Mint let tax haven clients store $100m
Scandal-plagued Perth Mint allowed clients of a tax haven bank, which is being investigated for its links with global organised crime syndicates, to purchase more than $100 million of gold without conducting the identity checks required to prevent money laundering. The Fin
From surf to turf: super seaweed to feed cattle
Andrew Forrest-backed FutureFeed has taken the first step in reaping what is expected to become a rich royalty flow from a CSIRO-developed seaweed product found to cut greenhouse gas emissions from cattle to near zero while making them grow faster. The Fin
Recovery on the menu as WA punters splash on pricier meals
WA’s struggling hospitality industry has come roaring back to life, with fresh data showing West Australians are spending more on eating out than any other State. The West
Vic, WA grudgingly enter the Kiwi bubble
Victoria and Western Australia have reluctantly conceded they are now part of the trans-Tasman travel bubble, as the head of the Australian Border Force provided further evidence contradicting Premier Daniel Andrews’ claims Victorian officials were caught out by the arrival of travellers from New Zealand. The Fin
Bar room brawl as ALE-ALH pub rent stoush heads to court
The long-running stoush between the country’s largest listed pub landlord ALE Property and its tenant, the Woolworths-backed ALH, is back on despite appearing to have been settled in September. The Aus
Victorian slanging match
Open warfare has erupted between Daniel Andrews and federal Treasurer Josh Frydenberg amid a growing suspicion inside the Morrison government that the timid reopening of Victoria’s economy is due to a lack of confidence in the state’s COVID-19 testing and tracing regimes. The Fin
FIRB proposal may boost the cost of loans
Banks have warned the federal government that its proposed tougher national security test for foreign investment will boost borrowing costs and squeeze credit flowing to infrastructure and commercial property projects. The Fin
Stokes research recognition
Curtin University has awarded Kerry Stokes an honorary science doctorate for his “significant and sustained contribution to child health research in WA”. The West
CIMIC surges on news of Thiess sale
Investors pushed CIMIC’s share price up 6 per cent after the cash-strapped company said it would offload half of Thiess for $1.7 billion to $1.9 billion. The Fin
New $5m incentive for sport
WA families hit hard financially by coronavirus will get help to put their children back into sport under a new $5 million State Government program. The West
The Australian Financial Review
Page 1: Open warfare has erupted between Daniel Andrews and federal Treasurer Josh Frydenberg amid a growing suspicion inside the Morrison government that the timid reopening of Victoria’s economy is due to a lack of confidence in the state’s COVID-19 testing and tracing regimes.
Victoria and Western Australia have reluctantly conceded they are now part of the trans-Tasman travel bubble, as the head of the Australian Border Force provided further evidence contradicting Premier Daniel Andrews’ claims Victorian officials were caught out by the arrival of travellers from New Zealand.
Page 9: Scandal-plagued Perth Mint allowed clients of a tax haven bank, which is being investigated for its links with global organised crime syndicates, to purchase more than $100 million of gold without conducting the identity checks required to prevent money laundering.
Page 10: Banks have warned the federal government that its proposed tougher national security test for foreign investment will boost borrowing costs and squeeze credit flowing to infrastructure and commercial property projects.
Page 11: More than $31 billion in lost tax is slipping through the cracks in Australia, with the latest Tax Office snapshot revealing nearly 7 per cent of personal and business obligations going unpaid.
Page 14: The nation’s biggest bank has pivoted to a rosier view of the housing market after a federal budget boost to confidence, despite the drag on the national economy from Victoria’s slow road out of COVID-19 lockdown.
The chief executive of ASX-listed Seafarms Group wants to lock in a debt funding package of $150 million by the end of the year so that the first phase of a project to build the world’s largest prawn farm can proceed in the Northern Territory.
Page 15: Fresh from taking the keys – three years later than chief executive Grant Fenn would’ve liked – Downer’s called in the bankers to refinance Spotless’ debt stack in full.
Page 17: National Australia Bank has been fined $15 million in the Federal Court and savaged by the judge for its program of allowing unlicensed and untrained third parties to earn payments for spruiking its home loans to borrowers.
Page 18: Investors pushed CIMIC’s share price up 6 per cent after the cash-strapped company said it would offload half of Thiess for $1.7 billion to $1.9 billion.
Andrew Forrest-backed FutureFeed has taken the first step in reaping what is expected to become a rich royalty flow from a CSIRO-developed seaweed product found to cut greenhouse gas emissions from cattle to near zero while making them grow faster.
Page 21: The coronavirus pandemic has contributed to a ‘‘massive uptick’’ in demand for smart home services that do not work properly on the national broadband network initially built by the government, a new study has found.
Page 22: Optus will look to raise the profile of its enterprise technology services division, creating a new division specialising in cloud computing services from Amazon Web Services, after striking a new strategic collaboration agreement with the tech giant.
The Australian
Page 1: Five new manufacturing tsars have been asked to steer an industry-led reboot of the sector and prioritising investment under Scott Morrison’s $1.5bn modern manufacturing strategy.
Page 4: Australia’s big banks are urging small businesses to apply for loans and not tough-out the COVID-19 crisis on their own, as data reveals lenders have approved more than $41bn for SMEs and sole traders since February.
Page 5: The chief of Australia’s biggest bank, Matt Comyn, has joined a chorus of business and political leaders pushing for industry to be reopened in Melbourne, increasing pressure on Daniel Andrews to fast-track the lifting of coronavirus restrictions.
Page 13: The James Packer-backed Crown Resorts faces the prospect of multi-million-dollar fines being levied by Austrac after the financial intelligence regulator launched a formal investigation into the casino company, less than a week before its most anticipated annual general meeting in years.
Page 14: Not even hawking its South American operations for $1.2bn has been enough to maintain Nufarm’s credit rating, with S&P downgrading the crop protection and seeds group a notch to BB-.
Page 15: The long-running stoush between the country’s largest listed pub landlord ALE Property and its tenant, the Woolworths-backed ALH, is back on despite appearing to have been settled in September.
Page 16: South32 has reinstated its share buyback program in a sign it believes its core markets is stabilising, as the company continues its reshuffle among the ranks of senior management.
The West Australian
Page 1: Two Australian crew members from the coronavirus-infested Al Messilah were allowed to disembark before a mass outbreak was detected aboard — with one travelling to a rural property near Busselton to self-isolate.
Page 5: For the first time in 2 1/2 years, the City of Perth has a democratically elected lord mayor after Basil Zempilas was sworn in to the role by WA Governor Kim Beazley last night.
Page 6: A surge in the number of West Australians being rescued after getting into trouble in remote parts of the State has prompted a police warning for people to be better prepared.
Page 7: WA families hit hard financially by coronavirus will get help to put their children back into sport under a new $5 million State Government program.
Page 9: Almost 50,000 Australians have been granted exemptions to leave the country since the international border closed.
Page 10: Curtin University has awarded Kerry Stokes an honorary science doctorate for his “significant and sustained contribution to child health research in WA”.
Business: National Australia Bank has been hit with a $15 million fine over its introducer program paying spotter fees to unlicensed pushers of its home loans.
WA’s struggling hospitality industry has come roaring back to life, with fresh data showing West Australians are spending more on eating out than any other State.
The International Air Transport Association is working to set up a testing system that will replace compulsory quarantine to help revive the airline industry that’s been decimated by the coronavirus outbreak.
CBH Group is preparing to improve its governance structure following a period of turmoil and infighting which threatened to tear apart Australia’s biggest cooperative and grain exporter.
