10/12/2020 - 06:52

Morning Headlines

10/12/2020 - 06:52

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Morning Headlines

Australian iron ore will underpin China: Fortescue

Fortescue Metals Group believes Pilbara iron ore will underpin China’s economic recovery and has poured doubt on Brazil’s ability to respond to an extraordinary rally in prices for the commodity that ranks as Australia’s most lucrative export. The Fin

China warnings on wheat, cotton

Australian cotton and wheat farmers have been warned they are likely to be Beijing’s next targets in a trade retribution campaign that is helping China fill its $14bn agricultural buying commitment to the Trump administration while straining its relationship with Canberra. The Aus

Miners paid 40pc of tax bill

Australia’s corporate tax take has become increasingly dependent on the resources sector, as new figures from the Australian Taxation Office reveal mining companies accounted for $4 in every $10 in tax paid by big business in 2018-19. The Aus

WA gas shortage fear after projects delayed

The national energy market operator does not believe the $US20.5 billion Browse gas project will be delivered within a decade — while the $US11.5 billion Scarborough project’s estimated completion date has been pushed out three years to 2027. The West

Gallagher in mix for job at Woodside

Woodside Petroleum watchers are tipping an external candidate as most likely to replace outgoing chief executive Peter Coleman, even amid an expected strong tilt by internal candidates led by executive vice-president development and marketing Meg O’Neill. The Fin

Porter retreats in union brawl

Following attacks from unions and Labor over plans to allow pandemic-distressed businesses to ask for workplace agreements that do not comply with the Better Off Overall Test, Industrial Relations Minister Christian Porter will either toughen the eligibility for the exemption or drop the proposal. The Fin

Salt Lake rattles the tin again

Salt Lake Potash is tapping shareholders for another $58 million via a heavily discounted equity raising to cover a sudden funding gap on its Lake Way project near Wiluna. The West

CIMIC puts new faces in top jobs as it pursues change on several levels

CIMIC, Australia’s biggest construction company, has strengthened its executive management team to help increase profits and deliver projects on time and on budget after reporting a $1 billion annual loss earlier this year. The Fin

Chemist giant readies for float

The $5bn-plus Chemist Warehouse is understood to be asking investment banks to pitch in the first quarter of next year for a role floating Australia’s largest pharmacy chain. The Aus

Virgin in regional staff deal

The future of Perth-based Virgin Australia Regional Airlines is now secure after pilots and cabin crew agreed to concessions that will bring them more in line with their QantasLink colleagues. The West

 

 

The Australian Financial Review

Page 1: Following attacks from unions and Labor over plans to allow pandemic-distressed businesses to ask for workplace agreements that do not comply with the Better Off Overall Test, Industrial Relations Minister Christian Porter will either toughen the eligibility for the exemption or drop the proposal.

Fortescue Metals Group believes Pilbara iron ore will underpin China’s economic recovery and has poured doubt on Brazil’s ability to respond to an extraordinary rally in prices for the commodity that ranks as Australia’s most lucrative export.

Page 3: Consumer confidence has surged for the fourth consecutive month to reach its highest level since October 2010, but home buyers are second guessing whether it is the right time to jump into the market.

Critical care specialists in the US have called for an immediate review of a 40-year-old drug which, they say, could potentially be used on outpatients to prevent COVID-19 developing into a serious illness.

Page 4: The Morrison government’s attempts to retrospectively strip billions of dollars in casual worker claims for permanent benefits could face constitutional hurdles and, even if legal, might not stop several class actions, experts said.

Page 6: Instagram is fast becoming a go-to site for news consumption, particularly for people aged under 35, raising questions about why the federal government’s new media bargaining code will not apply to the platform.

Competition boss Rod Sims hopes Facebook and Google can reach agreements with Australian media companies to pay them for journalism distributed on their platforms without having to use new legislation that regulates business dealings between the two sides.

Page 8: Australia needs to reduce carbon emissions by only 56 million tonnes to reach its 2030 international climate targets, clearing the way for the Morrison government to scrap the use of Kyoto credits from previous agreements.

Page 10: China has dealt a fresh blow to Australian industries, suspending timber exports from South Australia and Tasmania after claiming logs were infected by pests.

Australia’s top venture capitalists are being enlisted by the federal government to help choose worthy grant recipients in a drive for better financial and societal outcomes.

Page 15: Nickel and gold miner IGO Limited says it has bought at the bottom of the lithium market by snaring a big chunk of mining and processing assets controlled by struggling Chinese battery metals company Tianqi.

Woodside Petroleum watchers are tipping an external candidate as most likely to replace outgoing chief executive Peter Coleman, even amid an expected strong tilt by internal candidates led by executive vice-president development and marketing Meg O’Neill.

Infratil’s largest investor, ACC, is pushing the company to open its books to AustralianSuper, after the superannuation giant’s unsolicited $5.1 billion bid to acquire the New Zealand infrastructure giant was rejected.

Page 18: A two-year-old ‘‘energy charter’’ that commits electricity and gas suppliers to prioritising customer interests has lost its two biggest members – partly because of the refusal of some major rivals, including federal government owned-Snowy Hydro, to sign up.

CIMIC, Australia’s biggest construction company, has strengthened its executive management team to help increase profits and deliver projects on time and on budget after reporting a $1 billion annual loss earlier this year.

Page 21: The Australian boss of a British company that powers the back-end systems for a host of retailers says local shoppers are increasingly baulking at paying extra to ensure that online deliveries come faster.

Qantas chief operating officer Paul Jones will cross the street to join Virgin Australia as its chief customer and digital officer next year in the first significant coup for the relaunched airline.

 

 

The Australian

Page 1: Australian cotton and wheat farmers have been warned they are likely to be Beijing’s next targets in a trade retribution campaign that is helping China fill its $14bn agricultural buying commitment to the Trump administration while straining its relationship with Canberra.

The higher education sector’s peak lobby group has commissioned a review of its performance at the urging of the nation’s university chancellors, who have expressed dissatisfaction with its lack of success in influencing the Morrison government.

Page 2: Australia imprisons people at a higher rate than at any time since Federation, requiring a burgeoning criminal justice system despite falling crime rates.

Page 3: On Thursday evening, cricket administrators will unveil what they think is one of the most unique sponsorship deals in Australian sport yet: the branding of umpire’s armpits with the Rexona deodorant brand.

Page 4: Australia’s corporate tax take has become increasingly dependent on the resources sector, as new figures from the Australian Taxation Office reveal mining companies accounted for $4 in every $10 in tax paid by big business in 2018-19.

Page 5: Federal Education Minister Dan Tehan says he is prepared to force universities to sign up to a model code on free speech and tie their funding to their progress defending academic freedom.

Page 13: Commonwealth Bank has emerged as one of the banks that went about quietly buying back stressed mortgages from its securitisation trusts when the COVID crisis hit, potentially breaching prudential standards and attracting the ire of the bank regulator.

Page 14: The $5bn-plus Chemist Warehouse is understood to be asking investment banks to pitch in the first quarter of next year for a role floating Australia’s largest pharmacy chain.

Page 17: US private equity giant Blackstone has hired advisers for what is being pitched as the world‘s largest industrial property sale of 2021 with the company to offer a $3.5bn Australian logistics property portfolio.

 

 

The West Australian

Page 6: The toxic culture tearing apart the Perth-based Hockeyroos can finally be revealed with players complaining they were treated like children, while a former staff member said she would drive to work crying and suffered panic attacks once there.

Page 9: Mark McGowan will not attend the first face-to-face National Cabinet meeting to avoid being in the same room as his South Australian counterpart.

Page 10: Mining companies should be halted from undertaking new exploration or operations on Indigenous sites until stronger protections are made law, according to a report on Rio Tinto’s destruction of Juukan Gorge in the Pilbara.

There is “mounting evidence” that China’s sanctions against Australian products are not technical trade matters but rather “potentially discriminatory” attacks on Australia’s sovereignty.

Page 11: Australian cricket coach Justin Langer has revealed that he has been suffering hearing problems so debilitating that he considered giving up his job with the national team.

In his first official election commitment in the lead-up to the March State election, Nationals MP Peter Rundle has promised Esperance swimmers a $500,000 shark barrier.

Business: The future of Perth-based Virgin Australia Regional Airlines is now secure after pilots and cabin crew agreed to concessions that will bring them more in line with their QantasLink colleagues.

Salt Lake Potash is tapping shareholders for another $58 million via a heavily discounted equity raising to cover a sudden funding gap on its Lake Way project near Wiluna.

Victims of the failed Sterling First lease-for-life scheme have been rocked by the Australian Financial Complaints Authority putting their claims on hold.

The national energy market operator does not believe the $US20.5 billion Browse gas project will be delivered within a decade — while the $US11.5 billion Scarborough project’s estimated completion date has been pushed out three years to 2027.

Australia’s biggest landholder, backed by Gina Rinehart, has posted a record $27.84 million net profit, amid soaring cattle prices and improved conditions across Australia after prolonged drought.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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