24/04/2018 - 06:15

Morning Headlines

24/04/2018 - 06:15

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Paying down debt more important than tax cuts: voters

Morning Headlines

Paying down debt more important than tax cuts: voters

Australians believe that continuing to pay down the nation’s debt is more important than a personal income tax cut, with a poll suggesting budget repair would be rewarded over a cash splash in the May 8 budget. The Aus

Farmer fury at MacTiernan

WA farming leaders are headed for a showdown with Alannah MacTiernan today after accusing the Agriculture Minister of throwing the industry “under the bus” over the live sheep export furore. The West

New Myer boss ready to rise to the challenge

Myer shareholders have urged new chief executive John King, the former boss of British department store chain House of Fraser, to move quickly to arrest declining sales and negotiate store closures and rent reductions with landlords. The Fin

ASIC a cash cow gouging millions in excessive fees

The federal government runs the corporate regulator — under fire over its failure to police or prevent many cases of fraud and corruption already uncovered by the banking royal commission — at a $600 million-plus annual profit, by gouging the public and small business owners in fees. The Aus

Banks outrage casts doubt on tax cuts

The Coalition’s push to lower company tax rates faces fresh doubts as outrage grows at revelations from the financial services royal commission, with Pauline Hanson calling for savings by the big banks to be quarantined for customer compensation. The Fin

Budget’s $4bn hit to ease levy hike pain

It could cost up to $4 billion a year to neutralise the effect of last year’s Medicare levy increase on lower to middle-income groups that Malcolm Turnbull has said will be the main beneficiaries of this year’s budget tax cuts. The Aus

Suburban stink over Cockburn Cement

The future of the Cockburn Cement plant in Munster, owned by the $4 billion Adelaide Brighton, will soon be considered by WA Environment Minister Stephen Dawson after appeals by residents and the City of Cockburn driven by years of dust and sulphur-like odours. The West

Galaxy shares slump on weak lithium output

The short sellers that flocked towards lithium exporter Galaxy Resources in recent months found vindication yesterday, when surprisingly poor production and unit cost results sparked a further slump in the miner’s share price. The Fin

Three lawsuits looming for AMP

Scandal-hit wealth management firm AMP is facing the threat of three separate class-action suits in the wake of revelations of misconduct at the royal commission. The Aus

 

 

The Australian Financial Review

Page 1: AMP has not compensated or even bothered to inform hundreds of customers it has identified as the victims of poor advice from financial planners years after they lost money, the Hayne royal commission has heard.

Page 3: Australian scientists have identified a new DNA structure in human cells in the form of a twisted knot that exists alongside the well-known double helix.

Page 4: The Coalition’s push to lower company tax rates faces fresh doubts as outrage grows at revelations from the financial services royal commission, with Pauline Hanson calling for savings by the big banks to be quarantined for customer compensation.

Page 5: Malcolm Turnbull says he will toughen or amend any of the new rules and regulations the government has already imposed on the banking and financial services sector should the Hayne royal commission recommend it.

Page 7: Malcolm Turnbull has enlisted the support of German Chancellor Angela Merkel for a Free Trade Agreement between Australia and the European Union, saying he was keen to see a deal concluded as soon as possible.

Page 8: Former prime minister Kevin Rudd has warned Opposition Leader Bill Shorten not to get too close to the militant construction union, saying its officials in Victoria and Western Australia ‘‘didn’t pass muster’’.

Page 9: ASC told employees yesterday that 197 manufacturing jobs and 26 whitecollar jobs would be shed in coming weeks because work on the Air Warfare Destroyers was drying up as the vessels neared completion.

Sydney property developer Ron Medich appeared shell-shocked as he was found guilty of directing the contract shooting murder of a business enemy almost nine years ago and intimidating his widow.

Page 13: Commonwealth Bank of Australia is mulling the sale of its Count Financial and Financial Wisdom financial advice groups, as pressure from the Hayne royal commission forces banks to consider whether providing financial advice and manufacturing financial products should be decoupled to avoid conflicts of interest.

Page 15: Myer shareholders have urged new chief executive John King, the former boss of British department store chain House of Fraser, to move quickly to arrest declining sales and negotiate store closures and rent reductions with landlords.

Page 16: Big four accounting and consulting giant PwC is putting the finishing touches on a transaction to buy PPB Advisory, a local management consulting and insolvency firm.

Page 21: Telstra and Optus will struggle with falling revenue from mobile services until the launch of 5G next year, as increasingly generous data allowances are used to lure and retain customers amid competition from low-cost resellers, a study of consumer behaviour from research firm Telsyte has found.

Page 25: Woolworths is set to take the wraps off a new $215 million fully automated distribution centre that promises to deliver a step-change in cost savings and productivity.

Page 26: The short sellers that flocked towards lithium exporter Galaxy Resources in recent months found vindication yesterday, when surprisingly poor production and unit cost results sparked a further slump in the miner’s share price.

 

 

The Australian

Page 1: The number of public hospital emergency services being billed to private insurers has soared over the past 10 years, pinpointing the epicentre of the controversial $1 billion cost-shifting that is blamed for pushing up health premiums.

Australians believe that continuing to pay down the nation’s debt is more important than a personal income tax cut, with a poll suggesting budget repair would be rewarded over a cash splash in the May 8 budget.

Scandal-hit wealth management firm AMP is facing the threat of three separate class-action suits in the wake of revelations of misconduct at the royal commission.

Page 2: The federal government runs the corporate regulator — under fire over its failure to police or prevent many cases of fraud and corruption already uncovered by the banking royal commission — at a $600 million-plus annual profit, by gouging the public and small business owners in fees.

Finance Minister Mathias Cormann has admitted the government should have established a royal commission into the banking industry sooner, going further than Malcolm Turnbull and Scott Morrison who would concede only to a political error in waiting so long to launch the inquiry.

Page 4: It could cost up to $4 billion a year to neutralise the effect of last year’s Medicare levy increase on lower to middle-income groups that Malcolm Turnbull has said will be the main beneficiaries of this year’s budget tax cuts.

Page 5: Continuous shipbuilding, development of special combat clothing, electronic warfare and cyber security technologies are among 10 priorities for the nation’s defence industry.

Page 7: Coles has finally secured approval of a new pay deal, but not before the Fair Work Commission required the supermarket giant to give written undertakings that employees were better off than the legal minimum safety net.

Page 17: The number of cases of shoddy advice given by financial planners at ANZ exploded by more than 40 times over eight years, even as the number of advisers working for the group fell.

The chairman of embattled fund manager Blue Sky Alternative Investments, John Kain, has conceded the resignation of chief executive Robert Shand was not a “silver bullet” to repair the listed investor’s battered reputation after a month of panic-selling triggered by short sellers.

Page 19: Comparison website iSelect took a hit on the market yesterday after chief Scott Wilson stood down on the back of a shock profit warning, as the health insurance business and a questionable marketing strategy weighed on the company.

 

 

The West Australian

Page 6: The future of the Cockburn Cement plant in Munster, owned by the $4 billion Adelaide Brighton, will soon be considered by WA Environment Minister Stephen Dawson after appeals by residents and the City of Cockburn driven by years of dust and sulphur-like odours.

Page 8: More than 2800 water consumers applied for a hardship utilities grant between July and last month, up from 1500 over the 2016-17 financial year.

Page 14: The unchecked market power of Google and Facebook is posing a threat to traditional media and risks harming consumers, Seven West Media has warned the Federal Government.

Page 18: Voters in WA’s most marginal seat of Hasluck have backed calls from the union movement for a shake-up of industrial relations laws, including new paid domestic violence leave and stronger laws mandating equal pay for women.

Business: WA farming leaders are headed for a showdown with Alannah MacTiernan today after accusing the Agriculture Minister of throwing the industry “under the bus” over the live sheep export furore.

The cost of building Gold Road Resources’ and Gold Fields’ Gruyere project may reach $585 million after rains held up construction in February.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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