09/09/2020 - 06:40

Morning Headlines

09/09/2020 - 06:40

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BHP shows ‘Big West Australian’ credentials with Eastern States FIFO rule

BHP shows ‘Big West Australian’ credentials with Eastern States FIFO rule

BHP will preference Western Australians for new jobs at its WA mines and require interstate candidates to permanently relocate west while working for the iron ore giant. The West

Employers back idea of payroll tax rebate

Chief executives are backing a proposed payroll tax rebate worth up to $15 billion that would create up to 250,000 jobs within a year and deliver better returns than infrastructure stimulus spending. The Fin

Loophole allows Facebook to drastically cut GST bill

A loophole in the ‘‘Netflix tax’’ allows Facebook to charge GST on only a fraction of its local sales, while Google Australia took three years to report significant GST revenue after it announced it was legally required to charge the tax. The Fin

Uni exodus ‘will strip critical research areas’

Group of Eight universities have warned that nearly 10,000 of their elite researchers in national priority areas are likely to leave for overseas, decimating Australia’s high-level research capacity, unless the federal government refocuses its limited research spending on high-quality projects. The Aus

Public sector unscarred in ‘K-shaped’ recession

More than 22,000 extra public servants have been hired since governments shut large sections of the economy in response to COVID-19, while more than half a million private-sector jobs have been lost. The Fin

New Century nixes nickel deal with Vale

New Century Resources has withdrawn its offer to buy the New Caledonian nickel assets of mining giant Vale, leaving one of the Pacific nation’s main industries in disarray and putting the spotlight on the curious role played by one of Australia’s biggest nickel producers, IGO Limited. The Fin

Fortescue can lose its discount tag with Iron Bridge magnetite project

Analysts believe Fortescue’s iron ore will be less vulnerable to price discounts in future, as the company studies using the magnetite concentrate from its $US2.6 billion ($3.6 billion) Iron Bridge project to blend with its traditional iron ore products. The Fin

Tourism facing mass staff exodus

Tourism bosses are concerned about losing an entire generation of the sector’s labour force as redundant travel agents, pilots and hoteliers pivot into alternative industries because of the COVID-19 pandemic. The Aus

Revamp industry urgently: Liveris

The Morrison government needs to urgently revitalise Australia’s manufacturing sector to help the economy recover and reduce its overreliance on China, according to former Dow Chemical chief executive Andrew Liveris, who is now serving as a special adviser to the Morrison government’s National COVID-19 Coordination Commission. The Aus

State set for 15.7m tonne grain haul

WA’s 2020-21 grain harvest is forecast to be 35 per cent bigger than last year despite below-average rainfall in most regions. The West

 

 

The Australian Financial Review

Page 1: Foreign Minister Marise Payne said Australians should not travel to China as they face the risk of arbitrary detention, after two Australian journalists were rushed out of Shanghai on Monday night in a secretive operation following a tense five-day stand-off with authorities.

Page 2: A loophole in the ‘‘Netflix tax’’ allows Facebook to charge GST on only a fraction of its local sales, while Google Australia took three years to report significant GST revenue after it announced it was legally required to charge the tax.

Page 6: Superannuation should not replace a meagre government-funded pension for a meagre privately-funded one, Labor’s financial services spokesman Stephen Jones will argue today.

Page 7: A new analysis of the world’s leading COVID-19 vaccines and therapies in development has revealed that even the small group of vaccines already in phase three trials have only a 20 per cent chance of success.

Page 8: Chief executives are backing a proposed payroll tax rebate worth up to $15 billion that would create up to 250,000 jobs within a year and deliver better returns than infrastructure stimulus spending.

Construction industry superannuation fund Cbus has amassed an $850 million war chest to spend as the economy emerges from the coronavirus pandemic, a move it says is possible due to bringing its funds management in-house.

Page 9: More than 22,000 extra public servants have been hired since governments shut large sections of the economy in response to COVID-19, while more than half a million private-sector jobs have been lost.

Page 10: An influential Australian think tank has labelled social media platform TikTok a ‘‘powerful political actor’’, with wider influence than other Chinese-owned platforms because of its large user base of non-Chinese users.

Page 11: Westpac Banking Corporation’s potential sale of its Fiji and Papua New Guinea businesses has sparked concerns within the federal government that it undermines efforts to forge greater ties with the Pacific and could provide an opening for China.

Page 15: AMP squibbed the opportunity to turn itself into a powerhouse in Australian equities investment and – in the wake of its never-ending operational struggles – has missed the chance to hawk its operations for a decent return, according to East 72 Investments executive director Andrew Brown.

GrainCorp’s move to take out costly production-based crop insurance just as the east coast drought was about to break means it will pay $70 million to insurer Aon on the back of a bumper winter crop.

Page 18: New Century Resources has withdrawn its offer to buy the New Caledonian nickel assets of mining giant Vale, leaving one of the Pacific nation’s main industries in disarray and putting the spotlight on the curious role played by one of Australia’s biggest nickel producers, IGO Limited.

Analysts believe Fortescue’s iron ore will be less vulnerable to price discounts in future, as the company studies using the magnetite concentrate from its $US2.6 billion ($3.6 billion) Iron Bridge project to blend with its traditional iron ore products.

Page 20: Woolworths supermarkets boss Claire Peters is handing over her job of running the group’s 1000 stores to Natalie Davis, a former McKinsey & Co partner who has been in charge of Woolworths New Zealand for two years.

 

 

The Australian

Page 2: Group of Eight universities have warned that nearly 10,000 of their elite researchers in national priority areas are likely to leave for overseas, decimating Australia’s high-level research capacity, unless the federal government refocuses its limited research spending on high-quality projects.

Page 3: Teachers and parents across the country have been urgently warned to keep students away from TikTok after a distressing video featuring a suicide spread across the popular social media platform, often hidden in content explicitly targeting children.

Page 13: Sanjeev Gupta has slashed more than 10 per cent of the workforce from his Australian building materials and steel distribution arm as he resets his global empire to withstand the impact of the coronavirus crisis.

Tourism bosses are concerned about losing an entire generation of the sector’s labour force as redundant travel agents, pilots and hoteliers pivot into alternative industries because of the COVID-19 pandemic.

Page 15: Bamboo screens imported from China and sold at Bunnings hardware stores have been found to be infested with a pest known for destroying wooden furniture and other timber products in a serious biosecurity breach.

Page 16: The Morrison government needs to urgently revitalise Australia’s manufacturing sector to help the economy recover and reduce its overreliance on China, according to former Dow Chemical chief executive Andrew Liveris, who is now serving as a special adviser to the Morrison government’s National COVID-19 Coordination Commission.

 

 

The West Australian

Page 1: BHP will preference Western Australians for new jobs at its WA mines and require interstate candidates to permanently relocate west while working for the iron ore giant.

Page 4: One in three Australians has accessed a suicide prevention service for themselves or a loved one, with research also revealing one in five Australians has also suffered the loss of a family member to suicide.

Page 9: The coronavirus outbreak has not dented WA’s love for a punt and that will mean a confidence-boosting cash injection into the State’s racing industry.

WA’s top eight builders and land developers have met with the State Government to demand an extension to the building grants program, calling for the deadline to be pushed back by six months.

Business: WA businesses, spared tough lockdown measures, are faring better than their Eastern States counterparts but a new report shows many firms believe they are not out of the woods yet.

The latest temperature check of business activity shows WA is enjoying better conditions than the rest of Australia but the peak industry body warns weak investment remains a challenge for the State.

Australian pharmaceuticals provider Recce’s shares have surged by as much as 18 per cent after the company reported progress in developing treatments for the coronavirus.

Australia’s corporate cop has hired more than 350 people since the financial services royal commission as it bulks up on lawyers, accountants and analysts to take on the top end of town.

WA’s 2020-21 grain harvest is forecast to be 35 per cent bigger than last year despite below-average rainfall in most regions.

WA farmers could start producing more of the superfood quinoa, after the release of a WA-bred variety that can grow in a range of conditions from the Kimberley to the Wheatbelt.

Men are overly confident in their investing ability compared with women, and are less likely to seek guidance from a professional, according to research from global asset management company Schroders.

Bell Group liquidator Tony Woodings says everything is on track for him to distribute more than $1.6 billion to creditors on Friday.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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