Morning Headines

Tuesday, 27 September, 2016 - 06:22
Category: 

Labor says bank profits are too high

Federal Labor MP Pat Conroy will demand to know why Australian banks have higher returns on equity than those in other countries when he questions bank chief executives attending a Canberra hearing next week. The Fin

Dick Smith’s rebates model ‘vulnerable’

Former Dick Smith chairman Rob Murray knew the retailer’s reliance on supplier rebates exposed the company to significant risks when he first took the reins in March 2015, 10 months before the company’s collapse, a court has heard. The Fin

Shareholders blast CBA CEO’s diversity bonus

Retail shareholders have slammed Commonwealth Bank chief executive Ian Narev’s $12.3 million pay packet, warning the bank’s moves to tackle culture and diversity will deliver an even bigger bonus next year regardless of financial performance. The Fin

Zahra warns pure retail not viable

Former David Jones chief executive Paul Zahra says Australian retailers will need to improve their smartphone-based e-commerce strategies to snare a bigger portion of customers from Asia, but the upside is vast for those who get it right. The Fin

Senator’s empire ‘hit by delays, payment claims’

The precarious financial situation of Family First senator Bob Day’s building empire in recent years has been revealed in new documents filed to regulators as construction delays and demands for payment from contractors cloud its immediate future. The Aus

Companies managed by women do best: Credit Suisse

There are more women around Australia’s boardroom tables but it is actually more women in management that boosts a company’s performance, according to a report. The Aus

Need for GST floor ‘unlikely’

Malcolm Turnbull has conceded his plan to put a floor under GST payments to protect States such as WA from being ripped off again is unlikely to be needed. The West

Steady as she goes at Iluka, says new boss

New Iluka Resources boss Tom O’Leary has flagged a cautious approach at the mineral sands producer, saying his immediate priority is addressing the company’s cash loss in the first half of the year. The West

 

 

The Australian Financial Review

Page 1: Federal Labor MP Pat Conroy will demand to know why Australian banks have higher returns on equity than those in other countries when he questions bank chief executives attending a Canberra hearing next week.

Asian private equity group Baring has made its first foray into Australia in the obscure quality assurance and standards industry with a $1.1 billion takeover bid for SAI Global to capitalise on the increasing globalisation of intellectual property and information.

NBN Co chief executive Bill Morrow admits there is no quick fix to the fundamental flaws baked into the nation’s ultra-fast broadband strategy.

Page 3: Former Dick Smith chairman Rob Murray knew the retailer’s reliance on supplier rebates exposed the company to significant risks when he first took the reins in March 2015, 10 months before the company’s collapse, a court has heard.

Passengers and cargo freight operations risk delay and disruption during the next two weeks as Immigration and Border Force workers kicked off unprecedented industrial action at international airports, cruise ship terminals and cargo facilities.

Page 5: The NSW government is free to take its time considering an unsolicited bid lodged by two Australian super funds for the Ausgrid electricity network after Standard & Poor’s shrugged off delays in the sale process.

Page 6: Retail shareholders have slammed Commonwealth Bank chief executive Ian Narev’s $12.3 million pay packet, warning the bank’s moves to tackle culture and diversity will deliver an even bigger bonus next year regardless of financial performance.

Page 7: Imminent decisions on the future of Alcoa’s Portland aluminium smelter could accelerate the closure of Australia’s dirtiest power station – Hazelwood – and hurt AGL Energy in the long run.

Page 11: Medibank Private says better management of chronic disease sufferers is showing signs of reducing unnecessary hospital visits through tailored care plans, but has found some measures are as simple as ensuring patients don’t miss specialist appointments.

Coal miner Yancoal says if the New South Wales Government can ‘‘eliminate’’ the greyhound racing industry it should be able to take direct responsibility for major mine approvals.

Page 13: Former David Jones chief executive Paul Zahra says Australian retailers will need to improve their smartphone-based e-commerce strategies to snare a bigger portion of customers from Asia, but the upside is vast for those who get it right.

A dispute between Woolworths and its home improvement partner Lowe’s could drag on until the end of the year, endangering a $725 million deal to sell the Masters stores and sites to a consortium of property investors.

Downer EDI is expected to invest about $10 million of equity into Victoria’s high-capacity Metro trains project after winning a $2 billion contract as part of a consortium earlier this month.

Page 14: Troubled online retailer SurfStitch is searching for a new chief financial officer following the resignation of Karen Birner, the third senior executive to depart this year.

Victorians pay the most for health insurance on average, closely followed by Queenslanders and West Australians, CANSTAR’s annual health insurance report finds.

Page 15: The parliamentary banking inquiry, which will bring the chief executives of the big four banks to Canberra next week, looks set to revisit some of the questions put to the previous generation of bank CEOs, but this time without the aftershock of the financial crisis fresh in mind.

Westpac chief executive Brian Hartzer’s plan to remove incentives for bank tellers cross-selling products has been welcomed by experts who say the issue of misaligned incentives has been underestimated by bank chiefs in Australia and around the world.

Page 19: High-profile investors including Darren Smorgon, the Wingate Group and Tony Faure have poured $25 million into a start-up that pumps digital advertising into doctors’ waiting rooms, as it looks to corner the market by acquiring its biggest rival.

Technology giant Microsoft will add new elements of artificial intelligence capabilities to its business software, enhance personal assistant app Cortana and beef up its cyber security credentials as it seeks to stand out from other cloud-based tech companies vying for enterprise business.

A tech overhaul at listed online insurance player iSelect has left it poised to data mine millions of customer phone calls and unleash an army of automated bots to target new customers on Facebook.

 

 

The Australian

Page 1: Bulk-billing remains high in lower socio-economic areas and is increasing in wealthier electorates where patients have traditionally paid to visit a GP, according to Medicare figures.

Page 2: Australian authorities are worried about the tide of money coming from southern China, including illegal funds linked to organised crime and wealthy people with secret offshore accounts.

The precarious financial situation of Family First senator Bob Day’s building empire in recent years has been revealed in new documents filed to regulators as construction delays and demands for payment from contractors cloud its immediate future.

The landmark Trans-Pacific Partnership would be a “counterweight” to the rising tide of protectionism, a peak industry body for exporters has declared.

Page 3: Employers have warned that a public holiday introduced by the Andrews government for the day before the AFL grand final will cost the Victorian economy as much as $1 billion.

Page 19: Former Labor powerbroker Paul Howes has criticised his former party’s call for a royal commission into the banking sector, arguing that it would not “deliver anything” for bank customers and could “weaken confidence” in the economy.

Page 21: The Bauer Media Group’s global publisher is backing print as the “platform” for the Germany-based company’s success, despite its strong growth in radio.

Page 22: Financial market software company Iress will tap institutions for $85 million to help fund its acquisition of Financial Synergy, as the company seeks to serve the superannuation industry’s hunger for fintech solutions.

Page 23: There are more women around Australia’s boardroom tables but it is actually more women in management that boosts a company’s performance, according to a report.

 

 

The West Australian

Page 1: The architect of an alleged Ponzi scheme based on property in the Pilbara is planning a “FIFO wants a wife” reality TV show to help repay investors the $190 million they trusted her with.

Page 3: Malcolm Turnbull has conceded his plan to put a floor under GST payments to protect States such as WA from being ripped off again is unlikely to be needed.

Page 18: New Iluka Resources boss Tom O’Leary has flagged a cautious approach at the mineral sands producer, saying his immediate priority is addressing the company’s cash loss in the first half of the year.

The identity of a mysterious suitor seeking to trump Michael Fotios’ bid for a sizeable stake in Fraser Range explorer Windward Resources will remain a secret for at least another week.