25/05/2018 - 05:50

Morning Headlines

25/05/2018 - 05:50

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Part-time rise in State job market

Morning Headlines

Part-time rise in State job market

West Australians are making a part-time return to the workforce as employers take a cautious response to filling new positions across the State. The West

Chevron pays $866m to ATO

Chevron has paid the Australian Taxation Office $US654 million ($866 million) under a partial settlement of its dispute with the tax office over intercompany loans and slashed the interest rate it charges its Australian subsidiary. The West

Ellison’s MinRes puts Coobina up for sale

MinRes has appointed Perth boutique PCF Capital to find a buyer for the Coobina mine in the Pilbara. The Aus

WA law blow to export ban

Agriculture Minister Alannah MacTiernan has conceded that she is unlikely to have the power to ban live sheep exports during the Middle East high summer under WA laws, removing any imminent threat to the multimillion-dollar trade. The West

Westpac didn’t rig bank bills

The corporate regulator has failed to prove Westpac manipulated the bank bill swap rate with the Federal Court finding that while the bank had acted unconscionably the trades did not amount to market manipulation. The Fin

ASIC in sweeping IPO crackdown over favourable treatment

The corporate regulator has fired a warning shot at stockbrokers over allocations of stock in initial public offerings and capital raisings, signalling it will make site visits and conduct reviews to ward against any favourable treatment of some investors. The Fin

NBN Co pulls plug on high-speed service

NBN Co has scrapped plans to offer a 100 megabit per second service to homes on the fixed- wireless component of the National Broadband Network, with the company’s outgoing boss, Bill Morrow, saying the product is no longer on its road map. The Aus

Fashion Festival faces more cuts

Perth Fashion Festival’s free public events are facing the axe if the City of Perth goes ahead with plans to slash funding by more than $200,000. The West

Reliance puts bite on Europe in $1.2b deal

The chief executive of ASX-listed plumbing supplies group Reliance Worldwide Corporation says he will be careful not to stymie the growth prospects of British company John Guest Holdings by chasing synergies too hard after a $1.22 billion acquisition. The Fin

Singapore $18.5m bid for Cone Bay barramundi

A Singapore-based fisheries company has made an $18.5 million takeover bid for Marine Produce Australia, operator of the Cone Bay Ocean Barramundi farm near Broome. The West

 

 

The Australian Financial Review

Page 1: The corporate regulator has failed to prove Westpac manipulated the bank bill swap rate with the Federal Court finding that while the bank had acted unconscionably the trades did not amount to market manipulation.

Page 3: Sir Frank Lowy received a standing ovation from shareholders at his final Westfield annual meeting on Thursday after delivering an emotional speech championing Australian business overseas and calling for greater openness to ideas and people.

A furious ALP has questioned the independence of the Speaker and the Australian Electoral Commission after its signature pre-election national conference was torpedoed by the decision to delay the super Saturday of five byelections until July 28.

Page 5: One Nation leader Pauline Hanson will consider allowing tax cuts for companies with turnovers capped at $500 million, a move that would still prevent banks and other large groups from receiving any benefit.

Page 6: Commonwealth Bank delayed refunding thousands of customers who were incorrectly charged interest rates of up to 34 per cent on business overdrafts as part of a media strategy to minimise the impact on the bank, the Hayne royal commission has heard.

Page 8: Building new warships and submarines will soak up to $4 billion in taxpayer funding a year, jeopardising the Defence Department’s ability to acquire new equipment and its capability to the other services and confront emerging threats, a think-tank has warned.

Page 10: US officials have hosed down suggestions diplomatic ties have been damaged after Liberal MP Andrew Hastie named a prominent Chinese-Australian businessman as an alleged co-conspirator in a United Nations bribery case.

Page 15: The chief executive of ASX-listed plumbing supplies group Reliance Worldwide Corporation says he will be careful not to stymie the growth prospects of British company John Guest Holdings by chasing synergies too hard after a $1.22 billion acquisition.

A top bond investor has warned ‘‘complacent’’ investors that four ‘‘hurricanes’’ are approaching the US Treasury market and revealed he is positioned for a deeper sell-off in the world’s largest bond market.

When David Teoh’s TPG Telecom launches its highly anticipated mobile network later this year it will launch with one unique feature – customers won’t be able to make a traditional voice call.

Page 17: SEEK and Indeed.com, the largest online jobs portals in Australia and the world respectively, have simultaneously backed platforms designed to replace resume-based candidate selection with bias-free, skills-based tests.

Page 25: Under-fire wealth giant AMP has lost almost 20 per cent of its financial advisers during the past three years, with many departing planners shunning big-bank competitors and instead choosing smaller firms.

The corporate regulator has fired a warning shot at stockbrokers over allocations of stock in initial public offerings and capital raisings, signalling it will make site visits and conduct reviews to ward against any favourable treatment of some investors.

Page 26: partnership of Pacific Equity Partners and global meters giant Landis +Gyr will pay $267 million for Origin Energy’s Acumen smart meters unit, to create a leading business in this key piece of infrastructure for the shift to clean, decentralised energy.

The BGC Group, valued at more than $2 billion and one of Australia’s biggest privately owned companies, is on the market in the fallout of a dispute between family members over the will left behind by its founder Len Buckeridge.

 

 

The Australian

Page 1: In a stunning move Donald Trump has cancelled his summit with Kim Jong-un blaming “tremendous anger and open hostility” towards the US.

Page 4: Japan’s ambassador to Australia has questioned the inevitability of China’s dominance of the Asia-Pacific, revealing his government is “stepping up its engagement” with China to ensure a “rulesbased international order” and encouraging the US to join the Trans-Pacific Partnership.

Page 6: The cost of the disability support pension will drop by $428 million this year on the back of 10,000 recipients dropping off the welfare payment with more declines forecast, triggering a spike in the number of people on the dole.

Page 20: The sale of Wesfarmers’ disastrous Bunnings UK and Ireland (BUKI) is nearing an end.

MinRes has appointed Perth boutique PCF Capital to find a buyer for the Coobina mine in the Pilbara.

Page 21: NBN Co has scrapped plans to offer a 100 megabit per second service to homes on the fixed- wireless component of the National Broadband Network, with the company’s outgoing boss, Bill Morrow, saying the product is no longer on its road map.

Page 22: Electricity network investor Spark Infrastructure has lashed out at Energy Minister Josh Frydenberg’s “unwarranted” allegations of gouging in the industry and warned that the overwhelming focus on prices is putting at risk an overhaul of the national electricity market.

Page 23: Life insurance customers who bought policies direct through television, telemarketers and comparison sites were far more likely to get knocked back for a claim than customers who were sold a policy by a financial adviser, financial regulators have found.

Page 25: Retail landlords in Australia are proving more resilient than many others in the developed world thanks to a well-diversified tenant base, according to an S&P Global Ratings report.

 

 

The West Australian

Page 5: Labor’s candidate for the Darling Range by-election has been forced to apologise after questions emerged over her academic history.

Page 9: Perth Fashion Festival’s free public events are facing the axe if the City of Perth goes ahead with plans to slash funding by more than $200,000.

Page 17: Agriculture Minister Alannah MacTiernan has conceded that she is unlikely to have the power to ban live sheep exports during the Middle East high summer under WA laws, removing any imminent threat to the multimillion-dollar trade.

Page 22: West Australians are making a part-time return to the workforce as employers take a cautious response to filling new positions across the State.

State Opposition Leader Mike Nahan has accused electricity provider Synergy of abusing its market power to steal sales of solar panels by private companies.

Business: Chevron has paid the Australian Taxation Office $US654 million ($866 million) under a partial settlement of its dispute with the tax office over intercompany loans and slashed the interest rate it charges its Australian subsidiary.

A Singapore-based fisheries company has made an $18.5 million takeover bid for Marine Produce Australia, operator of the Cone Bay Ocean Barramundi farm near Broome.

A taskforce to investigate how WA can cash in on a “once-in-a-generation” lithium and battery minerals boom will make recommendations to the State Government within six months.

Myer says its new chief merchandise officer Allan Winstanley will make a formidable team with incoming chief executive John King, given they worked together in turning around British department store House of Fraser.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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