06/04/2018 - 06:28

Morning Headlines

06/04/2018 - 06:28

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Morning Headlines

Morrison plays down GST changes

Treasurer Scott Morrison has downplayed prospects of a dramatic overhaul of the GST formula to accommodate complaints by Western Australia as the latest annual carve-up increases that state’s share because its economy has weakened. The Fin

Facebook faces huge fines for data failures

Facebook could face multimillion-dollar fines and enforceable undertakings in Australia as the acting Privacy Commissioner turns her sights on the social network giant’s use of personal data. The Aus

Sheep ship deaths spark new probe

The Federal Government is threatening to slap new conditions on live exporters as a fresh investigation begins into the deaths of thousands of sheep aboard ships sailing from Fremantle to the Middle East. The West

Get set for R&D incentives overhaul

Treasurer Scott Morrison says there will be major changes to the $3 billion research and development tax incentive in the May federal budget to stop the program being ‘‘taken for a ride’’. The Fin

Split NBN before it’s too costly, says ACCC

The competition regulator has urged the Turnbull government to get moving on breaking up the National Broadband Network amid concerns about the long-term financial viability of the $49 billion project. The Aus

Scott hires banker as Carpenter steps down

Wesfarmers chief executive Rob Scott has tapped a Sydney investment banker to replace former WA Labor premier Alan Carpenter in the group’s senior leadership ranks. The West

ASIC urges flat fees for home loan brokers

Mortgage broker fees should be scrapped and replaced with a flat payment, the corporate regulator has told the banking royal commission, amid concerns the industry standard model ‘‘creates an unacceptable risk of poor consumer outcomes’’ within the $1.6 trillion home loan market. The Fin

MinRes, Atlas in trade halt

Shares in Atlas Iron and Mineral Resources were placed in a trading halt yesterday while the two companies prepare to respond to media speculation about a tie-up. The West

 

 

The Australian Financial Review

Page 1: Malcolm Turnbull has urged his MPs to look beyond Monday when his government chalks up its 30th successive negative Newspoll in the belief that the Coalition can beat Labor in a head-to head fight over the economy.

Page 3: In Mongolia’s South Gobi Desert, Rio Tinto has embarked on a partnership with Kering – the luxury conglomerate behind Gucci, Bottega Veneta and Saint Laurent – as well as NASA and the Wildlife Conservation Society, a nongovernment organisation that’s been working in Mongolia for two decades.

Page 6: Treasurer Scott Morrison has downplayed prospects of a dramatic overhaul of the GST formula to accommodate complaints by Western Australia as the latest annual carve-up increases that state’s share because its economy has weakened.

Page 8: Treasurer Scott Morrison says there will be major changes to the $3 billion research and development tax incentive in the May federal budget to stop the program being ‘‘taken for a ride’’.

Page 9: Mortgage broker fees should be scrapped and replaced with a flat payment, the corporate regulator has told the banking royal commission, amid concerns the industry standard model ‘‘creates an unacceptable risk of poor consumer outcomes’’ within the $1.6 trillion home loan market.

Page 13: Threats by the United States and China to impose 25 per cent tariffs on $US50 billion of goods each has fuelled financial market volatility as investors guess if the world’s two largest economies are entering a trade war.

Page 15: The hedge fund at war with Blue Sky Alternative Investments says the company is hiding behind confected claims of secrecy in refusing to disclose, even at a ‘‘high level’’, the composition of its fee-earning assets under management figure.

The huge debt package involved with Harbour Energy’s $13.5 billion bid for Santos has fuelled suggestions that Santos’ Chinese shareholders, ENN Holdings and Hony Capital, may end up with the biggest equity stake in the new company, posing an additional complication for foreign investment approval.

Page 18: BHP has officially dumped its membership of the World Coal Association due to the lobby group’s stance on energy and climate change, but will retain its membership of the United States Chamber of Commerce for now.

Page 19: Making it easier for international students get visas has had a negative impact on education company Navitas.

Page 26: Singapore-listed lithium producer Alliance Minerals Assets has bought out its Australian joint venture partner Tawana Resources for $215 million.

 

 

The Australian

Page 1: John Howard has urged the Turnbull government to revive plans to subject union mergers to a public interest test, expressing concern that the merger of the militant construction and maritime unions represented “ultra-concentration of union power”.

Facebook could face multimillion-dollar fines and enforceable undertakings in Australia as the acting Privacy Commissioner turns her sights on the social network giant’s use of personal data.

Page 4: The competition regulator has urged the Turnbull government to get moving on breaking up the National Broadband Network amid concerns about the long-term financial viability of the $49 billion project.

Page 6: Pauline Hanson has issued an ultimatum to Bill Shorten, demanding Labor preference the Greens last at the next federal poll or be relegated to the bottom of the One Nation how-to-vote card along with the far- left environmental party.

Page 21: Alinta Energy’s prospects of buying the Liddell power station have been shot down by analysts, with the station’s owner AGL Energy described as unlikely to part with the ageing facility.

Page 22: Banks and financial sector companies that fail to grasp the chance to overhaul their corporate culture and go above the letter of the law will likely face tougher regulations, new corporate watchdog chair James Shipton has warned.

Housing credit growth could slump to zero next financial year if the financial services royal commission requires banks to uphold their responsible lending obligations, according to UBS.

Page 24: The Asia Pacific Data Centre Group has dropped to $265 million its asking price for a portfolio of three buildings occupied by tenant and data centre operator NextDC.

 

 

The West Australian

Page 1: Complaints about homeless people in the City of Perth jumped 78 per cent last year, from 126 in 2016 to 224, while complaints about begging increased more than eightfold from 19 to 160.

Page 4: As Federal Treasurer Scott Morrison yesterday pledged to outline changes to the GST system before the next election, Mr Wyatt said a rebound in WA’s payments from 34¢ in the dollar to 47¢ next year was still not enough.

Page 12: The Federal Government is threatening to slap new conditions on live exporters as a fresh investigation begins into the deaths of thousands of sheep aboard ships sailing from Fremantle to the Middle East.

A report to be released today by the Australian Scholarships Group reveals that the costs associated with obtaining a university degree will rise an average of 23 per cent over the next 10 years.

Business: Shares in Atlas Iron and Mineral Resources were placed in a trading halt yesterday while the two companies prepare to respond to media speculation about a tie-up.

Wesfarmers chief executive Rob Scott has tapped a Sydney investment banker to replace former WA Labor premier Alan Carpenter in the group’s senior leadership ranks.

Construction company SRG is about to widen its maintenance services offering through the $33 million acquisition of a New Zealand industrial contractor.

Apartment developer Finbar says the completion of its $136 million Aurelia apartments in South Perth and $106 million Aire apartments in West Perth should provide a boost for second-half earnings.

WA defence contractors have been invited to pitch for maintenance contracts on the offshore patrol vessels, with the Defence Department promising the bulk of the work will be done at the Henderson marine precinct.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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