Historic $A pact seals China ties – The Fin; Woodside celebrates as Pluto gets first gas – The West; Bargain in good faith or beware, firms told – The Aus; Holden handout 'should go to WA' – The West; Minister to crack down on utilities' dinners – The West
Historic $A pact seals China ties
Australia will become more enmeshed in the Asian financial zone after the Reserve Bank signed a $30 billion currency swap arrangement with the Chinese central bank yesterday. The Fin
Woodside celebrates as Pluto gets first gas
Four years and eight months after Woodside Petroleum’s board approved development of the company-defining Pluto LNG venture, Australia's biggest oil and gas producer was last night celebrating the start-up of the troubled $14.9 billion project. The West
Bargain in good faith or beware, firms told
Companies that do not want to deal with unions have been dealt a significant blow after a landmark ruling that a BHP subsidiary was not complying with Labor’s workplace laws because it was not genuinely considering union proposals. The Aus
Holden handout 'should go to WA'
The state government has demanded Canberra ditch plans to prop up rust bucket industries in the Eastern States and instead pump the money into WA's fast-lane economy. The West
Minister to crack down on utilities' dinners
WA's state-owned power utilities spent more than $400,000 on staff Christmas parties last year, including $4000 for Synergy and Horizon executives and their partners. The West
THE WEST AUSTRALIAN:
Page 1: WA's state-owned power utilities spent more than $400,000 on staff Christmas parties last year, including $4,000 for Synergy and Horizon executives and their partners.
Page 3: WA Labor senator and former truckie Glenn Sterle threatened to “knock the block off” WA Liberal Dennis Jensen in a foul-mouthed incident at Canberra Airport, Dr Jensen claimed yesterday.
Page 4: Police have vowed to maintain pressure on the protesters at Heirisson Island after four men were arrested when about 70 police descended on the Aboriginal tent embassy yesterday afternoon.
Page 6: Mining magnate Andrew Forrest last night unleashed a stinging attack on Federal Treasurer Wayne Swan, accusing him of failing to understand the mining industry.
The state government has demanded Canberra ditch plans to prop up rust bucket industries in the Eastern States and instead pump the money into WA's fast-lane economy.
Page 11: Colin Barnett has called for fewer local councils or a reduction in their powers and responsibilities as a way of dealing with Perth's “growing pains”.
Page 15: The number of West Australians running up debt or eating into their savings to make ends meet has almost doubled over the past year.
WA's Opposition parties are using new media – Facebook, Twitter and iPhone apps – to step up their campaign for improved public transport and cycling infrastructure.
Page 16: Environment Minister Bill Marmion denied misleading Parliament yesterday when answering a question about the outsourcing of state government contracts to the private sector.
Business: Four years and eight months after Woodside Petroleum’s board approved development of the company-defining Pluto LNG venture, Australia's biggest oil and gas producer was last night celebrating the start-up of the troubled $14.9 billion project.
Atlantic's share price collapse has forced Michael Minosora's cash-strapped vanadium producer to shelve a shareholder purchase plan that could have raised $10 million.
Taiwan's China Steel has emerged as the latest Asian steelmaker to be linked with an equity stake in Gina Rinehart's $10 billion Roy Hill iron ore development in the Pilbara.
Funds owed to Mermaid Marine Australia have been frozen by a US court under a $US34.5 million lawsuit by victims of a Gulf of Mexico storm tragedy.
The estate of former RCR Tomlinson director Jeff Hogan has continued its sell-down of his former holding in the company, taking advantage of recent RCR price gains to sell 1.7 million shares for a little less than $3.4 million.
Reserve Bank assistant governor Guy Debelle yesterday declared that Australia's biggest banks had pushed through their recent round of mortgage rate rises in order to maintain billions of dollars in profits.
Despite a tough retail environment, Lakeside Joondalup Shopping Centre recorded a 12.2 per cent jump in sales last year, according to the Big Guns 2012 report, which tracks sales figures at Australia's biggest shopping centres.
Brickworks is planning further cuts at its WA operations as the housing construction slump continues to take its toll on building product makers.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: Australia will become more enmeshed in the Asian financial zone after the Reserve Bank signed a $30 billion currency swap arrangement with the Chinese central bank yesterday.
A Bass Strait contractor is suing the Victorian branch of the Australian Workers Union and individual union members for more than $10 million in damages over wildcat strikes and foul mouthed confrontations, a sum that would bankrupt one of the state's most politically connected unions.
Page 4: Coalition resources spokesman Ian Macfarlane has questioned whether major miners will pay any minerals resource rent tax at all after a recent meeting with BHP Billiton chief executive Marius Kloppers.
Page 8: West Australian Treasurer and Attorney-General Christian Porter has given the first hint of the strategy the state government will take in backing a looming High Court challenge against Canberra's mining tax.
The Gillard government was preparing for its third unsustainable cash grab on the Australian mining sector – this time with a multi billion-dollar slug from changes to the diesel fuel rebate scheme, opposition energy and resources spokesman Ian Macfarlane said yesterday.
Page 13: Qantas Airways would be prevented from grounding its fleet without prior consultation with the government and safety authorities under surprise regulations recommended by a Senate committee yesterrday.
Page 23: The revelation this week that Fortescue Metals Group is considering the outer harbour at Port Hedland as an option for medium-term growth could have wide-ranging implications for Western Australia's iron ore industry.
After more than a year of delays, Woodside's $14.9 billion Pluto project in Western Australia is finally up and running, with first production of liquefied natural gas expected within weeks.
Page 29: Fortescue Metals Group has decided to award a $5 billion mining services contract for its Solomon Hub expansion in Western Australia to a subsidiary of Leighton Holdings.
Page 54: Australia's biggest shopping centre owners have pledged to reinvent their malls to hold onto shoppers, as the sector battles a weaker economy, the growth of online shopping and an increase in the number of consumers opting to travel rather than shop.
THE AUSTRALIAN:
Page 1: Former finance minister Lindsay Tanner has attacked politicians, including his own former Labor colleagues, arguing that they are ignoring the national interest and handing out infrastructure funding ‘‘irrespective of merit’’ for political and not economic gain.
Holden will abandon a unique Australian-designed Commodore after 2016, but will open up its multi-billion-dollar international component supply chain to Australian companies as part of a deal with the federal government to keep its manufacturing operations in Australia until at least 2022.
Business has accused Labor of misleading Australians about the cost of increasing the superannuation guarantee so it could slip the change through parliament without political inconvenience.
Mining magnate Gina Rinehart is considering bankrolling renewed efforts by John Singleton’s Macquarie Radio Network to acquire the radio interests of newspaper group Fairfax Media.
Page 2: Falling wholesale electricity prices on the National Electricity Market are not being passed on to consumers, who are paying all-time high power bills.
Page 3: Communications Minister Stephen Conroy will hold the ultimate power to decide the football games aired on free-to-air TV networks under long-awaited laws to ensure viewers will not have to pay to watch major sports broadcasts.
Page 5: Companies that do not want to deal with unions have been dealt a significant blow after a landmark ruling that a BHP subsidiary was not complying with Labor’s workplace laws because it was not genuinely considering union proposals.
The coal industry and small miners have lashed out at suggestions the diesel fuel rebate could face further cuts in the May budget, arguing that the move breached basic taxation principles, would cut exploration and force miners offshore.
Page 6: Clive Palmer’s fears about CIA activities in Australia may be allayed after the group he alleged was a CIA front yesterday revealed it had no plans to keep funding green groups here.
Attempts by independent senator Nick Xenophon to put further restrictions on Qantas have been rejected by a Senate committee majority report.
Business: The big four banks have slashed their key deposit rates while raising home loan rates to safeguard their profit margins, which are under threat from the subdued domestic economy and high wholesale funding costs.
The Reserve Bank has backed China’s push to win global acceptance for its currency, signing a $30 billion deal with the People’s Bank of China to support business with Australia conducted in yuan.
Global investors are increasingly worried that China is facing a major speed bump, after its economy showed renewed signs yesterday that it is slowing down.
The Future Fund is now the largest shareholder of toll road operator Transurban after it was revealed that it was one of the buyers during this week’s selldown by fund manager CP2.
Brickworks has posted a 54 per cent fall in its half-year net profit to $54.1 million, flagging that the ‘‘extremely challenging’’ market conditions in the home construction market are unlikely to improve in the short term.
The corporate regulator will take on new powers to oversee financial advice in a last-minute deal to secure approval for landmark federal reforms aimed at improving investor protections.
Labor’s tax holiday for the local coastal shipping industry will cost the budget more than $250 million, it was revealed yesterday.
The boom in natural-gas production in the US has hit a new pressure point: the nation is running out of storage space.
THE SYDNEY MORNING HERALD:
Page 1: As he was finally bundled into the back of a police truck after seven years on the run, accused killer Malcolm Naden turned to police and said: "This beats walking."
Page 2: Identical twin sisters would be at risk of a suicide pact if one was jailed for dangerous driving, a Sydney court heard.
Page 3: Communications Minister Stephen Conroy will have wide-ranging powers to determine how many AFL and NRL matches are broadcast weekly on free-to-air television, under new laws unveiled on Thursday.
World: The Chinese government has moved to require practising lawyers to pledge their loyalty to the ruling Communist Party, in a move branded by legal reformers as a backward step for the judicial system. (Beijing)
Business: Banks are expected to start facing pressure from customers to unwind some of their out-of-cycle mortgage price hikes amid signs that the pressures driving up funding costs are now easing.
Sport: The Gold Coast Titans are on the brink of financial ruin.
THE DAILY TELEGRAPH:
Page 1: Accused killer Malcolm Naden was captured by police.
World: A plot to break a female death row inmate out of prison with the help of a former guard has been foiled by police. (New York)
Business: Foxtel boss Richard Freudenstein is talking up the economic benefit of the pay TV provider's planned takeover of Austar as the competition watchdog mulls over the deal.
Sport: The Gold Coast Titans are on the brink of financial ruin as it emerged the level of debt on the Titans' empire has blown out to $35 million.
THE AGE:
Page 1: Billions of dollars in public assets could be sold under a plan being developed by the state government to raise cash for future infrastructure without taking Victoria further into debt.
Page 3: Australia's first female attorney-general says she is determined to cast the widest net for the nation's top judges.
Page 5: The Department of Transport decided against a coroner's recommendation to make the inspection of boats mandatory during sale, as it was revealed a $4 million vessel destroyed by flames at Docklands this week had been bought days earlier.
World: The main suspect in a killing rampage linked to al-Qaeda wanted to die with weapons in his hands, France's interior minister said last night.
Business: Banks are expected to start facing questions from customers to unwind some of their recent out-of-cycle mortgage pricing rises amid signs that the pressures driving up funding costs are easing.
Sport: AFL clubs will face six-figure fines for poaching opposition coaches under a radical new scheme supported by some of the most influential club bosses in the game.
THE HERALD SUN:
Page 1: Victoria could get a New York-style zero tolerance blitz to cut violence.
Page 3: Women trying on new clothes can now ask Facebook friends how they look before they buy.
Page 5: An army of volunteers has risen to honour the memory of footy great Jim Stynes as Julia Gillard pledged $3 million to ensure his charity work lives on.
World: The 24-year-old Frenchman accused of a shooting massacre outside a Jewish school this week was holed up in his apartment after exchanging gunfire with police.
Business: Australia's major banks have used the cover of higher funding costs to protect their multibillion-dollar profits, the Reserve Bank says.
Sport: Essendon's emerging star Michael Hurley has signed a five-year deal that will earn him up to $3 million.
THE CANBERRA TIMES:
Page 1: Australia's most wanted man, Malcolm Naden, captured. Holden gets millions to keep cars local.
Page 2: Liberal leader uses three-year-old Auditor-General's report to accuse ACT Chief Minister Katy Gallagher of hypocrisy over the time-sheets controversy engulfing his office.
Page 3: ACT government steps up promotion of its energy efficiency scheme.
World: Criticism mounting in Papua New Guinea against new laws giving the government the power to suspend judges. (Port Moresby)
Business: David Jones former head Mark McInnes blamed for store's late arrival to the world of omni-channel retailing.
Sport: Swimming sisters Cate and Bronte Campbell qualify for London Olympics.
