Cliffs rejects royalty relief
Iron ore miner Cliffs Natural Resources has refused to be part of the Western Australian government’s royalty relief program, with the head of the Cleveland-based miner rejecting the assistance on philosophical grounds. The Aus
TPG’s iiNet offer ‘too low’
TPG Telecom’s proposed takeover of iiNet, valuing the Perth-based internet service provider at $1.4 billion, is a bargain and the low offer leaves scope for a rival bid, according to Credit Suisse. The Fin
Synergy opposes power bid parity plan
Longstanding rules to allow State-owned generator Synergy to sell electricity from its fleet of power plants at a single price are to be scrapped as part of a shakeup of the sector. The West
Turnbull risks wrath of moguls
Communications Minister Malcolm Turnbull has upset Rupert Murdoch’s News Corporation and its pay television joint venture Foxtel by proposing a cherry-picked media ownership policy that would allow more mergers between newspapers, TV networks and radio stations but would protect Nine, Ten and Seven’s domination of sports broadcasting. The Fin
KKR snares GE Capital arm for $8.2b
A consortium led by private equity behemoth KKR & Co has trumped rival bidders including TPG, Ontario Teachers’ Pension Plan and Macquarie Group in the race to acquire GE Capital’s Australasian consumer finance business. The Fin
Business push for toll roads in WA
Toll roads should be introduced, the State Government’s Future Fund should be liquidated and Royalties for Regions should be abolished if it cannot be made more accountable, according to a vision paper prepared by WA’s peak business lobby group. The West
Bid to tax online giants’ ads
Communications Minister Malcolm Turnbull has flagged changes to tax rules so that multinational organisations such as Google and Facebook can be charged GST on the advertising they sell to Australian clients. The Aus
The Australian Financial Review
Page 1: Communications Minister Malcolm Turnbull has upset Rupert Murdoch’s News Corporation and its pay television joint venture Foxtel by proposing a cherry-picked media ownership policy that would allow more mergers between newspapers, TV networks and radio stations but would protect Nine, Ten and Seven’s domination of sports broadcasting.
Page 4: Prime Minister Tony Abbott and Agriculture Minister Barnaby Joyce will come under concerted attack from Labor this week over the sacking of Mr Joyce’s department head on Friday, after he apparently sought to insist his department should not be implicated in misleading Parliament.
Education Minister Christopher Pyne’s attempt to blackmail the Senate by threatening scientific research funding if the higher education changes are not passed this week has backfired spectacularly, with the crossbench joining Labor to insist the funding be assured before the Senate considers the package.
Page 13: A consortium led by private equity behemoth KKR & Co has trumped rival bidders including TPG, Ontario Teachers’ Pension Plan and Macquarie Group in the race to acquire GE Capital’s Australasian consumer finance business.
Page 15: Rio Tinto’s chief financial officer Chris Lynch says companies must ‘‘appropriately’’ disclose payments to governments around the world, as the miner prepares to use tax transparency as a key defence against possible future approaches from unwanted suitor Glencore.
TPG Telecom’s proposed takeover of iiNet, valuing the Perth-based internet service provider at $1.4 billion, is a bargain and the low offer leaves scope for a rival bid, according to Credit Suisse.
Page 18: Four months after Tap Oil chief executive Troy Hayden dined with his Thai shareholder and partner, celebrating the start-up of their $US300 million ($392 million) Manora project, he is considering carving up the company to ward off a bid for control by the same investor.
Page 33: The CEO and co-founder of US video streaming giant Netflix is confident the company’s deep pockets will offset any home advantage that local competitors have in both buying and producing hit shows.
The Australian
Page 1: The federal government is close to reversing its opposition on strategic grounds to Australia joining the $50 billion China-led infrastructure bank, with Tony Abbott having reassessed his earlier worries.
Page 5: Household debt is higher in Australia than anywhere else in the advanced world, exposing the economy to risks in the event of another financial crisis.
Page 6: Private training colleges are charging up to four times more for courses than government-run TAFE institutions, inflating the nation’s ballooning bill for student debt.
Page 21: Iron ore miner Cliffs Natural Resources has refused to be part of the Western Australian government’s royalty relief program, with the head of the Cleveland-based miner rejecting the assistance on philosophical grounds.
Canberra has been urged to take action against the flood of Chinese aluminium metal into Asian markets, with accusations the Chinese are disguising the metal as semi-processed to avoid export tax while picking up a value-added rebate.
Page 23: The immense challenges facing the nation’s $13 billion apparel sector will be on full display over the next two weeks as some of the biggest listed players in the category — Myer, luxury brand owner Oroton, adventure wear chain Kathmandu and Solomon Lew’s Premier Investments — release their latest financial results.
Page 25: Australian meat, dairy and wine producers will pitch directly to major Chinese buyers and distributors this week as part of the first large-scale agricultural delegation since a free-trade agreement was agreed on between the countries last year.
Page 29: Communications Minister Malcolm Turnbull has flagged changes to tax rules so that multinational organisations such as Google and Facebook can be charged GST on the advertising they sell to Australian clients.
The West Australian
Page 1: Toll roads should be introduced, the State Government’s Future Fund should be liquidated and Royalties for Regions should be abolished if it cannot be made more accountable, according to a vision paper prepared by WA’s peak business lobby group.
Page 4: Western Australians hoping to enjoy an overseas holiday may have to take off soon, with the Australian dollar tipped to fall even further against key currencies.
Page 14: The Federal Government’s plan to deregulate higher education appears in tatters, with accusations from key senators it is holding hostage the future of 1700 scientists across the country.
Page 16: An incentive scheme designed to lure top principals to disadvantaged schools by paying them a $28,000 annual bonus has led to just four appointments since it started three years ago.
Business: Longstanding rules to allow State-owned generator Synergy to sell electricity from its fleet of power plants at a single price are to be scrapped as part of a shakeup of the sector.
Rio Tinto paid a record $2 billion in royalties and taxes to the WA Government last year, despite iron ore’s malaise.
