22/08/2017 - 06:47

Morning Headlines

22/08/2017 - 06:47

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Families feel pain of power price surge

The State Government is set to oversee the second highest electricity charges in the country after warnings its sharp increase in power access fees were hurting struggling families. The West

 

Woodside has offshore platform lithium-ion battery breakthrough

Woodside Petroleum is set to break new ground for the offshore oil and gas industry by installing a large battery on one of its offshore platforms in a move that will save costs as well as cut carbon emissions. The Fin

 

Tax blitz hits top 1000 firms

The Australian Taxation Office has taken the extraordinary step of forcing all of the nation’s top 1000 companies into an onerous annual tax “confessional”, seemingly torpedoing its flagship, decades-long self-assessment principle for taxpayers. The Aus

 

McGowan rues Force axing cost

Mark McGowan has conceded that taxpayers could be on the hook for substantial extra costs from managing nib Stadium courtesy of the Australian Rugby Union’s decision to axe the Western Force. The West

 

Indian bank shovels more cash into Griffin

The Indian bank now controlling Griffin Coal is pumping another $60 million into the Collie miner, despite the company’s mounting losses and a debt pile that now exceeds $1.4 billion. The West

 

Bank staff ‘managed out’ if targets missed

The nation’s largest banks engaged in aggressive sales tactics that have encouraged households to take on record levels of mortgage debt, according to a report on the ABC’s Four Corners . The Fin

 

CFMEU split over merger bid to create super-union

A senior construction union official has broken ranks to criticise a planned merger with the Maritime Union of Australia, questioning the espoused benefits and timing of the proposed militant super-union. The Aus

 

FMG powers up with plan to grow, cut debt

Fortescue Metals Group’s strengthened balance sheet can sustain higher dividends and still support the iron ore miner’s growth ambitions, chief executive Nev Power says. The Fin

 

BlueScope dives as chief departs

BlueScope Steel has had $1.7 billion of market value wiped out after it said long-serving chief Paul O’Malley would retire, this half’s earnings would fall on energy costs and competition from cheap steel imports, and the company was under investigation for potential cartel behaviour. The Aus

 

The Australian Financial Review

Page 1: BlueScope Steel has become one of the highest-profile victims of an increasingly downbeat profit reporting season, with $1.7 billion wiped from its market capitalisation after warning that the US division faced shrinking margins, while soaring energy costs and renewed dumping of products by Asian rivals would crimp its Australian operations.

Greg Goodman, the chief executive of global real estate developer and property fund manager, the Goodman Group, is effectively shorting the global property market by building a $2.1 billion cash war-chest ready to swoop on a downturn in asset prices.

P5: The nation’s largest banks engaged in aggressive sales tactics that have encouraged households to take on record levels of mortgage debt, according to a report on the ABC’s Four Corners .

P6: Internet service providers will be given three months to clean up their ‘‘terrible’’ national broadband network advertising before the regulator names and shames them by publicly calling out those not living up to data speed expectations.

P8: China’s restrictions on overseas property development will hurt Australia’s land sales and residential development but local developers may be able to mitigate the damage by filling the gap, developers and experts say.

P11: Fortescue Metals Group’s strengthened balance sheet can sustain higher dividends and still support the iron ore miner’s growth ambitions, chief executive Nev Power says.

P13: Woodside Petroleum is set to break new ground for the offshore oil and gas industry by installing a large battery on one of its offshore platforms in a move that will save costs as well as cut carbon emissions.

 

The Australian

Page 1: The Australian Taxation Office has taken the extraordinary step of forcing all of the nation’s top 1000 companies into an onerous annual tax “confessional”, seemingly torpedoing its flagship, decades-long self-assessment principle for taxpayers.

P2: A senior construction union official has broken ranks to criticise a planned merger with the Maritime Union of Australia, questioning the espoused benefits and timing of the proposed militant super-union.

P4: The National Catholic Education Commission has defended the right of more than 1700 Catholic schools to teach students the traditional definition of marriage if same-sex marriage is passed.

When Deputy Prime Minister Barnaby Joyce secured the services of Bret Walker SC to defend his political career under the now notorious section 44 of the Constitution, he chose a uniquely qualified lawyer.

P5: Australians are split on whether politicians should be forced to quit parliament if they are entitled to foreign citizenship, according to a new survey that could fuel calls for an audit to settle questions hanging over federal MPs.

P17: Big power users are turning to alternative energy sources to counter soaring electricity and gas prices, as they reveal hits to profits and call for the government to embrace energy policy that will drive investment in new capacity.

Mining billionaire Andrew Forrest will collect one of the biggest ever single dividends paid to an Australian individual when he pockets an eye-watering $259.7 million cheque from his iron ore miner Fortescue Metals Group.

BlueScope Steel has had $1.7 billion of market value wiped out after it said long-serving chief Paul O’Malley would retire, this half’s earnings would fall on energy costs and competition from cheap steel imports, and the company was under investigation for potential cartel behaviour.

P20: After a turbulent year at the corporate level, BHP Billiton is expected to record a nearly sixfold jump in underlying earnings and a return to statutory profit, on the back of healthy iron ore and coal prices, when it reports full-year profits this morning.

 

The West Australian

Page 1: The State Government is considering giving police sweeping new powers to help keep guns out of the hands of criminals after an apparent spike in drive-by shootings and woundings this year.

P4: The spark in WA business confidence after Labor’s election victory in March has disappeared as the cost of repairing the State Budget hits home.

P6: Mark McGowan has conceded that taxpayers could be on the hook for substantial extra costs from managing nib Stadium courtesy of the Australian Rugby Union’s decision to axe the Western Force.

P7: The State Government is set to oversee the second highest electricity charges in the country after warnings its sharp increase in power access fees were hurting struggling families.

P12: Tensions are rising within WA Labor over whether women should be guaranteed at least one of the party’s two most senior positions, with an internal push for a rule change ahead of this weekend’s State conference.

P15: Parking inspectors in the Perth CBD will now wear body cameras in a council bid to improve safety around the city.

P45: Alan Tribe’s Lex Property Fund has finally been persuaded to part with its 6 Sunray Drive, Innaloo Ikea store for $143.5 million — $11.5 million more than Ikea was offering in February.

P46: The Indian bank now controlling Griffin Coal is pumping another $60 million into the Collie miner, despite the company’s mounting losses and a debt pile that now exceeds $1.4 billion.

Outgoing CBH Group chief executive Andy Crane believes Australian agriculture has a huge opportunity to capture a bigger slice of Asian markets by embracing the rapid local growth in online food shopping.

A classic nearology play is in the makings in the Democratic Republic of Congo after shares in Force Commodities stacked on another 47 per cent yesterday.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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