No likes for unsocial network
Millions of Australians who rely on Facebook for information on public health, disability services and emergency organisations were dangerously cut adrift by the social media giant when it blocked access to a range of its online pages, in a botched protest over the government’s proposed news media laws. The Aus
Fremantle Dockers record $1 million loss
The Fremantle Dockers have reported an operating loss of more than $1 million for the COVID-ravaged 2020 season after receiving amost $3.4 million in Jobkeeper subsidies. The result came on the back of a 36 per cent decline in year-on-year revenue to $37 million, which forced the club to cut staff numbers by 16 per cent and slash Football Department spending by 25 per cent to $21.2 million. Business News
Coalition poised to lock in dole rise
The Morrison government is poised to legislate a permanent increase to fortnightly dole payments as early as next week, as cabinet’s budget committee is expected to sign off on a potential new welfare payment on Friday. The Aus
News Corp in three-year Google deal
News Corp is the latest publisher to sign a deal with Google as the pressure heats up on the government to legislate the proposed media code after Facebook opted to ban all news content from its platform. The Fin
Plasma collection problems cloud CSL’s bumper results
CSL recorded its fastest earnings growth in memory, with net profit leaping 45 per cent to $US1.8 billion ($2.32 billion), driven by a rush of flu vaccinations caused by fears of its interaction with COVID-19. The Fin
Government to nudge corporates on emissions
Australian-listed companies with declared ambitions to reduce greenhouse gas emissions will have their progress published annually in a push by the government to ensure they are paying more than lip service to climate change. The Fin
China explores new way to make steel
China has quietly lifted a two-year ban on imports of scrap metal, a shift that fits a long-term strategy to reduce its reliance on Australian iron ore. The Fin
Flush Wesfarmers dangles capital management carrot
Wesfarmers managing director Rob Scott has dangled a capital management carrot in front of shareholders, saying the group’s $1.7 billion investment in lithium will not preclude it handing back surplus capital once COVID-19-related risks have passed. The Fin
Woodside’s LNG China sales talks put on hold
Woodside Petroleum has been forced to postpone talks to sell LNG to China, the world’s biggest gas buyer, blaming trade tensions between Canberra and Beijing which have forced Australia’s largest LNG producer to find alternative markets. The Aus
Regaining trust is Crown’s new game
Crown Resorts executive chair Helen Coonan is hopeful that convincing the NSW regulator of the company’s suitability to operate a Sydney casino will help address the WA watchdog’s concerns. The West
The Australian Financial Review
Page 1: Prime Minister Scott Morrison is rallying the support of foreign leaders to push back against Facebook’s ‘‘bullying’’, after the social media giant stunned the world by blacking out news for millions of Australians and also blocking access to hundreds of other non-media pages.
CSL recorded its fastest earnings growth in memory, with net profit leaping 45 per cent to $US1.8 billion ($2.32 billion), driven by a rush of flu vaccinations caused by fears of its interaction with COVID-19.
Page 2: Unemployment is expected to decline further towards the government’s sub 6 per cent target at which point it starts repairing record debt and deficits.
Page 3: Federal and state health authorities have readied contingency plans for ‘‘vaccine rings’’ to quash new virus outbreaks, part of emergency protections ahead of Australia’s first injections next week.
Trusted CEOs and business leaders need to play a leading role in the rollout of COVID-19 vaccines to penetrate a sceptical minority, new data measuring public trust reveals.
Page 4: Australian-listed companies with declared ambitions to reduce greenhouse gas emissions will have their progress published annually in a push by the government to ensure they are paying more than lip service to climate change.
Page 5: A massive drop in the number of new agreements over the past decade has left the enterprise bargaining system at its lowest level in more than 22 years and threatens hopes of wage growth, new research shows.
Page 14: News Corp is the latest publisher to sign a deal with Google as the pressure heats up on the government to legislate the proposed media code after Facebook opted to ban all news content from its platform.
Page 15: China has quietly lifted a two-year ban on imports of scrap metal, a shift that fits a long-term strategy to reduce its reliance on Australian iron ore.
Page 17: Fortescue Metals Group is considering major design changes to limit the cost blowouts on its troubled Iron Bridge magnetite project, which now appears set to cost up to $US400 million ($516 million) more than originally thought.
Wesfarmers managing director Rob Scott has dangled a capital management carrot in front of shareholders, saying the group’s $1.7 billion investment in lithium will not preclude it handing back surplus capital once COVID-19-related risks have passed.
Page 20: South32 may seek NSW government intervention over the rejection of a life extension for its Illawarra coking coal business and says the surprise decision is a reminder of how difficult coal approvals are in Australia.
Fortescue Metals Group may pump more than $1 billion into its new clean energy venture each year under a pledge to siphon 10 per cent of the annual profits generated by its traditional iron ore mining business.
The Australian
Page 1: Millions of Australians who rely on Facebook for information on public health, disability services and emergency organisations were dangerously cut adrift by the social media giant when it blocked access to a range of its online pages, in a botched protest over the government’s proposed news media laws.
The Morrison government is poised to legislate a permanent increase to fortnightly dole payments as early as next week, as cabinet’s budget committee is expected to sign off on a potential new welfare payment on Friday.
Page 6: Foreign Minister Marise Payne and her US, Indian and Japanese counterparts have laid the groundwork for countering growing Chinese assertiveness in the Indo-Pacific.
Page 13: Corporate Australia is beginning its own COVID-19 vaccine information programs to help stave off further costly lockdowns and protect their workforces against a virus that is predicted to linger in the community for years to come.
Woodside Petroleum has been forced to postpone talks to sell LNG to China, the world’s biggest gas buyer, blaming trade tensions between Canberra and Beijing which have forced Australia’s largest LNG producer to find alternative markets.
The West Australian
Page 3: West Australians will begin receiving COVID-19 jabs from Monday, with about 5000 doses of the Pfizer vaccine expected to arrive in the State on Sunday night.
Page 5: Crown Resorts’ Perth-based director John Poynton should resign from the embattled company’s board, the chairman of NSW’s gambling watchdog has declared.
Page 9: Social media giant Facebook paid just $40.3 million of Australian tax on more than $1.7 billion of advertising revenue over three years as it sends profits to tax havens.
Page 15: Andrew Forrest will be a staggering $1.64 billion richer next month when he receives the biggest dividend cheque of his life.
Business: Fortescue Metals Group boss Elizabeth Gaines has sought to clarify the circumstances around the departure of the company’s respected chief operating officer Greg Lilleyman after a cost blow-out on the company’s Iron Bridge project.
Wesfarmers chief executive Rob Scott has doubled down on his push for a consistent, “sophisticated” approach to COVID-19 to alleviate the stress on households and businesses weary of restrictions.
Crown Resorts executive chair Helen Coonan is hopeful that convincing the NSW regulator of the company’s suitability to operate a Sydney casino will help address the WA watchdog’s concerns.
Ford is vowing to convert its entire passenger vehicle line-up in Europe to electric power by 2030 in just the latest sign of the seismic technological changes sweeping the auto industry.
The skills shortage in WA is likely to remain the biggest challenge for the State’s labour market, according to economists.
