government considers changing the law to better protect public interest journalism.

Page 9: WA residents are being asked to report unusual post with mystery seed packages arriving in Australian mail over the past five weeks.

Page 10: Almost 400,000 additional businesses and 900,000 jobs would have been created in 2018-2019 if regulation and red tape were maintained at 2004 levels, with wages worth more than $26 billion lost as a result.

Page 12: Lighting along Hay Street Mall could become as dynamic, colourful and outlandish as Optus Stadium during a football game after City of Perth commissioners committed to a $300,000 upgrade of the retail strip.

Business: Rising domestic student numbers are helping pull international education group Navitas out of a COVID-19 slump as management plans for a scenario that could see Australia’s borders closed until July.

New research into the effect of COVID-19 on the nation’s jobs market shows nearly two-thirds of West Australians have experienced a change in employment due to the pandemic.

US chemicals giant Albemarle will begin a recruitment drive next month for up to 300 operational roles at its new lithium hydroxide plant at Kemerton, defying negative sentiment regarding the battery metal.

The company operating Kalgoorlie-Boulder’s Super Pit is under investigation for exposing workers to higher-than-normal levels of mercury on more than one occasion since 2018.

The director of a Perth-based business management company has backed Mosaic Brands in its rental spat with shopping centre giant Scentre, saying landlords have had “unrealistic expectations of growth for far too long”.

Price-conscious drivers are getting into second-hand cars during the coronavirus pandemic instead of splashing out on new vehicles.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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