14/06/2013 - 06:58

Morning Headlines

14/06/2013 - 06:58

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Morning Headlines

PM's hold on power weakens

Prime Minister Julia Gillard's hold on the Labor leadership is becoming increasingly vulnerable, with internal resistance to a shift to Kevin Rudd diminishing significantly since the aborted spill in late March. The Fin

Finance for $600m WA offer unclear

The federal government insists it can pay for a huge increase in its school funding offer to Western Australia, despite being unable to say where $600 million will come from. The Fin

Asian markets in tailspin on stimulus fears

Fears of a possible global slowdown as US money printing tapers off sent Asian markets into a tailspin yesterday, pulling the Australian equities market back towards a level that has all but wiped out the gains it has made this year. The Aus

CBH set to splash Asia cash

CBH has raised the likelihood of increasing investment in Asia after revealing about $9 million in profits from its stake in overseas flour mills would flow back into grower pockets this year. The West

Alacer defends sale of mines

Alacer Gold president David Quinlivan has defended the company's decision to put its Goldfields mines up for sale amid a bear market for the precious metal, saying the assets were a “drag” on its overall performance. The West

 

Top Resources Headlines

Alacer defends sale of mines

Alacer Gold president David Quinlivan has defended the company's decision to put its Goldfields mines up for sale amid a bear market for the precious metal, saying the assets were a “drag” on its overall performance. The West

Evolution says Newcrest is supportive

Evolution Mining chairman Jake Klein said he is confident he has the ongoing support of major shareholder Newcrest Mining despite the decline in the gold giant's financial position as a result of the big write-downs revealed last week. The Fin

Cashed-up Clough runs ruler over local rivals

Clough is more likely to buy another Australian engineering company with its bulging war chest than look overseas, according to its South African majority owner. The West

Rio ore mine doubt as Guinea flags blowout

Rio Tinto’s Simandou iron-ore project in Guinea appears increasingly unlikely to go ahead as planned, with the government declaring Rio has flagged a $US20 billion development cost and that a 2015 first production target will not be hit. The Aus

 

Top Politics Headlines

PM's hold on power weakens

Prime Minister Julia Gillard's hold on the Labor leadership is becoming increasingly vulnerable, with internal resistance to a shift to Kevin Rudd diminishing significantly since the aborted spill in late March. The Fin

Finance for $600m WA offer unclear

The federal government insists it can pay for a huge increase in its school funding offer to Western Australia, despite being unable to say where $600 million will come from. The Fin

Coalition dismisses Barnett's China call

The federal Coalition has rebuffed a call from one of its allies to cut restrictions on Chinese foreign investment as the Nationals declare Australians will not accept ‘‘blanket approval’’ for deals worth up to $1 billion. The Aus

  

The West Australian

Page 1: Julia Gillard has revealed for the first time the amount of money each WA school is likely to receive under Labor's proposed school funding reforms.

Page 4: Perth shock jock Howard Sattler has been suspended after public anger over his interview with Julia Gilalrd in which he repeatedly asked if her partner Tim Mathieson was gay.

Julia Gillard struggled to put her love of the Western Bulldogs to one side long enough yesterday to hand over $10 million for Fremantle Football Club's new training base at Cockburn.

Federal Labor most senior WA figure Stephen Smith believes the ALP will hold all its seats in the state when the community sees the “whites of Tony Abbott's eyes”.

Page 6: At least 1000 public servants will be made redundant and 200 more could be sacked as the Barnett government reacts to its spiralling $9.8 billion annual wage bill with a four-pronged attack to prevent the budget plunging into long-term deficit.

Page 14: The unexpected sophistication of WA food and wine lovers has forced Margaret River Gourmet Escape organisers to rethink the massive international event this year.

Page 16: Julia Gillard will become Australia's first politician to earn more than $500,000 a year after she was awarded a $12,000 pay rise – as long as she is still in the top job next month.

Page 18: An exodus of WA workers from the jobs market has saved the state from a further lift in the unemployment rate.

Page 29: Former agriculture minister Terry Redman has warned that a row over a proposal to allow imports of grapes from California to WA could end up at the World Trade Organisation.

Business: CBH has raised the likelihood of increasing investment in Asia after revealing about $9 million in profits from its stake in overseas flour mills would flow back into grower pockets this year.

Alacer Gold president David Quinlivan has defended the company's decision to put its Goldfields mines up for sale amid a bear market for the precious metal, saying the assets were a “drag” on its overall performance.

Clough is more likely to buy another Australian engineering company with its bulging war chest than look overseas, according to its South African majority owner.

The state government stands to reap a $1 billion windfall from its profit raid on the Insurance Commission of WA if the long-running Bell Group litigation – due to be finalised later this year – goes in the agency's favour.

Farm consultants have lashed out at the Department of Agriculture and Food WA in a report commissioned by the department to help shape the future of the industry.

The Productivity Commission has conceded the slowdown in Australian productivity is part of a global trend that may repair itself as the economy improves.

Perth-based mining hopeful Iron Road has defied the equity squeeze in the junior sector, announcing a fully underwritten $50.7 million capital raising to help fund the development of its Central Eyre magnetite project.

 

The Australian Financial Review

Page 1: Prime Minister Julia Gillard's hold on the Labor leadership is becoming increasingly vulnerable, with internal resistance to a shift to Kevin Rudd diminishing significantly since the aborted spill in late March.

Page 5: The federal government insists it can pay for a huge increase in its school funding offer to Western Australia, despite being unable to say where $600 million will come from.

Page 6: More than 1000 jobs will be cut from the state public sector in Western Australia as the Barnett government seeks to keep the coming August budget in surplus against strong economic headwinds.

Productivity Commission chairman Peter Harris says the outlook for national productivity is “mixed at best” and suggests recent gains are not as positive as federal Labor claims.

Page 7: Federal politicians have been forced to exercise wage restraint as a consequence of a relatively depressed economic outlook, with the Rumuneration Tribunal awarding them a lower than usual 2.4 per cent increase to take effect from July 1.

Page 8: Leading Australian businesswomen have criticised Prime Minister Julia Gillard's controversial speech reigniting debate about abortion and gender.

Page 13: The sharemarket has fallen into correction territory, plunging 10 per cent since its 2013 high only one month ago, casting doubts over the longevity of the bull market as investors fear the impact of the United States Federal Reserve withdrawing its massive stimulus.

The nation's second biggest wheat exporter CBH Group has warned there was a “real risk” Australia could miss out on the Asian food boom unless there were improvements in agricultural productivity and infrastructure.

Page 15: Evolution Mining chairman Jake Klein said he is confident he has the ongoing support of major shareholder Newcrest Mining despite the decline in the gold giant's financial position as a result of the big write-downs revealed last week.

Page 16: Denver-based Alacer Gold has joined the procession of international gold companies putting their high cost Australian assets up for sale as they seek to streamline their business to match the lower gold price.

Engineering group Clough has again bucked the trend among companies servicing the resources sector and upgraded its profit forecast for a fourth time in 12 months.

 

The Australian

Page 1: Labor's two-day gender offensive against Tony Abbott continued to unravel yesterday as supporters of Julia Gillard failed to produce any evidence to back claims a derogatory menu had been distributed at a Liberal National Party fundraiser.

Prominent legal academic and Fair Work Act review panel member Ron McCallum has disputed Bill Shorten’s claim that part of the Coalition’s industrial relations policy was a return to Work Choices, saying the Workplace Relations Minister was ‘‘politicking’’.

Page 2: The federal government’s top productivity adviser has urged both sides of politics to commit to major reform in the next term of parliament to prevent a hit to income growth if the resources boom fades.

The federal Coalition has rebuffed a call from one of its allies to cut restrictions on Chinese foreign investment as the Nationals declare Australians will not accept ‘‘blanket approval’’ for deals worth up to $1 billion.

Page 4: Julia Gillard last night ridiculed a Perth radio presenter’s ‘‘vile and offensive’’ suggestion that Tim Mathieson, her partner of seven years, could be a closeted homosexual because he owns a hairdressing business.

Page 5: Bill Shorten considered challenging Julia Gillard for the Labor leadership last year, but decided not to because he feared he would look like a traitor who had torn down two prime ministers.

Politicians, judges and senior public servants will get a 2.4 per cent pay rise next month and may get another top-up increase later this year.

Page 6: The surge in asylum-seeker arrivals by boat has sparked a battle between the Gillard government and the states over who should pay to educate children on bridging visas.

Business: Fears of a possible global slowdown as US money printing tapers off sent Asian markets into a tailspin yesterday, pulling the Australian equities market back towards a level that has all but wiped out the gains it has made this year.

Denver-based Alacer has added its name to the list of foreign operators to be turned off by high operating costs in the Australian gold scene, with the Toronto and ASX-listed group revealing it is now entertaining offers for the two struggling mines it owns to the south of Kalgoorlie in Western Australia.

Oil and gas-focused engineering group Clough has defied the trend of earnings downgrades across the resources services sector, with the Perth-based company upgrading its profit outlook yesterday.

Rio Tinto’s Simandou iron-ore project in Guinea appears increasingly unlikely to go ahead as planned, with the government declaring Rio has flagged a $US20 billion development cost and that a 2015 first production target will not be hit.

Would-be iron ore miner Iron Road has defied the equity raising freeze afflicting junior resource stocks, with private equity company Sentient Group agreeing to underwrite a $50.7 million raising.

China is apparently growing more interested in Australian gold assets as prices slide.

Peter Richardson was last night named Australia’s best stockmarket researcher in recognition of his coverage of mining portfolios over the last 26 years, making it two consecutive wins in the category for his employer, Morgan Stanley.

 

The Daily Telegraph

Page 1: More than half of the federal caucus will ignore Julia Gillard's call to man school gates today to campaign for education funding reforms.

Page 2: Finance Minister Greg Pearce will learn his fate today after an investigation into his use of travel entitlements was last night delivered to Premier Barry O'Farrell.

Page 3: The man convicted of killing Donald Mackay has broken his silence as the search for Mr Mackay's body continues in rural NSW. He says he did not kill the anti-drugs campaigner.

World: A couple whose Navy Seal son was killed in Afghanistan have joined a class action lawsuit against the US government over the National Security Agency's collection of Verizon phone records.

Business: Australians have a pot of gold totalling $18.1 billion lingering in lost super accounts.

Sport: Furious Cricket Australia chief executive James Sutherland has demanded answers from staff and team management over why six players were out late drinking with their England opponents after losing to the old enemy in their first Champions Trophy match last Saturday.

 

 

The Sydney Morning Herald

Page 1: The Commonwealth Bank of Australia tried to use "legal privilege" to conceal documents in the event of lawsuits by victims of banned financial planner Don Nguyen.

Page 2: The prime minister's annual salary will top half a million dollars for the first time as part of a pay rise for federal MPs.

Page 3: Coles supermarkets are selling bakery goods as "freshly baked" even though they were made up to six months earlier in Europe.

World: Edward Snowden, the self-confessed leaker of secret surveillance documents, claims the US has mounted massive hacking operations against hundreds of Chinese targets since 2009.

Business: The nation's biggest industry fund, Australian Super, has tipped a spate of mergers through the $1.6 trillion retirement savings sector as funds seek to take on the wealth arms of the major banks.

Sport: The NRL won't pursue an official betting partner for the rest of the season, believing the income isn't enough to offset the bad publicity surrounding sports wagering.

 

The Age

Page 1: The Australian Defence Force is reeling from another internet sex scandal in which at least 17 male army officers formed an email ring that circulated footage of members having sex tagged with demeaning commentary about the women.

Page 2-3: The Commonwealth Bank attempted to use legal privilege to conceal documents in the event of lawsuits by victims of a banned financial planner. An asylum seeker dubbed a security risk faces indefinite detention. Greece's government has shut down the country's state broadcaster.

World: Edward Snowden, the self-confessed leaker of secret surveillance documents, claims the US has mounted massive hacking operations against hundreds of Chinese targets since 2009.

Finance: A surprise fall in the May jobless rate could keep a July interest rate cut at bay.

Sport: Australian players, including stand-in captain George Bailey, knew about David Warner's nightclub incident with England's Joe Root for a few days but did not tell management because they deemed it a "very minor incident".

 

The Herald Sun

Page 1: Australia's defence forces are facing a massive sex scandal with more than 100 soldiers investigated over the distribution of sleazy emails.

Page 2: Traralgon residents remain on flood alert. Former AFL player Liam Jurrah has been jailed for six months for beating a woman.

Page 3: Researchers are developing a blood test that could spare thousands of cancer patients chemotherapy.

World: Greece faced a new political crisis after the government was hit with a storm of public protest and a general strike over its shock decision to close the country's state broadcaster.

Finance: Australia's jobless rate has fallen as bullish employers brush aside lingering fears about the outlook for the global economy.

Sport: David Warner has been suspended after a nightclub altercation with an English player.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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