Morning Headlines

Trump ‘locked and loaded’ on Syria, triggering oil price rise

Oil prices rose to their highest since late 2014 and JPMorgan said Brent crude could go to $US80 a barrel because the strikes threaten a new period of heightened Middle East conflict and raise the spectre of renewed US sanctions on Iran. The Fin

MUA boss blasts port plans

The head of WA’s militant maritime union has ridiculed the “ludicrous” and ridden with “porkies” plans by the McGowan Government to develop an outer harbour at Kwinana. The West

Metcash’s corner store comeback

Grocery wholesaler Metcash is rallying an army of 95,000 small format retailers, ranging from service stations, takeaway shops, restaurants to newsagents, along with churches and charities, to open a new front in the supermarket price wars that could spark a fight-back by the long-suffering corner store. The Aus

NBN won’t cut prices, but ‘no sticker shock’

NBN Co’s chief customer officer for residential services Brad Whitcomb has ruled out the prospects of any more cuts to wholesale prices, while playing down fears that NBN plans will become more expensive once the company removes its wholesale discount. The Aus

Give seniors stamp duty cut: REIWA

The Real Estate Institute of WA has called for a $10,000 concession on stamp duty for seniors over 65 to encourage empty-nesters to downsize. The West

Labor tax switch ‘$1bn-a-year blow to states’

The report, commissioned by the Housing Industry Association, found raising capital gains tax would increase federal tax revenues by just under $500 million a year but reduce revenue for state governments by more than $1bn a year, largely as a result of lower stamp duty receipts. The Aus

TPP won’t be tweaked to appease US

Trade Minister Steven Ciobo says there are potential pros and cons for Australia from Donald Trump’s possible re-entry to the Trans-Pacific Partnership trade deal, but the Coalition won’t consider renegotiating provisions on drug pricing. The Fin

Jupiter’s refloat set to take off

The biggest resources initial public offering since South32 is set to debut on the Australian Securities Exchange on Wednesday when Jupiter Mines re-joins the boards four years after delisting. The West

Chevron lifts Gorgon gas investment

Chevron and its partners in the $US54 billion Gorgon LNG venture have committed a further several billion dollars in investment to sustain offshore gas production for the monster processing plant on Western Australia’s Barrow Island. The Fin

The Australian Financial Review

Page 1: Oil prices rose to their highest since late 2014 and JPMorgan said Brent crude could go to $US80 a barrel because the strikes threaten a new period of heightened Middle East conflict and raise the spectre of renewed US sanctions on Iran.

Page 3: The Turnbull government is being accused of dragging its heels on starting its own planned official inquiry into road-user pricing as Australian’s growing switch to towards electric and high-efficiency cars threatens as much as $20 billion in fuel excise.

Page 4: The resources industry is calling for the Turnbull government to scrap the country’s unique award system that sets minimum pay and conditions for each industry and to replace it with a new national standard.

Page 5: One in 10 Australian manufacturers would be forced to close their business if they lost a single major customer, a report has found.

Page 6: Opposition Leader Bill Shorten has warned the government Labor won’t support a bill to ban overseas political donations unless provisions to protect charities are strengthened.

Page 7: Trade Minister Steven Ciobo says there are potential pros and cons for Australia from Donald Trump’s possible re-entry to the Trans-Pacific Partnership trade deal, but the Coalition won’t consider renegotiating provisions on drug pricing.

Page 12: WPP chief executive Martin Sorrell is resigning after 33 years, following allegations of personal misconduct and misuse of company assets, marking an abrupt end to a storied career at the top of the advertising industry.

Page 13: Unsecured personal lender and ASX aspirant Latitude Financial is targeting up to $5 billion of new loans over the next few years as chief executive Sean Morrissey insists it can grow responsibly amid heightened scrutiny on lending standards.

Page 15: Virgin Australia’s board has not been transparent about how it came to a decision to reject privatisation and should re-examine a delisting because the airline’s stock price is undervalued, Wilson Asset Management founder Geoff Wilson says.

Chevron and its partners in the $US54 billion Gorgon LNG venture have committed a further several billion dollars in investment to sustain offshore gas production for the monster processing plant on Western Australia’s Barrow Island.

Page 17: Behind-the-scenes discussions between banks, regulators and industry associations are continuing to create a new Professional Banking Council that would govern industry-wide standards of professional conduct and competency, as banks brace for more damage to their reputations as the royal commission re-starts again in Melbourne.

Page 19: Rio Tinto is set to invoke a clause that will allow the miner to walk away from contracts with a giant metal refinery in Ireland controlled by Russian billionaire Oleg Deripaska.

The Australian

Page 1: Australia is joining Britain in efforts to revive and strengthen the Commonwealth to bolster global trade and security in the face of Brexit and unprecedented Chinese influence in Africa and the South Pacific.

Italian shipbuilder Fincantieri will establish a maintenance and refurbishment hub for international cruise liners in Australia if it wins the contract to build the nation’s nine new frigates, according to the company’s president.

Page 2: The report, commissioned by the Housing Industry Association, found raising capital gains tax would increase federal tax revenues by just under $500 million a year but reduce revenue for state governments by more than $1bn a year, largely as a result of lower stamp duty receipts.

Page 6: The peak manufacturing body representing a sector that employs nearly one million Australians is appealing to states and territories to support the government’s signature energy policy.

Page 17: Grocery wholesaler Metcash is rallying an army of 95,000 small format retailers, ranging from service stations, takeaway shops, restaurants to newsagents, along with churches and charities, to open a new front in the supermarket price wars that could spark a fight-back by the long-suffering corner store.

Rio Tinto has moved to assure workers at its big Queensland alumina business that their futures are secure as the mining giant grapples with the fallout from US trade sanctions.

Page 19: NBN Co’s chief customer officer for residential services Brad Whitcomb has ruled out the prospects of any more cuts to wholesale prices, while playing down fears that NBN plans will become more expensive once the company removes its wholesale discount.

Wesfarmers has brought in Boston Consulting Group to help improve the performance of its lossmaking hardware chain in Britain, as the chief executive of the Perth-based conglomerate prepares to address his board on the future of Bunnings’ British experiment.

Page 22: Seven chief Tim Worner has refused to rule out selling the network’s last year of Australian Open broadcast rights to rival Nine, which could splash out more than the $300 million already committed to elite tennis to fill a cricket-sized gap in its summer schedule.

The West Australian

Page 9: The Real Estate Institute of WA has called for a $10,000 concession on stamp duty for seniors over 65 to encourage empty-nesters to downsize.

Page 10: WA’s Mines and Petroleum Minister has lashed the Federal Government over claims the State’s lucrative mining and LNG sector could bear the brunt of national efforts to cut carbon emissions.

Page 13: Tourists will be able to drive from Cairns to Perth on “Australia’s longest short cut” if a coalition of outback councils can secure the $500 million needed to seal the final 1400km of dirt road.

Business: The head of WA’s militant maritime union has ridiculed the “ludicrous” and ridden with “porkies” plans by the McGowan Government to develop an outer harbour at Kwinana.

The head of advertising juggernaut WPP, Sir Martin Sorrell, is resigning after 33 years, following allegations of personal misconduct and misuse of company assets, marking an abrupt end to a storied career at the top of the advertising industry.

The biggest resources initial public offering since South32 is set to debut on the Australian Securities Exchange on Wednesday when Jupiter Mines rejoins the boards four years after delisting.