15/05/2018 - 06:19

Morning Headlines

15/05/2018 - 06:19

Bookmark

Save articles for future reference.

Fears warship planning could cut out WA

Fears warship planning could cut out WA

The Federal Government’s $90 billion planning process for the navy’s next generation of warships built in “high to extreme” risks of blowouts, according to the National Audit Office, raising new fears WA won’t get its share of the program. The West

$2.2b boost for science research

More than $2 billion of federal government money will be poured into super computers and high-speed digital networks as the Coalition shifts its science spending into research. The Fin

Freight link $1.2b ‘still in Budget’

WA could claim an extra $1.2 billion in infrastructure money from Canberra to build an “adjusted” Perth Freight Link, with the promise to fund it renewed in last week’s Federal Budget. The West

Wesfarmers seeks buyer for Kmart Tyre & Auto Service

As first reported by Street Talk, the Perth-based conglomerate has hired boutique firm Record Point to test buyer interest for the tyre retailer and automotive repairs division, which has 251 outlets across Australia. The Fin

CBA’s finance chief makes shock crypto exit

New Commonwealth Bank chief executive Matt Comyn now has to fill six executive positions at the nation’s largest bank after the immediate resignation of his chief financial officer Rob Jesudason, who leaves after less than a year in the job. The Aus

Frydenberg seeks power company tax rort probe

The Turnbull government has asked the Australian Energy Regulator to investigate claims electricity network companies are price gouging customers to help pay their corporate tax liabilities. The Fin

Halt link to Morck’s

Speculation was mounting last night that Sandfire Resources has found feed for its hungry DeGrussa processing plant after the Karl Simich-led miner went into a trading halt. The West

Fourth bid for AMP class action

National law firm Maurice Blackburn will flag a fourth shareholder class action against embattled financial services giant AMP today, opening a bidding war for clients by touting a low commission rate. The Aus

 

 

The Australian Financial Review

Page 1: Taxpayers are paying billions of dollars more and face further blowouts because of the ‘‘high to extreme’’ level of risk in building new ships and submarines in Australia in the Turnbull government’s rush for voter-friendly announcements to get projects started, the Auditor-General has warned.

Telstra chief executive Andy Penn is under growing pressure to more aggressively tackle a squeeze on earnings from intensifying mobile competition and shrinking margins on the national broadband network.

As first reported by Street Talk, the Perth-based conglomerate has hired boutique firm Record Point to test buyer interest for the tyre retailer and automotive repairs division, which has 251 outlets across Australia.

Page 4: Senior Australian officials believe Pacific island and Asian nations are reassessing the value of receiving Chinese foreign aid after seeing Beijing’s heavy-handed treatment of them when they seek debt relief.

The Turnbull government has asked the Australian Energy Regulator to investigate claims electricity network companies are price gouging customers to help pay their corporate tax liabilities.

Page 6: Scott Morrison’s three-step income tax cut plan won’t deliver a sizeable boost to the economy until 2022 when middle and upper-income earners begin to get relief, according to modelling that suggests a material benefit from higher-end reductions.

The ‘‘best and brightest’’ are heading for Hong Kong to escape a top tax rate that will soon kick in at just 1.7 times average weekly earnings, former treasurer Peter Costello said.

Page 8: More than $2 billion of federal government money will be poured into super computers and high-speed digital networks as the Coalition shifts its science spending into research.

Page 11: Canadian giant Brookfield Asset Management has signalled its intent to be a major player in Australia’s healthcare sector with an aggressive $4.35 billion bid for Healthscope, trumping a private equity offer for the nation’s second largest hospital operator.

Page 13: Boom time fuels upgrade Seven Group Holdings has highlighted the strength of the mining sector and the impact of east coast infrastructure boom as it upgraded its earnings guidance, which drove its share price to a record high on Monday.

Page 15: Commonwealth Bank of Australia, Microsoft and KPMG have joined forces to create a new start-up called Wiise, which will challenge the ASXlisted cloud accounting players Xero and MYOB by expanding their software offering for small-to-mediumsized businesses and integrating banking features.

Page 16: US company Albemarle, which owns 49 per cent of the lithium-rich Greenbushes spodumene mine in Western Australia, said battery makers are increasingly demanding 10-year contracts in a bid to secure supply.

Rio Tinto’s long-delayed autonomous train program could cut 20 per cent off the time required to carry iron ore from the company’s Western Australian mines to port.

Page 37: Developers forced to rent newly completed apartments because deals have collapsed, or cannot be sold in slowing markets, could be unknowingly triggering GST liabilities, a tax expert warns.

 

 

The Australian

Page 1: Hundreds of thousands of bluecollar workers earning six-figure annual salaries would be worse off by 2022 under Bill Shorten’s tax proposals when compared with the Coalition’s tax plan, prompting government claims of “hypocrisy”.

In the wake of Labor’s citizenship crisis last week, 51 per cent believe politicians should be disqualified if they fail to renounce citizenship of another country

Page 3: Australia’s Privacy Commissioner is investigating accusations Google is secretly tracking the movements of 10.3 million smartphone users as leading telcos were caught by surprise over claims the practice is costing Australians $580 million worth of phone plan data.

Page 4: Malcolm Turnbull has slapped down Peter Costello after the former treasurer questioned whether the government would be able to deliver its promised personal tax cuts, which don’t take full effect for another seven years.

Page 6: Australia should use some of the recently announced Medical Research Future Fund’s $240 million for frontier science and seize the opportunity of developing next-generation artificially intelligent healthcare systems, according to an Australian expert in the field.

Page 17: New Commonwealth Bank chief executive Matt Comyn now has to fill six executive positions at the nation’s largest bank after the immediate resignation of his chief financial officer Rob Jesudason, who leaves after less than a year in the job.

Page 19: National law firm Maurice Blackburn will flag a fourth shareholder class action against embattled financial services giant AMP today, opening a bidding war for clients by touting a low commission rate.

Page 21: AusNet Services has reaffirmed plans to build $1 billion in contracted energy infrastructure assets by 2021 in a bid to diversify away from its tightly regulated network businesses and take advantage of a boom in decentralised, renewable power generation.

Page 28: Following yesterday’s deal that will see Noni B pay $31 million for Millers, Katies, Crossroads, Autograph and Rivers, it will emerge as one of the biggest shopping centre tenants in Australia in terms of store numbers, giving it a stronger whip hand over landlords as it negotiates rent.

Arbitration hearings are about to start in Paris that could affect Woodside Petroleum’s $US3 billion ($3.97bn) SNE development in Senegal and which have been brought by the field’s ASX-listed FAR.

 

 

The West Australian

Page 3: More than one-quarter of fly-in, fly-out workers on WA remote mining and construction sites report high psychological distress, according to a study.

Bunbury has overtaken Geelong as the most expensive regional city in Australia for transport.

Page 5: Banning live sheep exports in Australia will not stop animal cruelty in the trade, Federal Agriculture Minister David Littleproud says.

Page 9: A Perth charity worker will be sentenced next month for stealing at least $70,000 from burns victims and generous public donors.

Page 11: WA could claim an extra $1.2 billion in infrastructure money from Canberra to build an “adjusted” Perth Freight Link, with the promise to fund it renewed in last week’s Federal Budget.

Page 14: Federal Finance Minister Mathias Cormann says Australians are “crazy” if they don’t think that failing to cut the company tax rate will harm the country’s economy.

WA’s two most senior Liberal figures have defended the party’s decision to not contest the Perth by-election amid internal concerns that it risks alienating the 35,000 people who voted Liberal at the 2016 election.

The Federal Government’s $90 billion planning process for the navy’s next generation of warships built in “high to extreme” risks of blowouts, according to the National Audit Office, raising new fears WA won’t get its share of the program.

Business: Talison Lithium has put first numbers on its proposed new $600 million-plus expansion of the Greenbushes mine south of Perth as lithium producers rush to meet forecast demand from battery and car makers.

The business community in WA is still too resource-focused and is failing to leverage some world-class facilities, according to mining entrepreneur Charlie Bass.

Speculation was mounting last night that Sandfire Resources has found feed for its hungry DeGrussa processing plant after the Karl Simich-led miner went into a trading halt.

Austal shareholders went on a rollercoaster ride yesterday after spooked investors sold the stock on the back of Friday’s news that the Henderson-based shipbuilder had been cut from a lucrative Australian Navy contract.

Diversified agricultural business Elders has improved its half-year net profit by 8 per cent to $41.4 million, helped by higher fertiliser and crop protection product sales.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options