11/03/2021 - 07:01

Morning Headlines

11/03/2021 - 07:01

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Morning Headlines

WA engineering firm wants FIRB action over Chinese lithium player’s conduct

A WA engineering firm that had to cut hundreds of jobs over a near $40 million debt owed by China’s Tianqi has urged the Foreign Investment Review Board to examine the lithium producer’s conduct before approving a $1.9 billion selldown of its WA operations. The West

Half-price airfares to save tourism

The federal government will pay half the price of airfares for 800,000 domestic travellers who holiday in destinations normally frequented by overseas tourists as part of a $1.2 billion package to keep the international tourism sector afloat when JobKeeper ceases at the end of March. The Fin

Meet Forrest’s billion dollar man

Former bank executive Andrew Hagger has set a cracking pace since moving from Melbourne to Perth two years ago to manage the private business and philanthropic interests of iron ore billionaire Andrew Forrest. The Aus

Exploration boom sparks drilling and lab backlogs

An ‘‘unprecedented’’ flow of cash into the high-risk mineral exploration sector has sparked a drilling boom that is causing huge backlogs at the laboratories whose assays determine success or failure. The Fin

High-profile women demand childcare change

A group of high-profile Australian women including Nicola Forrest, Lucy Turnbull and Ita Buttrose have written an open letter to Scott Morrison, demanding action on childcare affordability to address Australia’s “gender crisis”. The West

Regulatory reset for comeback

Australia’s company leaders have urged a regulatory reset and more tax breaks for capital spending to unlock the business investment recovery the Reserve Bank of Australia says is critical to sustaining the economic recovery from the pandemic.

Social media model ‘unconscionable’

Department of Home Affairs secretary Michael Pezzullo has criticised the ‘‘unconscionable’’ business models of global social media platforms such as Facebook, saying regulation of them and escalating cyber warfare will need further government attention. The Fin

Labor yet to commit to $137b stage three tax cuts

The corporate regulator will launch a new probe into the buy now, pay later sector to ensure the likes of Afterpay and Zip heed new design and distribution obligations. The Fin

Blame game begins as candidates slam Kirkup green energy plan

Liberal politicians and candidates have lined up to blast Opposition Leader Zak Kirkup’s controversial green energy policy on the eve of his party finally releasing independent costings for the plan. The West

Activists return for Woodside

Activist investors are having another crack at Woodside Petroleum over its climate change credentials but they appear doomed to failure again unless major shareholders lend more than just symbolic support. The West

 

 

The Australian Financial Review

Page S1: Australia’s company leaders have urged a regulatory reset and more tax breaks for capital spending to unlock the business investment recovery the Reserve Bank of Australia says is critical to sustaining the economic recovery from the pandemic.

Reserve Bank of Australia governor Philip Lowe has rejected market expectations of an early increase in interest rates, insisting it will not lift its record low cash rate of 0.1 per cent until the jobless rate falls far enough to generate higher wages.

Page S4: Department of Home Affairs secretary Michael Pezzullo has criticised the ‘‘unconscionable’’ business models of global social media platforms such as Facebook, saying regulation of them and escalating cyber warfare will need further government attention.

The corporate regulator will launch a new probe into the buy now, pay later sector to ensure the likes of Afterpay and Zip heed new design and distribution obligations.

Page 1: The federal government will pay half the price of airfares for 800,000 domestic travellers who holiday in destinations normally frequented by overseas tourists as part of a $1.2 billion package to keep the international tourism sector afloat when JobKeeper ceases at the end of March.

Page 4: Tourism industry leaders have warned of significant job losses and business closures unless some type of wage subsidy is introduced to replace the JobKeeper scheme, which ends at the end of this month.

Page 5: As the rollout of vaccines begins to ramp up, Prime Minister Scott Morrison has personally assumed the duties of acting Health Minister after the incumbent, Greg Hunt, became the third government frontbencher to take leave on health grounds.

Page 13: The eastern states structural steel business Infrabuild has become central to billionaire Sanjeev Gupta’s desperate push to keep his empire afloat, as potential buyers eye the forecast robust future demand from a flood of infrastructure spending by governments.

An ‘‘unprecedented’’ flow of cash into the high-risk mineral exploration sector has sparked a drilling boom that is causing huge backlogs at the laboratories whose assays determine success or failure.

MSP Engineering has shrunk from 400 employees and sub-contractors to a staff of four as the payment dispute with Tianqi drags through the courts.

Page 15: The federal government will lift its commitment to ensuring credit flows to small and medium businesses through a significant expansion of its SME loans program to be announced today as part of its national economic recovery plan.

Treasury Wine Estates confirms it has sold four commercial wine brands in the United States to privately owned The Wine Group for $100 million as it accelerates a slim-down of its cheaper wine portfolio in the US.

Page 17: Rio Tinto’s rebellious copper subsidiary, Turquoise Hill Resources, says surging copper prices are reducing its funding shortfall and boosting its chances of avoiding the equity raising requested by its major shareholder.

Chevron has earmarked the June quarter to shut down the third LNG production unit at its troubled $US54 billion ($70.3 billion) Gorgon plant in Western Australia to check for the same defective welds that caused lengthy shutdowns at the first two units since they were found last year.

 

 

The Australian

Page 1: Scott Morrison will attend the first meeting of the “Quad” leaders on Saturday, branding the summit as crucial for the nation’s security amid heightened military posturing between the US and China.

Page 6: The West Australian Liberal Party is being pursued for defamation over an attack it launched against a Labor staffer accused of indecently assaulting a colleague.

Page 7: Federal Education Minister Alan Tudge has flagged an impending review of the teacher education sector, arguing further reform is necessary to reverse declining academic outcomes and return the nation to the top of the global rankings by 2030.

Universities Australia chairwoman Deborah Terry is calling on the Morrison government to devise a plan to bring foreign students back to Australia, as Canberra says the $40bn international education sector’s revival depends on the states.

Page 13: Former bank executive Andrew Hagger has set a cracking pace since moving from Melbourne to Perth two years ago to manage the private business and philanthropic interests of iron ore billionaire Andrew Forrest.

Page 15: Computer games maker Epic has launched an abuse of market power case against Google, adding to an action against Apple over mobile phone app charges.

Embattled AMP has revealed it made $3.89m in retention payments to key executives during last year’s turmoil, when the group effectively put itself up for sale and was hit by a string of scandals and senior management departures.

Page 16: The global mining sector is on the cusp of a new “golden era” of discovery, BHP’s new exploration boss says, as figures show Australia’s junior resource companies raised more than $2.2bn on capital markets in the December quarter, the best result since the height of the boom.

 

 

The West Australian

Page 4: A group of high-profile Australian women including Nicola Forrest, Lucy Turnbull and Ita Buttrose have written an open letter to Scott Morrison, demanding action on childcare affordability to address Australia’s “gender crisis”.

Page 5: Liberal politicians and candidates have lined up to blast Opposition Leader Zak Kirkup’s controversial green energy policy on the eve of his party finally releasing independent costings for the plan.

Page 12: Tourists visiting the north Kimberley this season will be able to venture to the Mitchell Plateau, after traditional owners announced the region would reopen for the 2021 dry season.

Business: A WA engineering firm that had to cut hundreds of jobs over a near $40 million debt owed by China’s Tianqi has urged the Foreign Investment Review Board to examine the lithium producer’s conduct before approving a $1.9 billion selldown of its WA operations.

Lego booked record sales and profit last year, as consumers of all ages turned to its iconic toy bricks during the pandemic.

Activist investors are having another crack at Woodside Petroleum over its climate change credentials but they appear doomed to failure again unless major shareholders lend more than just symbolic support.

A Pilbara Indigenous group has introduced a scorecard to rate the behaviour of mining companies operating on its traditional lands.

Perth’s CBD hospitality operators are confident trading will exceed pre-COVID levels in coming months despite research showing the impact of last month’s lockdown continued after restrictions lifted.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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