Forrest eyes big dairy plays
Mining billionaire Andrew Forrest has emerged as the potential new owner of WA’s biggest single milk producer as he weighs up more investment in farming and food processing. The West
ANZ glitch points to $7.1b profit
ANZ Banking Group has accidentally revealed sensitive financial information to investors days ahead of its annual profit results, in an embarrassing glitch suggesting the bank is on track to post a bumper full-year profit of more than $7 billion. The Fin
BHP to offload its troubled US gas asset
Tony Abbott’s push for a mature debate on raising the GST to fix the problems of federation has stumbled at the first hurdle, after the states rejected any ownership of the proposal and federal Labor slammed it as a broken promise that will hit families. The Fin
Rate cuts won’t do the job, says Hockey
Treasurer Joe Hockey has declared the ability of official interest rate cuts to spur economic growth has been exhausted, having mainly had the effect so far of making rich people richer. The Fin
AFL bid to sell matches online
The chief executive of the Australian Football League has opened the door to selling matches directly to fans in a controversial move that will bypass the commercial networks, as the code chases the richest sports deal in Australian television history. The Aus
$600,000 payout for lost-votes poll chief
The head of the Australian Electoral Commission who quit over the loss of 1370 WA Senate votes that prompted a re-run election was given a $600,000 payout. The West
Atlas cops debt rating downgrade
Atlas Iron’s move to slash its operating costs has done little to allay concerns about things, with ratings agency Moody’s yesterday cutting the company’s debt rating. The West
The Australian Financial Review
Page 1: Tony Abbott’s push for a mature debate on raising the GST to fix the problems of federation has stumbled at the first hurdle, after the states rejected any ownership of the proposal and federal Labor slammed it as a broken promise that will hit families.
BHP Billiton appears to have lost patience with the asset that forged its entry into the US shale business, declaring it will look to sell its Fayetteville venture on which it has taken a hit of more than $US2 billion ($2.27billion).
Page 5: The government is confident it has enough votes in the Senate to pass the first part of its Direct Action policy this week, even with fresh demands from Clive Palmer.
Federal government plans to slash the renewable energy target by almost half would expose it to legal challenges and complicated compensation scenarios, a new report says.
Page 6: Treasurer Joe Hockey has declared the ability of official interest rate cuts to spur economic growth has been exhausted, having mainly had the effect so far of making rich people richer.
Page 9: Clive Palmer has not ruled out passing the government’s $5 billion in cuts to higher education so long as universities offered more free scholarships to underprivileged students.
Page 10: International graduates find it extremely difficult to get professional work in Australia, despite having qualifications in areas of supposed skills shortages, a three-year study has found.
Page 13: ANZ Banking Group has accidentally revealed sensitive financial information to investors days ahead of its annual profit results, in an embarrassing glitch suggesting the bank is on track to post a bumper full-year profit of more than $7 billion.
CSL has vowed to turn around the lossmaking influenza vaccine division of rival Novartis by taking advantage of recently refurbished plants and pushing a portfolio of new products that will drive sales of $1billion within five years.
Page 18: Aurizon chief executive Lance Hockridge has warned the company’s planned expansion into Queensland’s Galilee Basin will not start for several years due to weak thermal coal prices.
Page 19: The end of the mining boom has been painful for most contractors, but Spotless Group chief executive Bruce Dixon is winning business from cost cutting miners.
Vocus Communications chief executive James Spenceley says a merger with Perth-based rival Amcom Telecommunications would create Australia’s third-largest provider of corporate telco services to take on Telstra and SingTel-Optus.
Page 21: Western Australian iron ore junior Atlas Iron has endured a torrid year, with a near 70 per cent fall in its share price reflecting broader nervousness about the health of the iron ore and steel markets.
The Australian
Page 1: In a confronting message to the world’s leading ministers and central bankers, Rupert Murdoch has warned their policies have caused a “massive shift” in societies to benefit the super-rich with a legacy of social polarisation.
Northern cattle producers and exporters have launched a class action against the commonwealth, challenging the “reckless’’ decision by the Gillard government in 2011 to ban live animal exports to Indonesia.
Page 2: Australia must consider reform to the federation to lift the quality of school education and scale back federal meddling, top advisers have declared in a push for more local control of the way children are taught.
Public hospitals should be placed in the hands of their local areas and handed to boards with responsibility for running them, to cut costs and drive efficiencies in a health system that threatens to swamp state government budgets.
Page 4: Union and producer groups have joined forces lobbying governments to demand they buy local for the massive food orders placed by public hospitals, schools, jails and the defence forces.
Page 5: Jetstar is to reduce its cabin baggage allowance for economy class passengers from 10kg to 7kg as part of a crackdown on overweight bags.
Page 19: The chief executive of the Australian Football League has opened the door to selling matches directly to fans in a controversial move that will bypass the commercial networks, as the code chases the richest sports deal in Australian television history.
Page 21: The chairman of Sino Australia Oil and Gas has resigned from the board amid an ongoing ASIC investigation into the company, which last year became the largest non-backdoor listing of a Chinese company on the Australian Stock Exchange.
The West Australian
Page 3: The number of ambulance callouts in Perth climbed to almost 200,000 in the past year, matched by a surge in patients treated by the emergency rescue helicopter.
Page 4: The head of the Australian Electoral Commission who quit over the loss of 1370 WA Senate votes that prompted a re-run election was given a $600,000 payout.
Tony Abbott’s plans for a mature debate over the shape of the Federation and the GST have run into roadblocks put up by the ALP and parts of the Liberal Party.
Page 6: A historic plan to turn the top of Subiaco train station into a public piazza could be revived as the City of Subiaco wrestles with how to relocate the popular Station Street Markets.
Page 13: The State Government has stepped in to bar WA Police from addressing a local crime forum organised by Labor, while making sure high-ranking officers attend similar functions held by Liberals.
Page 14: WA Labor has moved to exert more influence on local government by setting up a forum for councillors who are ALP members to build contacts and skills to implement Labor policies at a local level.
Business: Mining billionaire Andrew Forrest has emerged as the potential new owner of WA’s biggest single milk producer as he weighs up more investment in farming and food processing.
Super Pit operator Kalgoorlie Consolidated Gold Mines was last night tight-lipped about the reason for yesterday’s shock departure of its general manager, Russell Cole.
Southern Cross Electrical Engineering boss Simon High says some resources companies are wasting contractors’ time and money by allowing too many bids for projects.
Mount Gibson Iron says it does not expect to be forced to downgrade production forecasts for the financial year, despite suffering a pit-wall slump at its high-grade Koolan Island operation that could force a halt to mining for up to a month.
Fairstar Resources says it has found a new white knight prepared to back its Yilgarn iron ore ambitions. The Osborne Park-based explorer said yesterday Taiwanese investment firm I-World International Group had agreed to lend the company up to $10 million in a convertible note issue.
Atlas Iron’s move to slash its operating costs has done little to allay concerns about things, with ratings agency Moody’s yesterday cutting the company’s debt rating.
A breakthrough deal with traditional owners opens the door for Chinese developers to eventually gain freehold title over land on the Ord River irrigation scheme.