04/09/2020 - 06:59

Morning Headlines

04/09/2020 - 06:59

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PM to leave Westralia out of border battle as McGowan rejects hotspot

Morning Headlines

PM to leave Westralia out of border battle as McGowan rejects hotspot

Mark McGowan will defy Scott Morrison’s push for a national definition of a COVID-19 hotspot at today’s National Cabinet meeting, saying States must be free to “protect our people and jobs”. The West

Chaos over hotspots as states feud

Scott Morrison will persist with a national definition of a coronavirus hotspot as an alternative to blanket border closures, but is no longer planning on a quick resolution following stiff resistance led by Queensland and Western Australia. The Fin

Hospitality players upbeat as crucial trading period nears

Perth’s biggest hospitality players are upbeat heading into the all-important summer trading period despite activity in Perth’s CBD yet to return to pre-COVID levels. The West

China’s iron will in Africa is filler, not killer

China’s ambition to build an alternative iron ore industry in Africa will push down iron ore prices by a maximum of $US8 ($11) per tonne, hosing down suggestions it will be a ‘‘killer’’ for Australia’s biggest export industry. The Fin

Chevron’s $10m a day shock

The massive Gorgon LNG plant could soon be operating at just one-third of capacity — giving Chevron a $10 million-a-day headache — after the energy giant revealed it would take longer than expected to get a faulty processing train back to work. The West

Virus deals $1.3b hit to stamp duty revenue

Lockdowns, financial uncertainty and falling property prices punched a 19 per cent hole in stamp duty collections for the June quarter – the worst since 1974. The Fin

Australia falling behind on corporate tax cuts

Australia is slipping further behind in the global race to cut company tax and is the third most dependent economy on taxing business profits. The Fin

Westfield owner Scentre eyes $1.8bn raising to ease Covid squeeze

Shopping centre landlord Scentre, owner of the local Westfield empire, is riding a share-price lift on the back of expectations it could launch a major equity raising. The Aus

Branson, TWU give Bain’s bid some tailwind

Backing by the Transport Workers Union and Richard Branson is likely to ensure that today’s meeting of creditors will approve Bain Capital’s $3.5 billion plan to buy Virgin Australia. The Fin

Covid-immune tech stocks draw offshore interest

Technology stocks in Australia are believed to be gaining attention from major strategic groups offshore and local middle size private equity funds with companies such as RXP Services, MedAdvisor and DWS in their sights. The Aus

 

 

The Australian Financial Review

Page 1: Scott Morrison will persist with a national definition of a coronavirus hotspot as an alternative to blanket border closures, but is no longer planning on a quick resolution following stiff resistance led by Queensland and Western Australia.

Page 2: Before the arrests of 19 employees in China, Crown Resorts was warned by a customer in China that Beijing was preparing to arrest people recruiting Chinese citizens to gamble in foreign countries, the NSW Gaming inquiry heard yesterday.

Page 5: The federal government is considering a plan to secure gas from east coast producers and make it available at potentially lower prices for manufacturers to help lift the economy out of recession, according to industry sources.

Page 6: The federal government is privately concerned that bringing forward major new stimulus would not deliver ‘‘bang for buck’’ under current COVID-19 restrictions after witnessing a huge ramp up in savings in the June quarter.

Page 7: Lockdowns, financial uncertainty and falling property prices punched a 19 per cent hole in stamp duty collections for the June quarter – the worst since 1974.

Page 8: A state-based actor – widely believed to be China – has been undeterred from its wave of cyber attacks against Australian governments, businesses and institutions despite Scott Morrison publicly revealing in June that local networks were being targeted as part of a ‘‘malicious’’ campaign.

Page 11: Australia is slipping further behind in the global race to cut company tax and is the third most dependent economy on taxing business profits.

Page 13: The Centres for Disease Control and Prevention has notified public health officials in all 50 American states and five large cities to prepare to distribute a coronavirus vaccine to healthcare workers and other high-risk groups as soon as late October or early November.

Page 15: China’s ambition to build an alternative iron ore industry in Africa will push down iron ore prices by a maximum of $US8 ($11) per tonne, hosing down suggestions it will be a ‘‘killer’’ for Australia’s biggest export industry.

Page 16: Backing by the Transport Workers Union and Richard Branson is likely to ensure that today’s meeting of creditors will approve Bain Capital’s $3.5 billion plan to buy Virgin Australia.

Page 19: AMP’s ‘‘fire sale’’ of its assets will be stymied by the complexity and interconnected nature of the wealth manager’s sprawling business, plus the enormous costs of separation and investment for any buyer, according to analysts.

Page 21: The banking sector and fintech startups have backed a Senate committee’s call for the creation of a new regulator to oversee the consumer data right and the development of a data economy.

Page 23: The Mongolian prime minister who allowed Rio Tinto to kickstart a $US5.3 billion expansion of the Oyu Tolgoi mine, says the developing nation should sell its stake in the giant copper project in a bid to accelerate cash flow and soothe political tensions with Rio.

 

 

The Australian

Page 1: Environmental water buybacks will be axed and the Murray-Darling Basin Authority will be stripped of its enforcement role in the biggest shake-up of the river system’s management in a decade.

The Morrison government is in negotiations to potentially buy the commercial rights to the Aboriginal flag from non-Indigenous licensees and the flag’s Indigenous designer, in a move that would allow the design to be used freely.

Page 4: Talks are under way to renew China’s access to Hobart’s port and airport as an Antarcticgateway”, despite concerns about Beijing’s intentions on the frozen continent.

Page 6: The October budget must prioritise measures aimed at getting Australians to spend $80bn in precautionary household savings built up through the COVID-19 recession, economists say, after a collapse in consumption drove the worst quarterly economic contraction on record.

Page 10: France has pledged support to Iraq’s new government in its fight against Islamic State, amid concerns over the militant group’s resurgence as the US cuts its troops there.

Page 15: Seven major industrial facilities along the east coast are now threatened with closure as federal and state governments meet at national cabinet on Friday amid increasing pressure to support manufacturing jobs during Australia’s first recession in almost three decades.

Page 16: Technology stocks in Australia are believed to be gaining attention from major strategic groups offshore and local middle size private equity funds with companies such as RXP Services, MedAdvisor and DWS in their sights.

Page 17: Shopping centre landlord Scentre, owner of the local Westfield empire, is riding a share-price lift on the back of expectations it could launch a major equity raising.

Page 18: Professional services and accounting firm Deloitte has cut short its pandemic-induced pay cuts and has restored full pay to staff from Tuesday of this week.

 

 

The West Australian

Page 5: All Year 12 English students at Perth’s only selective school for academic high-achievers will have to resit a key test paper after a teacher mistakenly leaked the questions to one class.

Page 7: The massive Gorgon LNG plant could soon be operating at just one-third of capacity — giving Chevron a $10 million-a-day headache — after the energy giant revealed it would take longer than expected to get a faulty processing train back to work.

Page 8: Mark McGowan will defy Scott Morrison’s push for a national definition of a COVID-19 hotspot at today’s National Cabinet meeting, saying States must be free to “protect our people and jobs”.

Page 9: Federal MP Patrick Gorman has declared aged-care workers need more than a “thank you” and staffing at nursing homes must be increased as Labor steps up calls for Aged Care Minister Richard Colbeck to be sacked.

Page 12: A West Coast Eagles executive is being touted as the new WA Football Commission boss amid growing calls for an overhaul of the sport’s governing body.

Page 29: A rise in drug use, mental health-related issues and a social media-led “acceptance of violence” are likely to be behind attacks on the elderly, according to WA Police Union boss Harry Arnott.

Business: Perth’s biggest hospitality players are upbeat heading into the all-important summer trading period despite activity in Perth’s CBD yet to return to pre-COVID levels.

The airline that operates the Perth-to-Esperance route will conduct a review of its fare information, which has the potential to mislead consumers into thinking some fare types are ineligible for refunds.

Jobs are going begging across regional WA and the State is facing a labour shortage ahead of harvest season, with JobSeeker payments proving a major disincentive for city-dwelling young people to go and find work.

Experts say greater international co-operation between competition agencies is of “great benefit” to WA consumers and businesses because it will ensure consistency of laws that transcend borders.

Staff at ExxonMobil’s Perth operations will be included in calls for voluntary redundancies as the US energy giant looks to cut jobs worldwide while the COVID-19 pandemic continues to curb demand for oil.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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