14/09/2017 - 06:47

Morning Headlines

14/09/2017 - 06:47

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Morning Headlines

Perth Airport owners land $300m windfall

Perth Airport’s owners will share a $300 million windfall after supporting the airfield through its rolling expansion. The West

 

‘Total contempt’: CFMEU fined $2.4m

The Federal Court has fined the Construction, Forestry, Mining and Energy Union record penalties of more than $2.4 million over an unlawful blockade at Lendlease’s Barangaroo site, declaring that even maximum penalties were not enough to deter the militant union. The Fin

 

Fortescue closer to decision on Iron Bridge magnetite project

Fortescue Metals Group is expected to make a decision on the future of its $1 billion-plus Iron Bridge magnetite project this financial year, in what could be a well-timed foray into higher grade iron ore exports for the Pilbara producer. The Fin

 

Taxpayers sink $300m as Synergy closes Muja

The tortuous renewal of Collie’s Muja AB coal-fired power station, which has cost taxpayers more than $300 million, has ended after power provider Synergy revealed yesterday that it would close the plant early. The West

 

Victory on media reform looms

The Turnbull government is heading towards a major victory today, with the most significant media reforms in more than a decade set to pass parliament following last-minute negotiations with crossbenchers. The Aus

 

Palmer tables ‘offer’ for nickel refinery as liquidators move to freeze assets

Clive Palmer claims he received an “unsolicited” $470 million offer to buy his dormant Townsville nickel refinery, just three days before the Supreme Court hears a bid to freeze his assets. The Aus

 

‘$250bn bill’ to replace power plants

Australia faces a $250 billion bill to replace its ageing power generation fleet over coming decades amid a long-running political battle over the nation’s energy and environment policy, according to estimates by AGL Energy. The Aus

 

Cops swoop on ‘illegal’ workers in farm raid

Dozens of alleged illegal foreign workers have been rounded up in raids by the Australian Border Force on a farm run by one of Perth's largest strawberry producers. The workers face deportation and their employer could face substantial fines or jail. The West

 

Coalition reels as top union cop quits

The Turnbull government is scrambling to find a successor to head its new building industry watchdog after chief Nigel Hadgkiss quit a day after admitting he had recklessly misrepresented union rights to employers for two years. The Fin

 

The Australian Financial Review

Page 1: Competition chief Rod Sims has labelled AGL Energy’s ownership of the Liddell and Bayswater power plants in NSW ‘‘anti-competitive’’ and says consumers are paying the price for the rejection of his attempt to block the utility’s $1.5 billion acquisition of Macquarie Generation.

The Turnbull government is scrambling to find a successor to head its new building industry watchdog after chief Nigel Hadgkiss quit a day after admitting he had recklessly misrepresented union rights to employers for two years.

P3: The chairman of the parliamentary committee reviewing the major banks, Liberal MP David Coleman, says he’s concerned their recent justifications for lifting mortgage interest rates could be misleading and will be investigated by the competition regulator.

P6: A Clean Energy Target will fail unless it is designed to provide stable baseload power during the transition to loweremissions sources, Prime Minister Malcolm Turnbull says.

P8: The Federal Court has fined the Construction, Forestry, Mining and Energy Union record penalties of more than $2.4 million over an unlawful blockade at Lendlease’s Barangaroo site, declaring that even maximum penalties were not enough to deter the militant union.

P13: The market’s apparent underappreciation of Magellan Financial Group’s ability to earn performance fees has exposed a quirk in its retail terms that means the fund manager can still earn performance fees in years in which it underperforms.

WIN Corporation has abandoned an attempt to have the bid for Network Ten by Lachlan Murdoch and Bruce Gordon put to the free-to-air broadcaster’s creditors for a vote alongside the rival proposal by US media giant CBS.

P15: Fortescue Metals Group is expected to make a decision on the future of its $1 billion-plus Iron Bridge magnetite project this financial year, in what could be a well-timed foray into higher grade iron ore exports for the Pilbara producer.

 

The Australian

Page 1: The nation’s most militant union, the CFMEU, and its officials have been hit with record fines of $2.4 million over an unlawful blockade after the Federal Court found it was “not possible to envisage worse union behaviour”.

The Turnbull government is heading towards a major victory today, with the most significant media reforms in more than a decade set to pass parliament following last-minute negotiations with crossbenchers.

P2: The poor have done well over the past six years, gaining the fastest income growth as measures of inequality have declined.

P3: The federal government will establish a dedicated financial intelligence unit tasked with choking Islamic State’s funding in Southeast Asia amid fears the southern Philippines is becoming a haven for Islamic militants.

P4: Clive Palmer claims he received an “unsolicited” $470 million offer to buy his dormant Townsville nickel refinery, just three days before the Supreme Court hears a bid to freeze his assets.

P7: Higher prices and rising export demand for coal are squeezing NSW electricity generators at the same time as a domestic gas shortfall on the east coast is pushing power prices sharply higher.

Energy Minister Josh Frydenberg has used figures from an Australian Energy Regulator report to reject claims that electricity bills had risen $1000 for the average Sydney household.

P17: Australia faces a $250 billion bill to replace its ageing power generation fleet over coming decades amid a long-running political battle over the nation’s energy and environment policy, according to estimates by AGL Energy.

P19: Diversified miner Independence Group has confirmed it will consider appealing its previous stamp duty bills after Western Australia’s Court of Appeal found the state had erred in the way it calculated potentially hundreds of millions of dollars in mining-related stamp duty charges.

 

The West Australian

Page 1: Dozens of alleged illegal foreign workers have been rounded up in raids by the Australian Border Force on a farm run by one of Perth's largest strawberry producers. The workers face deportation and their employer could face substantial fines or jail.

P3: The families of 16,000 children in WA have had their welfare payments docked for failing to get their kids immunised, as the Federal Government moves to expand the “no jab, no pay” program.

P11: Perth council aspirant Michael Sutherland says he is entitled to represent the city despite his presence in it being limited to a 9sqm CBD office he started renting just over a month ago.

P12: Liberals have panned the State Government’s first Budget as reckless after claiming debt repayments would outstrip the combined effect of two major tax increases.

The tortuous renewal of Collie’s Muja AB coal-fired power station, which has cost taxpayers more than $300 million, has ended after power provider Synergy revealed yesterday that it would close the plant early.

P46: Perth Airport’s owners will share a $300 million windfall after supporting the airfield through its rolling expansion.

The State Government’s decision to move more than 800 public servants from the Perth CBD to Joondalup will cost more than $19 million, according to WA Budget forward estimates.

Ten’s administrators failed to tell the broadcaster’s creditors that a takeover offer by US media giant CBS did not treat all of them equally, and was therefore likely to be challenged, lawyers for rival bidder Bruce Gordon have told a court.

P47: The liquidators of Diploma Group say they are likely to urge creditors to reject a rescue plan proposed by the family behind the failed builder-developer.

Shares in Mineral Resources hit fresh highs yesterday, delivering a massive paper profit for its co-founder and managing director Chris Ellison.

 

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