Twiggy down $2.8b in ore slump
The plunging iron ore price is wreaking havoc on Andrew Forrest’s personal fortune, which has more than halved to just $2.8 billion and puts him outside of the top 10 richest people in Australia for the first time since 2006. The Fin
Barnett says breadth of trade needs to grow
Colin Barnett has sounded an alarm at the “immature” nature of the Australia-China relationship, saying its massive value to the nation disguises a lopsided, geographically biased and narrow base. The West
Roy Hill the target as Rinehart kids chase Gina’s assets
Gina Rinehart’s two eldest children are targeting their mother’s key multi-billion-dollar mining assets, including disputing ownership of the Roy Hill project and alleging that Mrs Rinehart did not make the key Pilbara discovery now undergoing a $10 billion development. The Aus
Medibank float could raise $5.8b
The government could smash initial expectations by reaping about $5.8 billion from the sale of Medibank Private, with fund managers betting the company will be priced at $2.10 per share. The Fin
Stamps could cost $1 in Post rescue plan
The price of stamps could hit as much as $1 a letter under a radical plan by Australia Post to arrest $328 million in losses on letters, as the community stops sending mail. The Fin
Luxleaks reveal Dutch financier behind Rambal’s WA bid
Secret Luxembourg documents spell out the tracks of the mystery financier behind Indian entrepreneur Vikas Rambal’s $3.5 billion bid to build a fertiliser plant in Western Australia. The Fin
Woodside floats Browse for month-long public feedback
Woodside Petroleum has given the public a month to comment on its draft environmental impact statement for the proposed Browse floating LNG development. The West
The Australian Financial Review
Page 1: The federal government’s changes to Labor’s financial advice laws were demolished on Wednesday night following a Senate revolt which has fragmented the Palmer United Party and further complicated the Coalition’s ability to pass legislation.
The plunging iron ore price is wreaking havoc on Andrew Forrest’s personal fortune, which has more than halved to just $2.8 billion and puts him outside of the top 10 richest people in Australia for the first time since 2006.
Page 3: The price of stamps could hit as much as $1 a letter under a radical plan by Australia Post to arrest $328 million in losses on letters, as the community stops sending mail.
Page 4: Financial planners would have to contact hundreds of thousands of customers to ask if they want to remain clients from mid next year under Labor’s original financial advice laws.
Page 6: The Abbott government should undertake a promised review of labour laws to give local manufacturers a better chance of competing with Chinese imports, Australian Industry Group chief Innes Willox said.
Page 8: Orica chief executive Ian Smith said the Australian National University’s decision to blacklist seven resources companies from its $1.1 billion invest fund was “stupid” and “ill-informed”.
Page 9: Australia’s access to relatively cheap wind and solar energy will eventually give it an advantage in the global competition to process metals and manufacture chemicals, according to top economist and prolific forecaster Ross Garnaut.
Page 11: Communications Minister Malcolm Turnbull will write to the ABC board of directors recommending that managing director Mark Scott be stripped of his powers as editor-in-chief.
Page 13: The chief executive of PwC says there must be a change in tax laws in Australia and overseas that allow profit-shifting by multinationals.
Secret Luxembourg documents spell out the tracks of the mystery financier behind Indian entrepreneur Vikas Rambal’s $3.5 billion bid to build a fertiliser plant in Western Australia.
Page 21: The government could smash initial expectations by reaping about $5.8 billion from the sale of Medibank Private, with fund managers betting the company will be priced at $2.10 per share.
Page 28: Australia’s major iron ore producers are caught in a “prisoners’ dilemma” that has left them with no choice but to expand and flood a depressed market with more tonnes, says top local fund Auscap Asset Management.
The Australian
Page 1: Gina Rinehart’s two eldest children are targeting their mother’s key multi-billion-dollar mining assets, including disputing ownership of the Roy Hill project and alleging that Mrs Rinehart did not make the key Pilbara discovery now undergoing a $10 billion development.
Growth in China’s carbon emissions over the next 15 years will swamp emission reductions by both the US, the world’s second-largest polluter, and Australia over the same period.
Page 4: Only two in five Australian companies have policies to attract and retain indigenous workers.
Page 5: Australia’s refusal to allow boat people to land on its shores has significantly slowed, but not stopped, the flow of asylum seekers to Indonesia.
Page 6: Jacqui Lambie will consider her political future at the weekend after an attack in parliament yesterday against Clive Palmer, saying he was trying to “intimidate” her because of his poor political decisions and legal battles.
Jobs and investment are at risk if Labor and the Coalition do not resolve the impasse over the renewable energy target before the end of the year, industry warns.
Page 8: Aged-care providers have hailed the Australia-China free trade deal as a “massive” opportunity to diversify their operations and set up nursing homes in what is likely to become the world’s largest market for aged care.
A resources employer group is leading the charge to boost women’s employment in mining to 25 per cent by 2020.
Page 22: Redundant car industry engineers, designers and managers have recently found new job opportunities at the cutting edge of a revolution in building and construction.
Orica chief Ian Smith is pushing into the final phase of his aggressive transformation of the explosives giant, ticking off the $750 million sale of its non-mining chemicals division and announcing another 700 job cuts.
Page 23: Fresh concerns over iron ore demand in China at a time of strong growth in new supplies has pushed prices for the steelmaking raw material to their lowest levels in more than five years, forcing capitulation by investors in listed producers.
Page 24: Investors have sent shares in Kerry Stokes’s Seven Group Holdings to four-year lows after it revealed an earnings downgrade and more job cuts due to the collapse in commodity prices hitting sales at its WesTrac mining and contracting machinery business.
The West Australian
Page 1: Colin Barnett has sounded an alarm at the “immature” nature of the Australia-China relationship, saying its massive value to the nation disguises a lopsided, geographically biased and narrow base.
Page 3: The WA Government Architect says Perth’s urban sprawl will spread from “Geraldton to Esperance” without a third transport system, made up of a series of light rail, trams and buses that move diagonally across the city.
Western Australians will spend almost $1000 each on presents, Christmas celebrations and the Boxing Day sales as they open their wallets through the festive period.
Page 4: Colin Barnett cited CITIC Ltd’s deal with Clive Palmer’s Mineralogy over a Pilbara iron ore project as an example of what Chinese companies should avoid.
The Chinese conglomerate COFCO is on the hunt for the right partners and projects as it weighs up big investments in WA farming.
Page 6: Tony Abbott’s grip on his legislative agenda is in doubt after Jacqui Lambie split from the Palmer United Party and took with her another key Senate vote.
Treasurer Mike Nahan is facing even deeper cuts to stem red ink across the State Budget after a further fall in the iron ore price and signs it could stay low for a long time.
Page 7: Deep divisions have emerged in Cabinet over cuts to the ABC with Education Minister Christopher Pyne campaigning to protect production jobs in his home city of Adelaide.
One of the world’s most-recognised Michelin-starred chefs says WA produce is second to none and his team of food experts have researched the best way to ensure local ingredients shine in his restaurants.
Page 10: The last veil of secrecy over the multibillion-dollar Hancock feud lifted yesterday when Gina Rinehart lost her battle to keep private extraordinary allegations that question the source of more than 75 per cent of her wealth.
Page 12: The number of WA households getting Government help to pay their water bills is on track to break through 1000 in a calendar year for the first time.
Page 14: Organisers of a New Year’s Eve music festival are considering options after the City of Perth rejected plans for the event to return to Wellington Square.
Business: The plunge in commodity prices has prompted mining services providers WesTrac and Orica to slash hundreds of jobs as miners continue to tighten their belts.
Iron ore companies should not rely on a price revival to save them, according to BC Iron managing director Morgan Ball.
Coventry Group executive chairman Roger Flynn will sever his 13-year board association with the loss-making industrial group within two months.
Chevron senior executive Colin Beckett, who has spent the past nine years overseeing development of the $US54 billion ($62.3 billion) Gorgon LNG project on Barrow Island, has wasted little time launching himself onto the non-executive director’s circuit.
Woodside Petroleum has given the public a month to comment on its draft environmental impact statement for the proposed Browse floating LNG development.
Long-time Amcom chairman Tony Grist has given a further indication a merger with Vocus Communications is simply a matter of price, with the tech investor saying there has so far been “no roadblocks” in the due diligence process.
Fledgling Perth mobile app company Ziptel has come under the Australian Securities Exchange spotlight for the third time in a month, with the market regulator questioning its disclosure of a material deal and a corresponding capital raising.