03/11/2017 - 06:38

Morning Headlines

03/11/2017 - 06:38

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MPs warned to fess up or pay up

Any more federal MPs who knowingly conceal possible dual citizenship may have to reimburse the taxpayer for hundreds of thousands – if not millions – of dollars they have been paid over the years, unless they come forward quickly. The Fin

Amazon ‘already tapping suppliers’

Amazon is set to make a big impact with aggressive price-cutting in its first foray into Australia, which could come as early as next month, with the main categories to be targeted including toys, electronics, and sporting and outdoor products, says a leading retail analyst. The Fin

Uber to pass on taxi levy

Uber is threatening to pass on a 10 per cent industry levy to passengers after the State Government unveiled a $120 million plan to fund a buyback scheme for struggling taxi owners. The West

Stokes questions merger logic

Seven West Media chairman Kerry Stokes says the free-to-air broadcaster is yet to be convinced of the benefits of pursuing potential mergers with publishers Fairfax Media or News Corp, and is instead focusing on costs and paying down debt. The Fin

ACCC considers more NBN regulation

Competition boss Rod Sims is aiming to have interim regulation to lift the woeful customer satisfaction levels on the national broadband network by February, as the ACCC seeks to address growing discontent regarding the service standards of the rollout of super-fast broadband. The Fin

BHP foresees green tech bolstering copper

BHP Billiton says electric car production could boost global copper demand by half in the next 18 years, adding to the groundswell of excitement from miners and mining investors around the market potential of green technology. The Aus

Navy missile upgrade to sustain jobs

Prime Minister Malcolm Turnbull will announce in Perth today a new $200 million missile defence upgrade for the navy’s warships, with the project expected to sustain jobs at the Henderson shipyards. The West

 

 

The Australian Financial Review

Page 1: National Australia Bank will halve the number of financial products it sells, boost technology spending by $1.5 billion and slash its workforce by 12 per cent under an ambitious ‘‘three-to-five year plan’’ unveiled by CEO Andrew Thorburn, which surprised investors and sent the shares plunging.

Any more federal MPs who knowingly conceal possible dual citizenship may have to reimburse the taxpayer for hundreds of thousands – if not millions – of dollars they have been paid over the years, unless they come forward quickly.

Page 3: Atlassian cofounder Scott Farquhar has warned proposed visa changes may stunt the growth of local tech companies and deter much-needed tech leaders coming to Australia because of the difficulty of getting permanent residency.

Page 5: The number of Australian families facing mortgage distress has soared by nearly 20 per cent in the past six months to more than 900,000 and is on track to top 1 million by next year, according to new analysis of lending repayments and household incomes.

Page 6: Western Australia has not ruled out implementing a state-based bank tax to repair its battered finances after a similar proposal was blocked in South Australia’s upper house.

Page 7: Competition boss Rod Sims is aiming to have interim regulation to lift the woeful customer satisfaction levels on the national broadband network by February, as the ACCC seeks to address growing discontent regarding the service standards of the rollout of super-fast broadband.

Page 8: Amazon is set to make a big impact with aggressive price-cutting in its first foray into Australia, which could come as early as next month, with the main categories to be targeted including toys, electronics, and sporting and outdoor products, says a leading retail analyst.

Page 18: Seven West Media chairman Kerry Stokes says the free-to-air broadcaster is yet to be convinced of the benefits of pursuing potential mergers with publishers Fairfax Media or News Corp, and is instead focusing on costs and paying down debt.

 

 

The Australian

Page 1: Cabinet minister Josh Frydenberg yesterday sought urgent advice regarding the possibility he holds Hungarian citizenship as Victorian Liberal president Michael Kroger broke ranks with Malcolm Turnbull by calling for an audit of all MPs.

A Treasury report has warned that corporate Australia is blaming a decade of political instability for contributing to an investment slump, as Scott Morrison issues a call for businesses to fuel the new investment boom in the health and education sectors.

Page 9: Iron ore magnate Gina Rinehart, who has regained the top Australian position on the Forbes magazine rich list, has frozen more than $570 million of dividends from her company Hancock Prospecting because of a bitter, ongoing dispute with her eldest children John Hancock and Bianca Rinehart.

Page 19: National Australia Bank chief executive Andrew Thorburn says the lender has to “get angry about costs in a sustainable way” as he reveals plans to axe 6000 workers over three years, or about one fifth of the bank’s workforce.

Page 21: Myer’s strategy day has left analysts sceptical and concerned that its lowered earnings targets might still not be achievable in the face of the impending arrival of US giant Amazon and other pressures bearing down on the $300 billion retail sector.

Mining magnate Gina Rinehart is now Australia’s richest person after a recovery in iron ore prices boosted her estimated fortune to $US16.6 billion ($21.5bn).

Page 22: BHP Billiton says electric car production could boost global copper demand by half in the next 18 years, adding to the groundswell of excitement from miners and mining investors around the market potential of green technology.

The Australian Securities Exchange says it will not reverse recent trades in Mustang Resources, leaving investors who bought shares in the stock when it should not have been trading to cop a 60 per cent bath on their position.

 

The West Australian

Page 3: The Corruption and Crime Commission has exposed WA as a haven for bad foreign drivers where “anomalies” allow smoother conversion of international licences to State permits, with fatal consequences.

Page 11: Uber is threatening to pass on a 10 per cent industry levy to passengers after the State Government unveiled a $120 million plan to fund a buyback scheme for struggling taxi owners.

Page 12: Prime Minister Malcolm Turnbull will announce in Perth today a new $200 million missile defence upgrade for the navy’s warships, with the project expected to sustain jobs at the Henderson shipyards.

Page 22: The Labor Party has ruled out overhauling the GST allocation system, daring Prime Minister Malcolm Turnbull to promise more cash to West Australians at the expense of a politically volatile Queensland.

Page 26: The Karri Valley Resort near Pemberton — the controversial site where Orange People followers of the free-love mystic Bhagwan Shree Rajneesh wanted to establish a commune in the 1980s — has been bought by the RAC.

Business: Gina Rinehart’s Hancock Prospecting has posted a bumper annual profit of $1.1 billion, supercharged by higher iron ore prices and the first full year of commercial production from its flagship $US10 billion Roy Hill project in the Pilbara.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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