Morning Headlines

Open season

The Premier will this morning chair a meeting of the State Disaster Council where updated health advice about a travel bubble with States that have no community spread will be considered. The West

US investor bids for AMP

California-based private equity and credit investment giant Ares Management is in talks to buy embattled Australian wealth manager AMP, only six weeks after the 170-year-old company put itself up for sale. The Fin

Perenti sounds out deal with mining services rivals

Perenti Global is believed to have held talks with other listed rivals about embarking on an acquisition or merger in what could be another step towards consolidation in the listed mining services industry. The Aus

FMG tips better ties with traditional owners

Agreements between miners and traditional owners will need to be ‘‘much more robust’’ in future, Fortescue Metals Group chief executive Elizabeth Gaines says, as the cashed-up company leaves open the possibility it could bid for struggling lithium exporter Altura Mining. The Fin

Doors opened and ‘primed for summer boom’

Australia’s economy is “primed for a summer boom” as the country emerges from lockdown, with the recovery spurred by massive government stimulus and the easiest monetary conditions in history. The Aus

NBN shrugs off 5G business threat

NBN Co chief financial officer Philip Knox says he is not concerned about the threat 5G poses to his company’s business model, arguing the cutting-edge mobile technology is not designed to deliver home broadband. The Fin

Prelude is a $1.9b pain for Shell

Petroleum giant Shell has taken a $1.9 billion hit on its Prelude LNG stake as its battles to fix problems with the $22b project’s giant floating platform. The West

RBA rate cut doesn’t change anything: ANZ

ANZ chief executive Shayne Elliott has warned the Reserve Bank that its expected interest rate cuts will further drown the financial system in liquidity, hitting bank profits by squeezing margins but doing next to nothing to stimulate the economy and jobs. The Fin

Cornerstone likely for DDH1 Drilling float

Mining services provider DDH1 Drilling is believed to have carried out investor meetings this week for its initial public offering, which is expected to secure support. The Aus

Seek’s Chinese arm Zhaopin accused of ‘zombie’ job posts

US activist short-seller Blue Orca has taken on ASX-listed online jobs portal Seek, claiming Seek’s business in China, Zhaopin, is full of junk employment listings to maintain the illusion of user growth, and its valuation is vastly inflated. The Fin

The Australian Financial Review

Page 1: Gina Rinehart tops the Rich List for the first time since 2015, with $28.9 billion on the back of surging iron ore prices, followed by Andrew Forrest at $23 billion, his highest showing since he topped the list in the last mining boom of 2008.

California-based private equity and credit investment giant Ares Management is in talks to buy embattled Australian wealth manager AMP, only six weeks after the 170-year-old company put itself up for sale.

Page 4: The Morrison government should expand its JobMaker hiring credit to all ages at an extra cost of $4 billion to help avoid almost half a decade of high unemployment, the Grattan Institute has argued.

Page 7: Senior government adviser Andrew Shearer will become Australia’s spy chief after being appointed to head up the Office of National Intelligence.

Page 8: The managing director of Bunnings, Mike Schneider, believes robust trading conditions in the DIY sector will continue because of the travel restrictions and people wanting to spruce up their homes after learning handyperson skills during the pandemic.

Page 9: NBN Co chief financial officer Philip Knox says he is not concerned about the threat 5G poses to his company’s business model, arguing the cutting-edge mobile technology is not designed to deliver home broadband.

Page 14: ANZ chief executive Shayne Elliott has warned the Reserve Bank that its expected interest rate cuts will further drown the financial system in liquidity, hitting bank profits by squeezing margins but doing next to nothing to stimulate the economy and jobs.

US activist short-seller Blue Orca has taken on ASX-listed online jobs portal Seek, claiming Seek’s business in China, Zhaopin, is full of junk employment listings to maintain the illusion of user growth, and its valuation is vastly inflated.

Page 16: JB Hi-Fi boss Richard Murray has sought to temper expectations for the high flying retailer, saying he does not expect a continuation of the surging double-digit sales achieved in the first quarter for the remainder of the financial year.

Mosaic Brands chairman Richard Facioni told shareholders at the annual meeting that bricks and mortar stores will always be part of the company behind names like Millers and Noni B, but he has already closed over 70 sites this year.

Page 19: Australia’s fossil fuel exporters have been put on notice of waning appetite for their product from some of their biggest customers in Asia as South Korea’s adoption of a net-zero emissions target increased the share of markets committed to decarbonisation to over 70 per cent.

Page 20: Agreements between miners and traditional owners will need to be ‘‘much more robust’’ in future, Fortescue Metals Group chief executive Elizabeth Gaines says, as the cashed-up company leaves open the possibility it could bid for struggling lithium exporter Altura Mining.

More than 60 institutional investors, including American giant Fidelity, have written a joint letter to the world’s major mining companies suggesting they review the ‘‘genuineness’’ of the consents they have obtained from traditional owners and demanding to know how they are handling cultural heritage risk.

The Australian

Page 1: The nation's chief economic adviser has called for a complete overhaul of billions of dollars in federal spending on indigenous support each year, in a major report that warns the government has little evidence that current programs are effective.

Christine Holgate has hit back at Scott Morrison, with her lawyers declaring there are no legal grounds for her to stand down as Australia Post chief executive over the Cartier watch gift row.

Page 2: Australia’s economy is “primed for a summer boom” as the country emerges from lockdown, with the recovery spurred by massive government stimulus and the easiest monetary conditions in history.

Page 7: More than 1500 cases reporting historic sexual and physical abuse inside the Australian Defence Force have been lodged with the Commonwealth Ombudsman, as complaints surge ahead of the government’s special reparation scheme ending next year.

Resource and energy employers are urging the Coalition to review the operation of the Fair Work Commission, alleging female members and those with previous business experience have been “inexplicably sidelined” from fullbench deliberations.

Page 14: Perenti Global is believed to have held talks with other listed rivals about embarking on an acquisition or merger in what could be another step towards consolidation in the listed mining services industry.

Mining services provider DDH1 Drilling is believed to have carried out investor meetings this week for its initial public offering, which is expected to secure support.

Page 15: Billionaire Andrew Forrest is poised to give the green light for his NSW gas import terminal, putting it on track to become Australia’s first facility importing LNG, with plans to sign a longterm lease with Port Kembla.

Buoyed by the success of its seven-hour scenic “flight to nowhere” that sold out in 10 minutes, Qantas has announced a series of scenic “flights to somewhere”.

Page 17: Energy powerhouse Shell has taken a giant $US1.3bn ($1.88bn) pre-tax writedown in the third quarter on its troubled $US12bn Prelude floating LNG plant off northern Australia, raising concern over the long-term prospects for the plant.

The West Australian

Page 1: The Premier will this morning chair a meeting of the State Disaster Council where updated health advice about a travel bubble with States that have no community spread will be considered.

Page 5: The NRL was yesterday forced to back down over its decision to scrap the national anthem from State of Origin games after the direct intervention of Prime Minister Scott Morrison.

Page 6: The opening of a new “allgender” bathroom at Curtin University was meant to help transgender students feel safer — but a concerted vandalism campaign has left many feeling too scared to visit the campus.

Page 7: Australians should prepare to be able to pack their bags for New Zealand possibly within the next month.

Page 59: City of Kalgoorlie-Boulder chief executive John Walker has described the Shire of Coolgardie’s snub to merge with it as a “lost opportunity”.

Page 60: Donald Trump yesterday held an in-person campaign rally in Arizona despite a growing US surge in COVID-19 cases and claims he is prioritising his re-election above the health of supporters.

Business: Petroleum giant Shell has taken a $1.9 billion hit on its Prelude LNG stake as its battles to fix problems with the $22b project’s giant floating platform.

Perron Group has revealed the impact of the pandemic on the diversified company, reporting a significant loss for the last financial year, driven by uncertainty on property valuations.

Fortescue Metals Group chief executive Elizabeth Gaines has given the clearest indication yet that the iron ore miner is eager for the abolition of WA’s hard border because of the mental health impact it is having on the company’s interstate-based fly-in, fly-out staff.