CBH eyes east coast grain assets
The nation’s second-biggest wheat exporter, CBH Group, is drawing up plans to acquire grain ports on the east coast should US giant Archer Daniels Midland be forced to divest assets as part of its planned $3.4 billion takeover of GrainCorp. The Aus
Hockey in plan to buy back Qantas
A government buyback of up to 10 per cent of Qantas has emerged as the most likely option to solve the airline’s problems after the prospect of lifting foreign ownership restrictions was scuttled and political enthusiasm for guaranteeing the airline was lukewarm. The Fin
WA must embrace FLNG: Shell
Global oil and gas giant Royal Dutch Shell has put Premier Colin Barnett on notice over his opposition to floating LNG, saying WA risked losing the chance of playing host to the fledgling multibillion-dollar global industry. The West
Rio Tinto puts off big projects
Rio Tinto has deferred major new developments of its Pilbara iron ore operations in favour of a gradual expansion of existing mines – to reach its target of 360 million tonnes a year for $3 billion less than originally expected. The Fin
Hockey open to Greens’ idea to abolish debt ceiling
Joe Hockey has left open the possibility of talks with the Greens on abolishing the debt ceiling ahead of next week’s expected showdown on the government’s bid to raise it from $300 billion to $500bn. The Aus
Officials admit rivals will drive down NBN Co revenue
Government departments have conceded the national broadband network could fail to recoup as much revenue under the Coalition’s broadband policy as under the former government, due to increased competition from other networks and an inability to sell higher-speed broadband plans. The Fin
Rio gives mining boom a $9bn lift
Rio Tinto plans to spend up to $US8 billion ($8.7bn) expanding its iron ore mines in Western Australia to feed China’s urbanisation, in a further sign the nation’s mining investment has far from ground to a halt. The Aus
Virgin calls for market level field
Virgin Australia has called for a ‘‘full and proper inquiry’’ into its rival’s profit-maximising policy of maintaining a 65 per cent domestic market share as Qantas chief executive Alan Joyce moved yesterday to hose down the furore surrounding Joe Hockey’s remarks about foreign ownership limits on his airline. The Aus
The Australian Financial Review
Page 1: A government buyback of up to 10 per cent of Qantas has emerged as the most likely option to solve the airline’s problems after the prospect of lifting foreign ownership restrictions was scuttled and political enthusiasm for guaranteeing the airline was lukewarm.
Page 4: The Abbott government’s review of the financial system should back retention of the four-pillars banking policy but leave open the door to foreign companies buying local lenders, top Australian economist Adrian Blundell-Wignall says.
Page 5: Treasurer Joe Hockey and the Greens are nearing a possible agreement to scrap the nation’s debt ceiling altogether in a bid to resolve a political impasse over the issue.
Page 6: Three of the six members of the Gonski review panel have signed an open letter calling on the Coalition to keep its election promise on school funding.
Page 7: Thirty-eight Australian universities will become shareholders in a listed company following an announcement that IDP Education is preparing to float on the Australian sharemarket.
Page 8: Trade unions have blasted the Coalition’s proposal to require superannuation funds to appoint a majority of independent directors, arguing industry funds are well governed and provide superior returns.
Page 9: Indonesia’s Foreign Minister Marty Natalegawa has hinted it could be months before Jakarta restores full diplomatic ties with Australia following the bitter phone-tapping scandal.
Page 10: The Australian Competition and Consumer Commission is preparing to launch a major cartel case, expected to be the most significant of Rod Sims’s reign as chairman.
Page 12: Government departments have conceded the national broadband network could fail to recoup as much revenue under the Coalition’s broadband policy as under the former government, due to increased competition from other networks and an inability to sell higher-speed broadband plans.
Page 15: GrainCorp chairman Don Taylor has rebuked growers opposing the company’s sale to Archer Daniels Midland, warning $250 million of investment the grains handler had previously earmarked for improving assets could be delayed or spent elsewhere if the deal fell over.
Rio Tinto has deferred major new developments of its Pilbara iron ore operations in favour of a gradual expansion of existing mines – to reach its target of 360 million tonnes a year for $3 billion less than originally expected.
Page 17: Engineering and construction firm Forge Group has experienced one of the most spectacular single-day price crashes in Australian sharemarket history after revealing $127 million in contract write-downs and confirming that ANZ Banking Group has stepped in to ensure it remains solvent.
Page 18: Bega Cheese adviser David Williams says it has no intention of selling its stake in Warrnambool Cheese & Butter and argues a $9.50 a share offer from rival Murray Goulburn holds too many conditions for shareholders to consider.
Page 19: Fast food king “Hungry” Jack Cowin’s Competitive Foods has sold its KFC franchise in Western Australia to rival Collins Foods for $55.6 million, ending a 10-year dispute with US franchisor Yum! Brands.
Page 23: The Nine Entertainment Co investor roadshow is complete, with the company saying it is happy with the level of interest shown from potential investors, ahead of a $2billion float.
Page 26: With Rio Tinto turning its back on the gas option for its Gove alumina refinery in Arnhem Land the growth ambitions of the Northern Territory gas sector have taken a hit.
The Australian
Page 1: Joe Hockey will be asked to stand behind Qantas’s debt in a move that would reduce costs for the national icon as it faces an onslaught from foreign-backed Virgin Australia.
The Ayers Rock Resort will never be allowed to fail, Indigenous Affairs Minister Nigel Scullion has declared, as he outlined a vision for the controversial resort to tap into the lucrative Asian market through direct flights to Uluru from China.
Page 3: Bruised by leaks to the media spilling from his Sunshine Coast dinosaur park and resort, Clive Palmer has called in lawyers to draft a four-page confidentiality contract for all staff to sign by Monday when his maiden speech in federal parliament is due.
Mining magnate Gina Rinehart will next month auction the former Mosman mansion of her daughter Hope Welker, which has been vacant for two years.
Page 4: Joe Hockey has left open the possibility of talks with the Greens on abolishing the debt ceiling ahead of next week’s expected showdown on the government’s bid to raise it from $300 billion to $500bn.
Business has warned that the nation’s workplace laws will ‘‘eventually collapse under the weight of excessive claims from senior managers’’ unless the Coalition breaks its election promise and brings forward changes to the Fair Work Act.
Page 6: Australia’s 6700 dairy farms and milk processing plants have all been given the ‘‘green’’ tick of approval by the world’s biggest manufacturer of ice-cream, becoming the first entire national dairy industry in the world to be declared long-term sustainable.
The trouble-plagued remote indigenous jobs scheme will be overhauled, including a $40 million funding pool the Abbott government will set aside to support employers offering jobs and stronger compliance measures to ensure Aborigines are taking part.
Page 17: The nation’s second-biggest wheat exporter, CBH Group, is drawing up plans to acquire grain ports on the east coast should US giant Archer Daniels Midland be forced to divest assets as part of its planned $3.4 billion takeover of GrainCorp.
Rio Tinto plans to spend up to $US8 billion ($8.7bn) expanding its iron ore mines in Western Australia to feed China’s urbanisation, in a further sign the nation’s mining investment has far from ground to a halt.
Page 25: Virgin Australia has called for a ‘‘full and proper inquiry’’ into its rival’s profit-maximising policy of maintaining a 65 per cent domestic market share as Qantas chief executive Alan Joyce moved yesterday to hose down the furore surrounding Joe Hockey’s remarks about foreign ownership limits on his airline.
Page 28: The resources capitals of Perth, Brisbane and Darwin have eclipsed Sydney and Melbourne as the home of the nation’s best paid in-house lawyers.
The West Australian
Page 3: Global oil and gas giant Royal Dutch Shell has put Premier Colin Barnett on notice over his opposition to floating LNG, saying WA risked losing the chance of playing host to the fledgling multibillion-dollar global industry.
Page 8: Premier Colin Barnett has not ruled out selling State-owned desalinisation or wastewater treatment plants but says the Government has yet to make a decision on what it will seek to offload under its promised program of asset sales.
Page 13: More than 200 people rallied at the steps of Parliament House yesterday to protest against the State Government’s proposal to carve up the City of Cockburn as part of local government reform.
Page 14: The Federal Government is playing down suggestions that the public spat with Beijing could derail a promised free trade deal with China.
Page 16: Schools and hospitals are set to come under pressure from two major unions over the next few months, with the first of several anticipated stoppages starting next week.
Page 18: Senior educators and other prominent Australians have signed an open letter to Federal Education Minister Christopher Pyne urging him not to dump the needs-based school funding model proposed by the Gonski review.
Business: After two days of touring its Pilbara operations, Rio Tinto’s board has given its iron ore division a tick of confidence, signing off on expansion to a 360 million-tonne-a-year export rate, albeit on a delayed timetable and without the near-term addition of new mines.
