02/09/2020 - 07:09

Morning Headlines

02/09/2020 - 07:09

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Morning Headlines

Facebook news threat risks tax hit

Facebook runs the risk of being slugged with a general tax on all internet transactions if it goes ahead with its threat to remove news content from its platforms to avoid sharing revenue with Australian media companies, former competition regulator chairman Allan Fels has warned. The Fin

Owners of Ravensthorpe project join rush of IPOs

The owners of the advanced Ravensthorpe gold project will raise $30-$40 million in an initial public offering of their private entity ACH Minerals as local listings in the junior gold sector heat up. The West

WA laws to close Juukan loophole

Western Australia’s government is moving to close a legal loophole that left traditional owners powerless to stop Rio Tinto’s destruction of Juukan Gorge and introduce fines of up to $10 million for damaging heritage sites. The Fin

WA gas field on the block

ASX-listed oil and gas explorer Whitebark Energy is seeking a buyer for its dormant Warro gas project in Western Australia’s Perth basin. The Fin

WA farmers hit again in China row

WA farmers are again caught in the middle of Australia’s escalating trade war with China after the Asian giant halted imports from the nation’s biggest grain handler. The West

We need China, bosses tell Morrison

Business leaders have urged the Morrison government to recognise Australia’s deep economic dependence on China and find a way to co-exist with both the rising Asian superpower and the United States. The Fin

Employers praise flexible work clauses initiative

Employers hailed the Fair Work Commission’s new conditions for employees to work flexibly or from home as the most positive workplace development in years and a key initiative in what they believe will be a permanent shift due to the pandemic. The Fin

Bid to kick start SME loans scheme falters

The federal government’s attempt to breathe new life into its coronavirus SME loans scheme has hit a new hurdle after meeting resistance from lenders to cap all loans issued under the program at a single rate. The Fin

Supply-chain financing advocate PwC wins federal pay contract

PwC, an advocate of the controversial practice of supply chain financing, has won a $120,000 contract from the commonwealth to support the implementation of the federal government’s payment times reporting bill. The Aus

Koala puts $500m valuation to potential bed buddies

Australian online mattress and furniture success story Koala is seeking some cashed-up new backers to help fund its product expansion and offshore growth plans. The Fin

RBA supersizes cheap loan fund

The Reserve Bank will further support the economy by boosting its program of cheap funding for the banks to $200bn so that businesses and households can borrow at cheap interest rates. The Aus

 

 

The Australian Financial Review

Page 1: Facebook runs the risk of being slugged with a general tax on all internet transactions if it goes ahead with its threat to remove news content from its platforms to avoid sharing revenue with Australian media companies, former competition regulator chairman Allan Fels has warned.

A leading investor in insurer QBE is demanding the board provide more details on why it sacked chief executive Pat Regan following a complaint by a female employee over inappropriate behaviour, arguing the lack of transparency casts doubt over the decision.

Business leaders have urged the Morrison government to recognise Australia’s deep economic dependence on China and find a way to co-exist with both the rising Asian superpower and the United States.

Page 4: Employers hailed the Fair Work Commission’s new conditions for employees to work flexibly or from home as the most positive workplace development in years and a key initiative in what they believe will be a permanent shift due to the pandemic.

Page 5: Scott Morrison says there is no guarantee any state will adopt a new national definition of a coronavirus hotspot, which is being designed as an alternative to the blunt instrument of border closures.

Page 10: People dipping into their superannuation will be tens of thousands of dollars worse off in retirement and potentially add billions to the cost of the age pension over coming decades, according to a new analysis.

Page 12: Papua New Guinea Prime Minister James Marape has hailed a new agreement with Andrew Forrest’s Fortescue Metals Group as a momentous day for the country as it looks to develop hydroelectric power plants and heavy industries.

Page  13: Foreign Minister Marise Payne is downplaying the detention of a high-profile Australian TV anchor being linked to tensions between Canberra and Beijing, amid suggestions Cheng Lei’s social media posts may have fallen foul of Chinese authorities.

Page 16: The federal government’s attempt to breathe new life into its coronavirus SME loans scheme has hit a new hurdle after meeting resistance from lenders to cap all loans issued under the program at a single rate.

Page 17: Australian online mattress and furniture success story Koala is seeking some cashed-up new backers to help fund its product expansion and offshore growth plans.

ASX-listed oil and gas explorer Whitebark Energy is seeking a buyer for its dormant Warro gas project in Western Australia’s Perth basin.

Page 18: The chief executive of the Chinese giant that owns the Swisse vitamins group expects daigou traders will remain on the sidelines for the next few months.

Chevron has taken court action against its former half-owned affiliate Ampol, escalating a dispute over the Australian fuels supplier’s alleged non-complying use of Caltex branding.

Page 21: Western Australia’s government is moving to close a legal loophole that left traditional owners powerless to stop Rio Tinto’s destruction of Juukan Gorge and introduce fines of up to $10 million for damaging heritage sites.

Helloworld is considering the possibility that international leisure travel will not return to pre-pandemic levels until 2025, in the latest example of coronavirus wreaking havoc on industry.

 

 

The Australian

Page 1: China has fired a new salvo in the worsening trade war with Australia, banning some barley imports over what were reported as “harmful weeds” in the grain.

Page 4: The Retail and Fast Food Workers Union will pursue millions of dollars in compensation for McDonald’s workers after the Federal Court found one of the fast-food giant’s franchisees unlawfully threatened employees over toilet and drink breaks.

Page 6: The Department of Health is concerned that Australians who receive a COVID-19 vaccine may experience side effects and is proposing to monitor them through surveillance activities.

Page 9: Josh Frydenberg has declared he won’t be intimidated by scare tactics from Facebook and Google after the tech giants effectively threatened to ban news content on their platforms if world-first regulation passes in Australia.

Page 15: The Reserve Bank will further support the economy by boosting its program of cheap funding for the banks to $200bn so that businesses and households can borrow at cheap interest rates.

Page 16: The Tony Pitt-backed 360 Capital is understood to have been in the market on Monday night in an effort to amass more stock in residential developer Peet.

Page 17: Foxtel chief executive Patrick Delany has warned the subscription-television service will only chase “tier one” sports in the future, and predicted streaming service Kayo would help double Foxtel’s average sports audience by next year.

PwC, an advocate of the controversial practice of supply chain financing, has won a $120,000 contract from the commonwealth to support the implementation of the federal government’s payment times reporting bill.

Page 20: Zoom Video Communications has raised its full-year outlook for a second time during the pandemic, cementing its position as one of the biggest corporate winners from the shift to working from home and remote schooling.

 

 

The West Australian

Page 1: WA farmers are again caught in the middle of Australia’s escalating trade war with China after the Asian giant halted imports from the nation’s biggest grain handler.

Page 3: The former State sports minister who pushed for the creation of the WA Football Commission three decades ago has backed calls for an overhaul of the “secretive” organisation.

Page 5: About 200 people have arrived in WA without an exemption in the past four months — including a woman who caught a flight from Sydney to Perth after she “met a friend on the internet”.

Up to 300 jobs could be slashed at Curtin University with the executive considering voluntary redundancies and pay freezes in a bid to find $45 million in savings.

Page 17: Manjimup Heritage Park has been named Park of the Year in the WA Parks and Leisure Australia Regional Awards of Excellence.

Business: Mining companies or land users who destroy ancient Aboriginal sites without permission face fines of up to $10 million and five years in jail under new laws being canvassed by the WA Government.

The 10 schools that will be converted into “virtual power plants” have been unveiled in a major step in the renewables-focused overhaul of the State’s electricity network.

A plan to boost funding to support Indigenous tourism and create new jobs has been approved by the sector’s peak body.

Some private businesses are urging the WA Government to suspend strict requirements for exclusive negotiation in its market-led proposal policy to fast-track the State’s economic recovery.

The owners of the advanced Ravensthorpe gold project will raise $30-$40 million in an initial public offering of their private entity ACH Minerals as local listings in the junior gold sector heat up.

Australia’s biggest grain exporter has received more than 2500 applications for casual jobs this harvest, installing confidence it can provide a normal service to farmers despite the pandemic.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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