08/09/2020 - 06:43

Morning Headlines

08/09/2020 - 06:43

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Giants put on the back foot

Morning Headlines

Giants put on the back foot

Fresh details have emerged about the scale of the repairs needed at two of the world’s biggest industrial projects — Shell’s Prelude floating LNG vessel and Chevron’s Gorgon gas processing facility. The West

New iron ore mine dubbed ‘Pilbara killer’ could spell disaster

A new analysis has put the hit to Australia from China’s development of the giant Simandou iron ore deposit in Africa at more than $14 billion, with the authors warning of a turf war in the Pilbara as miners look to protect market share. The West

Australian exports to China fall 26pc, fastest drop among trade partners

Australia’s goods exports to China fell by more than 26 per cent in August, taking total exports down by 7.5 per cent over the year to $US75.7bn, according to figures from the Customs General Administration in Beijing. The Aus

Banks to fund stimulus bill via $240b debt

Banks will be directed by financial regulators to buy up to $240 billion of additional federal and state government debt to normalise emergency bank liquidity, in a regulatory move that will lower government borrowing costs and encourage stimulus spending on infrastructure and other programs. The Fin

Rio Tinto to escalate gorge response

Rio Tinto executives could face harsher punishment for destruction of Juukan Gorge within days, after investors made clear over the past two weeks that the financial penalties handed down were inadequate. The Fin

AGL plan to offer e-cars by subscription

AGL Energy will offer customers a Netflix-like subscription for an electric car in the first initiative launched by its new AGL Next innovation arm, which will also increasingly expand into telco products. The Fin

Export rise underlines China recovery

China’s exports rose for the third consecutive month in August, eclipsing an extended fall in imports, as more of its trading partners relaxed coronavirus lockdowns in a further boost to the recovery in the world’s second-biggest economy. The Fin

ANZ promises to ditch business customers without a climate plan

ANZ boss Shayne Elliott says the bank will drop carbon-heavy business customers if they repeatedly refuse to develop a plan to deal with climate change risk. The Fin

Cash splash can’t stop slump

Not even the biggest housing stimulus package in history is enough to pull the WA residential construction sector out of its longterm slump, according to official figures. The West

‘Gloves off’ in Fitzroy fight

The Pastoralists and Graziers Association has put the State Government on notice over its plans to develop a national park in the Fitzroy Valley, warning it will cost jobs and more than $1 billion a year in potential productivity. The West

 

 

The Australian Financial Review

Page 1: Medical experts have backed criticism from business that Victorian Premier Daniel Andrews’ lockdown exit plan is a blunt attempt to eliminate COVID-19 that will cripple the state’s economy and have urged the Prime Minister to broker talks to revisit the targets.

Banks will be directed by financial regulators to buy up to $240 billion of additional federal and state government debt to normalise emergency bank liquidity, in a regulatory move that will lower government borrowing costs and encourage stimulus spending on infrastructure and other programs.

Page 4: A daily average target of 10 cases, simpler targets and selectively managing higher risks rather than a blanket shutdown are key to a more balanced end of Victoria’s second wave, according to health experts guiding the national pandemic response.

Page 6: Prime Minister Scott Morrison has ruled out tax increases to pay for improvements to the stricken aged care system, saying calls to do so would impede the economic recovery.

Page 11: Prime Minister Scott Morrison has dismissed Google’s and Facebook’s threats to walk away from Australian consumers over plans to make them pay media outlets for content, vowing not to bend to the tech giants’ coercion.

Page 14: China’s exports rose for the third consecutive month in August, eclipsing an extended fall in imports, as more of its trading partners relaxed coronavirus lockdowns in a further boost to the recovery in the world’s second-biggest economy.

Page 15: Rio Tinto executives could face harsher punishment for destruction of Juukan Gorge within days, after investors made clear over the past two weeks that the financial penalties handed down were inadequate.

Page 17: AGL Energy will offer customers a Netflix-like subscription for an electric car in the first initiative launched by its new AGL Next innovation arm, which will also increasingly expand into telco products.

Page 18: ANZ boss Shayne Elliott says the bank will drop carbon-heavy business customers if they repeatedly refuse to develop a plan to deal with climate change risk.

Page 19: Commonwealth Bank chief executive Matt Comyn has admitted progress has been slow getting merchant customers to understand potential cost savings from switching payments between competing networks, reflecting complex payment fees which CBA is attempting to simplify.

Page 20: Qantas has fired back at the Transport Workers’ Union for ‘‘wilfully misleading’’ its staff after announcing plans to outsource domestic ground handling.

Page 21: The US ban on Huawei’s technology has had a devastating effect on its Australian business – new data shows its phone sales fell off a cliff in the first half of this year.

Page 22: Facebook has vowed to keep fighting fake news on its platforms – even as it threatens to remove all credible news sources from its users’ feeds – while an Australian company has run an experiment showing just how easy it is to spread fake news on the platform.

 

 

The Australian

Page 4: Scott Morrison has demanded Victorian Premier Daniel Andrews outline his economic plan to help businesses and families through the state’s “severe” extended lockdown before unveiling any further federal government support.

Page 7: Two former governors-general, and some of the country’s most prominent jurists, are calling for dramatic prison reforms and warning the country’s rising incarceration rates are a blight with little benefit to victims or the community.

Scott Morrison has ruled out lifting taxes in the budget to help fund extra spending in the aged care sector, saying it would undermine government efforts to stimulate an economic recovery.

Page 13: Victorian big business owners have warned that Premier Daniel Andrewslockdown politics will “kill the golden goose” of the state economy and the outlook for next year is “nasty” as collapse looms for many small and medium enterprises.

Page 15: Shell’s $US12bn ($16.5bn) Prelude floating LNG project off Australia’s northwest coast has hit another snag, with a faulty production issue further complicating efforts to restart production following a string of safety issues.

Shares in Afterpay took a tumble on Monday, with PayPal’s entrance into the nascent “buy now, pay later” market representing “the most material competitor” to the likes of Afterpay and Zip Co thus far, according to Royal Bank of Canada analysts.

Page 15: The weekly amount withdrawn under the government’s COVID-19 superannuation early release scheme has slowed, even as the Australian Council of Trade Unions accused the government of viewing retirement savings as “a piggy bank to be dipped into whenever the government decides”.

Page 16: Magellan Financial has cracked $100bn in funds under management for the first time since the COVID-19 crisis sent markets into a tailspin earlier this year, with net inflows and a lift in global equities pushing it to $100.9bn by the end of August.

Property developer and investor Mirvac has given a pointer to its future leadership, with a major reshuffle in which office and industrial head Campbell Hanan will take on wider responsibilities and two other senior executives will leave.

Page 20: Australia’s goods exports to China fell by more than 26 per cent in August, taking total exports down by 7.5 per cent over the year to $US75.7bn, according to figures from the Customs General Administration in Beijing.

 

 

The West Australian

Page 1: Drivers who exceed the variable speed limits on Perth’s new “smart freeway” will be captured by speed cameras but won’t be fined — at least for the first year.

Page 5: The operators of the ill-fated Ruby Princess put corporate profits before passenger safety after ignoring “extreme dangers” posed by coronavirus, a lawsuit alleges.

Not even the biggest housing stimulus package in history is enough to pull the WA residential construction sector out of its longterm slump, according to official figures.

Business: A new analysis has put the hit to Australia from China’s development of the giant Simandou iron ore deposit in Africa at more than $14 billion, with the authors warning of a turf war in the Pilbara as miners look to protect market share.

Treasurer Ben Wyatt is being urged by WA’s peak business group to continue his tough public sector wages policy and resist increasing taxes to pay for the State Government’s coronavirus spending spree.

More than half of Australia’s 12 million workers got no support from their employer during the first wave of the pandemic, according to research from an international insurance broker.

Fresh details have emerged about the scale of the repairs needed at two of the world’s biggest industrial projects — Shell’s Prelude floating LNG vessel and Chevron’s Gorgon gas processing facility.

The Pastoralists and Graziers Association has put the State Government on notice over its plans to develop a national park in the Fitzroy Valley, warning it will cost jobs and more than $1 billion a year in potential productivity.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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