24/05/2018 - 06:16

Morning Headlines

24/05/2018 - 06:16

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Westfield ‘done deal’ for Unibail

Westfield ‘done deal’ for Unibail

Today is expected to see the end of an era in Australian property with the French giant Unibail-Rodamco’s $30 billion takeover of Sir Frank Lowy’s Westfield shopping centre empire a “done deal”, according to industry analysts. The Aus

RBA warning on China debt

Reserve Bank of Australia governor Philip Lowe has appealed for calm over Australia’s increasingly troubled political relationship with China, while warning that its ballooning debt mountain and opaque financial system poses a threat to prosperity here. The Fin

Ferry firm rejects takeover

The company behind Perth’s Captain Cook river cruises and the new Rottnest ferry service enjoyed a share price boost yesterday after it confirmed it fielded a $481 million takeover offer. The West

Optus to hang up on Virgin Mobile

Optus has officially pulled the plug on its Virgin Mobile brand, with the outfit to be phased out within the next two years. The Aus

WA backtracks on betting tax

WA’s shaky finances are facing a hit after Racing Minister Paul Papalia conceded that a planned new tax on punters may have to be watered down to compete with other States. The West

Woodside ups Scarborough cost to $US11b

Woodside Petroleum is seeking to exploit a sooner-than-expected shortfall in liquefied natural gas in the early 2020s through a significant expansion of its Pluto processing facility, boosting the cost of its Scarborough development by $US1 billion. The Fin

Bosses get a year to pay super or risk jail

Businesses will be given a 12-month amnesty to pay unpaid superannuation to workers, with interest, or face new penalties, including possible jail terms. The Aus

Big bill for Cliffs’ exit

US iron ore miner Cliffs expects to pay up to $90 million to break long-term contracts with its suppliers as the Koolyanobbing iron ore complex near Southern Cross heads towards closure. The West

Alinta pads up for new cricket deal

Home-grown energy provider Alinta will step into the breach left by fund manager Magellan in the wake of the ball tampering affair to become the major sponsor of the Australian men’s cricket team. The West

CBA to sell BoComm Life Insurance for $668m

Commonwealth Bank of Australia has found a buyer for its Chinese life insurer joint venture, which was a necessary step for completing the $4 billion sale of its Australia and New Zealand life insurance operations to AIA Group. The Fin

 

 

The Australian Financial Review

Page 1: Three days after planning to give the banks a tax cut, One Nation leader Pauline Hanson made a surprise appearance at the Hayne royal commission in Melbourne demanding justice and calling for rogue bankers to be thrown in jail.

Reserve Bank of Australia governor Philip Lowe has appealed for calm over Australia’s increasingly troubled political relationship with China, while warning that its ballooning debt mountain and opaque financial system poses a threat to prosperity here.

Page 3: The heads of the major airlines have demanded that the federal government regulate airports, claiming that privatisation has led to ‘‘exorbitant’’ costs but no improvement in services.

Page 4: A Chinese state-owned newspaper has called on Beijing to cut Australian imports to teach Canberra a lesson and says there is no need for Prime Minister Malcolm Turnbull to visit the country this year.

Page 7: Westpac and ANZ drove home the consequences of rigid credit rules on Wednesday as the Hayne royal commission was forced to weigh up the impact of tighter lending on economic growth.

Page 8: The well-regarded Lausanne-based IMD business school has lifted the Australian ranking in its World Competitiveness Yearbook by two places to 19, overtaking Britain and New Zealand.

Future Fund chief executive David Neal said the $166 billion Future Fund can’t get enough good investments in Australian venture capital funds and start-ups to move the dial on its $166 billion funds because the supply is so limited.

Page 10: The Australian Competition and Consumer Commission and the federal government have no powers to force AGL Energy to reduce its electricity market share.

Page 12: A free-trade agreement with Europe would swell Australia’s economy by $6.5 billion a year and increase exports to the continent by a third, the European Union says after it gave the green light for the start of formal negotiations.

Page 17: In good news for beleaguered food and grocery suppliers, Woolworths is shifting its focus away from price to convenience and range as new players prepare to enter the $90 billion supermarket sector.

Page 19: Woodside Petroleum is seeking to exploit a sooner-than-expected shortfall in liquefied natural gas in the early 2020s through a significant expansion of its Pluto processing facility, boosting the cost of its Scarborough development by $US1 billion.

A long-awaited sale of Rio Tinto’s stake in Indonesia’s Grasberg copper mine appears to be close, with the company confirming for the first time that it was directly involved in negotiations over a sale.

Page 21: Commonwealth Bank of Australia has found a buyer for its Chinese life insurer joint venture, which was a necessary step for completing the $4 billion sale of its Australia and New Zealand life insurance operations to AIA Group.

Page 48: Engineering construction grew at its fastest pace since the mining boom in the year to March, strengthening a turning building industry that saw housing construction slow the most since the same period.

 

 

The Australian

Page 3: Fraud charges against confessed union “bagman” Ralph Blewitt have been dropped, signalling the possible end of an Australian Workers Union slush fund saga that has dogged Julia Gillard and former boyfriend Bruce Wilson for more than two decades.

Page 5: The scene is set for a Senate showdown over the government’s personal income tax cuts after they passed the lower house, with Scott Morrison revealing the cost of the first two phases of the package to be $102.35 billion over a decade.

Businesses will be given a 12-month amnesty to pay unpaid superannuation to workers, with interest, or face new penalties, including possible jail terms.

Page 17: Santos says retail shareholders were a driving force behind the board’s shock rejection of US private company Harbour Energy’s $14.5 billion bid, while the jilted suitor accuses Santos of not properly engaging on the proposed offer, having limited growth options and being overly confident about the oil price.

Page 19: Optus has officially pulled the plug on its Virgin Mobile brand, with the outfit to be phased out within the next two years.

Page 20: Australia’s biggest land and cattle company, the listed Australian Agricultural Company, will mothball its floundering $100 million abattoir near Darwin after it failed to turn a profit every month since opening in late 2014.

Page 21: Today is expected to see the end of an era in Australian property with the French giant Unibail-Rodamco’s $30 billion takeover of Sir Frank Lowy’s Westfield shopping centre empire a “done deal”, according to industry analysts.

Page 25: The $1 billion-plus float candidate, online property settlements provider PEXA, says the switch to paperless property transactions could generate almost $100 million worth of savings across the real estate industry.

 

 

The West Australian

Page 4: Police Minister Michelle Roberts believes the major fraud squad investigation of former Labor MP and policeman Barry Urban could lead to changes in how police recruits are vetted.

Further delays to the Optus Stadium pedestrian bridge have forced the State Government to develop a back-up transport plan for West Coast’s June 21 game against Essendon.

Page 5: Two of Perth’s biggest public hospitals are struggling to get close to a target of treating 90 per cent of emergency department patients within four hours.

Page 6: Health Minister Roger Cook has ordered hospitals to crack down on the availability of junk food on their premises and wants all State Government buildings to adhere to the same standard.

Page 14: The WA Liberal Party will not return $400,000 in donations from a Chinese-born businessman at the heart of allegations he funded the bribery of a senior United Nations official.

Page 18: WA’s shaky finances are facing a hit after Racing Minister Paul Papalia conceded that a planned new tax on punters may have to be watered down to compete with other States.

Business: WA’s National Lifestyle Villages is being bought out by a new joint venture looking to capitalise on the growing investor interest in retirement living.

Home-grown energy provider Alinta will step into the breach left by fund manager Magellan in the wake of the ball tampering affair to become the major sponsor of the Australian men’s cricket team.

The company behind Perth’s Captain Cook river cruises and the new Rottnest ferry service enjoyed a share price boost yesterday after it confirmed it fielded a $481 million takeover offer.

A laboratory firm backed by Ron SayersAusdrill is to introduce X-ray technology developed by the CSIRO to the mineral analysis market, which it says will slash the time required to analyse drilling samples.

Finance Minister Mathias Cormann says a new $100 million scheme which gives tax breaks to investors in junior explorers is gathering momentum, despite only half its initial $15 million funding being taken up.

US iron ore miner Cliffs expects to pay up to $90 million to break long-term contracts with its suppliers as the Koolyanobbing iron ore complex near Southern Cross heads towards closure.

Gina Rinehart’s Hancock Agriculture and the Kimberley Pilbara Cattlemen’s Association have joined forces to explore whether there is appetite to create a group which could work with the State Government to help shape its vision for the Fitzroy River.

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