19/11/2020 - 06:59

Morning Headlines

19/11/2020 - 06:59

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Forrest’s ‘bizarre’ green power pacts with slave-tainted nations

Andrew Forrest’s Fortescue Metals Group says the Democratic Republic of Congo will need to free more than 1 million people from modern slavery to keep its end of the bargain under a deed of agreement on hydropower signed by the company and the African nation. The Fin

Seven Group machinery arm does the heavy lifting

Kerry Stokes-controlled Seven Group Holdings is taking heart from the performance of its mining focused machinery division WesTrac as the rest of the conglomerate’s businesses contend with earnings hits. The Fin

Virgin boss commits to WA regions

The new boss of Virgin Australia, Jayne Hrdlicka, says the airline will retain its Perth-based fly-in, fly-out operation but warns the service needs an overhaul to compete with rival Qantaslink. The West

Economy rebound buoys banks

Bank chief executives, regulators and the Treasurer say the economy is recovering much faster than expected, with unemployment, property prices and GDP all forecast to snap back as the government ramps up its crusade to remove blockages for home buyers and businesses seeking to borrow. The Fin

PM delays final call on superannuation rise to protect jobs

Scott Morrison will delay a decision on whether to ditch next year’s scheduled rise in the compulsory superannuation contribution until the May budget over concerns that lifting it would smash wages as the economy recovers from the pandemic. The Aus

Vaccine expert’s two-stage plan to combat virus

A two-stage vaccine strategy could help Australia combat the COVID-19 pandemic that has crippled the global economy and caused more than 1.3 million deaths worldwide, according to the country’s most renowned vaccine developer, Professor Ian Frazer. The Fin

Wage growth plunges to record low

Workers’ pay was cut in real terms in the year to September as wage growth fell to new record lows amid Victoria’s second lockdown. The Fin

Amazon expands into pharmacy

Amazon unveiled its biggest push into selling prescription drugs with the launch of Amazon Pharmacy, sending shockwaves through shares of sector chains and distributors. The Fin

Hrdlicka makes value pitch for Virgin 2.0

Virgin Australia chief executive Jayne Hrdlicka is confident the airline will recapture the same ratio of corporate travellers post-administration, despite losing several lucrative customers, aggressive competition and a review of its business offering. The Fin

Deloitte reimburses Covid-19 pay cuts

Big four accounting firm Deloitte said on Wednesday that the better profit performance in the first half, which was also helped by a slashed travel and entertainment budget as well as other thinner costs due to nationwide lockdowns and working from home, would allow the firm to pay back wages to staff who swallowed pay cuts earlier in the year due to the COVID-19 pandemic and impact to the business services company. The Aus

 

 

The Australian Financial Review

Page S1: Bank chief executives, regulators and the Treasurer say the economy is recovering much faster than expected, with unemployment, property prices and GDP all forecast to snap back as the government ramps up its crusade to remove blockages for home buyers and businesses seeking to borrow.

The prudential regulator will more closely link the amount of capital banks need to hold against loans with borrower risk, in a move that could encourage more lending to home buyers with larger deposits, while making it less profitable for banks to lend to investors using interest-only loans.

Page 1: A new highly infectious strain of coronavirus brought in from the United Kingdom two weeks ago by a returned overseas traveller has triggered a hard six-day lockdown across South Australia as authorities desperately try to eradicate it before it spreads further and threatens the rest of Australia.

Page 4: A two-stage vaccine strategy could help Australia combat the COVID-19 pandemic that has crippled the global economy and caused more than 1.3 million deaths worldwide, according to the country’s most renowned vaccine developer, Professor Ian Frazer.

Page 8: Workers’ pay was cut in real terms in the year to September as wage growth fell to new record lows amid Victoria’s second lockdown.

Apple has bowed to public pressure over its App Store charges, and will halve the commission it takes from the vast majority of its app developers from next year.

Page 10: Chinese state media has warned Australia and Japan will ‘‘pay a price’’ if their new defence pact threatens the Communist nation’s security, as Prime Minister Scott Morrison put the responsibility on Beijing’s leadership to reopen dialogue with Canberra.

Page 11: Donald Trump’s post-election score-settling is intensifying as he ordered a drawdown of US troops in Iraq and Afghanistan to take effect just five days before Joe Biden takes office, and fired a top official who contradicted the President’s unfounded claims of widespread election fraud.

Amazon unveiled its biggest push into selling prescription drugs with the launch of Amazon Pharmacy, sending shockwaves through shares of sector chains and distributors.

Page 15: Virgin Australia chief executive Jayne Hrdlicka is confident the airline will recapture the same ratio of corporate travellers post-administration, despite losing several lucrative customers, aggressive competition and a review of its business offering.

Page 17: Growing tensions between Beijing and Canberra are ‘‘regrettable’’, and the federal government should build a more harmonious relationship with its key trading partner, says a2 Milk Company chairman David Hearn.

Andrew Forrest’s Fortescue Metals Group says the Democratic Republic of Congo will need to free more than 1 million people from modern slavery to keep its end of the bargain under a deed of agreement on hydropower signed by the company and the African nation.

Page 18: BHP chief executive Mike Henry says Australia should work to ensure the big Asian economies get a bigger say in creating an international system that enables the world to better collaborate on shared challenges such as free trade, climate change and the coronavirus pandemic.

Kerry Stokes-controlled Seven Group Holdings is taking heart from the performance of its mining focused machinery division WesTrac as the rest of the conglomerate’s businesses contend with earnings hits.

Page 19: Climate Action 100+, a group of the world’s largest institutional investors, has put on notice another three Australian companies – Oil Search, Orica and Incitec Pivot – demanding they develop and publish plans to reduce their carbon emissions to net zero.

 

 

The Australian

Page 1: Scott Morrison will delay a decision on whether to ditch next year’s scheduled rise in the compulsory superannuation contribution until the May budget over concerns that lifting it would smash wages as the economy recovers from the pandemic.

Page 2: James Packer’s Crown Resorts has vowed to fight to be allowed to open restaurants and bars at Sydney’s Barangaroo casino as its ability to retain a licence to operate the $2.2bn facility hangs in the balance.

Page 3: Kevin Rudd is likely to be urged by federal officials to register as an agent of foreign influence because of his vast overseas connections and ongoing involvement in international relations.

Page 4: The COVID-19 pandemic will drive wildly divergent fortunes among the country’s stores this Christmas, with close to 40 per cent of retailers expecting “supercharged” sales growth as a quarter predict business this festive season will be substantially worse than usual.

Page 6: China has responded to Josh Frydenberg’s olive branch with a list of grievances and threats, describing the relationship as one with “serious difficulties”.

Page 8: High-income families are earning more than $325,000 a year more than lower-income families in some school communities, government data shows, calling into question a move to link household median income to non-government school funding.

Page 15: The insurance industry could be on the hook for hundreds of millions in Covid-linked payouts after suffering a stunning loss of its own test case that was designed to fortify their position on rejecting claims made through the pandemic.

Page 17: Big four accounting firm Deloitte said on Wednesday that the better profit performance in the first half, which was also helped by a slashed travel and entertainment budget as well as other thinner costs due to nationwide lockdowns and working from home, would allow the firm to pay back wages to staff who swallowed pay cuts earlier in the year due to the COVID-19 pandemic and impact to the business services company.

Former Leighton Holdings executive Russell Waugh has had his passport confiscated and movements restricted on Wednesday after being arrested by the Australian Federal Police at the culmination of a long running bribery investigation.

 

 

The West Australian

Page 6: Scott Morrison has been urged to consider “turning off the tap” to States and Territories who freelance on agreements made in National Cabinet after the South Australian Government ordered a six-day lockdown in response to a cluster of COVID-19 cases.

Seven Group boss Ryan Stokes has called for Australia’s internal borders to continue reopening in a “controlled” approach to support economic recovery.

Page 7: Treasurer Ben Wyatt used his last speech to Parliament to slam “some commentators and elected representatives” for Australia’s deteriorating relationship with China, which he said put the future economic prosperity of the State at risk.

Page 9: Directions forcing staff at Perth’s quarantine hotels to submit to weekly coronavirus tests were last night being drafted with the McGowan Government planning to have the new regime in place “within days”.

Page 11: New rules aimed at reducing vaping should include a time limit for doctors prescribing nicotine-containing vaping products, according to the nation’s peak medical body.

Page 18: The Gaming and Wagering Commission of WA will next week consider a concession from Crown Resorts that its bank accounts had likely been used for money laundering.

Business: The new boss of Virgin Australia, Jayne Hrdlicka, says the airline will retain its Perth-based fly-in, fly-out operation but warns the service needs an overhaul to compete with rival Qantaslink.

The repaired second plant at Chevron’s Gorgon liquefied natural gas project off the Pilbara is expected to be back in production as early as tomorrow.

Cardinal Resources has asked the Takeovers Panel to review its decision not to conduct an inquiry into a stalemate between two rival bidders for the company.

Southern Cross Electrical Engineering is buying a privately owned national competitor for up to $53.5 million, boosting revenue about one-third and expanding its presence on the east coast.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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