05/06/2018 - 05:57

Morning Headlines

05/06/2018 - 05:57

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CBA cops record $700m hit

Morning Headlines

CBA cops record $700m hit

Scott Morrison has blasted the Commonwealth Bank for putting national security at risk, after the country’s biggest financial institution was hit with a record $700 million fine for flouting antimoney-laundering and counterterrorism financing laws. The Aus

Mining capex slow to move on big profits

Data compiled by accounting and auditing firm PwC has revealed capital spending by the world’s 40 largest miners remains anchored at a 10-year low, despite revenues and profits across the sector surging by 23 per cent and 126 per cent respectively over the past year. The Fin

Toll roads on table in push to fix GST woes

The Federal Government’s peak infrastructure planning body wants WA motorists to pay congestion charges and tolls in exchange for a partial fix for the State’s GST distribution woes. The West

Residential plans for Vicinity’s Galleria

Shopping centre group Vicinity Centres will add substantial residential components to some of its high-profile centres — including the Galleria in Morley — with its redevelopment program to be funded by another $1 billion sale of sub-regional and neighbourhood shopping centres. The West

Long summer catches retailers on the hop

An unusually long summer has clobbered clothing sales but prompted a splurge at cafes and restaurants, leaving overall retail spending higher than economists had expected in April. The Aus

Workers share in company profits

Growth in the national wages and salaries bill accelerated to 5.1 per cent in the first quarter, up from 4.4 per cent in the December quarter, according to the ABS. The Fin

Talisman ponders Sandfire bid for Springfield

The board of Talisman Mining was last night locked in discussions over a $70 million offer from Sandfire Resources to buy out its 30 per cent stake in the Springfield joint venture, which includes the Monty copper-gold project. The West

Global airlines slash profit outlook on fuel costs, protectionism

Global airlines on Monday slashed their forecast for industry profits in 2018 on a spike in fuel costs, while warning higher interest rates and a host of geopolitical tensions would add to operating risks. The Fin

Airbnb crackdown move

WA Tourism Minister Paul Papalia has flagged a crackdown on Airbnb after admitting he had concerns about the effect the accommodation sharing platform was having on the State’s hotel sector. The West

Under-fire Public Service Commissioner John Lloyd quits

Australian Public Service Commissioner John Lloyd has resigned after refusing to answer questions about a possible investigation into his communications with a right-wing think tank. The Fin

 

 

The Australian Financial Review

AFR Infrastructure Summit Wrap Page 2: Leading economist Chris Richardson says Australia has been lagging badly behind in investing in crucial infrastructure projects because of a ‘‘toxic’’ political situation which may now put the nation’s prosperity in peril as the housing market turns down and global interest rates rise.

Page 1: Growth in the national wages and salaries bill accelerated to 5.1 per cent in the first quarter, up from 4.4 per cent in the December quarter, according to the ABS.

Page 3: Only three of the 10 best-performing funds identified by ratings agency SuperRatings would qualify for the Productivity Commission’s proposed ‘‘best in show’’ default list because they have the right governance structure in place.

Page 4: Australian Public Service Commissioner John Lloyd has resigned after refusing to answer questions about a possible investigation into his communications with a right-wing think tank.

Page 5: The federal government will lean on the states to help communities suffering from prolonged drought but Malcolm Turnbull says farmers will ultimately have to adapt to the consequences of climate change.

Page 6: Labor has challenged the Coalition to explain what is says is a major change in IT procurement, after Microsoft was accredited to house government data in new cloud services.

Page 11: New research from the United States has just shown many women with early breast cancer need not have chemotherapy, which can take three to nine months, depending on their tumour.

Page 15: A new front has developed in the battle between Coles and Woolworths as both chains rush to implement ambitious new environmental and sustainability targets amid growing pressure from customers to cut down on waste.

The key Japanese backer of Andrew Forrest’s proposed east coast gas import terminal has declared that it can source the world’s cheapest LNG for the venture, helping ensure gas buyers get more bargaining power and lower prices.

Page 17: Data compiled by accounting and auditing firm PwC has revealed capital spending by the world’s 40 largest miners remains anchored at a 10-year low, despite revenues and profits across the sector surging by 23 per cent and 126 per cent respectively over the past year.

Page 18: Global airlines on Monday slashed their forecast for industry profits in 2018 on a spike in fuel costs, while warning higher interest rates and a host of geopolitical tensions would add to operating risks.

Page 21: Competition between online retailer Kogan.com and giants JB Hi-Fi and Harvey Norman is set to intensify, with Kogan announcing plans to push into whitegoods and kitchen appliances.

Page 33: Former Sandfire Resources chairman Miles Kennedy has delivered a backhander to a Singaporean company poised to become the new owner of a pioneering aquaculture business supplying some of Australia’s top restaurants.

 

 

The Australian

Page 1: Scott Morrison has blasted the Commonwealth Bank for putting national security at risk, after the country’s biggest financial institution was hit with a record $700 million fine for flouting antimoney-laundering and counterterrorism financing laws.

John Anderson has urged Barnaby Joyce to consider his political future, amid a push by senior Nationals for John Howard’s former deputy to make a political comeback in New England, fearing the seat could be lost at the next election if Mr Joyce remains.

Page 2: An unusually long summer has clobbered clothing sales but prompted a splurge at cafes and restaurants, leaving overall retail spending higher than economists had expected in April.

Kevin Rudd has told a court he would have insisted safety risks with the home insulation program be fixed before it was rolled out, had he been aware of them.

Page 4: Former One Nation senator Fraser Anning has joined Bob Katter’s Australian Party and flagged that West Australian senator Peter Georgiou will not last as a member of Pauline Hanson’s party.

Big business has created the lion’s share of jobs since the government started cutting company tax for small firms in 2015, suggesting the cuts haven’t been enough to spur small firms to hire.

Page 17: Commonwealth Bank’s record $700 million fine has put the nation’s entire banking sector on notice over ignoring anti-money laundering rules, according to the head of the nation’s financial intelligence regulator, Austrac.

Page 19: Cartel charges over ANZ’s 2015 capital raising will get their first court airing next month as class action lawyers begin gauging interest for a claim against the country’s third-biggest lender.

 

 

The West Australian

Page 3: Corruption investigators have suggested they could reopen a probe into the Shire of Carnarvon amid fears WA taxpayers have blown millions of dollars in Royalties for Regions funding on a seawall project that may need to be ripped up and rebuilt.

Page 5: Qantas has scrapped plans for a seasonal Perth to Johannesburg service over a long-running dispute with Perth Airport about terminal use.

Page 6: WA Tourism Minister Paul Papalia has flagged a crackdown on Airbnb after admitting he had concerns about the effect the accommodation sharing platform was having on the State’s hotel sector.

Page 9: Two Perth businessmen who set up a media marketing company to scam Kleenheat Gas of almost $500,000 by charging for bogus radio commercials have been jailed.

Page 10: The Federal Government’s peak infrastructure planning body wants WA motorists to pay congestion charges and tolls in exchange for a partial fix for the State’s GST distribution woes.

Page 13: Residents in one South West town are facing an almost 29 per cent hike to their rates this year.

Business: Two of the biggest players in WA’s gas-propelled economy, Woodside Petroleum and Alcoa, are starting to look to renewables to slash their gas use as doubts rise about how big a role the fossil fuel will play in the transition to clean energy.

The board of Talisman Mining was last night locked in discussions over a $70 million offer from Sandfire Resources to buy out its 30 per cent stake in the Springfield joint venture, which includes the Monty copper-gold project.

Shopping centre group Vicinity Centres will add substantial residential components to some of its high-profile centres — including the Galleria in Morley — with its redevelopment program to be funded by another $1 billion sale of sub-regional and neighbourhood shopping centres.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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