20/04/2018 - 06:22

Morning Headlines

20/04/2018 - 06:22

Bookmark

Save articles for future reference.

Banks face fines up to $210m

Morning Headlines

Banks face fines up to $210m

Major banks and financial services companies could face maximum fines of $210 million or be stripped of 10 per cent of their annual turnover for serious misconduct, under a new criminal and civil penalties regime imposed by the federal government in the wake of scandals exposed in the banking royal commission. The Aus

Chamber in jobs attack on McGowan

The Chamber of Commerce and Industry yesterday latched on to figures showing the jobless rate had blown out to 6.9 per cent in March on a seasonally adjusted basis as evidence the Government was asleep at the wheel of the economy. The West

Momentum for live animal export ban

Rearguard efforts by the industry and Turnbull government to clean up the live animal trade may not be enough to stop a growing parliamentary revolt, with Labor demanding an immediate suspension and a former Coalition minister seeking cross-party support for a bill to ban exports. The Fin

No power to scrap Scaffidi’s payment

Suspended Lord Mayor Lisa Scaffidi will continue to be paid more than $1000 a week, despite being “incapable” of fulfilling her elected role. The West

South32 surges on aluminium and manganese

Surging commodity prices and an upgrade for manganese production guidance have lit a fire under South32 shares, which surged almost 5 per cent to an all-time high. The Fin

Lawyers positive on insolvency shake-up

Sweeping reforms to insolvency laws and regulations are set to benefit distressed companies that are attempting to negotiate a sale and avert going into administration. The Fin

Lenders can still crow about $13.2bn profits

Despite the doom and gloom of the royal commission, Australia’s biggest banks are poised to sign off on a collective $13.2 billion profit for the past six months. The Aus

Bureaucrats’ travel bill near to $600m

New figures confirm continued growth in the combined travel spending of the Australian Public Service, topping half-a-billion dollars last financial year, including $440 million on tickets with Qantas, Virgin Australia and major international carriers. The Fin

Evolution selldown as Mungari hunt steps up

Egyptian billionaire businessman Naguib Sawiris has continued his selldown of Evolution Mining, dumping a 5 per cent stake, worth about $280 million, on the market late yesterday. The West

 

 

The Australian Financial Review

Page 2: Influential West Australian businessman Michael Chaney has used his last AGM as chairman of Woodside Petroleum to take aim at the ‘‘populist’’ stance taken by opposition politicians that is stymieing government proposals to cut the corporate tax rate.

Page 3: The Turnbull government has fallen short by a whisker of meeting the goal of creating 1 million jobs in five years as last year’s record employment growth comes off the boil.

Page 4: In a meeting held on the sidelines of the Commonwealth Heads of Government Meeting in London, Mr Turnbull received an assurance from Vanuatu Prime Minister Charlot Salwai that he would never allow a Chinese-funded port in his country to be used as a military base.

Page 5: Rearguard efforts by the industry and Turnbull government to clean up the live animal trade may not be enough to stop a growing parliamentary revolt, with Labor demanding an immediate suspension and a former Coalition minister seeking cross-party support for a bill to ban exports.

Page 10: Roofing materials supplier Stoddart Group has joined forces with energy retailer Powershop and software firm Reposit Power to open up a new frontier in the booming rooftop solar market – rental homes.

Page 14: New figures confirm continued growth in the combined travel spending of the Australian Public Service, topping half-a-billion dollars last financial year, including $440 million on tickets with Qantas, Virgin Australia and major international carriers.

Page 17: Internal Westpac board documents published by the banking royal commission reveal an independent review by PwC last year found only one out of 10 lending controls required by the prudential regulator were operating effectively.

Record production from BHP’s flagship Pilbara iron ore operations and approval to take shipments even higher has been tarnished by maintenance issues that have forced the resources giant to trim full-year guidance.

Page 19: The price of beauty is falling at a faster rate than food and groceries amid a battle for market share between supermarkets, pharmacies, department stores and specialty retailers including Mecca and Sephora.

Page 20: Sweeping reforms to insolvency laws and regulations are set to benefit distressed companies that are attempting to negotiate a sale and avert going into administration.

Page 21: Surging commodity prices and an upgrade for manganese production guidance have lit a fire under South32 shares, which surged almost 5 per cent to an all-time high.

The push for Rio Tinto to follow BHP and commission a review of its membership of industry bodies is gathering momentum, with the Australian Council of Superannuation Investors understood to have backed an AGM motion supporting the move.

Page 27: Sales of new motorcycles have been in decline for almost 12 months and David Ahmet, the chief executive of ASX-listed MotorCycle Holdings, is perplexed about the reasons why.

 

 

The Australian

Page 1: Major banks and financial services companies could face maximum fines of $210 million or be stripped of 10 per cent of their annual turnover for serious misconduct, under a new criminal and civil penalties regime imposed by the federal government in the wake of scandals exposed in the banking royal commission.

Major Australian companies and small businesses are struggling to cope with record electricity price hikes that have forced them to seek alternative power sources, consider cutting thousands of jobs and pass costs on to consumers.

Page 3: The record run of jobs growth has ended with a fall in the number of people in work in February and only a small gain in March, raising concerns about the strength of the economy in the lead-up to next month’s federal budget.

Page 17: First State Super is set to more than double its current exposure of more than $1 billion in China over the next few years, chief investment officer Damian Graham said yesterday.

Page 19: The huge Browse gas project is on the cusp of a major step towards development, with Woodside chief executive Peter Coleman declaring a breakthrough agreement with the North West Shelf LNG plant was “imminent”.

Billionaire retailer Gerry Harvey has made a quick $4 million profit for his shareholders in Harvey Norman after the furniture, bedding and consumer electronics chain sold a parcel of shares it owned in fashion and apparel business Gazal.

Page 20: Despite the doom and gloom of the royal commission, Australia’s biggest banks are poised to sign off on a collective $13.2 billion profit for the past six months.

 

 

The West Australian

Page 6: A series of Commonwealth Bank financial planners charged dead customers advice fees — one for more than a decade after they died — the banking royal commission has been told.

Page 10: Rottnest’s reputation as a quiet and quaint island getaway is safe, Tourism Minister Paul Papalia believes, despite a wave of development projects getting under way.

Page 16: The Chamber of Commerce and Industry yesterday latched on to figures showing the jobless rate had blown out to 6.9 per cent in March on a seasonally adjusted basis as evidence the Government was asleep at the wheel of the economy.

Page 18: Suspended Lord Mayor Lisa Scaffidi will continue to be paid more than $1000 a week, despite being “incapable” of fulfilling her elected role.

Page 20: The WA Government will demand more information from the Commonwealth about how the proposed National Energy Guarantee will affect the State but says it will not stand in the way of a national agreement on the new energy blueprint.

Business: Fortescue Metals Group has applied for environmental approval to begin early works at its $US1.5 billion Eliwana iron ore project in the Pilbara ahead of a final investment decision expected this year.

Egyptian billionaire businessman Naguib Sawiris has continued his selldown of Evolution Mining, dumping a 5 per cent stake, worth about $280 million, on the market late yesterday.

Santos has lowered its full-year production and sales guidance because of the shutdown caused by the magnitude 7.5 earthquake in Papua New Guinea in February.

St Barbara expects to complete drill hole testing beyond the depths of the historic Gwalia gold mine in the next month, as it looks to shore up the case to keep the mine running to 2031.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options