Morning Headlines

Chevron on mat in WA over missed carbon capture target

Chevron has been called in by the Western Australian environment minister to explain the Gorgon LNG venture’s missed target for carbon capture and storage, which may add another $100 million in costs to the $3.1 billion project. The Fin

National cabinet ‘not fit for purpose’

Advocates of federation reform say national cabinet is unable to survive the Covid-19 crisis or handle Australia’s future policy challenges, arguing it is an emergency body not bound by collective responsibility and crippled by a growing hostility between its members. The Aus

Woodside jobs risk as costs slashed

Woodside Petroleum is considering slashing hundreds of jobs as it moves to cut nearly a third of business costs under a company overhaul by interim chief executive Meg O’Neill. The Aus

Glass half full for WA wines

Only 60 per cent of wine destined for China will find a place in other markets by 2025, according to new Government data, but WA producers are likely to have a leg up over Eastern States rivals in the search for new customers. The West

Regulate Apple Pay, says CBA

Commonwealth Bank chief executive Matt Comyn has called for Parliament to regulate Apple’s rapid growth in the payments system and accused the world’s largest company of free-riding on banks’ investment. The Fin

Coles abandons enterprise bargaining for staff at its stores

Coles has become the latest major employer to effectively abandon enterprise bargaining for the bulk of its workforce, leaving its more than 100,000 store workers on wage rates close to the minimum. The Fin

Lawyers, funders eat up Vocation payout

The Federal Court has signed off a $50 million payout from collapsed education company Vocation to its investors, but warned the slew of plaintiff law firms and litigation funders involved in the case would take almost half the settlement. The Fin

Highest profit in 19 years for BlueScope

Surging steel prices in the United States are set to continue the momentum for Australia’s biggest steelmaker, BlueScope, and more than offset any short-term blip in its Australian operations from an extended Greater Sydney lockdown as the area battles a serious COVID-19 outbreak. The Fin

Forrest’s $4.5m boost to tackle impact of plastics

Research into the effect of plastics and plastic chemicals on the human body has received a $4.5m boost from Andrew and Nicola Forrest’s Minderoo Foundation, which is funding the University of Queensland’s Queensland Alliance for Environmental Health Sciences to undertake the work. The Aus

Mortgage payment pain hits

More than 5000 WA households are at least a month behind in their mortgage repayments, as analysts claim the full impact of the coronavirus lockdown is now starting to bite. The West

The Australian Financial Review

Page 1: Commonwealth Bank chief executive Matt Comyn has called for Parliament to regulate Apple’s rapid growth in the payments system and accused the world’s largest company of free-riding on banks’ investment.

Page 2: Coles has become the latest major employer to effectively abandon enterprise bargaining for the bulk of its workforce, leaving its more than 100,000 store workers on wage rates close to the minimum.

Page 3: Consumer sentiment has been thumped by lockdowns in Australia’s two largest cities, and retail spending has followed the downward spiral.

Page 12: The Federal Court has signed off a $50 million payout from collapsed education company Vocation to its investors, but warned the slew of plaintiff law firms and litigation funders involved in the case would take almost half the settlement.

Page 15: Surging steel prices in the United States are set to continue the momentum for Australia’s biggest steelmaker, BlueScope, and more than offset any short-term blip in its Australian operations from an extended Greater Sydney lockdown as the area battles a serious COVID-19 outbreak.

Chevron has been called in by the Western Australian environment minister to explain the Gorgon LNG venture’s missed target for carbon capture and storage, which may add another $100 million in costs to the $3.1 billion project.

Page 18: Jervois Mining has taken a big step towards becoming a globally relevant battery minerals producer by acquiring the cobalt processing division of copper giant Freeport-McMoran.

The Australian

Page 2: Australian beef prices are at record highs off the back of good seasonal conditions and strong global demand for red meat.

Advocates of federation reform say national cabinet is unable to survive the Covid-19 crisis or handle Australia’s future policy challenges, arguing it is an emergency body not bound by collective responsibility and crippled by a growing hostility between its members.

Page 15: Woodside Petroleum is considering slashing hundreds of jobs as it moves to cut nearly a third of business costs under a company overhaul by interim chief executive Meg O’Neill.

Page 17: Amcor has struck a deal with Israeli tech play Tipa to manufacture compostable packaging in Australia and New Zealand as it looks for plastic alternatives to reduce waste.

Page 18: Slow progress on cementing commercial deals for Oil Search’s $US3bn ($4.1bn) Alaskan oil project could result in a $23bn merger tilt becoming more attractive for its target’s investors, while also making Santos shareholders more wary, Credit Suisse says.

Page 22: Research into the effect of plastics and plastic chemicals on the human body has received a $4.5m boost from Andrew and Nicola Forrest’s Minderoo Foundation, which is funding the University of Queensland’s Queensland Alliance for Environmental Health Sciences to undertake the work.

The West Australian

Page 3: More than 5000 WA households are at least a month behind in their mortgage repayments, as analysts claim the full impact of the coronavirus lockdown is now starting to bite.

Page 11: Two unvaccinated WA healthcare workers have been put into hotel quarantine for 14 days after an infection control breach during the transfer of three COVID positive crew from a virus-riddled ship.

Page 17: Life-saving organ transplants have plummeted in the pandemic, fuelling a national campaign to sign up 100,000 Australians as new organ donors.

Business: Only 60 per cent of wine destined for China will find a place in other markets by 2025, according to new Government data, but WA producers are likely to have a leg up over Eastern States rivals in the search for new customers.

Australia’s equity crowdfunding industry has reported its strongest quarter yet, as more startups turn to the rapidly growing sector to raise capital.

The boss of prominent live export player Wellard claims “skittish” financial institutions are refusing to offer services to legitimate businesses because they are effectively being “blackmailed” by animal activists.

Persistent skills shortages will ultimately be solved by the State Government committing to a long-term labour plan and big business investing in training, the Australian Manufacturing Workers Union says.

The ageing Telfer goldmine in the East Pilbara looks set for a renaissance courtesy of a tantalising discovery and a resurgence in exploration in the remote region.

Australia’s peak oil and gas body has told a Federal inquiry that carbon capture and storage has the potential to deliver “step-change” carbon emissions reductions.