$8m payout over nib Stadium
The chief of the Department of Sport and Recreation warned the Barnett Government that a 2011 heads of agreement deal with Nick Tana’s Allia Venue Management to run nib Stadium in East Perth would expose the State to significant risks. The West
Brownes in local $20m supermarket milk coup
Brownes has scored a major coup in WA’s milk wars by winning the contract to supply supermarket heavyweight Woolworths away from Lion. The West
Bank launches largest private bursary fund
Westpac’s creation of a $100 million education fund–which will provide 100 university scholarships each year in perpetuity – marked “a remarkable day in the history of corporate philanthropy in our country,” Prime Minister Tony Abbott said on Wednesday. The Fin
Warrior Wandel exits CBH battle ground
Neil Wandel has agreed to stand down as chairman of CBH after a series of what he described as “robust” board discussions about his future. The West
NBN to pay up for signal failure
The NBN Co has been forced to set up a new subsidy scheme to connect homes, drought-stricken farmers and small businesses to broadband in the bush and deal with the “train wreck” of Labor’s $351 million interim satellite service. The Aus
Members could delay Medibank IPO
The Abbott government’s $4 billion Medibank Private sale could be vulnerable to legal action by health fund members seeking to exploit the critical schedule of a public float, the Australian Shareholders’ Association said. The Fin
ADM eager to increase stake in Graincorp
US agricultural giant Archer Daniels Midland is intent on increasing its investment in Australia’s GrainCorp, saying the company is key to its Australasian strategy. The Aus
The Australian Financial Review
Page 1: Treasury secretary Martin Parkinson has made the strongest case for raising the goods and services tax and cutting personal income tax by any senior Treasury official in years, a sign the Abbott government wants to prepare Australians for major changes to the taxation system.
The Reserve Bank of Australia has challenged the financial system inquiry to work out how to cut the cost of superannuation, which it said has the third highest costs in the world.
Page 3: Senior company directors are concerned boards, fearful of regulators and investors, are becoming too involved in operational detail.
Page 4: Australian motorists will be relying on imports for 60 per cent of their fuel needs by June next year after BP decided to close its refinery in Brisbane, with the loss of about 600 jobs.
Page 6: Westpac’s creation of a $100 million education fund–which will provide 100 university scholarships each year in perpetuity – marked “a remarkable day in the history of corporate philanthropy in our country,” Prime Minister Tony Abbott said on Wednesday.
Page 9: Clive Palmer is not ruling out playing hardball in the Senate with Tony Abbott after the Prime Minister’s heated attacks on the billionaire sent their relationship to a new low.
Page 10: Lend Lease faces wildcat strike action at a major Sydney project as dispute over safety with the construction union intensifies amid allegations of trespassing by union officials.
Page 11: WA Labor has called for an inquiry into how information concerning the alleged drink-driving frenzy by former treasurer Troy Buswell was handled by the state Liberal government.
Page 13: The Abbott government’s $4 billion Medibank Private sale could be vulnerable to legal action by health fund members seeking to exploit the critical schedule of a public float, the Australian Shareholders’ Association said.
Page 20: BHP Billiton is likely to seek an exemption from the Australian Taxation Office if it pushes ahead with plans to demerge $20 billion worth of non-core assets into a new resources company.
Leighton Holdings’s new Spanish chief executive, Marcelino Fernandez Verdes, has appointed a fellow Spaniard with a background in private equity as chief financial officer as he works to restructure the contracting group.
Page 27: CSR managing director Rob Sindel said he may make further bolt-on acquisitions to complement the $40 million purchase of specialist load-bearing walling group AFS Products to boost CSR’s exposure to rapidly growing apartment construction.
The Australian
Page 1: Australia must be prepared for a recession in the next decade and cannot rely on rising income taxes to restore budget health.
Page 3: The NBN Co has been forced to set up a new subsidy scheme to connect homes, drought-stricken farmers and small businesses to broadband in the bush and deal with the “train wreck” of Labor’s $351 million interim satellite service.
Page 17: Food manufacturer Goodman Fielder has seen the dark side of the food boom, cutting annual earnings forecasts and flagging possible asset writedowns as plant failures and higher milk prices prevented it reaching cost-saving targets.
The government’s B20 advisory forum of corporate heavyweights has set up an anticorruption group in a move aimed at making the issue a core part of the business agenda for creating jobs and building economic resilience.
Page 18: The boss of BHP Billiton coal, Dean Dalla Valle, has not ruled out divesting coal assets as he warned there was little sign of relief in the short term for the struggling sector.
Page 19: Nine Entertainment is positioning itself to snare a big slice of the burgeoning “big data” market with the upcoming launch of a new venture called Tipstone, which will on-sell data gathered by its parent company’s portfolio of digital properties.
Page 23: Local shares closed slightly higher yesterday, finishing just above the 5400 threshold as investors lacked catalysts to push the index any further into the black.
Junior miner IMX Resources received a boost in the market yesterday after revealing a corporate restructure and appointing Gary Sutherland, a previous head at BHP Billiton’s Olympic Dam, as its new managing director.
US agricultural giant Archer Daniels Midland is intent on increasing its investment in Australia’s GrainCorp, saying the company is key to its Australasian strategy.
Page 25: Frank Lowy’s Westfield fronted disgruntled investors yesterday to talk up the prospects of its Australasian spin-off Scentre, but the company barred investors and analysts from asking any questions on the restructure of its $70 billion empire.
The West Australian
Page 3: The chief of the Department of Sport and Recreation warned the Barnett Government that a 2011 heads of agreement deal with Nick Tana’s Allia Venue Management to run nib Stadium in East Perth would expose the State to significant risks.
Page 4: Today’s visit by Malaysian Prime Minister Najib Razak to RAAF Base Pearce forced Tony Abbott to relocate his Budget razor gang to Perth yesterday.
Palmer United Party’s number one Senate candidate Dio Wang has emerged from media exile to reveal why he fails to feature in the party’s advertising tsunami.
One of the world’s leading environmental economists, Lord Nicholas Stern, has attacked the Abbott Government’s Direct Action as not a credible way to deal with climate change.
The Australian Electoral Commission has been forced to investigate potential voting irregularities at a pre-polling mobile booth in the northern suburbs with allegations 75 votes were cast into an unsecured polling box, contrary to proper procedure.
Page 6: The solar industry has accused the Federal Government of deceiving voters in the run-up to the WA Senate election re-run by staying silent on the future of renewable energy.
Rottnest Island will play a starring role in a new global advertising campaign based on the idea that Australia is “the world’s greatest restaurant”.
Page 9: A Department of Premier and Cabinet investigation has found no misconduct or policy breaches by senior Government staffers managing the fallout from Troy Buswell’s breakdown and traffic incident.
Page 12: The Reserve Bank has ramped up pressure on the Abbott Government to impose a fee on every savings account in the country to protect the economy in case of the collapse of a bank.
Page 13: Perth’s hotels are being squeezed to capacity by a surge in visitors in town for the Australian Surf Life Saving Championships, the WA Senate campaign and the search for the missing Malaysia Airlines plane, with more than 90 per cent of rooms filled.
Business: Neil Wandel has agreed to stand down as chairman of CBH after a series of what he described as “robust” board discussions about his future.
Administrator Bryan Hughes remains hopeful of completing a sale of the Bronzewing gold mine to Michael Ruane’s Metaliko Resources despite the collapse of the company’s preferred funding.
The WA Government looks set to be thrust into the centre of negotiations between BHP Billiton and potential suitors for its nickel and aluminium divisions, evoking memories of the mining giant’s ill-fated attempt to merge Pilbara iron ore operations with arch rival Rio Tinto.
Brownes has scored a major coup in WA’s milk wars by winning the contract to supply supermarket heavyweight Woolworths away from Lion.
One of WA’s biggest private mining services companies has held the line against the industry slowdown in Australia while pocketing better profits offshore.
Resource Equipment (REL) boss James Cullen says he’ll be targeting growth in eastern Australia following a $9 million equity capital raising deal with a group of industry investors.