18/05/2018 - 06:14

Morning Headlines

18/05/2018 - 06:14

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Foreign property proposal

Morning Headlines

Foreign property proposal

A South Korean-backed developer plans to pour $1 billion into the WA property market in the next six years, starting with a $318 million apartment project in Burswood. The West

PM’s bid to cool China anger

The Turnbull government has extended an olive branch to President Xi Jinping in an attempt to repair the China-Australia bilateral relationship, with Trade Minister Steve Ciobo urging both sides to “bring our boats together and help each other to find a way to the other shore of the ocean”. The Aus

PRRT is a tax bargaining chip

Planned changes to toughen the Petroleum Resources Rent Tax are being temporarily withheld, in part so they can be used as leverage should One Nation waver in its support for the remainder of the company tax cuts, senior sources have revealed. The Fin

Risky golf balls lead to Cottesloe upgrade plan

A 24ha slice of Cottesloe beachside land is in line for a $100 million revamp. The West

Tougher citizenship tests for budding MPs

The federal government has ruled out a referendum to change section 44 of the Constitution but will require all budding candidates, starting with the five impending by-elections, to submit detailed citizenship declarations before they nominate. The Fin

Clough closes on US portal

Clough is closing in on an acquisition that could provide a gateway to engineering and construction work on LNG projects in the US, chief executive Peter Bennett says. The West

Health cover figures look sickly

Private hospital insurance coverage has fallen to its lowest level since June 2011, with not even a seasonal increase in health fund members enough to stop the ongoing decline. The Aus

We win by breaking the law: CFMEU

Labor leader Bill Shorten has vowed he will ‘‘not protect’’ lawbreakers within the union movement despite Construction, Forestry, Mining and Energy Union leader John Setka saying that breaking the law was the reason for his union’s success. The Fin

Digital disruptor targets Metcash reign

iRexchange, the digital start-up threatening Metcash’s dominance of the $18 billion wholesale grocery market, is confident of achieving at least $4 billion in sales as retailers and suppliers join the online portal. The Fin

 

 

The Australian Financial Review

Page 1: Labor leader Bill Shorten has vowed he will ‘‘not protect’’ lawbreakers within the union movement despite Construction, Forestry, Mining and Energy Union leader John Setka saying that breaking the law was the reason for his union’s success.

Page 3: China’s Customs authorities are singling out Australian wine and other products for heavy scrutiny, resulting in lengthy delays clearing shipments at some ports due to political tensions between the two countries, according to distributors and analysts in China.

Planned changes to toughen the Petroleum Resources Rent Tax are being temporarily withheld, in part so they can be used as leverage should One Nation waver in its support for the remainder of the company tax cuts, senior sources have revealed.

Page 4: The corporate regulator has put the financial advice sector on notice, laying out plans to speed up its investigations into wealth management firms and warning of more ‘‘intensive’’ oversight.

Page 5: A potent combination of more women entering the workforce and a record number of baby boomers clinging to their jobs is providing employers with an embarrassment of riches and keeping wage pressures flat.

Page 6: Indian energy giant Adani says it is still committed to its controversial $16.5 billion Carmichael mine, despite engineering and advisory firm AECOM being asked to ‘‘stand down’’ from its work on the mega-mine and rail project.

The federal government has ruled out a referendum to change section 44 of the Constitution but will require all budding candidates, starting with the five impending by-elections, to submit detailed citizenship declarations before they nominate.

Page 7: Malcolm Turnbull and Treasurer Scott Morrison have sought to head off another female Liberal being rolled, showering praise on NSW MP Ann Sudmalis as she faces a local preselection challenge.

Page 12: The boards of superannuation funds have been caught out manipulating best practice guidelines so that incumbent directors can serve very long periods.

Page 15: Treasury Wine Estates chief executive Michael Clarke has an $8.6 million bonus riding on his insistence the company is not facing a supply glut in China, as short sellers begin to see cracks opening up.

A key executive from the AMP division at the centre of the wealth giant’s fee for no advice scandal has resigned, saying he has ‘‘insufficient capacity’’ to commit to the company.

Page 17: Optus chief executive Allen Lew has cast doubts on TPG Telecom’s ability to deliver a quality mobile network for just $600 million while revealing it has stolen market share from embattled Telstra.

Kidman Resources has struck a breakthrough deal to supply electric car maker Tesla with lithium hydroxide from a refinery south of Perth, with plans to build in a partnership with New-York Stock Exchange-listed Sociedad Quimica Y Minera (SQM).

Page 18: Link Group will weigh ‘‘all options’’ but has signalled a preference to stay invested in electronic conveyancing firm Property Exchange Australia, as mergers and acquisitions form a key plank of its strategy.

Page 24: iRexchange, the digital start-up threatening Metcash’s dominance of the $18 billion wholesale grocery market, is confident of achieving at least $4 billion in sales as retailers and suppliers join the online portal.

Australia’s lax stance on fuel stockpiles is leaving the country severely exposed to an oil price and supply shock given the heightened immediate threat to the market from geopolitical risks.

 

 

The Australian

Page 1: The Turnbull government has extended an olive branch to President Xi Jinping in an attempt to repair the China-Australia bilateral relationship, with Trade Minister Steve Ciobo urging both sides to “bring our boats together and help each other to find a way to the other shore of the ocean”.

Page 3: Australia’s ambassador to Israel Chris Cannan, who along with other diplomats from Western powers did not attend the opening of the new US embassy in Jerusalem, could not attend because he had taken ‘‘personal leave’’ and was out of the country.

Page 6: The Coalition has lived up to its 2013 election promise to create one million new jobs, achieving the target four months early.

Attorney-General Christian Porter has warned that some live sheep export operators could struggle to keep operating after the government unveiled sweeping changes to the industry, including reducing the numbers of stock allowed on vessels headed for the Middle East by nearly 30 per cent.

Bill Shorten has taunted Malcolm Turnbull over the Liberal Party’s decision not to field a candidate in the looming Perth by-election, claiming the Prime Minister is afraid to face voters over his failure to deliver a higher share of the GST to Western Australia.

Page 7: Private hospital insurance coverage has fallen to its lowest level since June 2011, with not even a seasonal increase in health fund members enough to stop the ongoing decline.

Page 9: Australia will build the first paved runway in Antarctica, literally paving the way for year-round air access to the frozen continent.

Page 19: The governance standards of Australia’s superannuation funds have been earmarked for an overhaul after the prudential regulator found some funds, particularly the union and employer-backed industry funds, are paying independent consultants to make up for a lack of director expertise on their boards.

Australia has a “systemic, cultural” problem with women in power, say company directors, criticising the reporting of the AMP scandal for raising the gender of chairman Catherine Brenner as an issue in the company’s woes.

The Canadian real estate investment trust set to play a key role in the battle for private hospital group Healthscope is close to unveiling a $2 billion-plus specialist fund to hold Australian healthcare assets.

Page 22: Macquarie Group has told dozens of advisers to pack up and leave the business as it confirmed plans to merge its private bank and private wealth divisions in an attempt to target ultra-rich investors in Australia.

 

 

The West Australian

Page 1: Farming groups have told WA Agriculture Minister Alannah MacTiernan to butt out of the live sheep export debate, saying her intervention would risk bans on other WA products in the Middle East.

Page 3: Qantas has slashed the cost of airfares between Perth and Broome as part of a deal with the State Government aimed at luring West Australians away from cheap Bali holidays.

Page 10: A bid to wind up a mobile phonebased money transfer business which has attracted $100 million in investments — along with allegations of money laundering and extortion — will be allowed to continue, a Federal Court judge has ruled.

WA’s $300 million State art collection is at risk of damage as a result of poor storage conditions, the Auditor-General has found.

Page 14: WA may need to create a different category of medical practitioner to administer voluntary euthanasia drugs, the Australian Medical Association’s WA branch will tell a parliamentary committee today.

Page 17: A trucking company was yesterday fined $160,000 over the deaths of two young Irish construction workers who were crushed by concrete panels at a city work site more than two years ago.

Page 20: A 24ha slice of Cottesloe beachside land is in line for a $100 million revamp.

A South Korean-backed developer plans to pour $1 billion into the WA property market in the next six years, starting with a $318 million apartment project in Burswood.

Page 22: A record number of women are in work across WA, with figures showing a turnaround in the State’s jobs market.

Business: Clough is closing in on an acquisition that could provide a gateway to engineering and construction work on LNG projects in the US, chief executive Peter Bennett says.

The Norwegian-backed owner of WA’s liquid ammonia plant on the Burrup Peninsula has blamed depressed prices for a $140 million reversal which plunged the project into the red last year.

Speculation was mounting last night that activist investment fund Sandon Capital was the substantial shareholder behind a push for an extraordinary meeting of Fleetwood.

David Flanagan’s Battery Minerals has raised $20 million in an oversubscribed share placement to help fund development of its Montepuez graphite project in Mozambique.

The Australian Manufacturing Workers Union has fired a warning shot at BHP as the union seeks to secure major steel work for local fabricators from the miner’s next Pilbara mine.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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