30/04/2021 - 06:54

Morning Headlines

30/04/2021 - 06:54

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Austal to sell out of China JV

Australia’s largest defence exporter, Austal, has begun talks to sell its 40 per cent stake in a Chinese ship-building joint venture set up five years ago amid deteriorating trade and political relations between the two countries. The Fin

Tourism next in Beijing’s crosshairs

China’s ambassador to Australia, Cheng Jingye, has signalled tourism may be the next industry affected by the deteriorating relations between the two nations, citing “racial discrimination’’ against Chinese in Australia. The Aus

WA wine producers defy tariff

Significant growth in domestic sales, and increased demand from the UK and online, has softened the hit to WA wine producers from the devastating loss of the lucrative China market. The West

Advisers sue Perth biotech firm

A small Perth-based biotechnology company, which hired a corporate advisory firm with an impressive-sounding talent roster and slick marketing spiel, is now experiencing the flipside of what should be a mutually beneficial relationship. The Fin

PM’s ode to the individual

Scott Morrison has urged Australians not to surrender to “identity politics” and the forces that undermine the community, declaring freedom rests on “taking personal responsibility”. The Aus

Electric vehicles set to charge ahead this decade

The global market for electric cars is set to expand strongly this decade after sales surged more than 40 per cent last year despite pandemic-induced recessions and in contrast to the total contraction of automobile sales. The Fin

Future Fund grows 4.5pc, adds $16b to government coffers

The Future Fund returned 4.5 per cent over the first quarter in 2021 as its assets lifted to a peak of $179.6 billion. The Fin

Sunny side up for WA directors

WA company directors are more than twice as optimistic as their Eastern States counterparts, with more than 80 per cent tipping better business conditions in the State over the next year. The West

Our tax rate ‘third highest in the world’

Australian workers labour under the third-highest income tax burden in the world, behind only Denmark and Iceland, according to a new OECD report. The Aus

Cops confirm betting guru the subject of 2019 report

The Federal Court has widened the hunt for betting whiz kid Chris Brown’s fortune to include companies linked to his dad and an influential former business associate as it was revealed WA Police opened a short-lived probe into his activities two years ago. The West

 

 

The Australian Financial Review

Page 1: Treasurer Josh Frydenberg has cleaned out the leadership of the corporate regulator and inserted a new guard, naming former banking lawyer Joseph Longo as chairman and charging him with supporting the economic recovery from the COVID-19 crisis.

Page 3: Catherine Tanna has decided to retire as chief executive of EnergyAustralia and will step down on July 1 in the latest upheaval in the leadership of the country’s electricity producers.

A small Perth-based biotechnology company, which hired a corporate advisory firm with an impressive-sounding talent roster and slick marketing spiel, is now experiencing the flipside of what should be a mutually beneficial relationship.

Page 4: Measures to match skills training to areas of demand, and incentives to lure businesses and talented individuals to Australia, will be contained in the May 11 budget, Treasurer Josh Frydenberg said.

Page 12: The Takeovers Panel will receive a $3.4 million budget boost over the next four years in the May 11 federal budget, with the government set to launch a public consultation on broadening the panel’s role.

Page 16: Fortescue Metals chief executive Elizabeth Gaines believes steel and iron ore demand will remain strong despite the Chinese government’s latest policy moves to reduce the nation’s spend on record iron ore prices.

Page 18: The global market for electric cars is set to expand strongly this decade after sales surged more than 40 per cent last year despite pandemic-induced recessions and in contrast to the total contraction of automobile sales.

Australia’s largest defence exporter, Austal, has begun talks to sell its 40 per cent stake in a Chinese ship-building joint venture set up five years ago amid deteriorating trade and political relations between the two countries.

Page 19: Afterpay co-chief Anthony Eisen hosed down assertions by major bank bosses that its customers are riskier than average, citing detailed economic analysis by Accenture showing Afterpay customers have lower levels of debt and better credit scores than the general population.

Page 20: Australian wine exports to China crashed to just $12 million in the four months ended March 31 from $325 million a year earlier, as punishing tariffs meant it was almost pointless for Australian producers to try to ship wine to that country.

Two of Australia’s biggest gold miners have felt the impact of Papua New Guinea’s coronavirus crisis, with Newcrest Mining warning production at its biggest mine could be affected if infection rates persist at high levels.

Page 21: The Future Fund returned 4.5 per cent over the first quarter in 2021 as its assets lifted to a peak of $179.6 billion.

 

 

The Australian

Page 1: Scott Morrison has urged Australians not to surrender to “identity politics” and the forces that undermine the community, declaring freedom rests on “taking personal responsibility”.

Coal-fired power stations will be paid for their generation capacity to keep them operating and the government is considering building a new 660MW gas-fired generator in the Hunter Valley in an overhaul of the electricity system aimed at keeping the lights on.

Page 2: China’s ambassador to Australia, Cheng Jingye, has signalled tourism may be the next industry affected by the deteriorating relations between the two nations, citing “racial discrimination’’ against Chinese in Australia.

Page 4: Australian workers labour under the third-highest income tax burden in the world, behind only Denmark and Iceland, according to a new OECD report.

Page 6: The explicit teaching of phonics has lifted student achievement and parents are happy with their children’s reading progress, the principal of a Perth-based public school says.

Page 15: Sanjeev Gupta still owes Rio Tinto $US50m ($64m) after failing to make final payments for Europe’s biggest aluminium smelter in Dunkirk, and more than 18 months after the mining giant began arbitration proceedings to claw back the cash.

Page 16: Allegro Funds’ exit from clothing retailer Best & Less has kicked off, with the float’s lead managers putting a $313m-$366m enterprise value on the company, and talking up its strength in children’s and baby clothes as a key future driver of growth.

This year’s slew of raisings in the junior resources sector shows little sign of slowing, with advisers for Buru Energy and St George Mining hitting the circuit to find fresh cash for exploration work.

Page 18: IOOF’s funds under management and advice grew by $1.5bn in the March quarter despite outflows topping $2bn as dozens of advisers exited the wealth manager.

 

 

The West Australian

Page 3: ASIO boss Mike Burgess told an inquiry in Canberra that violent Sunni extremists were the biggest concern for security agencies but that nationalist, racist and misogynist violence was the fastest-growing threat.

Page 4: Extending emergency COVID laws, cracking down on bikies and overhauling bail conditions for alleged sexual offenders are among the McGowan Government’s top priorities as recently elected MPs came together for the first time since Labor’s March landslide win.

Page 8: The Federal Court has widened the hunt for betting whiz kid Chris Brown’s fortune to include companies linked to his dad and an influential former business associate as it was revealed WA Police opened a short-lived probe into his activities two years ago.

Business: Significant growth in domestic sales, and increased demand from the UK and online, has softened the hit to WA wine producers from the devastating loss of the lucrative China market.

Peter Coleman has stepped down from his second board position in a month — as chair of WA family-owned investment company Wyllie Group — amid suggestions he has landed a job overseas.

WA company directors are more than twice as optimistic as their Eastern States counterparts, with more than 80 per cent tipping better business conditions in the State over the next year.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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