09/08/2017 - 06:46

Morning Headlines

09/08/2017 - 06:46

Bookmark

Upgrade your subscription to use this feature.

Eastern Goldfields pays up to stop talk protest

Michael Fotios’ Eastern Goldfields has made a series of last minute payments to contractors owed money by the company to stave off a planned protest ahead of his appearance at the Diggers and Dealers Mining Forum in Kalgoorlie. The West

 

Perth hotels miss out on east coast boom time

Perth hotels have been hit with the double-whammy of overall falling occupancy and lower average daily room rates — with the sector particularly hard hit by the end of the mining boom. The West

 

Criminals used ANZ, Westpac to wash funds

At least half of the six money laundering syndicates identified in AUSTRAC’s statement of claim against the Commonwealth Bank of Australia used other banks including ANZ and Westpac to wash major portions of their funds. The Fin

 

Deloitte called in to get MMA Offshore into shipshape condition again

MMA Offshore has hired financial services firm Deloitte to help it through its challenges with lenders, which have triggered a raft of asset sales at a time of low oil prices. The Aus

 

Gold mining M&A too expensive: CEOs

The global gold industry’s depleted pipeline of prospective projects is driving Australian miners to lock in bumper exploration budgets and scour the market for deals to ensure future supply. The Fin

 

Blitz on hidden power gouges

Power companies will be forced to overhaul their pricing plans as the Turnbull government drafts new rules to give households more scope to cut their electricity bills, amid fears customers are being charged $1500 more than needed on some contracts. The Aus

 

Hanson’s media bill demands rejected

Communications Minister Mitch Fifield has all but rejected One Nation’s demand to conduct an expenditure review of the ABC and SBS in exchange for supporting the government’s media reform package, but is considering other crossbench proposals. The Aus

 

Japan Post burns $6.5bn on Toll takeover

Japan Post has burned nearly all the $6.5 billion it splashed out to acquire Australian transport group Toll Holdings in 2015, after Toll’s most recent full-year accounts revealed it plunged to a loss of $1.43bn in 2017 driven by a string of writedowns and impairments to its bulging portfolio of transport and logistics businesses. The Aus

 

Video to shock PM

A shocking video showing the “war zone” conditions of regional WA towns will be shown to Prime Minister Malcolm Turnbull in Canberra today as a delegation from the State calls for an urgent expansion of the cashless welfare card. The West

 

The Australian Financial Review

P1: Treasurer Scott Morrison has warned Commonwealth Bank of Australia chair Catherine Livingstone that the government is prepared to ‘‘consider all options’’ when it comes to further action against the bank over allegations it breached anti-money-laundering rules more than 53,000 times.

At least half of the six money laundering syndicates identified in AUSTRAC’s statement of claim against the Commonwealth Bank of Australia used other banks including ANZ and Westpac to wash major portions of their funds.

P3: Citi is imposing tough new lending conditions on high density ‘‘blackspots’’ amid concerns a surge in approvals could add to a large over-supply in hundreds of suburbs around the nation.

Origin Energy has committed$5 million to UNSW in Sydney to fund a scholarship named for businessman Grant King to support indigenous students studying science and engineering.

P7: After seven years on the Supreme Court and Court of Appeal benches, Justice Anne Ferguson was appointed to the top judicial role in her home state yesterday, the first solicitor to become Victoria’s chief justice.

P9: The federal government’s soon-to-be announced replacement for AUSTRAC chief executive Paul Jevtovic will be given the task of negotiating a settlement in the regulator’s landmark case against the Commonwealth Bank.

P13: The global gold industry’s depleted pipeline of prospective projects is driving Australian miners to lock in bumper exploration budgets and scour the market for deals to ensure future supply.

 

The Australian

P1: Power companies will be forced to overhaul their pricing plans as the Turnbull government drafts new rules to give households more scope to cut their electricity bills, amid fears customers are being charged $1500 more than needed on some contracts.

People who do not hold driver’s licences, such as the young, elderly and disabled, will potentially be allowed to control driverless cars with no steering wheels or pedals in Australia by 2025.

P2: Victorian Liberal leader Matthew Guy has unleashed a political time-bomb by referring himself to anti-corruption investigators after he chatted side-by-side with an alleged mafia boss at a $1000-a-bottle Penfolds Grange and lobster dinner.

P4: Communications Minister Mitch Fifield has all but rejected One Nation’s demand to conduct an expenditure review of the ABC and SBS in exchange for supporting the government’s media reform package, but is considering other crossbench proposals.

P5: The international parent body of Internet Australia has distanced itself from the nation’s most vocal internet user group, as it emerges that its chief failed to disclose he is an ALP member.

Clive Palmer’s fugitive nephew Clive Mensink might be blocked from entering other countries now Interpol has tagged him with a Blue Notice that should alert Australian authorities whenever his passport is used.

P7: The government’s visa crackdown is on track to slash Australia’s annual skilled immigration intake by more than 55,000, or about a quarter of the total, according to new research.

P17: Japan Post has burned nearly all the $6.5 billion it splashed out to acquire Australian transport group Toll Holdings in 2015, after Toll’s most recent full-year accounts revealed it plunged to a loss of $1.43bn in 2017 driven by a string of writedowns and impairments to its bulging portfolio of transport and logistics businesses.

Japanese trading giant Mitsui, whose investment helped spur Australia’s iron ore, coal and LNG export industries, says renewables and battery storage are now its chief focus for growth investment in Australia.

MMA Offshore has hired financial services firm Deloitte to help it through its challenges with lenders, which have triggered a raft of asset sales at a time of low oil prices.

P19: Coles is at a crossroads and could wipe more than $10 billion in value from Wesfarmers’ balance sheet unless it can find a strategy to arrest its decline in the face of a resurgent Woolworths, a report from outspoken retail analyst David Errington has warned.

 

The West Australian

P1: A shocking video showing the “war zone” conditions of regional WA towns will be shown to Prime Minister Malcolm Turnbull in Canberra today as a delegation from the State calls for an urgent expansion of the cashless welfare card.

P3: Perth households could soon be drinking recycled sewage after health regulators gave Water Corporation the all-clear to start production at a landmark aquifer “recharge” plant.

P5: One of Australia’s biggest Aboriginal corporations has alleged a controversial former chief executive ripped it off to the tune of hundreds of thousands of dollars — including claiming accommodation expenses while staying at his mother’s flat and getting his bosses to buy him a second $60,000 company car.

P7: WA firefighters were given a 4.5 per cent pay rise over three years only days before the State Government announced a tough new wages policy that has triggered an industrial war with the police union.

P8: Treasurer Scott Morrison has warned the Commonwealth Bank he is prepared to use “all options” after allegations the nation’s biggest lender was used by organised criminals and terrorist financiers to launder tens of millions of dollars.

P14: Agriculture Minister Alannah MacTiernan will ask the Solicitor-General whether State animal cruelty laws could be used to prosecute WA live exporters after appalling details emerged of hundreds of sheep dying during a disastrous voyage to the Middle East last year.

P25: Michael Fotios’ Eastern Goldfields has made a series of last minute payments to contractors owed money by the company to stave off a planned protest ahead of his appearance at the Diggers and Dealers Mining Forum in Kalgoorlie.

P28: Perth hotels have been hit with the double-whammy of overall falling occupancy and lower average daily room rates — with the sector particularly hard hit by the end of the mining boom.

P61: One of Perth’s biggest property owners has urged the State Government to ensure planning, licensing and accommodation rules “go with the times” to “make Perth a very vibrant city” and capitalise on education exports.

P62: Quadrant Investments, Perth’s newest property syndicator, last week received a financial services licence and is running the ruler over its first buy.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options