11/11/2013 - 06:17

Morning Headlines

11/11/2013 - 06:17

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Morning Headlines

Confusion over increase to WA mineral charges

Small mining companies in Western Australia could be required to pay higher royalty rates for their minerals than BHP Billiton and Rio Tinto under a plan by the state government to balance its books. The Fin

Barnett declares ‘rocky period’ now behind him

The State Government has weathered a “rocky period” but is back on track and will not be “spooked” by the loss of WA’s AAA credit rating, Colin Barnett says. The West

Mining exports tipped to soar

Australia’s resource boom will continue with iron ore and LNG exports to soar, according to one of the nation’s leading private sector forecasters. The West

Climate tax, aid and fees off the table

Federal cabinet has ruled that Australia will not sign up to any new contributions, taxes or charges at this week’s global summit on climate change, in a significant toughening of its stance as it plans to move within days to repeal the carbon tax. The Aus

Edict on jobs for relatives could face Fair Work test

Tony Abbott’s hard-line edict to MPs to sack their wives and family members from the government payroll is at risk of running foul of the Fair Work Act. The Aus

ASIC targets DJs over share trades

The corporate regulator is examining emails between David Jones chairman Peter Mason and two non-executive directors granted approval to purchase shares days before the retailer reported its first sales growth in nine months. The Fin

Families catch ride to Canberra

Attempt by the Abbott government to close down the MPs’ expenses controversy have been thwarted by revelations WA-based Liberal MPs and ministers ordered an RAAFVIP 737 jet to take them and their families to Canberra for the opening of Parliament. The Fin

King strikes back at Fairfax

Former Leighton chief executive Wal King is suing Fairfax Media for defamation and has accused the media publisher of ‘‘attempted coercion or extortion’’ after it allegedly threatened to place details of his personal credit card expenses on the internet to allow the public to decide whether he or Leighton was ‘‘open to criticism’’. The Aus

 

 

The Australian Financial Review

Page 1: The corporate regulator is examining emails between David Jones chairman Peter Mason and two non-executive directors granted approval to purchase shares days before the retailer reported its first sales growth in nine months.

One of Australia’s most conservative corporate borrowers, Telstra, plans to increase its presence in the domestic market after a decade of mainly relying on international funding.

Page 4: Western Australia, Queensland and the Northern Territory are set to grow more slowly while other states will grow faster, creating even more economic growth across Australia, an ANZ Banking Group report says.

Page 5: Attempt by the Abbott government to close down the MPs’ expenses controversy have been thwarted by revelations WA-based Liberal MPs and ministers ordered an RAAFVIP 737 jet to take them and their families to Canberra for the opening of Parliament.

Page 6: The Indonesian government has rebuffed several requests from the Australian authorities to return asylum seekers to Indonesia, posing the first big challenge to the Abbott government’s policy of turning back boats.

Page 10: Bill Richmond is one of the biggest individual holders of mineral-rich terrain in the country – and he sleeps in a van in Perth council car parks.

Page 11: Small mining companies in Western Australia could be required to pay higher royalty rates for their minerals than BHP Billiton and Rio Tinto under a plan by the state government to balance its books.

Page 21: Beaten-up mining services companies are optimistic about improving market conditions in the new year as clients reach the limit at which they can no longer defer spending on “semi-discretionary” items, such as maintenance.

Former BHP Billiton petroleum boss Mike Yeager may have taken the top job at controversial oil driller Maverick Drilling and Exploration, but he remains hugely enthusiastic about shale oil and gas and points to a potential future in the sector for his new charge.

Page 35: Seven West Media and Nine Entertainment Co are both gunning for an unprecedented market share grab of 40 per cent each in the $3.7 billion TV revenue and rate deals under way for 2014.

 

 

The Australian

Page 1: Federal cabinet has ruled that Australia will not sign up to any new contributions, taxes or charges at this week’s global summit on climate change, in a significant toughening of its stance as it plans to move within days to repeal the carbon tax.

Page 2: Tony Abbott’s hard-line edict to MPs to sack their wives and family members from the government payroll is at risk of running foul of the Fair Work Act.

Page 5: The Abbott government has ordered the National Disability Insurance Agency to overhaul its processes and provide immediate ‘‘remedial action’’ because the flagship disability insurance scheme is running late.

Page 6: Satisfaction with Victorian Premier Denis Napthine has crashed as Labor opens up an election-winning lead over the government.

Page 17: Former Leighton chief executive Wal King is suing Fairfax Media for defamation and has accused the media publisher of ‘‘attempted coercion or extortion’’ after it allegedly threatened to place details of his personal credit card expenses on the internet to allow the public to decide whether he or Leighton was ‘‘open to criticism’’.

Westfield executive chairman Frank Lowy has revealed he and his family have given away $350 million over the past 10 years, making him easily Australia’s No 1 philanthropist.

A major Japanese energy company in charge of one of Australia’s largest gas developments has controversially broken ranks over LNG pricing, declaring faith in the oil-linked formula that the Tokyo government wants to scrap and which underpins many Australian projects.

Australia’s top 50 mid-tier miners plunged into the red in the last financial year, reporting losses of more than $1 billion while investors wiped more than $17bn off market values, equal to 33 per cent of market capitalisation.

Page 22: Rio Tinto has launched a marketing initiative to capture the growing interest in diamonds from China, with the global giant tipping that the fashion diamond jewellery market in the economic powerhouse will hit about $US6 billion by 2020.

Downer EDI boss Grant Fenn has warned there are no clear signs of improvement in the mining sector to support its locomotive business, with demand for new orders slumping to zero.

Page 25: The latest release of newspaper and magazine sales and readership numbers brings some good news for Australia’s publishing sector, diverting focus from the seemingly terminal decline of print to signs digital investment is starting to pay off.

 

 

The West Australian

Page 3: Charging motorists to use Perth’s freeways and major roads could help relieve the strain on the city’s bulging traffic network during periods of peak demand, the State’s economic watchdog claims.

Page 4: The State Government has weathered a “rocky period” but is back on track and will not be “spooked” by the loss of WA’s AAA credit rating, Colin Barnett says.

Education Minister Peter Collier has finally acknowledged publicly what principals, unions and the Opposition have been saying for weeks – the Government’s changes to education funding will mean cuts to individual school budgets.

Page 11: Senior Swan River Trust managers were kept in the dark about the State Government’s decision to scrap the agency until it was officially unveiled in September, the trust’s head has revealed.

Page 16: Australia’s resource boom will continue with iron ore and LNG exports to soar, according to one of the nation’s leading private sector forecasters.

Page 17: Businessman turned-Federal MP Clive Palmer claims he will use the balance of power in the Senate to get WA a greater share of the GST.

Business: WA vegetable growers have signed a ground-breaking deal with local government which is set to deliver huge cost savings and drive expansion of the $312 million-a-year industry.

Northern Star Resources boss Bill Beament believes the next 12 months will provide a “once in a generation opportunity for gold companies”.

The gap between official interest rates and the rates charged on credit cards has widened by 6.51 percentage points over the past six years, research by ratings body CANSTAR has found.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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