Boards slam executive pay reform; BHP clears hurdle in race for new uranium mine; Casposo 'at risk' in Troy board stoush; Help for rivals of big four banks; IMF doubts Asian growth
Boards slam executive pay reform
Some of Australia's most senior chairmen have slammed a key proposal in the Productivity Commission's executive pay reforms that would give a minority of shareholders the power to oust boards, claiming it could be used to destabilise companies. The Fin Review
BHP clears hurdle in race for new uranium mine
BHP Billiton has received a major boost in the battle to develop Western Australia's first uranium mine after the Barnett government rejected calls to set up an inquiry with the powers of a royal commission to investigate the company's planned Yeelirrie mine. The Fin Review
Casposo 'at risk' in Troy board stoush
The board of Troy Resources, under fire from company founder John Jones, has warned shareholders the miner's near-term growth prospects are threatened if it is unable to raise finance for the flagship Casposo gold-silver project by the end of this year. The West
Help for rivals of big four banks
The government is doubling its financial support for competitors to the big four banks to $16 billion amid concern that Australia faces the threat of a near-monopoly of the home loan market. The Australian
IMF doubts Asian growth
The global financial crisis has greatly increased Australia's dependence on Asia, but even though that is the best part of the world to be hitched to right now, not everyone is as convinced as the Reserve Bank about the sustainability of its growth. The Australian
THE WEST AUSTRALIAN:
Page 3: WA sporting and social clubs have vowed to stop playing music owned by major record labels in protest against a decision to increase fees for the right to play music by more than 3,000 per cent.
Page 4: The government will pour an extra $8 billion of taxpayers money into the small mortgage lending sector in a bid to keep pressure on the big four banks in the face of rising interest rates.
Litigators are hoping to recoup between 80 to 100 per cent of more than $27 million of ratepayers' money six WA councils ploughed into bad investments with failed US bank Lehman Brothers.
Page 6: WA Liberals have endorsed the Barnett government's agenda to reform local councils after rejecting a motion against forced council mergers at the annual state conference.
Page 7: Premier Colin Barnett criticised former Liberal leader Bill Hassell yesterday over his call for Malcolm Turnbull to "bring on" a double dissolution and early election over the emissions trading scheme debate.
Page 9: West Australians are paying wildly different amounts for car insurance based on the suburb where they live, an investigation by the West Australian has found.
Page 11: Senior Reserve Bank of Australia officials approved the high-risk business practices that put its banknote firm at the centre of an international police probe.
West Australians could be facing major disruptions to essential services including utilities, education and health care unless the government quickly resolved outstanding industrial disputes, the state opposition claimed yesterday.
Business: The board of Troy Resources, under fire from company founder John Jones, has warned shareholders the miner's near-term growth prospects are threatened if it is unable to raise finance for the flagship Casposo gold-silver project by the end of this year.
Australia's top companies face a $6 billion-plus black hole in unfunded liabilities, with market turmoil over the past year causing investment losses on defined benefit schemes to deepen.
The furore over the salary paid to the chief executive of the Government Employees Superannuation Board has reignited calls for members to have a greater say in the operation of their superannuation funds.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Some of Australia's most senior chairmen have slammed a key proposal in the Productivity Commission's executive pay reforms that would give a minority of shareholders the power to oust boards, claiming it could be used to destabilise companies.
The Labor Party is heading for a major internal row as unions prepare to fight the Rudd government's planned overhaul of political funding, which includes caps and tougher controls on donations and other external contributions.
When Prime Minister Kevin Rudd, senior ministers, advisers and bureaucrats spent the weekend of October 11 and 12 last year huddled in the cabinet room desperately looking for ways to safeguard the economy from the threat of th global financial crisis, a lot of time was spent considering the potential fallout for the government.
The federal government has extended its lifeline to regional banks, credit unions and non-bank mortgage providers hit by the credit crunch, offering another $8 billion to buy residential mortgage-backed securities.
Page 3: The federal government claimed to have identified a $3.2 billion black hole in the coalition's emissions trading modelling as Liberal leader Malcolm Turnbull won breathing space from climate change sceptics within his party.
The rise in mortgage rates, and the threat of further rises to come, had little impact on real estate activity over the weekend.
Page 5: BHP Billiton has received a major boost in the battle to develop Western Australia's first uranium mine after the Barnett government rejected calls to set up an inquiry with the powers of a royal commission to investigate the company's planned Yeelirrie mine.
Page 7: The global financial crisis had been less severe in Western Australia than initially feared and the state was poised for a new era of growth backed by a wealth of major projects, Premier Colin Barnett said yesterday.
Page 9: Universities have played down a strong rise in early applications for courses next year, saying the economic recovery could make applicants think twice about forsaking paid work for tertiary study.
Page 13: Myer chief executive Bernie Brookes is hoping a strategic shift away from the traditional department store model will underpin sales and earnings growth in the medium term as the retailer prepares for its November stock exchange listing.
Page 14: Telstra's opposition to the federal government's proposed changes to telecoms legislation has turned up the political heat and fuelled uncertainty over the timing of the new laws, but analysts remain confident the telco will seek to avoid serious confrontation on the issue.
THE AUSTRALIAN:
Page 1: Malcolm Turnbull's besieged leadership has received a boost, with support for him as Liberal leader clearly outstripping his putative rival Joe Hockey.
The government is doubling its financial support for competitors to the big four banks to $16 billion amid concern that Australia faces the threat of a near-monopoly of the home loan market.
Page 2: Former High Court judge Ian Callinan has warned that the introduction of a charter of rights would ultimately restrict access to the High Court and grant undue power to activist judges.
Page 3: Seriously sick patients are queuing for hours to be unloaded from ambulances at busy hospitals across Australia.
Page 4: Energy Minister Martin Ferguson has signalled the Rudd government will consider further concessions to the electricity industry under an emissions trading scheme, amid fears some power generators could go broke.
Page 5: While most Australians can breathe a sigh of relief as the global financial crisis passes without hitting them too hard, they should remember those whose lives have been irrevocably changed, a new report says.
Page 6: NSW Emergency Services Minister Steve Whan was employed by lobbyists who convinced the government to support a housing development under the flight path of Canberra airport, despite the objections of the Rudd government and the airport itself.
West Australian police will have the nation's toughest powers to stop and search people under a plan, unveiled yesterday, which removes the need for them to show any grounds for suspecting an offence.
Jetstar is in advanced talks with three state governments about establishing a second Australian heavy-maintenance base and a new engineering-training centre.
Page 7: Warnings to communities under threat from a Black Saturday bushfire that eventually killed 40 were delayed or not sent out at all because the information officer given the role of issuing them had never done the job before.
Business: James Packer's move to increase his holding in casino group Crown has coincided with surging market interest in Asian gaming assets that could hasten privatisation plans.
The global financial crisis has greatly increased Australia's dependence on Asia, but even though that is the best part of the world to be hitched to right now, not everyone is as convinced as the Reserve Bank about the sustainability of its growth.
The dollar posted further gains in offshore trading at the weekend -- building on last week's rise of US3.5c -- and is expected to stay close to its recent highs for the rest of the year.
When it comes to surviving the downturn, "unfashionable" and "conservative" family businesses are leading the pack and are optimistic about the future of the economy, according to a survey to be released today.
The Mongolian government's long-delayed approval last week of an investment framework for the $6.8 billion Oyu Tolgoi copper-gold project clears the way for an intriguing reconciliation between Rio Tinto and Chinalco.
The listed owner of the Rydges Hotel chain, Amalgamated Holdings, plans to expand its $700 million property portfolio further after buying two Queensland hotels from Abacus Property Group for $34.2m.
Just when the coal seam gas story had seemingly reached a natural plateau -- all the largest projects in Queensland being bagged by the majors and now we're waiting for the downstream part to begin -- along comes Red Sky Energy (ROG).
Chevron is using new technologies in hopes of extending the life of one of the world's oldest and most prolific oilfields, a process that is being replicated elsewhere to help the energy industry squeeze more out of ageing oil basins.
World trade, which plunged more sharply during the financial crisis than at any time since the Great Depression, is beginning to pick up, another sign that the global economy is healing.
Taxing financial transactions on Wall Street is gathering support in high places.
As the economy continues to chug along and sharemarkets soar, the battered and bruised private equity operators will continue to crawl out of the woodwork and take some desperately needed profits in the form of IPOs and trade sales.
