APRA to health funds: only the big will survive
Australia’s most dominant health insurers such as Medibank, Bupa and NIB could be the last funds standing in Australia within two years unless smaller funds take urgent action to improve their business models, the prudential regulator has warned. The Fin
CIMIC taps new CEO after disclosing $1b net loss
CIMIC, Australia’s biggest construction group, has named Spaniard Juan Santamaria as its new chief executive in place of Michael Wright, and delivered a $1 billion loss and a first full disclosure of how much it owes suppliers under controversial reverse factoring schemes. The Fin
Hotel in ‘premium destination hub’
One of WA’s biggest landlords — Perth Airport — is seeking its first-ever hotel operator, revealing there will eventually be three hotels on its growing estate. The West
Mineral deal on track despite Canavan calling it quits
The resources sector was yesterday reeling from Matt Canavan’s resignation as minister, as the US ambassador revealed he believes the time line for the critical minerals deal with Australia will not be slowed by the Cabinet reshuffle. The West
Gas alarm as exports to China plummet
Australian gas exporters face a potential supply hit amid signs China’s biggest LNG buyers are considering emergency force majeure declarations as the coronavirus slows demand for the fuel. The Aus
Big cattle feedlot a step closer
Andrew Forrest’s plans to build WA’s biggest cattle grain-feeding facility has received a major boost, with construction of a $50 million facility near Moora expected to start mid next year. The West
Climate wars rip through politics
Nationals leader Michael McCormack says the Coalition should hold the line against further action on climate change after a leadership coup against him by Barnaby Joyce failed but reignited fierce internal debate in the Coalition over its policy direction. The Fin
Optimistic RBA shrugs off fires, virus
The Reserve Bank of Australia has given what economists called an ‘‘exceedingly optimistic’’ outlook for the economy by reconfirming its growth forecasts and keeping the official interest rate at 0.75 per cent, despite hits from bushfires and the coronavirus. The Fin
South32 calls for urgent reform amid South Africa power crisis
South32 is backing the sale or closure of uncompetitive state-owned enterprises in South Africa in a sign of growing frustration at rolling blackouts plaguing its aluminium smelters. The Fin
Bandt puts miners on notice
Newly anointed Greens leader Adam Bandt says some of Australia’s biggest companies share responsibility for the summer bushfire crisis, and has warned the fossil fuel sector that their business model is broken. The Fin
Future Fund chief makes switch to IFM
Future Fund chief executive David Neal has resigned from the $168bn sovereign wealth fund to take up the top job at industry funds-owned IFM Investors, in a move insiders say will be a boost for the global fund manager’s growth plans. The Aus
The Australian Financial Review
Page 1: Nationals leader Michael McCormack says the Coalition should hold the line against further action on climate change after a leadership coup against him by Barnaby Joyce failed but reignited fierce internal debate in the Coalition over its policy direction.
The Reserve Bank of Australia has given what economists called an ‘‘exceedingly optimistic’’ outlook for the economy by reconfirming its growth forecasts and keeping the official interest rate at 0.75 per cent, despite hits from bushfires and the coronavirus.
Page 2: Mining executives could face up to 20 years in jail, and the companies could be hit with fines of up to $13 million, if found criminally negligent over the death of workers at a mine or quarry, under tough new laws introduced by the Palaszczuk government.
Page 3: Logistics giant Toll Group has confirmed it has fallen victim to a ransomware cyber attack that has forced it to shut down online systems and manually process parcels since late last week.
Page 6: Newly anointed Greens leader Adam Bandt says some of Australia’s biggest companies share responsibility for the summer bushfire crisis, and has warned the fossil fuel sector that their business model is broken.
Page 7: Newly installed Nationals deputy leader David Littleproud has emerged as Michael McCormack’s heir apparent after rejecting Barnaby Joyce’s offer to form a ticket to challenge for the leadership.
Page 8: China’s President Xi Jinping has threatened to punish local officials who fail to follow government orders to stop the spread of the coronavirus, as Beijing tightens restrictions on travel and access to information to contain the health crisis.
Page 10: UK Prime Minister Boris Johnson has vowed that post-Brexit Britain will be the ‘‘Superman’’ of global free trade, standing up to those who weaponise tariffs or engage in protectionism.
Page 11: Australia’s most dominant health insurers such as Medibank, Bupa and NIB could be the last funds standing in Australia within two years unless smaller funds take urgent action to improve their business models, the prudential regulator has warned.
CIMIC, Australia’s biggest construction group, has named Spaniard Juan Santamaria as its new chief executive in place of Michael Wright, and delivered a $1 billion loss and a first full disclosure of how much it owes suppliers under controversial reverse factoring schemes.
Page 13: Law firm Maurice Blackburn is looking for a potential second win over Penfolds owner Treasury Wine Estates in a new class action being investigated after last week’s surprise profit downgrade, three years after securing a $49 million settlement in a previous case.
Page 16: Telstra will reduce its payment terms to 20 days for smaller suppliers by the end of the financial year as part of its promise last week to scrap the controversial use of supply chain finance.
Page 17: South32 is backing the sale or closure of uncompetitive state-owned enterprises in South Africa in a sign of growing frustration at rolling blackouts plaguing its aluminium smelters.
Page 30: Lendlease is taking advantage of Japan’s evolving telecommunications market, setting up a new business to develop and manage new masts that the country’s phone companies will share as competition in a 5G age shifts to services and speed, rather than coverage.
The Australian
Page 2: The public interest in freedom of expression would be a factor courts have to consider as part of a defence to defamation claims, under changes being pushed by Australia’s media industry.
A branch of the Australian Medical Association has taken a stand on the safety and ethics of transgender drugs and surgery for children, calling for a host of practitioner groups to come together and devise new national treatment guidelines.
Page 4: Anthony Albanese has lashed Adam Bandt for “engaging in abuse” after the new Greens leader claimed Scott Morrison’s climate change agenda would lead to “three times as many deaths” as the 2019-20 bushfire crisis.
Page 6: China has criticised Australia’s treatment of its students caught up in the coronavirus travel ban, calling for the reinstatement of cancelled visas and compensation for those affected.
Page 17: Future Fund chief executive David Neal has resigned from the $168bn sovereign wealth fund to take up the top job at industry funds-owned IFM Investors, in a move insiders say will be a boost for the global fund manager’s growth plans.
Page 20: Australian gas exporters face a potential supply hit amid signs China’s biggest LNG buyers are considering emergency force majeure declarations as the coronavirus slows demand for the fuel.
The West Australian
Page 3: An independent commissioner with the powers of a rolling royal commission will be appointed to investigate veteran suicide.
Page 4: As hundreds of Aussie evacuees from China yesterday started their life in quarantine on Christmas Island, Treasurer Josh Frydenberg has tasked his department to calculate the economic impact of coronavirus on Australian business.
Page 14: A former Cockburn deputy mayor has been suspended and fined $6000 for refusing to apologise to a fellow councillor.
Page 22: The resources sector was yesterday reeling from Matt Canavan’s resignation as minister, as the US ambassador revealed he believes the time line for the critical minerals deal with Australia will not be slowed by the Cabinet reshuffle.
Free doctor’s visits are under threat as Medicare rebates for pensioners and children are slashed by $3 for thousands of GPs and fewer doctors bulk-bill.
Business: Volatility prevailed yesterday as bargain hunters swooped on iron ore miners sold by investors worried about the coronavirus.
The Official Airline Guide has released a report on the impact of the coronavirus on global travel and the numbers, while dramatic for China, are less so in an international context.
Andrew Forrest’s plans to build WA’s biggest cattle grain-feeding facility has received a major boost, with construction of a $50 million facility near Moora expected to start mid next year.
WA’s sheepmeat abattoirs have been working overtime and running extra shifts, as dry conditions force farmers to offload stock in droves.
Everyone from environmentalists to investors is beating up on fossil fuels, and American energy giants Exxon Mobil and Chevron are taking increasingly diverging approaches as they try to weather the storm.
Uncertainty is holding back the majority of projects which could make or break WA’s economy, according to a new report by Deloitte.
One of WA’s biggest landlords — Perth Airport — is seeking its first-ever hotel operator, revealing there will eventually be three hotels on its growing estate.
