31/10/2017 - 06:37

Morning Headlines

31/10/2017 - 06:37

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Morning Headlines

South32 seeks guidance on tilt at Rio Tinto coal assets

South32 is believed to have hired Bank of America Merrill Lynch to vie for Rio Tinto’s $2 billion Queensland coal mining assets as suitors prepare to lodge first round bids in the coming weeks. The Aus

Emeco seals $70m Force deal

Mining equipment supplier Emeco Holdings has sewn up a deal to acquire WA counterpart Force Equipment for about $70 million. The West

West-east gas offered for GST reform: Wyatt

West Australian Treasurer Ben Wyatt has hit out at a proposal to solve the eastern states’ energy supply issues with a cross-country gas pipeline, saying the shortage is a result of local ‘‘policy failures’’. The Fin

State treasurers want say on Canberra deals

The McGowan Government is on another collision course with its Federal counterpart amid fears the States face wearing billions of dollars in extra costs for programs being controlled out of Canberra. The West

Pollution controls lift FMG’s China discount

The discount received by Fortescue Metals Group for its low grade iron ore in China shows no sign of narrowing, despite assurances from chief executive Nev Power the market would begin to normalise over the longer term. The Fin

ACCC flags write-down of $50b NBN

The competition regulator has urged the federal government to rescue NBN Co, by either writing down its value so it can charge lower prices, offering relief on its debt repayments, or paying for hard-to-connect households directly through budget handouts. The Fin

Failing jobs sites branded ‘a mess’

The Coalition’s flagship $7.3 billion employment services program has been branded a “hopeless mess” with fewer than 40 per cent of unemployed clients finding long-term work, more than a third of job agencies performing so badly they should be disqualified and warnings that fraud may go undetected. The Aus

Ruby rumblings hurt Mustang

Shares in listed ruby player and recent market darling Mustang Resources tumbled yesterday on social media reports querying the quality and value of the stones it sent to a weekend auction in Mauritius. The West

 

 

The Australian Financial Review

Page 1: The competition regulator has urged the federal government to rescue NBN Co, by either writing down its value so it can charge lower prices, offering relief on its debt repayments, or paying for hard-to-connect households directly through budget handouts.

Westpac Banking Corp is expected to tell the Federal Court on Tuesday that 12 of the 16 contraventions alleged by the corporate regulator for rigging the bank bill swap rate have no merit whatsoever and the corporate regulator has taken the rest of their traders’ conversations out of context.

Page 3: The ASX-listed technology company and its chief executive, Matt Barrie, are being sued by a former employee, Matt O’Kane, who alleges he was unfairly sacked because he made complaints about the company’s handling of a verbally and physically abusive colleague.

Page 6: West Australian Treasurer Ben Wyatt has hit out at a proposal to solve the eastern states’ energy supply issues with a cross-country gas pipeline, saying the shortage is a result of local ‘‘policy failures’’.

Page 7: Energy Minister Josh Frydenberg has brushed off Atlassian co-founder Mike Cannon-Brookes’ criticism of the new National Energy Guarantee, saying it had been prepared by industry experts, enjoyed near unanimous support and addressed the long-running competing tensions between energy and climate change policies.

Page 8: China has lifted a ban on beef exports from six Australian abattoirs, three months it was abruptly enforced following what Beijing claimed was a labelling error.

Page 13: The discount received by Fortescue Metals Group for its low grade iron ore in China shows no sign of narrowing, despite assurances from chief executive Nev Power the market would begin to normalise over the longer term.

Page 15: The Future Fund’s position in Apple has tripled over the 2017 financial year, swelling to $357 million, to become its eighth-biggest equity holding from 86th in the space of 12 months, according to the fund’s annual disclosure.

Page 19: More major mining jurisdictions are considering royalty hikes, with Brazil and Chile threatening to follow the example set by Western Australia over the past year. And that might be bad news in more ways than one for the sector.

Page 21: Apple’s biggest suppliers, from Taiwan Semiconductor Manufacturing to Hon Hai Precision Industry, climbed on Monday after delivery times for the iPhone X stretched to as much as six weeks in the US, underscoring demand for the marquee smartphone.

 

 

The Australian

Page 1: The Coalition’s flagship $7.3 billion employment services program has been branded a “hopeless mess” with fewer than 40 per cent of unemployed clients finding long-term work, more than a third of job agencies performing so badly they should be disqualified and warnings that fraud may go undetected.

Page 4: Ten Network shows The Simpsons and Modern Family have disappeared from the broadcaster for good after program supplier 21st Century Fox ripped up their $376.8 million deal.

Page 17: Scott Morrison will resist a renewed push for a royal commission into the banking sector after the High Court decision to disqualify former deputy prime minister Barnaby Joyce shaved down the government’s wafer-thin parliamentary majority.

The United Nations has blocked the nuclear industry from participating in an international forum on clean energy, sparking accusations of institutional bias within the global body.

Page 18: South32 is believed to have hired Bank of America Merrill Lynch to vie for Rio Tinto’s $2 billion Queensland coal mining assets as suitors prepare to lodge first round bids in the coming weeks.

Page 19: Myer will fight its biggest investor, retail billionaire Solomon Lew, on a campaign slogan based on the idea of supporting an “independent Myer”, and has called on shareholders to defend it from the clutches of Mr Lew.

China has lifted the ban it imposed in July on the products of six meat facilities that supply about 30 per cent of all Australian beef exports to the country.

Page 20: Sino Gas and Energy has flagged it could leapfrog its way up the ranks of the ASX’s biggest oil and gas producers after spelling out ambitious growth plans for its Chinese gas fields.

Western Australia’s Department of Mines, Industry Regulation and Safety yesterday confirmed it was preparing an information memorandum on Ellendale ahead of the launch of a formal sales process in the coming months.

 

 

The West Australian

Page 3: Almost half of senior doctors working in WA public hospitals have considered resigning in the past year because of toxic work conditions, according to a survey.

Page 4: A live export vessel involved in a disastrous voyage to the Middle East has been slapped with a temporary ban from operating after an investigation found a series of defects aboard the ship.

Page 10: The McGowan Government is on another collision course with its Federal counterpart amid fears the States face wearing billions of dollars in extra costs for programs being controlled out of Canberra.

Page 12: More than 500 giant trucks and mining equipment worth $6.5 million will go under the hammer today in the biggest heavy machinery sale to be held in WA for many years.

Business: Mining equipment supplier Emeco Holdings has sewn up a deal to acquire WA counterpart Force Equipment for about $70 million.

Chaired by former Automotive Holdings Group chief executive Bronte Howson, Parkd has raised $6 milllon at 20¢ a share through Mac Equity Partners to commercialise its patented lightweight modular concrete construction system.

Shares in listed ruby player and recent market darling Mustang Resources tumbled yesterday on social media reports querying the quality and value of the stones it sent to a weekend auction in Mauritius.

Gold miner Ramelius Resources is still on the acquisition trail to boost its profile, says managing director Mark Zeptner, as it eyes record production over the next three months.

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