04/10/2017 - 06:47

Morning Headlines

04/10/2017 - 06:47

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Risk kills NW power access

Regional electricity provider Horizon Power refused to allow private energy giant Alinta to access its network because a proposed deal would have exposed taxpayers to huge damages claims in the event of an outage in the North West. The West

 

Govt backs GST penalty for gas ban states

The threat to withhold GST revenue from states that refuse to develop their gas reserves is likely to be formalised next year following an anticipated recommendation from the Productivity Commission. The Fin

 

Libs may back gold royalty rise

The West Australian Liberal Party has warned gold miners it is likely to wave through the McGowan government’s planned 50 per cent royalty increase unless the industry ramps up its campaign to convince the public that the impost will destroy jobs and investment. The Aus

 

CBH eyes robotic aid at harvest

Co-operative Bulk Handling could have 750 fewer casual jobs available during future grain harvests, with plans to cut costs and deliver a faster, safer service by introducing robotics at its receival points. The West

 

Green light tipped for Forrest Chase revamp

The City of Perth appears ready to throw its weight behind the long-awaited $70 million Forrest Chase overhaul. The West

 

Directors slam APRA’s ‘unfettered powers’

Arming the prudential regulator with ‘‘unfettered powers’’ to disqualify bankers for even trivial matters while denying them the right to appeal violates proper principles of public policy and the rule of law, company directors say. The Fin

 

Debt hangover may last a while

Rapid growth in household debt works as a short-term sugar hit to the economy but leaves a long hangover with reduced growth, higher unemployment and the risk of a banking crisis, the International Monetary Fund has warned. The Aus

 

Gas bosses promise supply security

The Turnbull government is promising to put more “downward pressure” on gas prices after striking a formal deal with three big exporters to boost supplies for domestic customers, amid a fight with Labor over more drastic measures to prevent shortages. The Aus

 

The Australian Financial Review

Page 1: Asian LNG spot prices have spiked 35 per cent in the last month as the prospect that Queensland’s LNG exporters will sell all their surplus gas at home over the next two years bites.

Arming the prudential regulator with ‘‘unfettered powers’’ to disqualify bankers for even trivial matters while denying them the right to appeal violates proper principles of public policy and the rule of law, company directors say.

P3: The growing dead weight of Australia’s five-year debt binge has only just started to drag on economic growth and jobs, according to modelling by the International Monetary Fund that further highlights the increasing financial vulnerability of households.

P4: The threat to withhold GST revenue from states that refuse to develop their gas reserves is likely to be formalised next year following an anticipated recommendation from the Productivity Commission.

The Fair Work Commission has reversed its extraordinary termination of Pizza Hut’s national workplace agreements, which reintroduced penalty rates for thousands of workers, after admitting the ruling was a mistake.

P5: China’s adoption of a national emissions trading scheme (ETS) should give others confidence to take stronger action on climate change, according to a senior Rio Tinto executive, who said the world needed to move more quickly away from coal.

P7: Seven Network has denied claims of payback after new emails revealed the journalist whom cadet Amy Taeuber accused of sexual harassment identified the allegedly offensive comments the network would later use to fire her.

P9: Tech entrepreneur Dean McEvoy is taking Deloitte to court over the incorrect tax advice the firm allegedly gave him about the capital gains tax on the sale of group-buying website Spreets.

P13: Arming the prudential regulator with ‘‘unfettered powers’’ to disqualify bankers for even trivial matters while denying them the right to appeal violates proper principles of public policy and the rule of law, company directors say.

 

The Australian

Page 6: Rapid growth in household debt works as a short-term sugar hit to the economy but leaves a long hangover with reduced growth, higher unemployment and the risk of a banking crisis, the International Monetary Fund has warned.

Two decades after he started working for Toyota in Melbourne’s west, Matthew Kinson stood on the factory floor yesterday expecting to hear the usual background noise of clanking chains. Instead, the place was still.

P8: The Turnbull government is promising to put more “downward pressure” on gas prices after striking a formal deal with three big exporters to boost supplies for domestic customers, amid a fight with Labor over more drastic measures to prevent shortages.

P17: The federal government’s battle to push down soaring electricity prices got a leg-up as consumer groups and the regulator backed legislation to scrap a review process for electricity network charges that has added $11 billion to consumer bills since 2008.

Myer chief executive Richard Umbers personally contacted billionaire Solomon Lew in June to arrange a meeting where Mr Lew could share his critique of the department store’s poor performance and explore co-operative arrangements, at a time Myer directors were rattled by the conflicts of interest Mr Lew faced as the biggest shareholder and apparel supplier.

The residential building industry is booming despite a slowdown in housing prices, with a shift to townhouse and medium density construction to cater for buyers locked out of the market for detached homes.

The West Australian Liberal Party has warned goldminers it is likely to wave through the McGowan government’s planned 50 per cent royalty increase unless the industry ramps up its campaign to convince the public that the impost will destroy jobs and investment.

 

The West Australian

Page 14: Malcolm Turnbull will press State leaders to adopt tough counterterrorism measures, including new detention orders and laws for possessing terror how-to guides, at a special national security summit tomorrow.

P20: Gold industry predictions of thousands of lost jobs will not eventuate if a royalty increase survives the Upper House, the Premier believes.

P71: Regional electricity provider Horizon Power refused to allow private energy giant Alinta to access its network because a proposed deal would have exposed taxpayers to huge damages claims in the event of an outage in the North West.

Co-operative Bulk Handling could have 750 fewer casual jobs available during future grain harvests, with plans to cut costs and deliver a faster, safer service by introducing robotics at its receival points.

Esperance farmer Kim Jones has kicked off the State’s grain harvest.

P72: Scarborough’s failed Matisse Beach Club will be reopened under a new name in as early as two weeks after being bought from administrators by Perth nightclub owner David Heaton.

P73: Mineral Resources managing director Chris Ellison says the company could be producing synthetic graphite for the energy storage and electric vehicle battery markets within 15 to 18 months.

A Perth start-up that uses technology behind the Bitcoin cryptocurrency to allow households and businesses to trade power among themselves has been crowned WA’s most innovative energy company.

P74: Kidman Resources’ Earl Grey lithium project near Southern Cross would cost about $US111 million to build with construction starting as early as August next year, a scoping study has revealed.

P75: The City of Perth appears ready to throw its weight behind the long-awaited $70 million Forrest Chase overhaul.

Apartment developer Finbar was forced to abandon its original $400 million-plus, 38-level Civic Heart project in South Perth because it faced losses of many tens of millions of dollars had it proceeded.

P76: Property syndicator Primewest has closed its Diversified Income Trust No 2, which it started in May with the $27.4 million purchase of an A-grade Herdsman Business Park office building.

P77: A Hamilton Hill site, close to South Fremantle, with potential for an apartment or aged-care development is for sale.

Brisbane-based Atira Student Living is entering the WA market with high-rise student accommodation in the heart of Perth.

P79: Perth’s hotel market correction has not deterred the operator of the luxury Ritz-Carlton Perth, Marriott International, which has declared the $500 million hotel could open early.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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