11/02/2021 - 06:54

Morning Headlines

11/02/2021 - 06:54

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Morning Headlines

Mineral Resources boss brands Fortescue an iron ore bully

Mineral Resources boss Chris Ellison has lashed out at Andrew Forrest’s Fortescue Metals Group, accusing it of using bully-boy tactics in an attempt to limit iron ore production. The Fin

Chastened Northern Star promises to cut the hedge

Northern Star chairman Bill Beament has promised his enlarged company will lock in forward prices for no more than 15 per cent of gold production in the three years ahead, after hedges cost the top 10 gold miners on the ASX a combined $300 million in lost revenue the past three months. The Fin

CCI pushes ‘bold reform’

A booming resources sector and billions of dollars of stimulus have helped WA weather the worst of the pandemic but “bold reform” is required to ensure the State’s fortunes are not forever tied to the price of iron ore. The West

No need for 9-to-5 work day, says toll road chief

Traffic congestion during peak hours in Australia’s biggest cities is getting worse after COVID-19 and bosses should not force workers to come into the office from 9am to 5pm to free up space on the roads, Transurban chief executive Scott Charlton says. The Fin

CBA ramps up business lending

Commonwealth Bank wants to drive the post-COVID-19 economic recovery and become the country’s largest lender to business as chief executive Matt Comyn laid out his plan to knock National Australia Bank off its long-held position as the top business bank. The Fin

Forrest forces pace on LNG import terminal

Andrew Forrest’s proposed LNG import terminal at Port Kembla in NSW is well on the way to starting major construction, undeterred by last month’s extreme volatility in LNG prices that some say risks slowing momentum at all five import projects on the south-east coast. The Fin

Margin lending recovers after virus hit

Appetite for debt-fuelled investing has recovered sharply from the peak of the COVID-19 market crisis when squeezed shareholders were hit with almost 80 margin calls a day, according to official data. The Fin

Vaccine rollout needs 190,000 jabs a day

Australia will need as many as 190,000 injections a day to achieve herd immunity from the COVID-19 vaccine rollout and stay ahead of virus variants, a leading epidemiologist warns. The Fin

Two-thirds of Australians support rise to 12pc rate: poll

More than two-thirds of Australians support lifting the superannuation guarantee rate from 9.5 to 12 per cent, while nearly half said they would choose to take the additional funds in their take-home pay if they could. The Fin

Get used to pain of pandemic

More pandemics are “likely” in the future as human behaviour creates a breeding ground for deadly diseases. The West

 

 

The Australian Financial Review

Page 1: Commonwealth Bank wants to drive the post-COVID-19 economic recovery and become the country’s largest lender to business as chief executive Matt Comyn laid out his plan to knock National Australia Bank off its long-held position as the top business bank.

Page 3: Appetite for debt-fuelled investing has recovered sharply from the peak of the COVID-19 market crisis when squeezed shareholders were hit with almost 80 margin calls a day, according to official data.

Traffic congestion during peak hours in Australia’s biggest cities is getting worse after COVID-19 and bosses should not force workers to come into the office from 9am to 5pm to free up space on the roads, Transurban chief executive Scott Charlton says.

Page 4: Australia will need as many as 190,000 injections a day to achieve herd immunity from the COVID-19 vaccine rollout and stay ahead of virus variants, a leading epidemiologist warns.

Page 5: An Australian warship will join Britain’s new aircraft carrier for exercises in the Indo-Pacific region in what is looming as a show of strength by democratic allies against China.

Page 6: More than two-thirds of Australians support lifting the superannuation guarantee rate from 9.5 to 12 per cent, while nearly half said they would choose to take the additional funds in their take-home pay if they could.

Page 14: Lachlan Murdoch has vowed to maintain Fox News’ strong focus on America’s ‘‘centre-right’’ audiences and has rejected pursuing upstart pro-Trump challengers such as One America News for additional market share.

Page 17: Commonwealth Bank CEO Matt Comyn said the bank faces three obstacles to share buybacks and even bigger dividends as it announced a $3.9 billion cash profit yesterday and about $10 billion in excess capital.

Northern Star chairman Bill Beament has promised his enlarged company will lock in forward prices for no more than 15 per cent of gold production in the three years ahead, after hedges cost the top 10 gold miners on the ASX a combined $300 million in lost revenue the past three months.

Page 19: Mineral Resources boss Chris Ellison has lashed out at Andrew Forrest’s Fortescue Metals Group, accusing it of using bully-boy tactics in an attempt to limit iron ore production.

Page 20: Andrew Forrest’s proposed LNG import terminal at Port Kembla in NSW is well on the way to starting major construction, undeterred by last month’s extreme volatility in LNG prices that some say risks slowing momentum at all five import projects on the south-east coast.

 

 

The Australian

Page 1: Victoria’s hotel quarantine cluster has grown to eight cases, as authorities investigate the likely role of a piece of medical equipment in the transmission of the virus.

Australia’s COVID-19 economic recovery has moved more than 553,000 unemployed Australians back into work in five months, with more than twice as many jobseekers exiting the government’s employment services programs as there are entering it.

Page 5: Workers in West Australian quarantine hotels will be banned from having second jobs from Monday, as the government continues to change its systems in light of the state’s recent snap coronavirus lockdown.

Page 6: Australia’s manufacturing strategy and instant asset write-off scheme could fail to support large businesses and sufficiently “stimulate investment” across the $127bn food and grocery sector, leaving some operators no choice but to scale back production or move offshore.

Page 15: Crown Resorts’ biggest institutional investor, Perpetual, has thrown its weight behind the findings of the Bergin inquiry into the gaming giant and backed billionaire James Packer’s surprise decision to cut all ties with the Crown board.

Page 17: Transurban chief executive Scott Charlton has called on public and private sector employers to come together in an unprecedented alliance to develop a co-ordinated approach to flexible working, to prevent a return to peak period road congestion in the wake of the COVID-19 pandemic.

 

 

The West Australian

Page 3: WA’s Gaming Minister has called in the State Solicitor to urgently assess the bombshell report that found Crown Resorts is unfit to run its Sydney casino because it “facilitated” money laundering at its Perth and Melbourne operations.

Page 4: The level of dysfunction at Bunbury Hospital was so dire, staff would be “reluctant to recommend the hospital to their friends or family”, a confidential report reveals.

Page 7: Buoyed by two meth busts that netted authorities 175kg of drugs and $8.1 million in cash, police say they now have a “hard meth border”.

Mark McGowan has conceded there “clearly should have been more proactivity” by his Government before announcing a CBD hostel would be converted into a homeless shelter without even securing a lease for the building.

Page 8: More pandemics are “likely” in the future as human behaviour creates a breeding ground for deadly diseases.

Increases to residential electricity and water charges, as well as public transport fares, will be capped at the level of inflation for the next three years under a re-elected Labor government.

Page 10: All State Government coal-fired power stations will be closed by 2025 as part of an ambitious plan by the WA Liberals to build Australia’s biggest renewable energy and export project.

Page 16: Perth’s home-buying frenzy has reached a fresh high, with agents reporting a spike in people buying sight unseen.

Business: Property group Primewest is making its long-awaited foray into the mum-and-dad market, launching a new fund aimed at smaller investors.

Insurance Australia Group says it is trying to clarify how business interruption claims can be made from COVID-19, after a first-half loss of $460 million due to the pandemic.

Perth-based tech company CV Check is set to snap up local software developer Bright People Technologies to grow its presence in the online verification sector.

A booming resources sector and billions of dollars of stimulus have helped WA weather the worst of the pandemic but “bold reform” is required to ensure the State’s fortunes are not forever tied to the price of iron ore.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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