Palmer threatens to obstruct tax repeals
Clive Palmer is threatening to morph into a balance-of-power nightmare for the Coalition, warning that his Senate team will consider blocking the repeal of the mining and carbon taxes if the government ties its climate change scheme to the budget. The Aus
WA construction wages take a hard hit
Unionised Perth construction workers remain higher paid than their Sydney counterparts, despite a dramatic pullback in wages and conditions for labourers and tradespeople in the resources-rich west. The Fin
Sino Australia ‘losing $330k a month due to ASIC freezing orders’
Sino Australia Oil and Gas claims to be losing $330,000 a month as a result of ASIC freezing orders against the company, and has fallen short of assurances it made about expected profits before floating on the ASX late last year. The Aus
Barrick and Newmont merger off
A squabble over the future of Australian assets, including the Kalgoorlie Super Pit, is derailing merger talks between the world’s biggest gold-mining companies. The West
Oil search fired up on LNG
Oil Search chief executive Peter Botten has outlined aggressive liquefied natural gas expansion prospects for the company as speculation continues to circulate regarding takeover interest from Woodside Petroleum. The Fin
New twist in Oakajee saga
Padbury Mining is expected to tell shareholders when it returns from suspension that its $US6.5 billion Oakajee funding offer includes a requirement for it to find 20 per cent of the project’s funding from other sources. The West
Price slide to trigger more pain for Paladin
The collapse in uranium prices is having a telling impact on Paladin’s revenue stream from its African operations. And with the Perth-based group having already flagged the mothballing of one of the mines, more pain is on the way.
Paladin’s March quarter production report, released yesterday, disclosed that despite an increase in the volume of uranium sold, revenue fell by 16 per cent from $US106 million in the previous corresponding period to $US88.56m ($94.57m). The Aus
Retail sales up 8.4 per cent over Easter
Retail sales rose 8.4 per cent over Easter, according to a new retail sales index that will enable retailers to benchmark their performance with competitors on a weekly or daily, rather than monthly, basis. The Fin
The Australian
Page 5: Bank-owned superannuation funds are considering legal action against the industrial umpire over the process that decides which funds receive billions in default super contributions, after the Fair Work Commission president Iain Ross appointed himself to the panel overseeing the review.
Page 17: Department store operator David Jones is set to fast-track millions of dollars in long-term bonuses to its top executives ahead of a planned $2.15 billion takeover by South African retail major Woolworths Holdings.
Page 17: Investors may not always love their bank, but they continue to love bank stocks.
Despite ongoing talk of a looming property bust or a spike in interest rates, the key banking index is tracking near record highs after ANZ and Westpac yesterday hit records of $34.28 and $35.30 respectively.
Page 17: Fears that iron ore prices are set to crumble in response to patchy Chinese economic data and the unfolding 20 per cent annual surge in exports from the Pilbara have re-emerged, forcing investors to place the earnings outlook for leading producers on high alert.
Page 18: The fracking of the first pair of a long-awaited series of horizontal wells targeting shale gas in the Cooper Basin has yielded unspectacular results, leading to indications the heralded unconventional gas potential of central Australia lies in other targets.
Page 18: Oil Search chief Peter Botten has flagged substantial dividends in the opportunity to participate in up to three extra LNG trains in Papua New Guinea as the $US19 billion ($20.3bn) PNG LNG nears first production and a huge cashflow boost for its owners.
Page 19: Fund manager PM Capital is hoping to raise $200 million for its second listed investment company in the space of five months, capitalising on what it says is strong local investor demand for international equity exposure.
Page 19: Australia's booming property market is forcing many would-be buyers to delay or even give up their home ownership dreams.
A survey of renters across Australia has found more than half believe they cannot afford a deposit, while nearly a third believe they can't afford mortgage payments.
Page 21: Total compensation for Doug Oberhelman, Caterpillar’s chairman and chief executive, fell 33 per cent last year.
The world’s largest maker of construction and mining equipment said Mr Oberhelman’s total compensation for 2013 was $US14.99 million, down from $US22.37m a year earlier.
Page 21: Bonds of Newmont Mining and Barrick Gold have rallied following reports the companies have explored a merger, which could help shore up their finances while gold prices are down.
The Financial Review
Page 1: The Abbott government is considering scrapping plans to cut a welfare payment to children of war veterans in order to secure the support of Clive Palmer to repeal the mining tax.
Page 1: Global debt investors are piling into higher-risk Australian mortgages in search of better returns, driven by low global interest rates and declining credit spreads.
Page 1: The biggest surge in export volumes on record may be holding up the dollar even though commodity prices are falling, according to Reserve Bank of Australia board member John Edwards.
Page 15: National Australia Bank’s head of personal banking says fierce competition in the $1.2 trillion mortgage market is pressuring profit margins from home lending, as lenders scramble to win over customers.
Page 15: Foreign hospital operators are lining up to enter the Australian market through the $4 billion sale of Healthscope, with US giant HCA Holdings and Chinese conglomerate Fosun Pharma among the potential bidders.
Page 18: Former hair regrowth king Roland “Husner” Bleyer has a colourful track record. He has offered to help the Greek government by arranging a €20 billion ($29.6 billion) debt deal. He says he has held down a key role at the Azerbaijan Bank. And now he is at the heart of a controversial proposal to finance the stalled $6 billion-plus Oakajee port and rail project in Western Australia through iron ore tiddler Padbury.
But is has now emerged that Bleyer’s network of Australian companies says it was also there for billionaire Andrew Forrest in Fortescue Metals Group’s hour of need.
Page 21: Building materials giants Boral and James Hardie face a slowdown in their US businesses as brutal winter weather conditions dampen housing activity, while analysts warn that resurgent Australian housing construction may not be enough to justify lofty share prices in the sector.
Page 24: A resource upgrade last Thursday saw Sandfire Resources add a total of 93,000 tonnes of copper and 134,000 ounces of gold from successful nea-rmine exploration and drilling. As at March 31, 2014, the total mineral resource at the company’s DeGrussa project in Western Australia comprised 13 million tonnes grading 4.5 per cent copper and 1.8 grams a tonne gold for 588,000 tonnes of contained copper and 764,000 ounces of contained gold.
Page 24: Analysts at Hartleys responded positively to an upbeat scoping study released by Sheffield Resources last week in relation to its Thunderbird mineral sands project.
Page 40: Big accounting firms are bracing for “an element of contagion” from Europe’s controversial new audit rules as multinational corporations switch auditors and expect subsidiaries to follow suit.
The West Australian
Page 4: Mike Nahan’s first Budget could be out of date within five days of its release, with key economic parameters and decisions hostage to Federal Treasurer Joe Hockey.
Page 29: Australians are on track for their fifth consecutive year of positive superannuation returns despite figures from Chant West yesterday revealing most super funds ended March in the red.
Page 29: Internet provider iiNet is preparing to launch a world-first “connected home hub” in as little as 12 months, as the Perth company looks to open new revenue streams beyond its traditional internet-focused business.
Page 31: Metalworkers have called on the Federal Government to bring forward its defence shipbuilding program, claiming the WA sector could die during a two-year lull in contracts.
Page 32: Moves by emerging renewable power player Carnigie Wave Energy to tap the market have been rewarded after investors overwhelmingly backed its latest capital raising.
Page 32: Paladin Energy is hopeful that developments in Japan and China about nuclear power will lead to a recovery from the dismal uranium prices that have plagued producers since the Fukushima disaster.
Page 33: Vikas Rambal, the one-time business partner of Pankaj Oswal, has settled a multimillion-dollar legal action against the taxman amid swirling doubts about his plans for a $3.5 billion fertiliser plant near Collie.
Page 35: Shares in Bullabulling Gold jumped yesterday on the company’s return to trading after last week’s surprise takeover offer from Norton Gold Fields.