Kambalda water fight duo head for court
Two of Kambalda’s heaviest hitters are headed for the Supreme Court, with South Africa’s Gold Fields launching legal action against BHP Billiton over the supply of water to its St Ives gold operation. The West
Baosteel snaffles Vorster for Aquila
China’s Baosteel has signalled that sagging iron ore prices have not dimmed its enthusiasm for the newly acquired West Pilbara venture after recruiting Iron Ore Holdings boss Alwyn Vorster to spearhead its local ambitions. The West
Major plan for Belmont the best bet
Perth Racing must redevelop its ageing Belmont racecourse or miss a “once-in-a-lifetime” chance to be part of a unique sporting and entertainment precinct, according to consulting group Deloitte. The West
China concern shifts from coal to credit
Tariffs on Australian coal exported to China will be abolished once a free-trade agreement is reached, as Treasurer Joe Hockey warned Australia must prepare for any short term pain from Beijing’s efforts to deflate the country’s “housing bubble”. The Fin
Perpetual says Medibank attractive
The largest shareholder in nib, the only listed health insurer, says the $4 billion plus float of Medibank Private is an attractive opportunity, but has warned investors against expecting immediate returns from the company’s promised cost cutting. The Fin
China exposure key to $1b bid
Ferrovial chief executive Iñigo Meirás has revealed the Spanish company’s $1 billion takeover bid for Transfield Services is part of a bigger strategy to give the infrastructure group exposure to the Chinese economy as European growth stagnates. The Fin
Tackle Telstra or we all pay, says Optus boss
Optus chairman Paul O’Sullivan has warned of an impending investment drought, including an arrest of the funds that SingTel spends on Australian fixed-line broadband services, unless regulatory settings are introduced to crimp Telstra’s dominance of the $40 billion-a-year sector. The Aus
The Australian Financial Review
Page 3: Tariffs on Australian coal exported to China will be abolished once a free-trade agreement is reached, as Treasurer Joe Hockey warned Australia must prepare for any short term pain from Beijing’s efforts to deflate the country’s “housing bubble”.
Page 7: Agriculture Minister Barnaby Joyce is resisting a push by Immigration Minister Scott Morrison to take over a key section of his portfolio.
Page 8: The Transport Workers Union is pushing for a pay rise of up to 5 per cent a year for Qantas workers and says executives appear to lack the “goodwill” required to avoid the turmoil of 2011, when the airline was grounded in a bitter industrial dispute.
Investors plunging into property have again been warned by the Reserve Bank of Australia they are taking on risks when prices are already high and growth in rents has slowed.
Page 11: Whitehaven Coal chairman Mark Vaile criticised Australian National University’s blacklisting of seven resource companies from its investment portfolio on ethical grounds.
Page 12: The Climate Change Authority will proceed with its own review of the renewable energy target, despite the government’s continuing deliberations on the outcome of its own controversial review of the scheme.
Page 13: The largest shareholder in nib, the only listed health insurer, says the $4 billion plus float of Medibank Private is an attractive opportunity, but has warned investors against expecting immediate returns from the company’s promised cost cutting.
Page 17: Ferrovial chief executive Iñigo Meirás has revealed the Spanish company’s $1 billion takeover bid for Transfield Services is part of a bigger strategy to give the infrastructure group exposure to the Chinese economy as European growth stagnates.
Rio Tinto has put on hold a $US4.2-billion ($4.7 billion) financing deal for its troubled Oyu Tolgoi copper project in a challenge to the Mongolian government to accept a fresh compromise to push the development ahead.
Page 19: A $3 billion profit transfer from food and grocery suppliers and smaller retailers to Coles and Woolworths may be coming to an end as governments and regulators crack down on anti-competitive practices.
Page 20: Newcrest Mining will not be able to meet its debt hurdles within three years under the goldminer’s current business plan, according to Deutsche Bank.
Page 23: Aurizon is set to avoid a ‘‘second strike’’ against its executive pay card at its annual shareholder meeting next month after two influential proxy advisers supported changes to the way it rewards management with bonuses.
For the first time since the 2008 financial crisis, Arrium Steel chief executive Steve Hamer is confident he can produce and sell more tonnes of steel.
The Australian
Page 5: Australia has secured a deal with China for zero tariffs on coal exports as part of the two nations’ free-trade negotiations but Tony Abbott will delay imposing tougher scrutiny of foreign investment in agriculture until after the agreement is signed.
Page 6: Nearly 150 unemployed people, mostly men, have taken up Tony Abbott’s $6000 payment to move for work using Relocation Assistance to help them with the costs of moving.
Clive Palmer has played down a Queensland court decision rejecting his bid to have a $12 million fraud lawsuit against him dropped, declaring the ruling “OK”.
Page 8: The release of politically sensitive information by employees to the media is not protected under the Fair Work Act according to a Federal Court ruling that has implications for unions coordinating industrial action.
Page 23: Fletcher Building chairman and former Commonwealth Bank chief executive Ralph Norris says property price growth in Australia is poised to “top out’’, but he remains confident that the mortgage books of the major banks are “sound’’ and can withstand any economic shock.
Optus chairman Paul O’Sullivan has warned of an impending investment drought, including an arrest of the funds that SingTel spends on Australian fixed-line broadband services, unless regulatory settings are introduced to crimp Telstra’s dominance of the $40 billion-a-year sector.
Page 24: Melbourne-based gold producer St Barbara has warned that the tailings dam at its largely abandoned Gold Ridge mine in Solomon Islands is at risk of being breached in the approaching wet season.
Page 26: Australia’s biggest department store, Myer, could find it harder to attract and retain talented executives after skipping bonuses for the fourth year in a row, just as rival David Jones is looking to expand and an influx of foreign retailers look to set up in Australia.
The West Australian
Page 9: Perth Racing must redevelop its ageing Belmont racecourse or miss a “once-in-a-lifetime” chance to be part of a unique sporting and entertainment precinct, according to consulting group Deloitte.
Page 17: South Korean officials are pushing their country’s leaders to ratify the Free Trade Agreement with Australia by next month’s G20 meeting in Brisbane, a move that would immediately usher in a wave of big tariff cuts.
Business: Two of Kambalda’s heaviest hitters are headed for the Supreme Court, with South Africa’s Gold Fields launching legal action against BHP Billiton over the supply of water to its St Ives gold operation.
China’s Baosteel has signalled that sagging iron ore prices have not dimmed its enthusiasm for the newly acquired West Pilbara venture after recruiting Iron Ore Holdings boss Alwyn Vorster to spearhead its local ambitions.
WA’s biggest locally managed investment fund has parlayed winning bets on offshore equities into a record return of nearly $70 million to unit holders.
The State Government has all but ruled out spending more than $20 million to provide Doppler radar coverage of the Wheatbelt despite the findings of a major report into ways to double the value of WA’s grains industry.
Under new stewardship, Cliffs Natural Resources has paved the way for the exit of its WA iron ore business after flagging a hefty asset impairment charge ahead of its September-quarter report next week.
Despite the growing oil and gas bonanza on its doorstep, the Pilbara coast town of Onslow is widely believed to have so far missed the boat.
Empired has bought New Zealand’s Intergen for $17.4 million in cash and shares as it moves to build the biggest trans-Tasman Microsoft services provider.
Embattled Collie miner Griffin Coal wants the State Government to give it a price rise, arguing it is entitled to the same treatment as the Chinese owners of a rival operation.
Newcrest Mining’s NSW gold project is helping it keep on top of costs as it works to turn around its fortunes.
Russian investigators say the driver of a snowplough that collided with a corporate jet at a Moscow airport, killing the boss of French oil and gas giant Total, was drunk.