Shock and ore in FMG boss exodus
Andrew Forrest’s Fortescue Metals Group is scrambling to fill a raft of key management positions after a mass exit of senior staff. The West
Worried miners call for China olive branch
A mining industry group backed by Rich Listers Andrew Forrest, Gina Rinehart and Chris Ellison fears China will respond to Australia’s new defence pact with trade sanctions that could harm the sector. The Fin
‘Forever partners’ with US, UK
Australia’s shock acquisition of at least eight nuclear-powered submarines is the first step in a major surge in defence spending under a new regional pact with the United States and United Kingdom to counter the threat of China in the Indo-Pacific. The Fin
US, Canada profit from China bans
Allies including the US and Canada are profiting handsomely from Beijing’s trade sanctions on Australian goods, filling the void left by local exporters of coal, copper, beef, barley, wood, wine and shellfish. The Fin
Aussie BNPL usage the best in the West
The explosion of online shopping during the Covid-19 pandemic has boosted the use of buy now, pay later platforms around the world, with usage in Australia among the highest in the Western world. The Aus
Penn plans to secure his long-term legacy
Telstra boss Andy Penn is tipped to push his tenure at the top of the nation’s largest telco past 10 years as he aims to strip a further $500 million of costs out in the coming years and secure his legacy with its new T25 growth plan. The Fin
Perth Racing pledges to fix culture after damning probe
Perth Racing has been forced into an immediate cultural overhaul after admitting to serious workplace problems that shattered morale among staff. The West
Wharfies get shot mandate
The nation’s biggest container terminal stevedore, DP World Australia, will mandate Covid vaccination for its employees and contractors in the wake of a positive case at its Port Botany terminal that has so far impacted 100 workers and contractors. The Aus
Banks ‘are outsourcing challenges’
ANZ Bank chief executive Shayne Elliott has controversially admonished his industry for “outsourcing” its problems to regulators, calling on banks to act prudently in the current environment to help avoid “blunt” macroprudential measures to curb the housing boom. The Aus
WA bucks trend with 12,300 extra jobs
Lockdown-free WA added more than 12,000 jobs in August, bucking a national trend, with more than 146,000 people joining the unemployment queue. The West
The Australian Financial Review
Page 1: Australia’s shock acquisition of at least eight nuclear-powered submarines is the first step in a major surge in defence spending under a new regional pact with the United States and United Kingdom to counter the threat of China in the Indo-Pacific.
Australia’s planned acquisition of nuclear-powered submarines would pave the way for a domestic nuclear industry only if there were bipartisan political support, the government believes.
Page 3: Allies including the US and Canada are profiting handsomely from Beijing’s trade sanctions on Australian goods, filling the void left by local exporters of coal, copper, beef, barley, wood, wine and shellfish.
Page 6: The chief executive of the Group of Eight universities says Australia has a world-class research capacity that is well-placed to support the AUKUS security pact, including in cyber-security, artificial intelligence and quantum technologies and undersea capabilities.
Page 16: The Reserve Bank of Australia says the coming collapse in coal shipments as Australia’s biggest customers pivot to net zero would impose only a relatively modest hit on economic growth, even as they warn of an ‘‘uncertain outlook’’ for the renewable energy exports that are meant to soften the blow.
Page 25: Wesfarmers boss Rob Scott is one step closer to creating a new $10 billion healthcare arm, winning over the board of Australian Pharmaceutical Industries after increasing the conglomerate’s original bid by $77 million to $764 million.
Telstra boss Andy Penn is tipped to push his tenure at the top of the nation’s largest telco past 10 years as he aims to strip a further $500 million of costs out in the coming years and secure his legacy with its new T25 growth plan.
Companies liable for financial advice failures under the government’s compensation scheme of last resort could be slugged with an annual bill six times larger than Treasury estimates, according to consulting giant EY.
Page 27: A mining industry group backed by Rich Listers Andrew Forrest, Gina Rinehart and Chris Ellison fears China will respond to Australia’s new defence pact with trade sanctions that could harm the sector.
Page 29: Lofty international gas prices are hitting Britain and other European states hard but are providing a boost to Australia’s LNG producers, which look set to benefit from unexpectedly buoyant prices for the next six months.
The Australian
Page 3: Beijing defence analysts have warned Australia’s new nuclear submarines deal is a “substantial strategic threat” for China that marks a significant step towards an Asian NATO.
Page 4: The French government has accused Australia of betrayal for cancelling $90bn worth of French-designed submarines, blasting the move as “contrary to the spirit and the letter” of co-operation between the two countries.
Page 5: Thousands more jobs will be created under Australia’s new defence partnership than under the French contract and most existing Naval Group positions will be absorbed into ASC and other defence firms.
Page 9: The Delta strain is proving to be a champion marketer for vaccine acceptance, with hesitancy plummeting in Victoria as Covid-19 infections rise in the current outbreak.
The nation’s biggest container terminal stevedore, DP World Australia, will mandate Covid vaccination for its employees and contractors in the wake of a positive case at its Port Botany terminal that has so far impacted 100 workers and contractors.
Page 15: ANZ Bank chief executive Shayne Elliott has controversially admonished his industry for “outsourcing” its problems to regulators, calling on banks to act prudently in the current environment to help avoid “blunt” macroprudential measures to curb the housing boom.
Page 17: Residential property turnover over the past 12 months hit its highest levels since 2004 as Australians’ demand for property skyrocketed during the pandemic.
Page 19: The explosion of online shopping during the Covid-19 pandemic has boosted the use of buy now, pay later platforms around the world, with usage in Australia among the highest in the Western world.
The West Australian
Page 3: Andrew Forrest’s Fortescue Metals Group is scrambling to fill a raft of key management positions after a mass exit of senior staff.
Page 4: Premier Mark McGowan has accused the Federal Government of turning its back on WA after the State missed out on lucrative maintenance work on the navy’s Rockingham-based submarine fleet.
Australia has been warned its military personnel will “most likely to be the first batch of Western soldiers to waste their lives in the South China Sea”.
Page 6: More than a thousand aged care workers could lose their jobs within weeks if they refuse to get a COVID-19 vaccine.
Page 7: An immune-boosting supplement when taken during pregnancy has been found to give babies “significant protection” from severe and life-threatening respiratory infections and even prevent them from developing chronic conditions like asthma.
Page 11: Perth Racing has been forced into an immediate cultural overhaul after admitting to serious workplace problems that shattered morale among staff.
Business: Lockdown-free WA added more than 12,000 jobs in August, bucking a national trend, with more than 146,000 people joining the unemployment queue.
WA’s crypto job market is red hot as digital coins surge in popularity, but companies looking to jump on the trend are being held back by the stiff competition for talent.
Australia Post will spend an estimated $82 million on replacing Perth’s parcel facility with a new custom-built one that it says will be able to process 14,000 parcels per hour.
Most ASX-listed uranium stocks continued to rally strongly yesterday after the spot price of the nuclear fuel reached a nine-year high.
