01/09/2021 - 07:02

Morning Headlines

01/09/2021 - 07:02

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Forrest trumps BHP nickel bid

Billionaire Andrew Forrest has escalated his bidding war with BHP for control of Canadian nickel explorer Noront Resources as Australia’s mining establishment race to get a foothold in the minerals driving decarbonisation. The Fin

Selldown means it’s game on for high flyer

A $14 million share sale that has revalued social gaming company Virtual Gaming Worlds at $3.4 billion has invited comparisons of the group with better-known but less profitable Australian unicorns such as Canva and Atlassian. The West

Sandfire eyes growth amid red-hot copper prices

Sandfire Resources says it is cashed up and has an ideal launching pad to build a new copper mine in Botswana and to replace its ageing DeGrussa operations in Western Australia as the push to decarbonise sparks strong demand for the red metal. The Fin

CEOs demand: Stick to the plan

Businesses are demanding state leaders stick to the national plan out of lockdowns, as the economy’s V-shaped recovery is expected to stall or even reverse into a double-dip recession. The Fin

Australia Post warns lockdowns threaten essential deliveries

Australia Post’s acting chief executive has warned that the pressure of lockdowns is putting significant stress on supply chains and the transport of essential goods, as the rules for interstate freight drivers also cause chaos across borders. The Fin

Harvey cuts dividend amid profit surge

Harvey Norman has slashed its final dividend and cut back on marketing to preserve cash as hard lockdowns crunch sales at stores in Australia and New Zealand. The Fin

China bans video games during school week

China has a new rule for the country’s hundreds of millions of young gamers: no online video games during the school week, and one hour a day on Fridays, weekends and public holidays. The Aus

Casino fails to immediately tell watchdog of gaming machine tampering

Electronic gaming machines at the Crown Perth casino were tampered with dozens of times in just a few weeks in 2018 but the WA gaming regulator was not immediately told of the problem by the bosses of the Burswood gambling mecca. The West

Regis suffers big profit dip

Regis Resources has posted a 27 per cent slide in annual profit to $146 million on increased mining costs and a jump in depreciation and amortisation charges. The West

Bored CBD risks losing workers

Perth is at risk of losing out on new investments unless the city finds ways to maintain CBD vibrancy while scores of people still work from home, a report warns. The West

 

 

The Australian Financial Review

Page 1: Businesses are demanding state leaders stick to the national plan out of lockdowns, as the economy’s V-shaped recovery is expected to stall or even reverse into a double-dip recession.

Billionaire Andrew Forrest has escalated his bidding war with BHP for control of Canadian nickel explorer Noront Resources as Australia’s mining establishment race to get a foothold in the minerals driving decarbonisation.

Page 3: Former competition tsar Graeme Samuel has slammed ‘‘problematic’’ merger reforms proposed by his successor Rod Sims as ‘‘missing the real issues’’ and risking ‘‘sending both the ACCC and business into a regulatory quagmire’’.

Treasurer Josh Frydenberg is pressing the Reserve Bank of Australia to lower costs for small business by forcing commercial banks to offer cheaper debit card services when customers use tap-and-go payments in stores.

Australia Post’s acting chief executive has warned that the pressure of lockdowns is putting significant stress on supply chains and the transport of essential goods, as the rules for interstate freight drivers also cause chaos across borders.

Page 8: Carbon emissions from the transport sector are expected to bounce back from coronavirus lockdowns and put pressure on Australia in its push to reach its climate target of 26 per cent to 28 per cent reduction by 2030.

Page 10: Celebratory gunfire echoed across Kabul as Taliban fighters took control of the airport following the withdrawal of the last US troops, ending 20 years of war that left the Islamic militia stronger than in 2001.

Page 13: Harvey Norman has slashed its final dividend and cut back on marketing to preserve cash as hard lockdowns crunch sales at stores in Australia and New Zealand.

Page 14: Coca-Cola Australia is gearing up for arguably its most challenging new product launch in years as it makes its first foray into alcoholic beverages in the middle of a pandemic, when it next week launches Topo Chico, an alcoholic hard seltzer.

Page 16: Sandfire Resources says it is cashed up and has an ideal launching pad to build a new copper mine in Botswana and to replace its ageing DeGrussa operations in Western Australia as the push to decarbonise sparks strong demand for the red metal.

 

 

The Australian

Page 1: Attorney-General Michaelia Cash has warned state governments that their constitutional power to shut borders will diminish once the nation hits an 80 per cent vaccination rate, as premiers with low Covid-19 infections defend the need to lock out interstate arrivals.
Page 4: Vaccination rates for aged-care workers are “skyrocketing”, Health Minister Greg Hunt says, with 8 per cent of the workforce receiving a jab in the past week.

Page 6: A clear majority of Australians want fully vaccinated people to receive preferential treatment over the unvaccinated, to allow them to resume normal life and travel freely both interstate and overseas.

Page 13: Global investors have queried the government’s funding arm over the impact of Covid-19 lockdowns, a relatively low vaccination rate, the deteriorating trade relationship with China and a slowdown in population growth.

More than a million workers have entrusted their retirement savings to a dud superannuation fund, the results of Canberra’s new performance test show.

Page 14: The auction for Meridian Energy’s Australian renewable energy business could be about to get more interesting, with suggestions in the market that fuel retailer Ampol may be taking a look.

Page 15: Pounded by Covid-19, travel agency group Helloworld reported a statutory after-tax loss of nearly $36m for the financial year while also revealing it had lost 272 agencies from its extensive network as well as 44 per cent of its pre-pandemic staff.

Page 16: NBN Co has unveiled its latest corporate plan, revising its revenue and earnings down by hundreds of millions of dollars while the project’s total cost has ballooned to $57bn.

Page 19: China has a new rule for the country’s hundreds of millions of young gamers: no online video games during the school week, and one hour a day on Fridays, weekends and public holidays.

 

 

The West Australian

Page 3: A Geraldton businessman is alleged to have used a native title trust as his “own personal ATM”, setting up a bogus loan agreement to take money whenever he wished to prop up his investments in a failing local hotel.

Page 4: Three years after Optus Stadium opened, 18 months into the pandemic and one year after the city was snubbed, Perth has its once-in-a-lifetime AFL grand final.

Page 5: A buying frenzy for AFL grand final tickets will build to fever pitch as WA footy fans are forced to wait in hope of securing a seat at the biggest sporting event in the State’s history.

Page 7: WA will wait until “above 80 per cent” of the population is fully vaccinated — and only then set a future date for the reopening of the State to the rest of Australia.

Page 11: Lord Mayor Basil Zempilas has claimed victory for the City of Perth after a long drawn-out saga over a pool at the WACA.

Electronic gaming machines at the Crown Perth casino were tampered with dozens of times in just a few weeks in 2018 but the WA gaming regulator was not immediately told of the problem by the bosses of the Burswood gambling mecca.

Page 17: WA Federal MP Christian Porter has won a legal battle to prevent full details of the ABC’s defence against his defamation claim from being published.

Business: A $14 million share sale that has revalued social gaming company Virtual Gaming Worlds at $3.4 billion has invited comparisons of the group with better-known but less profitable Australian unicorns such as Canva and Atlassian.

The board of sandalwood group Quintis was kept in the dark about the loss of a contract with Nestle’s skincare arm because chief executive Frank Wilson wanted to control the issue, the Federal Court has been told.

Regis Resources has posted a 27 per cent slide in annual profit to $146 million on increased mining costs and a jump in depreciation and amortisation charges.

The buzz about mRNA vaccines to protect against COVID-19 is bringing greater awareness to the work of Perth-based PYC Therapeutics.

WA grain farmers are lining up inexperienced staff for the approaching harvest given there is still no approved quarantine solution for overseas skilled workers.

Perth is at risk of losing out on new investments unless the city finds ways to maintain CBD vibrancy while scores of people still work from home, a report warns.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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