Confidence rises but spending still on hold
Confidence rises but spending still on hold
WA shoppers are at their most confident in four years but any plans to open their wallets are being held back by growing cost of-living concerns. The West
Union, Business join forces on migration
Big business has joined forces with the ACTU in an unprecedented compact to back a Big Australia, calling on the federal government to maintain current levels of permanent migration amid calls for the rate to be cut. The Aus
Dollar drops but it’s still far from enough to aid growth: economists
The sharp drop in the Australian dollar in recent weeks is not enough to move the dial on economic growth and activity, experts say, although at least one business stands to immediately benefit. The Fin
ALP faction chiefs seeking Pratt house move in Perth
Some of Labor’s factional chiefs are pushing to install senator Louise Pratt as the party’s candidate for the looming Perth by-election instead of West Australian state secretary Patrick Gorman. The Aus
Oil field revival brings Timor-Leste windfall
Oil and gas junior Carnarvon Petroleum’s decision to push ahead with redevelopment of a former BHP oil field is to deliver a timely tax boost to Timor-Leste as it grapples with Australia over bigger prizes in the waters between the two countries. The Fin
ACCC targets energy retailers’ ‘enormous’ profits
Australian Competition and Consumer Commission chairman Rod Sims put big power companies on notice that the agency will tackle surging retail costs in its final report on electricity due next month. The Fin
Tox Free takeover tick
Cleanaway Waste Management will bolster its presence in WA after shareholders of Tox Free Solutions backed a $671 million takeover. The West
Stokes sees value in media mergers
Seven Group Holdings chief executive Ryan Stokes has outlined ambitions to grow the value of the group’s media interests through a broader combination of print and television while also pointing to the likely future sale of the investment portfolio. The Fin
The Australian Financial Review
Page 1: National Australia Bank is joining other major banks in a retreat from wealth management, selling off its $3 billion MLC subsidiary, as the Hayne royal commission hears damning evidence of misconduct and expresses concerns over conflicts of interest generated by vertically integrated banks.
Page 4: The giants of iron ore are rumbling into a future dominated by autonomous trucks, which have increased efficiency and cut down injuries on mine sites.
Page 5: Peter Costello says Australia’s big banks are in ‘‘more trouble now than they were in the financial crisis’’ and growing revelations from the Hayne royal commission have likely killed the chance of a full company tax cut passing Parliament.
Business Council chief executive Jennifer Westacott has rejected claims people can live on $40 a day, restating calls to lift unemployment benefits to help vulnerable people get jobs.
Page 7: Health insurer Medibank Private says Google’s dominance of digital advertising has led to ever-escalating costs and an ever-decreasing return on investment.
Labor has promised to close down the live sheep export trade, pre-empting the findings of a government review that was likely to cast serious doubt on the industry’s long-term economic viability.
Page 12: Australian Competition and Consumer Commission chairman Rod Sims put big power companies on notice that the agency will tackle surging retail costs in its final report on electricity due next month.
Page 13: The Labor opposition has signalled it will try to counter China in the Pacific by injecting Australia more assertively into partnerships with small neighbouring island countries that China is attempting to woo.
Page 17: Santos chairman Keith Spence said the substantial rise in the oil price since US predator Harbour Energy made its indicative buyout overtures will need to be reflected with a higher proposal if it makes a firm and binding bid after due diligence is finished in the next two weeks.
AMP directors are in crisis talks to save their jobs, after news they failed to interview former chief executive Andrew Mohl for the chairman role, when it suddenly fell vacant two years ago, sparking outrage among investors.
Page 19: US-founded, Hong Kong-listed Esprit Holdings is pulling the plug on its Australian and New Zealand operations and closing 67 stores, concessions and factory outlets after a 64 per cent plunge in sales during the past seven years, from $142 million in 2010 to $50.8 million in 2017.
The sharp drop in the Australian dollar in recent weeks is not enough to move the dial on economic growth and activity, experts say, although at least one business stands to immediately benefit.
Page 27: Seven Group Holdings chief executive Ryan Stokes has outlined ambitions to grow the value of the group’s media interests through a broader combination of print and television while also pointing to the likely future sale of the investment portfolio.
Page 28: BHP is preparing to cease running pastoral stations and exit the livestock industry after a comprehensive review of its operations.
Oil and gas junior Carnarvon Petroleum’s decision to push ahead with redevelopment of a former BHP oil field is to deliver a timely tax boost to Timor-Leste as it grapples with Australia over bigger prizes in the waters between the two countries.
The Australian
Page 1: Big business has joined forces with the ACTU in an unprecedented compact to back a Big Australia, calling on the federal government to maintain current levels of permanent migration amid calls for the rate to be cut.
Technology giants have been accused of breaching competition practices and abusing their dominant position to push out rivals, in an array of complaints from companies, unions and industry bodies.
Page 2: Italian shipbuilder Fincantieri has rejected suggestions by rival BAE Systems that its anti-submarine warfare frigate is “old”, ahead of a decision by the Turnbull government on the $35 billion Future Frigate contract.
Page 4: The Commonwealth Bank’s decision not to tell customers it had lost statements linked to 20 million accounts has highlighted a big weakness in Australia’s notifiable data breach scheme, with a security expert saying CBA wouldn’t have to tell the public about the breach even under the new rules.
Some of Labor’s factional chiefs are pushing to install senator Louise Pratt as the party’s candidate for the looming Perth by-election instead of West Australian state secretary Patrick Gorman.
Page 6: The architect of Malcolm Turnbull’s signature energy blueprint says there is no longer an investment case to build new coal-fired power stations in Australia because “the cost of coal is always going to be more than the cost of wind and sun”.
More than 350 of the medical students set to graduate from university this year are likely to be left without training positions, as pressure mounts on the Turnbull government to overhaul its workforce programs and address the maldistribution of doctors.
Page 25: QBE shareholders have delivered a savage rebuke to the insurer’s board following its $US1.25 billion ($1.6bn) loss last year and its decision to slash dividends.
Page 26: US online commerce behemoth Amazon’s Australian rollout is set to put further pressure on the retail sector, as the global giant struck a deal to lease its first Sydney warehouse from Goodman Group.
The West Australian
Page 1: Australia’s air crash investigator is examining a serious incident at Perth Airport in which two Qantas 737s narrowly avoided colliding on a runway.
Page 3: WA shoppers are at their most confident in four years but any plans to open their wallets are being held back by growing cost of-living concerns.
Business: A looming Federal ban has not deterred another major European lottery betting group, myLotto24, launching in Australia with a pioneering deal to share a slice of its profits with Australian newsagents.
A farmer could lodge a claim against himself under a complex proposed compensation scheme for crop contamination by genetically modified grain, a public hearing has been told.
David Flanagan’s Battery Minerals has locked in a $US30 million ($40 million) debt and equity funding deal with Resource Capital Funds for its flagship Montepuez graphite project in Mozambique.
Cleanaway Waste Management will bolster its presence in WA after shareholders of Tox Free Solutions backed a $671 million takeover.
