09/06/2021 - 07:00

Morning Headlines

09/06/2021 - 07:00

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Morning Headlines

Oil, gas contractors sound warning on costs

Major construction contractors have issued a warning about the escalating cost environment for new oil and gas projects amid rising costs for steel and labour in Western Australia due to the pick-up in mining activity amid a boom in iron ore. The Fin

PM calls for back-up over China

An overhaul of global trade rules is the best way to prevent the coercive practices China has used against Australia and other nations, Scott Morrison says, as he warns of a world approaching a crossroads between liberal democracy and authoritarianism. The Fin

State gets point after jab change

Almost 20,000 West Australians yesterday rushed to book their COVID-19 vaccinations within hours of eligibility being expanded to anyone aged 30 and over. The West

Pindan jobs rescue hopes

Programmed is poised to buy failed builder Pindan’s housing maintenance arm after striking a deal to take control of the business, saving about 100 jobs. The West

Woodside CEO stares down activists on climate

Woodside Petroleum’s acting CEO Meg O’Neill has rejected talk of a ‘‘watershed moment’’ for the oil and gas sector after a global escalation of climate pressures, describing recent events at energy multinationals as just a further evolution of the decarbonisation trend that her company is already well progressed in addressing. The Fin

Downer heads towards a break-up for better value

Downer could be heading for a break-up play, according to some in the market, who suggest that the company is now worth more in parts than as a whole. The Aus

Infrabuild seeks funds, with Record Point on board

Sanjeev Gupta’s Australian steelmaker and distributor Infrabuild is pitching credit funds for a capital injection worth about $200 million. The Fin

Vegan trend a niche in meat-mad Australia

The plant-based food industry is projected to be 100 times larger by 2050 but it is highly unlikely that most consumers will make a full conversion to a vegan diet because processed food is simply too tasty, research by investment bank Credit Suisse concludes. The Fin

PwC urges biggest miners to tell tax story better or pay price

High-flying mining companies need to tell their tax story better or risk others shaping the policies of governments looking to boost revenue after rolling out big-spending stimulus and assistance packages during the COVID-19 economic crisis, according to PwC. The Fin

Last brew as Chase kills cafe

The City of Perth has forced the closure of the popular Bocelli Espresso Cafe amid a legal row with the $19 billion industry superannuation property fund behind the Forrest Chase shopping complex. The West

 

 

The Australian Financial Review

Page 1: An overhaul of global trade rules is the best way to prevent the coercive practices China has used against Australia and other nations, Scott Morrison says, as he warns of a world approaching a crossroads between liberal democracy and authoritarianism.

Page 2: Labor and the unions will fight a push by the Morrison government to try once more to introduce greenfield workplace agreements, arguing they are not needed to guarantee major projects and are really an excuse to drive down pay and conditions.

Page 4: The federal government’s independent economic adviser says there is too much complacency about rising debt, warning of potential ‘‘great cost’’ to current and future generations of taxpayers if Australia abandons its long-standing fiscal discipline.

Page 7: The Crown Resorts executive in charge of Melbourne’s VIP Mahogany Room, Peter Lawrence, sent just one problem gambler from the casino’s high-roller room to seek help over almost a decade.

Page 10: Santos, Glencore and Boral are among the six recipients of $50 million in new funding for carbon capture and storage projects announced by the Morrison government yesterday.

Page 12: Australian National University has claimed the top spot nationally on a global university league table just weeks after announcing a $160 million deficit.

Page 13: Australian and Japanese foreign and defence ministers are expected to issue a statement emphasising the need for peace in the Taiwan Strait, as a top European Union diplomat signalled more European warships could be deployed to the Indo-Pacific amid growing tensions with China.

Page 17: Woodside Petroleum’s acting CEO Meg O’Neill has rejected talk of a ‘‘watershed moment’’ for the oil and gas sector after a global escalation of climate pressures, describing recent events at energy multinationals as just a further evolution of the decarbonisation trend that her company is already well progressed in addressing.

Page 18: Sanjeev Gupta’s Australian steelmaker and distributor Infrabuild is pitching credit funds for a capital injection worth about $200 million.

Page 19: PayPal is hedging its bets on the buy now, pay later sector, extending its debit-based online offering into old-school, plastic credit cards to allow customers to splurge in physical stores.

The plant-based food industry is projected to be 100 times larger by 2050 but it is highly unlikely that most consumers will make a full conversion to a vegan diet because processed food is simply too tasty, research by investment bank Credit Suisse concludes.

Page 20: Proxy advisers can hurt company share prices, prevent the election of suitable board candidates and stop takeovers and restructures, according to the Business Council of Australia.

Page 22: Major construction contractors have issued a warning about the escalating cost environment for new oil and gas projects amid rising costs for steel and labour in Western Australia due to the pick-up in mining activity amid a boom in iron ore.

High-flying mining companies need to tell their tax story better or risk others shaping the policies of governments looking to boost revenue after rolling out big-spending stimulus and assistance packages during the COVID-19 economic crisis, according to PwC.

Page 24: Building products group Boral says it will probably release its official target’s statement and an independent expert valuation of the company on June 10, in response to the $6.50 cash bid from Kerry StokesSeven Group Holdings, which it has already rejected.

 

 

The Australian

Page 2: A secret review has failed to resolve a power struggle at the top of Australia’s universities after it rejected a push by university chancellors for board seats on the higher education peak body which is run by vice-chancellors.

Page 6: Productivity Commission chair Michael Brennan has urged the federal government not to abandon decades of fiscal restraint, warning the country at large is at risk of becoming too complacent around the generational costs of “ever-expanding debt and deficit”.

Page 13: A judge has delayed the trial of a former corporate high-flyer alleged to have been involved in a massive invoice fraud at National Australia Bank, after she was unable to find legal representatives.

Page 14: Elliott Management Corporation has emerged among the shortlisted parties in the running to buy BHP’s portfolio of coal assets, which were last year valued at as much as $7bn.

Downer could be heading for a break-up play, according to some in the market, who suggest that the company is now worth more in parts than as a whole.

Page 16: Afterpay is shrugging off a US class action against the buy now, pay later group by labelling it “without merit”, as concerns rise about whether the sector will start to get caught in regulatory nets.

Page 18: Alarm bells are ringing over the fresh mania surrounding meme stocks, with market experts labelling it pure gambling and warning of the “mass delusion” among day traders who have turned investing on its head.

 

 

The West Australian

Page 5: Almost 20,000 West Australians yesterday rushed to book their COVID-19 vaccinations within hours of eligibility being expanded to anyone aged 30 and over.

No protocols are in place to ensure returned travellers staying in hotel quarantine do not open their doors at the same time and expose each other to infection.

Page 9: The City of Stirling council has decided not to change its name, despite controversy over its origins.

Page 18: Mark McGowan is vowing to stare down unions threatening industrial action over his Government’s strict wages policy for public servants.
Page 22: The first new drug for Alzheimer’s disease in nearly 20 years cleared a big hurdle yesterday, offering fresh hope for the millions of sufferers around the world.

Business: Programmed is poised to buy failed builder Pindan’s housing maintenance arm after striking a deal to take control of the business, saving about 100 jobs.

WA farming stalwart John Nicoletti has added two Newdegate properties worth about $35 million to his portfolio.

Business conditions surged to a record in May — with WA and Queensland reporting the strongest operating conditions — while continuing strength in forward orders suggests activity levels will remain solid.

Smart fitness company Vitruvian Form has raised a further $US6 million ($7.75m) as it ramps up production of its portable resistance trainer.

A leading advocate for WA’s grains sector has accused the State Government of overlooking farmers in its forthcoming skills summit.

The City of Perth has forced the closure of the popular Bocelli Espresso Cafe amid a legal row with the $19 billion industry superannuation property fund behind the Forrest Chase shopping complex.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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