26/09/2017 - 06:44

Morning Headlines

26/09/2017 - 06:44

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Morning Headlines

Home rates bonus

Official interest rates may be locked in until next decade, economists at the nation’s second-biggest home lender have predicted amid concerns that low wages and high debts will crimp household spending for years. The West

 

Lew savages Myer: ‘It’s like the Salvos’

Veteran retailer Solomon Lew has launched a blistering attack on Myer saying the department store group had ‘‘lost its way’’ and ‘‘didn’t know how to make money’’, in a move interpreted by some as an attempt to drive down the share price ahead of a takeover bid. The Fin

 

Postcode blacklist: bank hits brakes on apartment loans

ANZ has red-flagged 11 postcodes in Brisbane and Perth where lending for apartments will be tightened and borrowers will be quizzed to ensure they are telling the truth in their applications as the number of cranes on city skylines draws the attention of regulators. The Aus

 

Union stoush over ALP picks

Labor is bracing for a fierce union contest over who will run for winnable seats at the next Federal election, as the party kickstarts the process for choosing potential new MPs from WA. The West

 

Tycoon wants Howarth out

One of WA’s most respected business figures, Tony Howarth, is fighting for his corporate reputation after a Singaporean tycoon called for his resignation as chairman of MMA Offshore and savaged his record at the helm of the vessel operator. The West

 

Final notice for gas crisis

East coast gas giants have been given one more chance to free up enough fuel for domestic demand or be hit with export restrictions after reports found the forecast gas shortfall to be worse than thought, due in part to increased demand caused by the closure of the Hazelwood coal-fired power station. The Fin

 

Credit card fees may be next, says Morrison

Treasurer Scott Morrison said the major banks will soon move to lower exorbitant credit card interest rates and other annoying fees such as for late payments, after the big four scrapped ATM fees over the weekend. The Fin

 

Banks in ATM deal before CBA leap

The major banks and smaller lenders had been working on plans to set up a jointly owned company to service their vast ATM networks before the Commonwealth Bank axed its ATM fees for non-bank customers over the weekend. The Aus

 

Wake-up call as board diversity push stalls

Australian Institute of Company Directors chairman Elizabeth Proust has urged shareholders to speak up at annual meetings this year about the need to appoint more women directors. The Aus

 

The Australian Financial Review

Page 1: East coast gas giants have been given one more chance to free up enough fuel for domestic demand or be hit with export restrictions after reports found the forecast gas shortfall to be worse than thought, due in part to increased demand caused by the closure of the Hazelwood coal-fired power station.

Veteran retailer Solomon Lew has launched a blistering attack on Myer saying the department store group had ‘‘lost its way’’ and ‘‘didn’t know how to make money’’, in a move interpreted by some as an attempt to drive down the share price ahead of a takeover bid.

P4: Treasurer Scott Morrison said the major banks will soon move to lower exorbitant credit card interest rates and other annoying fees such as for late payments, after the big four scrapped ATM fees over the weekend.

P7: Queensland’s LNG producers are fuming. The overwhelming sentiment is that their industry has become an easy target for the woes of the east coast gas market.

P9: The Fair Work Commission has upheld the sacking of a union delegate who accused senior executives of ‘‘f---ing trying to steal from us’’ and used the words ‘‘suck c--k’’ during tense negotiations for a new agreement.

P17: A former high-flying vocational training company once chaired by Crown Resorts director and ex-AFL chief executive Andrew Demetriou is being investigated for a possible breach of directors’ duties regarding $25 million of loans advanced to shareholders and a horse racing media business.

A major industry super fund argues that short-sellers play a necessary role in keeping asset bubbles from inflating, and if hedge funds could trade residential housing, young Australians would not be locked out of the property market.

 

The Australian

Page 1: Australians are exposed to gas shortages so great they could halt power to 100 regional cities over the course of a year, according to a grim new warning that gives Malcolm Turnbull clear advice to impose drastic export controls to prevent the crisis.

ANZ has red-flagged 11 postcodes in Brisbane and Perth where lending for apartments will be tightened and borrowers will be quizzed to ensure they are telling the truth in their applications as the number of cranes on city skylines draws the attention of regulators.

P3: The major banks and smaller lenders had been working on plans to set up a jointly owned company to service their vast ATM networks before the Commonwealth Bank axed its ATM fees for non-bank customers over the weekend.

P5: The Berejiklian government has confirmed it has no plan to tackle a predicted shortfall of gas supplies across the state next year, instead blaming NSW Labor for doing nothing to boost gas supplies more than six years ago.

P6: The number of bureaucrats working for the Australian Public Service is at its lowest level since 2006, with a total headcount of 152,095 employees.

P7: Unions have threatened to ramp up their campaign against two industry superannuation funds after electricity distributor Ausgrid embarked on a new round of job cuts.

P17: Australian Institute of Company Directors chairman Elizabeth Proust has urged shareholders to speak up at annual meetings this year about the need to appoint more women directors.

P18: Woodside Petroleum is believed to have cast its eye over Quadrant Energy for a second time as owners Brookfield and Macquarie Group forge ahead with plans for a listing in April next year.

P19: The world’s biggest dairy processor, New Zealand giant Fonterra, has confirmed it has made a takeover bid for Australia’s embattled Murray Goulburn co-operative.

Netflix is making “significant” investments in Australian content and funding rules should be freed up to assist it, the global streaming channel has told a government inquiry into local content.

P21: ASX-listed miner South32 is reviewing its relationship with its auditor KPMG due to a corruption scandal embroiling the big-four accounting firm in South Africa.

 

The West Australian

Page 1: Official interest rates may be locked in until next decade, economists at the nation’s second-biggest home lender have predicted amid concerns that low wages and high debts will crimp household spending for years.

P3: A Perth events company is calling on the State Government to step in after a learning that a major Perth Stadium contract would be awarded to a South Australian firm.

P4: Voters have backed the State Government’s slug on gold miners and big business in the name of Budget repair, a poll suggests.

P6: State Government ministers are embarking on an Asian charm offensive to sweet-talk international carriers into scheduling more direct flights to Perth from key regional hotspots.

P9: Labor is bracing for a fierce union contest over who will run for winnable seats at the next Federal election, as the party kickstarts the process for choosing potential new MPs from WA.

P18: Owners of automatic teller machines in pubs and clubs so far have not buckled to the pressure of the major banks and removed fees for customers withdrawing cash.

P19: WA should be home to an Australian space agency because of its wide open spaces, Premier Mark McGowan believes.

P41: One of WA’s most respected business figures, Tony Howarth, is fighting for his corporate reputation after a Singaporean tycoon called for his resignation as chairman of MMA Offshore and savaged his record at the helm of the vessel operator.
Reading the announcements to the Australian Securities Exchange posted by MMA Offshore yesterday, you would be forgiven for thinking the company had got out of bed and decided it was a good day to spring clean the boardroom.

P42: Goldfields miner Saracen Mineral Holdings has found a buyer for the Red October mine. Matsa Resources will pick it up in a $2 million cash and scrip deal.

P43: The share prices of the Australian companies behind the first oil discovery in the Perth Basin for 15 years have surrendered ground, despite yesterday’s confirmation of the find.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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