02/12/2020 - 06:47

Morning Headlines

02/12/2020 - 06:47

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Morning Headlines

Borders open but warning stays

Tourism bosses warn that West Australian Premier Mark McGowan’s insistence he would shut the border again if a new coronavirus outbreak occurs would unnecessarily smother the travel sector’s recovery. The Fin

RBA keeps rates, QE unchanged

The Reserve Bank of Australia has kept interest rates on hold at 0.1 per cent and has maintained the size of its $100 billion quantitative easing program, suggesting the economy is now recovering much faster than expected. The Fin

Origin backs Forrest gas imports

Power giant Origin Energy is in advanced talks to become the anchor customer for Andrew Forrest’s ambitious NSW gas import terminal, putting the mining billionaire on track to operate Australia’s first such facility. The Aus

Economy gets a leg-up

Record government and central bank stimulus into a rapidly reopening economy has triggered upgrades to Australia’s growth outlook on the eve of official GDP figures expected to show the nation bouncing out of recession. The Fin

Lamb growers hit as Qatar pulls subsidy

Australian meat exporters face an uphill battle to hold on to market share as Middle East nations hit by the weak oil prices slash subsidies aimed at providing their citizens with high quality food. The Fin

Rio head’s trip to heal Juukan Gorge wounds

Rio Tinto chairman Simon Thompson has visited the remains of Juukan Gorge in Western Australia, in a significant step towards mending relations with traditional owners in the region responsible for the vast majority of Rio’s earnings. The Fin

Wilson posts loss amid virus

Parking giant Wilson has plunged to a rare loss after COVID-19 stripped the group of up to 96 per cent of its parking revenue in the June quarter. The West

Farm jobs go begging despite $6k lure

Fewer than 150 job-seekers have accessed assistance payments of up to $6000 encouraging Australians to temporarily move into the regions for at least six weeks, sparking a recruitment drive by the Morrison government to fill more than 26,000 farm jobs. The Aus

Pubs & restaurants capacity restrictions on menu until vaccine

Businesses that remain hampered by the 2sqm rule can “anticipate a holding pattern” until a coronavirus vaccine is rolled out next year, according to Health Minster Roger Cook. The West

Telcos face scam fines

Telecommunication firms will face fines of up to $250,000 if they fail to stop scam calls under a new code to be released by the Federal watchdog today. The West

 

 

The Australian Financial Review

Page 1: Record government and central bank stimulus into a rapidly reopening economy has triggered upgrades to Australia’s growth outlook on the eve of official GDP figures expected to show the nation bouncing out of recession.

Labor is struggling to gain traction with key suburban and inner regional voters, according to a new poll that shows just one in three people would put the party first if a federal election were held today.

ASX chief executive Dominic Stevens says he was ‘‘gutted’’ by last month’s devastating trading outage and is determined to get to the bottom of why a damaging software bug was not spotted before the new system crippled the sharemarket.

Page 3: Hackers behind a ransomware attack on legal services firm Law In Order have withdrawn their public threat to release allegedly stolen data, as the company refused to say whether it paid a ransom.

Page 4: The federal government’s top business adviser on the COVID-19 recovery, Nev Power, has warned the political clash and trade spats with China are of ‘‘great concern’’ for all Australians because the two economies are very dependent on each other.

Page 6: Tourism bosses warn that West Australian Premier Mark McGowan’s insistence he would shut the border again if a new coronavirus outbreak occurs would unnecessarily smother the travel sector’s recovery.

US vaccine candidate Moderna has achieved 100 per cent efficacy against severe COVID-19 disease and has filed an application for ‘‘emergency use authorisation’’ with the US Food and Drug Administration.

Page 10: The Reserve Bank of Australia has kept interest rates on hold at 0.1 per cent and has maintained the size of its $100 billion quantitative easing program, suggesting the economy is now recovering much faster than expected.

Page 11: Australian meat exporters face an uphill battle to hold on to market share as Middle East nations hit by the weak oil prices slash subsidies aimed at providing their citizens with high quality food.

Page 14: Departing Freedom Foods Group chairman Perry Gunner has blamed the company’s accounting scandal on the former chief executive and chief financial officer, and the external auditor Deloitte.

Page 16: Buy now, pay later provider Limepay is capitalising on the sector’s recent market momentum, banking $21 million ahead of an initial public offering planned for mid-2021.

Page 17: Rio Tinto chairman Simon Thompson has visited the remains of Juukan Gorge in Western Australia, in a significant step towards mending relations with traditional owners in the region responsible for the vast majority of Rio’s earnings.

Page 18: A deal struck between CIMIC and TasWater to build dams and sewerage plants in Tasmania has been criticised by local companies, which say Australia’s biggest construction company is drawing up ‘‘unethical’’ contracts.

Page 19: Rio Tinto has been accused of ‘‘oppressive’’ behaviour and threatened with legal action if it forces Turquoise Hill Resources to solve its financial woes with a dilutive, multibilliondollar equity raising.

 

 

The Australian

Page 1: State government debt will more than double to nearly $500bn within four years, exceeding the peak level of borrowing as a share of GDP reached in the early 1990s recession and leaving states exposed to credit rating downgrades.

Australian embassy officials have met Chinese counterparts in Beijing to seek a formal apology over the offensive fake war crimes meme shared by a senior communist official, as Five Eyes security allies rallied behind Scott Morrison.

Page 2: The ABC’s flagship current affairs program is facing questions from the Morrison government over whether a private investigator conducted covert surveillance on senior ministers at taxpayer expense during the compilation of its report exposing the private lives of politicians.

Page 5: Fewer than 150 job-seekers have accessed assistance payments of up to $6000 encouraging Australians to temporarily move into the regions for at least six weeks, sparking a recruitment drive by the Morrison government to fill more than 26,000 farm jobs.

Learning remotely online has been comprehensively rejected by tertiary students forced into it by the COVID-19 shutdown of campuses across the country.

Page 13: Power giant Origin Energy is in advanced talks to become the anchor customer for Andrew Forrest’s ambitious NSW gas import terminal, putting the mining billionaire on track to operate Australia’s first such facility.

A drastic reduction in the use of cash by Australians during COVID-19 and a lack of events such as festivals and football matches has meant a big hit to the financial results of Lindsay Fox’s business empire.

Page 16: The banking regulator has hit Westpac with enforcement action for lax compliance and “material breaches” of a liquidity standard, forcing the bank to undertake independent reviews and fix problems.

Page 21: As Australia’s relations with China plummet to a 50-year low, universities face the possibility of a devastating financial impact if Chinese students do not return when travel bans are lifted.

 

 

The West Australian

Page 4: City of Perth staff said it would be impossible to organise in just a week but Lord Mayor Basil Zempilas has delivered a Christmas miracle with a nativity concert to be held at Forrest Place on December 13.

Japanese energy giant INPEX has called time on interstate fly-in, fly-out rosters.

Businesses that remain hampered by the 2sqm rule can “anticipate a holding pattern” until a coronavirus vaccine is rolled out next year, according to Health Minster Roger Cook.

Page 5: Tens of thousands of West Australian families are making plans to reunite over Christmas after Premier Mark McGowan announced quarantine-free travel with NSW and Victoria would resume from December 8.

Page 9: Channel 7 is threatening to sue Cricket Australia for “many millions of dollars”, claiming it was subservient to India and inducements from State governments — not COVID-19 — that drastically altered the summer schedule.

Page 11: Telecommunication firms will face fines of up to $250,000 if they fail to stop scam calls under a new code to be released by the Federal watchdog today.

Business: WA businesses are gearing up to tap much-needed Eastern States workers, and retailers are hoping for a Christmas spending boost, when the harder border with NSW and Victoria comes down next week.

Exxon Mobil is about to incur the biggest writedown in its modern history as the giant US oil and gas producer reels from this year’s collapse in energy prices.

Parking giant Wilson has plunged to a rare loss after COVID-19 stripped the group of up to 96 per cent of its parking revenue in the June quarter.

Australian barley growers could soon be raising a glass to India’s swelling cohort of beer drinkers, who are being eyed as a potential market for some of the country’s excess stocks of the grain, after its biggest buyer China all but halted imports this year.

The Chinese group at the centre of WA’s lithium industry has won a last-minute reprieve from lenders that keeps it alive for at least another month.

The number of WA investors in equity crowdfunding is on track to double this year, while the volume of funds raised since last year has jumped by more than a third amid growing awareness of the market.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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