Tech giants hoard reserves in $A – The Fin; State gets rating warning – The West; LionGold bidder for Navigator – The West; Lanco port deal – The Fin; Leighton turns the corner – The Aus
Tech giants hoard reserves in $A
The world's biggest technology companies have stored some of their cash reserves in Australian government bonds, investments that have added to upward pressure on the dollar from foreign central banks. The Fin
State gets rating warning
Global ratings agency Moody's says WA's cherished triple-A financial tick is safe for now, but warns the government's increasing reliance on mining royalty revenues could undermine its rolled-gold investment standing. The West
LionGold bidder for Navigator
Singapore-listed LionGold Corp is the mystery bidder in a $38 million takeover offer for struggling WA gold miner Navigator Resources. The West
Lanco port deal
Indian energy company Lanco Infratech has reached a preliminary agreement with the Bunbury Port Authority to use a planned berth at the port to ship coal from a mine it bought from fallen tycoon Ric Stowe. The Fin
Leighton turns the corner
Chief executive Hamish Tyrwhitt believes Leighton Holdings has ‘‘turned the corner’’ after a horror year of writedowns on key projects that forced the company to announce a 66 per cent drop in net profit. The Aus
THE WEST AUSTRALIAN:
Page 3: The growing rate of rear-end car accidents has been linked to Perth's traffic congestion.
Page 4: Premier Colin Barnett met Police Commissioner Karl O'Callaghan on Monday to discuss his future in the wake of a Corruption and Crime Commission report into the use of the police chief's corporate credit card.
Page 5: A high-rise school could be one way to deal with Perth's exploding inner-city population, according to WA's head of Catholic education.
Page 9: The head of three metropolitan volunteer sea rescue groups says their life-saving work is at risk after their insurance was withdrawn yesterday.
Page 10: The premiers were given the rest of this year to curb power price rises yesterday as Julia Gillard threatened to wield “the big stick of regulation” if they failed to take pressure off struggling households.
There was disappointment for homeowners hoping for more interest rate relief after the Reserve Bank kept rates on hold yesterday and laid the groundwork to keep them that way.
Page 13: Jabirr Jabirr traditional owners launched a strong attack on former Greens senator Bob Brown during a visit to Broome yesterday.
Page 19: Concerns have been raised over a massive rise in workplace bullying after victim compensation claims more than trebled over four years.
Business liftout:
Page 1: Global ratings agency Moody's says WA's cherished triple-A financial tick is safe for now, but warns the government's increasing reliance on mining royalty revenues could undermine its rolled-gold investment standing.
Seven years after she sold out of Fotoworks, Natalie Therese has emerged as its potential saviour, buying the school portraits business back out of the collapsed Wooldridges.
Page 3: Mining companies are poised to win major changes to the way they are required to rehabilitate mine sites, potentially saving them millions they currently sink in temporary environmental bonds.
Page 5: Singapore-listed LionGold Corp is the mystery bidder in a $38 million takeover offer for struggling WA gold miner Navigator Resources.
A diamond drill rig will arrive at Sirius Resources' Nova project this weekend as the Perth junior tries to continue the exploration success that has attracted national headlines and reminded investors not all is doom and gloom in mining land.
The pending buyers of Kalgoorlie's famous Exchange Hotel have walked away from a $3.5 million deal for the pub, citing a delay in the transfer of the venue's liquor licence.
Page 7: The nation's biggest contractor Leighton Holdings has gone against the tide of opinion about resources projects beginning to wind down by delivering a bullish outlook for its business.
Croissant Express is embarking on a push into suburban commercial zones after 25 years of focusing on the central business district and then shopping centres.
The cheapest iron ore in 31 months and the lowest shipping costs on record are poised to increase the number of cargoes going to China, curbing losses for vessel owners enduring a seven-month run of unprofitable rates.
Page 17: A tightening market for prime industrial land has prompted calls for the system used to rezone property for commercial use to be streamlined.
Page 20: Developers have teamed up with international hotel operators for the right to build a hotel on the site of FESA House and the Perth Chest Clinic.
THE AUSTRALIAN FINANCIAL REVIEW:
Page 1: NSW and Queensland have hit back at Prime Minister Julia Gillard over her attempt to push state-owned electricity transmission companies to cut back the $30-billion-plus bill for network upgrades across the eastern seaboard.
The world's biggest technology companies have stored some of their cash reserves in Australian government bonds, investments that have added to upward pressure on the dollar from foreign central banks.
Liberal Party members are poised to defy Tony Abbott by choosing former rugby league star Matt Adamson to run against the coalition leader's friend and endorsed Nationals candidate, David Gillespie, to unseat independent MP Rob Oakeshott.
Page 3: A former Australian ambassador to China, Geoff Raby, has sharply criticised the Gillard government's decision to align itself with the US by agreeing to the deployment of US Marines through Darwin to balance China's military rise.
Page 6: One of the federal government's top concessions to business on industrial relations – a plan to allow arbitration of deadlocked workplace deals on big new resource projects – doesn't meet the approval of the Australian Industry Group.
Page 8: Indian energy company Lanco Infratech has reached a preliminary agreement with the Bunbury Port Authority to use a planned berth at the port to ship coal from a mine it bought from fallen tycoon Ric Stowe.
Page 10: The Reserve Bank of Australia has dampened expectations about further near-term rate cuts, saying previous reductions were showing signs of spurring the economy.
Page 15: Leighton Holdings chief executive Hamish Tyrwhitt has reiterated the contractor's commitment to its Middle East business after closing an internal investigation related to ethics breaches in its Iraq operations.
Page 17: Coles is in negotiations with Lion Dairy & Drinks over the price it pays for private label milk as farm-gate prices come under unprecedented pressure in the northern states.
Xstrata will defer $US1 billion of capital spending that had been planned for this year amid falling commodities prices.
THE AUSTRALIAN:
Page 1: The maritime union has threatened an international campaign to disrupt Patrick’s Port Botany operations, vowing to ‘‘fight to the death’’ controversial plans by owner Asciano to unilaterally replace employees with machines.
Page 2: The Reserve Bank sees no case for further rate cuts, with rising house prices and business borrowing showing that it is has done enough already to support the economy.
The Jabirr Jabirr people have accused Bob Brown of ignoring cultural protocols by travelling to James Price Point without their permission to talk about saving whales, while showing no real concern for issues such as indigenous youth suicide in the Kimberley.
Page 5: The cap on the childcare rebate would be raised to $8,100 and cover centre workers moonlighting as in-home carers, under a radical reform blueprint to be presented to the Gillard government.
Page 6: Energy market experts have warned against Julia Gillard’s threat to toughen electricity price regulation as state premiers dismissed her plans as ‘‘complete hypocrisy’’ aimed at distracting attention from her carbon tax.
Key movers in the Liberal Party believe they have found the man to oust independent Rob Oakeshott from his NSW seat of Lyne — former Australian rugby league representative Matt Adamson.
An international geology expert claims the mining of shale gas causes less damage to the environment than extracting coal-seam gas, which is dividing communities in Australia.
Business: Chief executive Hamish Tyrwhitt believes Leighton Holdings has ‘‘turned the corner’’ after a horror year of writedowns on key projects that forced the company to announce a 66 per cent drop in net profit.
Businesses should not hold their breath waiting for further interest rate cuts, after the Reserve Bank kept rates on hold yesterday, pointing to stronger business borrowing and robust economic growth.
Kerry Stokes, the executive chairman of Seven Group Holdings, is joining a stellar line-up of keynote speakers at The Australian’s and The Wall Street Journal’s inaugural Australia in China’s Century Conference on September 14.
AMP chief executive Craig Dunn has lost a long-term bonus worth almost $3.2 million because the wealth management giant failed key performance hurdles in the past year.
Africa-focused Sundance Resources remains locked in tense negotiations with China’s Hanlong, which reportedly is pushing for a 30 per cent drop on its original takeover bid.
The rising cost of doing business in Australia, the high Australian dollar and low market valuations creating ripe conditions for deals summed up talks on the second day of the annual Diggers & Dealers mining conference.
Most Australians believe genuine competition does not exist between the big banks and that customers would be better off if more participants were to enter the domestic market.
The Australian Shareholders Association has backed Gina Rinehart’s appeal to Fairfax shareholders to support her push for board seats and an improved performance from the board.
Accounting giant KPMG is forecasting revenue growth of between 6 and 8 per cent for its Australian operations in the year ahead, underpinned by the emerging counter-cyclical nature of its consulting business after revenue for 2011-12 rose 5 per cent to $1.12 billion.
THE SYDNEY MORNING HERALD:
Page 1: Secret shareholdings in the British Virgin Islands are set to feature in a corruption watchdog inquiry.
Page 2: The late Robert Hughes was always larger than life.
Page 3: Prime Minister Julia Gillard gives the states until December to adopt measures to alleviate power prices.
World: Greece detains 6000 unauthorised immigrants.
Business: Pressure is mounting on the Reserve Bank to depreciate the strong Australian dollar.
Sport: Bulldogs fans are trying to raise $10,000 to pay a fine imposed on coach Des Hasler for slamming referees.
THE DAILY TELEGRAPH:
Page 1: The Australian Taxation Office confirms it is scrutinising the working conditions of nannies.
Page 2: Senior Gillard government staff are being asked to contribute to a Labor election "fighting fund".
Page 3: Parents who hire nannies face paying bills for back pay.
World: US police are seeking a person of interest in a shooting that left six people dead at a Sikh temple in Wisconsin.
Business: Interest rates will stay on hold until the final quarter of 2012, analysts say.
Sport: Australia's medal hopes at the London Olympics are improving.
THE AGE:
Page 1: A new blame game has exploded over electricity price rises, with Prime Minister Julia Gillard warning the states will face tough federal action if they fail to act, immediately prompting the states to hit back. Australian Olympic Committee president John Coates has been calling for more taxpayer funding of elite sports while his organisation sits atop a $100 million money pile, financial accounts show. Racing giant Darley Australia has distanced itself from Mark Zahra after the top jockey was named as being under investigation for race fixing.
Page 2: Police have flagged further arrests after charging a long-time suspect over the 2003 murder of vampire gigolo Shane Chartres-Abbott.
World: The defection of Syrian prime minister Riyad Farid Hijab began like so many others: with coded conversations and furtive planning.
Business: Pressure is building on the Reserve Bank to follow the lead of the Swiss central bank and move to ease Australia's soaring currency.
Sport: Collingwood's hard-line decision to suspend Dane Swan for two matches was based on a season-long ban on drinking alcohol six days before a game.
