02/11/2017 - 06:40

Morning Headlines

02/11/2017 - 06:40

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Morning Headlines

Roy Hill delivers for Rinehart

Gina Rinehart’s Roy Hill Holdings is celebrating its maiden annual profit, marking the first full year of commercial production from its $US10 billion namesake iron ore project in the Pilbara. The West

BHP veteran will bring his cost-cutting scythe to CBH

Former BHP Billiton iron ore boss Jimmy Wilson wants to take Australia’s biggest co-operative from good to great by grinding down supply chain costs, diversifying into the supply of farm inputs and investing in food processing assets. The Fin

Domino’s faces $35m higher wage bill

The Fair Work Commission has axed Domino’s Pizza’s long-expired agreements that paid thousands of workers significantly below minimum rates, leaving the franchise facing tens of millions in higher labour costs. The Fin

Restaurants deep-fried by debt

Elegant Perth restaurant Trustee has been placed into voluntary administration, with mounting debt and last-minute discussions to renegotiate terms with its banks and landlord unable to overcome the restaurant’s worsening financial problems. The West

Myer in survival mode

Myer will try to reverse a 20 year decline in earnings and grow profits an average 5 per cent a year by cutting costs and enticing customers into stores with food, beauty treatments and events. The Fin

Oil Search hedges PNG bets with Alaskan push

Oil Search has sought to balance its long bet on Papua New Guinea gas by acquiring Alaskan oil projects it believes will deliver faster returns on investment. The Fin

Alinta to beat China Resources in Loy Yang race

Speculation is mounting that Chow Tai Fook’s Alinta Energy will be named as the winner of the contest for Loy Yang B in two weeks, with the Hong Kongbased group offering between $1 billion and $1.3bn for the coalfired power station. The Aus

 

 

The Australian Financial Review

Page 1: The government will watch Amazon’s arrival closely to ensure the retail giant does not abuse its market power by racking up losses to chase growth, does not saddle small businesses with unfair contracts and does pay its fair share of tax.

Page 2: Business is predicting record low wage growth will turn a corner in the next 12 months, with business leaders’ confidence about the economy at its highest level in seven years.

Page 3: Social media giant Facebook and the Australian Office of the eSafety Commissioner have joined forces to stop revenge porn images being shared on the social network.

Page 5: The Fair Work Commission has axed Domino’s Pizza’s long-expired agreements that paid thousands of workers significantly below minimum rates, leaving the franchise facing tens of millions in higher labour costs.

Page 10: The Turnbull government has accused the states of ‘‘double dipping’’ with increasing numbers of privately insured patients treated in public hospitals that receive substantial federal funding.

Page 13: The chief executive of Australia’s largest online fashion retailer, The Iconic, says the amount of apparel purchased online in Australia will double in the next five years and approach 20 per cent of the market as local shoppers start to catch up with the US and Britain.

Page 21: Myer will try to reverse a 20 year decline in earnings and grow profits an average 5 per cent a year by cutting costs and enticing customers into stores with food, beauty treatments and events.

Former BHP Billiton iron ore boss Jimmy Wilson wants to take Australia’s biggest co-operative from good to great by grinding down supply chain costs, diversifying into the supply of farm inputs and investing in food processing assets.

Page 23: BHP Billiton chief technology officer Diane Jurgens has warned that demand for internet bandwidth will only rise in the future, and the thorough rollout of fibre optic cable was ‘‘an investment in the long term’’.

China’s heavy discounting of lower grade iron ore is likely to increase further in January and February, according to Mineral Resources managing director Chris Ellison, who expects the disjoint to persist for the ‘‘foreseeable future’’.

Oil Search has sought to balance its long bet on Papua New Guinea gas by acquiring Alaskan oil projects it believes will deliver faster returns on investment.

Page 25: Downer EDI chairman Michael Harding will come under pressure from anti-Adani activists to justify the company’s involvement in the Indian conglomerate’s $16.8 billion Carmichael coal mine at its annual general meeting in Sydney on Thursday.

 

 

The Australian

Page 1: Three out of four voters have backed the Turnbull government’s signature welfare reform to trial a drug-testing scheme for welfare recipients, in a blunt rejection of Labor’s and the Greens’ vows to block the move on the grounds it “demonised” the disadvantaged.

Page 2: ACTU secretary Sally McManus will campaign for an overhaul of how the national minimum wage is calculated to combat a “cost-ofliving crisis’’ for low-paid workers.

Page 3: The Nine Entertainment Co has outlaid hundreds of thousands of dollars on staging a mass internal MBA-style program for many of its most senior executives, including its sports boss and Sydney and Melbourne news supremos.

Page 7: Borrowers can expect better rates on loans and cheaper financial products as Scott Morrison forces the big four banks to share credit history data with start-ups that can offer customers better deals to “undercut the major lenders”.

Page 18: Speculation is mounting that Chow Tai Fook’s Alinta Energy will be named as the winner of the contest for Loy Yang B in two weeks, with the Hong Kong-based group offering between $1 billion and $1.3bn for the coal fired power station.

Page 21: Iron ore’s recent slide on the back of Chinese pollution controls — effectively cutting steel production for winter — has not worsened the medium-term price view of the Asian powerhouse’s miners and steelmakers.

 

 

The West Australian

Page 3: WA’s male-dominated boardrooms have had a wake-up call with research suggesting they lag behind rivals that have women in senior roles.

Page 9: The 2006 West Coast premiership player and former vice-captain has been appointed group sales director for Seven West Media (WA), joining the WA executive team and reporting to the company’s chief executive, John Driscoll.

Page 10: Elegant Perth restaurant Trustee has been placed into voluntary administration, with mounting debt and last-minute discussions to renegotiate terms with its banks and landlord unable to overcome the restaurant’s worsening financial problems.

Big banks will be forced to reveal the creditworthiness of Australians in a move Federal Treasurer Scott Morrison says will help cut interest rates and boost the success chances of small businesses.

Page 14: The German Minister who will visit WA for a major international business conference wants progress made on the Australia-European Union Free Trade Agreement, as she singles out Perth for its potential to become Europe’s “gateway to the Asia Pacific”.

Page 45: Outgoing Wesfarmers boss Richard Goyder says business must do more to promote its role as a creator of economic growth and social opportunity as he urges governments to remove the “speed bumps” preventing more job creation.

Business: Gina Rinehart’s Roy Hill Holdings is celebrating its maiden annual profit, marking the first full year of commercial production from its $US10 billion namesake iron ore project in the Pilbara.

Mineral Resources could be headed for a showdown with shareholders at its annual meeting this month after the miner and processor admitted it had failed to reach a consensus with proxy advisers over this year’s remuneration report.

Mustang Resources has been forced to postpone an upgrade of its flagship Montepuez ruby project in Mozambique after a disastrous auction of its gems in Mauritius at the weekend.

Peppers Kings Square Hotel, one of Perth’s newest CBD hotels, is for sale for an estimated $40 million just a year after it opened.

Contracting company Decmil Group has opted to withdraw from telecommunications and design services as part of an effort to simplify the business.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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