ASX tightens listing rules after scandals
The Australian Securities Exchange has tightened its listing rules to clamp down on companies overhyping customer contracts and forcing the disclosure of past misconduct by directors, following scandals at Big Un and GetSwift that cost investors hundreds of millions of dollars. The Fin
Anger over Water Corp wages ‘rort’
Workers at the State-owned Water Corporation are earning up to 140 per cent above their base salaries, prompting Opposition claims that households are propping up unsustainable pay packets. The West
Libs’ victory gives PM an energy shot
The Liberal Party’s victory in the South Australian election has boosted the federal Coalition’s hopes of passing a national energy guarantee, with Malcolm Turnbull claiming the results as vindication of his proposed reforms and evidence voters want “affordable and reliable power.” The Aus
ASEAN’s rival China plan
Australia has taken the first step in joining Japan, India and the US in creating an infrastructure body to counter the rising influence of China’s multi-billion dollar Belt and Road Initiative. The Fin
McGowan renews twin towers call
Premier Mark McGowan has again called for a controversial $450 million twin-tower development in Scarborough to get the green light, saying it was needed for the area. The West
Japan rises to second-biggest trade partner
Japan has leapfrogged the US to reclaim the second slot among Australia’s trading partners, new figures reveal. The Aus
New visa scheme aims to lure global talent
Employers will be able to use a new visa scheme to import highly skilled foreign workers from July, under a trial that will partially replace the 457 temporary skilled shortage visa that ended yesterday. The Fin
BHP to change gear at Escondida copper
BHP has supercharged the monster Escondida copper mine in Chile, finishing $US8 billion ($1.3bn) worth of work just as global growth is picking up and the forecast rise of electric cars and renewable power is tipped to boost long-term copper demand. The Aus
Extra power for ASIC chairman
The Australian Securities and Investments Commission’s new chairman, James Shipton, will get more power and more high-level resources than predecessor Greg Medcraft. The Fin
Premium beef on China’s menu for WA agribusiness
A newly formed WA-based agribusiness is moving into full-scale commercial production of premium beef and cattle after favourable results from trial consignments sent to China. The West
The Australian Financial Review
Page 1: Australia has taken the first step in joining Japan, India and the US in creating an infrastructure body to counter the rising influence of China’s multi-billion dollar Belt and Road Initiative.
The federal opposition’s resounding victory in the Batman by-election has emboldened Bill Shorten to pursue his policy to scrap cash payments for excess dividend credits in the belief Labor was rewarded for pursuing a policy agenda focused on fairness.
Page 3: Employers will be able to use a new visa scheme to import highly skilled foreign workers from July, under a trial that will partially replace the 457 temporary skilled shortage visa that ended yesterday.
Page 5: The Turnbull government should boost emission reductions targets under its National Energy Guarantee after a new report found the Energy Security Board had underestimated the impact of state renewable schemes.
Page 6: Foreign Minister Julie Bishop has rebuffed Home Affairs Minister Peter Dutton and government backbenchers attempts to prioritise resettlement of white South African farmers as refugees.
Page 8: Finance Minister Mathias Cormann has rejected calls for a mandated cap on external workforce spending and consultancy contracts in the federal government, describing the falling cost of administration as a proportion of overall expenditure as the only relevant indicator of public service efficiency.
The Australian Securities and Investments Commission’s new chairman, James Shipton, will get more power and more high-level resources than predecessor Greg Medcraft.
Page 9: Prime Minister Malcolm Turnbull is pushing for free trade deals with Indonesia and the wider region to be signed by the end of this year, as he insisted there were ‘‘no protectionists’’ around the table at the ASEAN-Australia summit in Sydney.
Page 11: Australia could be linked in to an ASEAN-wide power grid in future, as countries in the region consider ways to collaborate to access more reliable energy supplies.
Page 15: The Australian Securities Exchange has tightened its listing rules to clamp down on companies overhyping customer contracts and forcing the disclosure of past misconduct by directors, following scandals at Big Un and GetSwift that cost investors hundreds of millions of dollars.
Page 17: Wesfarmers chief executive Rob Scott has dismissed suggestions Coles would be any less competitive after it is spun out, and says the conglomerate will have an open mind about potential partnerships and minority stakes as it chases growth.
Page 18: Financial advice company Stateplus will repay nearly $1 million to over 350 of its clients after finding it had charged them a fee for an annual review of their investments, but did not provide the service.
Page 19: Deals in renewable energy, financial services, healthcare and infrastructure will dominate local mergers and acquisitions in 2018, as buyers take advantage of capital availability and strategic opportunities.
Page 24: Crude oil prices are set for a fresh collapse in 2019 unless OPEC increases and extends its oil production cuts as production from the increasingly competitive US shale sector grows further, according to Norway-based energy consultancy Rystad Energy.
The Australian
Page 1: The Liberal Party’s victory in the South Australian election has boosted the federal Coalition’s hopes of passing a national energy guarantee, with Malcolm Turnbull claiming the results as vindication of his proposed reforms and evidence voters want “affordable and reliable power.”
Page 2: Philippines Foreign Secretary Alan Peter Cayetano said Australia’s new policy to manage China’s rise — the quadrilateral grouping with Japan, India and the US may start an arms race with China and see Beijing step up its island building.
Julie Bishop says the government will look at “technical” changes to a border deal between Australia and Jakarta after an Indonesian official said Canberra had agreed to revisit a 20-year-old treaty.
Page 3: Clive Palmer, under his alias Terry Smith, defied warnings in 2015 about potential oil leaks from his Queensland Nickel refinery’s fuel pipeline, now under investigation over a spill last month.
Page 5: Private health insurers are pushing for community-based programs for mental health patients in an attempt to reverse a rising trend where people are admitted for treatments previously offered in an outpatient setting.
Page 9: Mining executive David Honey has dismissed suggestions he aims to lead the West Australian Liberal Party following his landslide victory in the Cottesloe by-election forced by the retirement of former premier Colin Barnett.
Page 19: Commonwealth Bank’s hopes for a smooth leadership transition to Matt Comyn could be disrupted by the revelation that its incoming chief executive is CBA’s shareholder representative on the Aussie Home Loans board.
BHP has supercharged the monster Escondida copper mine in Chile, finishing $US8 billion ($1.3bn) worth of work just as global growth is picking up and the forecast rise of electric cars and renewable power is tipped to boost long-term copper demand.
Page 21: Japan has leapfrogged the US to reclaim the second slot among Australia’s trading partners, new figures reveal.
Page 26: Nine Network and the CBS-backed Network Ten are in talks about a joint bid to land Cricket Australia’s coveted broadcast rights before today’s 5pm deadline amid strong interest from all the networks.
The West Australian
Page 3: Workers at the State-owned Water Corporation are earning up to 140 per cent above their base salaries, prompting Opposition claims that households are propping up unsustainable pay packets.
Page 6: WA could play a key role in exploring Mars, as the European Space Agency considers doubling the size of its deep space tracking centre at New Norcia.
Page 12: Premier Mark McGowan has again called for a controversial $450 million twin-tower development in Scarborough to get the green light, saying it was needed for the area.
The mayor of the council covering Scarborough has declared the popular — but at times maligned — beach suburb is “back” after the official opening of a $100 million redevelopment.
Business: A newly formed WA-based agribusiness is moving into full-scale commercial production of premium beef and cattle after favourable results from trial consignments sent to China.
US President Donald Trump’s announcement of steel and aluminium trade tariffs two weeks ago was just the latest warning sign that the global growth recovery is not nearly as strong or “synchronised” as most economists claim.
