01/12/2020 - 06:40

Morning Headlines

01/12/2020 - 06:40

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Morning Headlines

Lithium miners get relief

Three WA lithium miners will get a 50 per cent royalty break for a year under a $20 million State Government relief package that aims to ease pressure on the struggling sector. The West

Morrison plea for China reset

Scott Morrison has appealed to China to reset the bilateral relationship after the Prime Minister condemned its Foreign Ministry for sharing a ‘‘repugnant’’ and fake image slurring Australian soldiers on social media. The Fin

Explorers cast aside uncertainty

Cash inflows to Australia’s mineral and petroleum exploration sector surged by 51 per cent to a two-year high in the three months to September 30, marking an extraordinary turnaround from the doomsday scenario that was brewing earlier this year. The Fin

Packer’s flagship slumps to $400m loss as Crown turmoil bites

James Packer’s flagship private company has slumped to a $400m loss and had more than $600m wiped from its value after a tumultuous year for Crown Resorts, its main investment, new financial disclosures show. The Aus

$21m for electric avenue

WA will spend $21 million over the next four years creating one of the world’s longest electric vehicle networks, stretching from Esperance to Kununurra. The West

Freedom Foods reveals $590m cost of scandal

Freedom Foods chairman Perry Gunner and non-executive director Trevor Allen will leave the troubled manufacturer’s board after revealing a surprise blowout of more than $590 million in write-downs. The Fin

Business gives tick to relaxed regulators

A federal report on lessons learnt from COVID-imposed regulatory changes has found strong business support for a major shift in regulator culture during the pandemic away from enforcement to collaboration. The Fin

Penfolds’ pivot from China will take years

The abrupt end of high-quality Penfolds wine sales to China, which have been the main driver of profit growth over the past six years for Treasury Wine Estates, crunched the company’s share price after it returned to trading yesterday. The Fin

TransferWise connects with payments system

One of Europe’s largest fintechs, TransferWise, will be able to connect directly into Australia’s real-time payments system and further reduce foreign exchange fees, after the prudential regulator awarded it with a restricted banking licence yesterday. The Fin

One rate to cover all in IR reforms

Employers could pay a single, higher rate to retail and hospitality workers and the Fair Work Commission would be required to approve enterprise agreements within 21 days under industrial relations changes being finalised by the Morrison government. The Aus

 

 

The Australian Financial Review

Page 1: Scott Morrison has appealed to China to reset the bilateral relationship after the Prime Minister condemned its Foreign Ministry for sharing a ‘‘repugnant’’ and fake image slurring Australian soldiers on social media.

Freedom Foods chairman Perry Gunner and non-executive director Trevor Allen will leave the troubled manufacturer’s board after revealing a surprise blowout of more than $590 million in write-downs.

Page 2: Deloitte is trying to stop senior executives from its major client Rio Tinto being dragged into a court challenge against its alleged policy that partners retire at 62.

Page 3: The economic impact of the coronavirus pandemic is of greater concern to Australians than the health effects, a nationwide survey has found.

Page 4: Company profits jumped 35.1 per cent in the accommodation and food services sector over the September quarter and inventories were also run down, reflecting higher consumption, leading some economists to upgrade their growth forecasts.

Page 5: A lesser-than-expected demand for JobKeeper should save the federal budget about $6 billion in the December quarter alone, according to new data obtained by The Australian Financial Review.

Page 8: High-performing teachers should be rewarded with better pay, even if the cost is funded by letting class sizes get bigger, according to a report from the Centre for Independent Studies.

Page 9: The Australian and US militaries will develop a new hypersonic missile capable of flying the distance between Sydney and Melbourne in seven minutes, amid an arms race with China and Russia.

Page 12: A federal report on lessons learnt from COVID-imposed regulatory changes has found strong business support for a major shift in regulator culture during the pandemic away from enforcement to collaboration.

Page 13: President-elect Joe Biden tapped key campaign staff and advisers to lead an all-female communications team, naming former Obama State Department spokeswoman Jen Psaki as his White House press secretary and campaign spokeswoman Kate Bedingfield as communications director.

Page 15: The abrupt end of high-quality Penfolds wine sales to China, which have been the main driver of profit growth over the past six years for Treasury Wine Estates, crunched the company’s share price after it returned to trading yesterday.

Qantas has blamed COVID-19 for its decision to reject a last-minute attempt to save 2000 ground-handling jobs and instead outsource the work to several companies, including international operators Menzies and Swissport.

Page 18: Cash inflows to Australia’s mineral and petroleum exploration sector surged by 51 per cent to a two-year high in the three months to September 30, marking an extraordinary turnaround from the doomsday scenario that was brewing earlier this year.

Page 19: One of Europe’s largest fintechs, TransferWise, will be able to connect directly into Australia’s real-time payments system and further reduce foreign exchange fees, after the prudential regulator awarded it with a restricted banking licence yesterday.

Outdoor leisure retailer Kathmandu will consider whether to replace group chief executive Xavier Simonet, who resigned yesterday after five years to take the helm at the Australian Trade and Investment Commission.

Page 22: Australian government departments are dramatically under-investing in their own cyber security, to the point where they could be making themselves easy targets for criminal and state-based hackers, a report has found.

 

 

The Australian

Page 1: James Packer’s flagship private company has slumped to a $400m loss and had more than $600m wiped from its value after a tumultuous year for Crown Resorts, its main investment, new financial disclosures show.

Page 4: Employers could pay a single, higher rate to retail and hospitality workers and the Fair Work Commission would be required to approve enterprise agreements within 21 days under industrial relations changes being finalised by the Morrison government.

Travel agents will be able to apply for one-off payments worth up to $100,000 under a new rescue package, with the Morrison government conceding the industry was “operating in an exceptional set of circumstances” during the COVID-19 pandemic.

Page 13: The century-old Victorian fruit and vegetable processor SPC has launched a new corporate brand as it wraps up a $100m capital raising entirely backed by Australian investors.

Commonwealth Bank has broken away from the pack on chief executive pay, a move that will inevitably lead to greater scrutiny of the lender’s remuneration structure, according to the influential proxy advisory firm ISS.

Page 15: The beer foreigners think Australians drink will attempt to achieve this in reality with the launch of a new 30-can Foster’s Classic slab and a quadrupling of local production.

 

 

The West Australian

Page 1: Mark McGowan is set to announce that WA’s border will open to NSW and Victoria in time for Christmas.

After a national public backlash, Defence chiefs have raised a white flag and say they will not necessarily strip 3000 Afghanistan veterans of their meritorious unit citation medals.

Page 3: WA will spend $21 million over the next four years creating one of the world’s longest electric vehicle networks, stretching from Esperance to Kununurra.

Page 4: Labor’s shadow trade minister Madeleine King has called on the Morrison Government to lean on Australia’s business community to help repair relations with China.

Page 8: The ABC’s coronavirus guru Dr Norman Swan has been accused of “stereotyping an entire State” after he criticised popular support for WA’s border closure.

Page 9: Pharmaceutical manufacturer Moderna will today lodge an emergency application with the US Government that could result in its COVID vaccine being rolled-out by Christmas.

Business: Three WA lithium miners will get a 50 per cent royalty break for a year under a $20 million State Government relief package that aims to ease pressure on the struggling sector.

Qantas insists safety won’t be compromised by a decision to outsource 2000 ground-handling jobs after the carrier rejected union efforts to keep the roles in-house.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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