20/05/2021 - 07:01

Morning Headlines

20/05/2021 - 07:01

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Morning Headlines

Summit to fix workforce woes

Mark McGowan has convened a “skills summit” with top business leaders to tackle the workforce shortage that threatens WA’s economic recovery from COVID-19. The West

Seven ups Boral stake by doing nothing

Boral has appointed advisory firm Grant Samuel to provide the independent expert’s report on the takeover bid by the Kerry Stokes-controlled Seven Group, which has marginally increased its stake as Boral powers ahead with a share buyback. The Fin

Call for daily counts as just 1pc fully vaccinated

Only about 1 per cent of Australians are fully vaccinated against the coronavirus 12 weeks into the national rollout, with Victoria joining calls for data on second doses to be released daily. The Fin

Pilots fed up with forced quarantine despite being vaccinated and segregated

Qantas pilots flying overseas repatriation and freight flights are spending weeks on end in isolation between jobs, unable to interact with family members or exercise outdoors, despite being fully vaccinated against COVID. The Aus

PayPal may face Austrac penalties

PayPal faces a real risk of enforcement action, including in court, after regulator Austrac started a detailed investigation as it scours an independent report into hundreds of millions of potential breaches of the law. The Aus

Call to limit low-paid wage rises

The Morrison government has warned against significant minimum wage increases being granted to 2.2 million low-paid workers, sparking a fresh ACTU attack on the Coalition as new figures showed annual wages growth stagnating near a record low. The Aus

APRA: 90pc of super funds are ‘uncompetitive’

The prudential regulator says superannuation funds with less than $30 billion in assets are ‘‘uncompetitive’’, fees in the sector are still too high, criticising some fund mergers for creating unsustainable entities with insufficient scale and governance capabilities. The Fin

Doctors urge Japan to cancel Games

Japan Prime Minister Yoshihide Suga is under growing pressure to cancel the Tokyo Olympics after a top medical organisation representing 6000 doctors warned the country’s healthcare system was struggling to cope with a surge of COVID-19 infections. The Fin

Talks fail to pull plug on power strike

More than two million West Australians will today wake up to 48 hours of power disruption after a last-minute crisis meeting between the chief executive of Western Power and the boss of the electrical trades union failed to avert a strike. The West

From BHP exec to challenging new lithium role

Former BHP executive Tony Ottaviano describes his 17 years at the mining giant as an “excellent apprenticeship” for his new role as managing director of aspiring lithium miner Liontown Resources. The West

 

 

The Australian Financial Review

Page 1: Labor MPs who believe their electorates stand to gain from a gas-fired power station in the Hunter Valley have spoken out against the party’s decision to oppose the project, saying it was needed to safeguard jobs, create new ones and lower power prices.

Page 3: Shadow treasurer Jim Chalmers has all but confirmed Labor will go to the election promising to repeal or pare back the stage three income tax cuts, suggesting the revenue could be used to deliver larger tax cuts to lower-income earners, or reduce debt and deficit.

The Coalition’s plans to scrap responsible lending laws appear dashed after Pauline Hanson confirmed she would not support the plan, describing it as against the best interests of millions of Australians.

Page 4: Only about 1 per cent of Australians are fully vaccinated against the coronavirus 12 weeks into the national rollout, with Victoria joining calls for data on second doses to be released daily.

Page 5: Industries enjoying improved business conditions that reviewed their pandemic pay freezes contributed to the March quarter’s 0.6 per cent lift in wages, bringing annual growth to 1.5 per cent.

Page 7: The prudential regulator says superannuation funds with less than $30 billion in assets are ‘‘uncompetitive’’, fees in the sector are still too high, criticising some fund mergers for creating unsustainable entities with insufficient scale and governance capabilities.

Page 9: Japan Prime Minister Yoshihide Suga is under growing pressure to cancel the Tokyo Olympics after a top medical organisation representing 6000 doctors warned the country’s healthcare system was struggling to cope with a surge of COVID-19 infections.

Page 12: The share price of EML Payments cratered after the Brisbane-based player in niche parts of global payments markets said the Central Bank of Ireland had raised ‘‘significant regulatory concerns’’ about anti-money laundering compliance in its Irish-based subsidiary, which EML acquired in late 2019.b

Page 14: Hydrogen based on renewable energy is being fed into the gas distribution grid for the first time in Australia in an important precursor for the targeted development of a new multibillion-dollar clean energy export industry.

Page 15: Boral has appointed advisory firm Grant Samuel to provide the independent expert’s report on the takeover bid by the Kerry Stokes-controlled Seven Group, which has marginally increased its stake as Boral powers ahead with a share buyback.

Webjet says domestic-flight bookings in Australia have jumped to 95 per cent of levels before COVID-19 triggered border shutdowns.

Page 18: Profits at Australia’s largest car dealership group, Eagers Automotive, continued to accelerate last month amid boom conditions across the industry where dealers are struggling to keep up with demand.

Page 19: Outdoor clothing retailer Kathmandu has tapped the head of its recently acquired Rip Curl business, Michael Daly, to take the helm as it recovers from the pandemic and accelerates expansion overseas.

 

 

The Australian

Page 1: The Morrison government has warned against significant minimum wage increases being granted to 2.2 million low-paid workers, sparking a fresh ACTU attack on the Coalition as new figures showed annual wages growth stagnating near a record low.

After nearly 50 years in the cold, Australian meat is close to being allowed back on to British dinner plates, as Boris Johnson prepares to offer Australia tariff-free access to British food markets.

Page 3: Stronger protection for journalists who report on matters of national security is “urgently” needed, and existing secrecy laws that thwart the public’s right to know must be overturned, according to a Senate report released on Wednesday.

Page 4: Qantas pilots flying overseas repatriation and freight flights are spending weeks on end in isolation between jobs, unable to interact with family members or exercise outdoors, despite being fully vaccinated against COVID.

Page 13: Investors wiped $43bn off the Australian sharemarket on Wednesday amid worries about further falls on Wall Street given persistent fears that a breakout of inflation could prompt the Federal Reserve to pull back on its massive stimulus program.

PayPal faces a real risk of enforcement action, including in court, after regulator Austrac started a detailed investigation as it scours an independent report into hundreds of millions of potential breaches of the law.

Page 15: Travel industry leaders fear Zoom and Teams technology has become permanently entrenched in Australian corporate life, to the detriment of intercity air travel.

 

 

The West Australian

Page 3: Retirement costs have climbed as surging petrol, insurance and domestic travel prices mean a couple now need almost $63,000 a year to retire comfortably.

Page 4: Mark McGowan has convened a “skills summit” with top business leaders to tackle the workforce shortage that threatens WA’s economic recovery from COVID-19.

Page 5: More than two million West Australians will today wake up to 48 hours of power disruption after a last-minute crisis meeting between the chief executive of Western Power and the boss of the electrical trades union failed to avert a strike.

Page 8: Councillors are set to decide whether the City of Stirling will be renamed after a proposal was put forward by ratepayers calling for its colonial origins to be scrapped.

Page 18: The ex-chief executive of Cockburn council who was sacked after an internal misconduct investigation has taken over at another Perth council that has found itself mired in controversy.

Page 20: The Federal Government could be eyeing off WA’s increased GST share to help pay off its record debt, a Labor MP has warned.

Business: Nearly half of Pindan Group’s 280-strong workforce have been laid off as administrators chase urgent funding to help stabilise the building company and complete more than 60 projects.

The Singapore-listed owner of collapsed Pindan Group has attributed the WA builder’s demise to COVID-19.

Former BHP executive Tony Ottaviano describes his 17 years at the mining giant as an “excellent apprenticeship” for his new role as managing director of aspiring lithium miner Liontown Resources.

WA wages rose just 0.4 per cent in the three months to March, the equal smallest jump in the nation and below the 0.6 per cent Australian average.

Prominent Kimberley pastoralist Jack Burton is looking to expand his cattle empire in WA’s north, with market speculation suggesting he has made a bid for Gina Rinehart’s Nerrima Station in the Fitzroy Valley.

Shortages in the semiconductor industry, which have hit automakers and electronics companies, are getting worse, complicating the global economy’s pandemic recovery.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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