08/06/2018 - 06:12

Morning Headlines

08/06/2018 - 06:12

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Retailers brace as a tsunami of sellers sign up to Amazon

Morning Headlines

Retailers brace as a tsunami of sellers sign up to Amazon

A report by M3 Property Strategists, released today, will show Amazon Marketplace has added an average of 79 sellers a day since its launch in Australia six months ago. The Aus

Rio revs up driverless truck plan

Rio Tinto is set to eliminate several hundred jobs in coming years as it accelerates the long-planned automation of its West Australian iron ore mines and railways. The Aus

Espionage law carves out business

Executives and lobbyists connected to private multinational companies will be spared from requirements to register as foreign agents as the Turnbull government tries to soothe critics and win parliamentary backing for new laws cracking down on foreign meddling in Australia’s democracy. The Fin

Pastoralist tenure up for review

Agriculture Minister Alannah MacTiernan will today unveil a package of possible tenure improvements for pastoralists, in a bid to gauge industry support and determine the next steps in rewriting outdated laws affecting 90 per cent of WA’s land. The West

WA to join national scheme for lawyers

Western Australia is poised to join the national scheme for lawyers, boosting coverage to about 80 per cent of the profession. The Fin

Older ships get one year longer on live-export routes

Older ships using a two-tier system for carrying livestock will be able to operate for a year longer than promised in plans to clean up the live sheep export trade, after Federal Agriculture Minister David Littleproud reneged on bringing the date forward to January next year. The West

Surge in borrowing a sign of business confidence

Non-resources companies are raising more money from bond markets than at any time since the turn of the century, a strong signal the investment surge that boosted this week’s national accounts is set to continue, Reserve Bank of Australia analysis shows. The Fin

Treasury ‘overstated’ cost of tax cuts

The cost of the government’s planned income tax cuts has been significantly overstated because the Treasury has assumed they won’t drive behavioural change among taxpayers, according to analysis that would slash by half the real cost of the Coalition’s seven-year tax plan. The Aus

Cheaper patrol boats overlooked

Taxpayers are on the hook for a more expensive ship design for the navy’s new fleet of patrol boats after the Turnbull government shunned home-grown shipbuilder Austal’s cheaper proposal, a Senate inquiry has heard. The Fin

After ruling the roost, Inghams chief flies off

The chief executive of poultry producer Inghams, Mick McMahon, will step down after 2½ years in the role, during which he oversaw the company’s transition from a privately owned company to an ASX-listed firm. The Aus

 

 

The Australian Financial Review

Page 1: Executives and lobbyists connected to private multinational companies will be spared from requirements to register as foreign agents as the Turnbull government tries to soothe critics and win parliamentary backing for new laws cracking down on foreign meddling in Australia’s democracy.

Quadrant Private Equity is set to pay $100 million for a majority stake in Junior Adventures Group, the outside school hours care provider.

Page 2: Wesfarmers chief executive Rob Scott has unveiled plans to double investment in new technology to help drive long-term growth but has played down the prospect of major acquisitions in the short term, saying he is in no rush to plug an earnings hole left by the $20 billion demerger of Coles.

Coca-Cola Amatil CEO Alison Watkins admits that a federal sugar tax is likely and is responding with a radical transformation of its business, including switching to smaller portion sizes, reformulating fizzy drinks to use no sugar, or sugar substitutes, and diversifying into alcohol, coffee and water.

Page 3: The Chinese company that bought Australia’s biggest dairy farm in 2016 breached loan conditions last year, leaving it at the mercy of its bankers and raising further doubts over commitments made to win foreign investment approval.

Page 4: The outperformance of union-aligned industry funds identified by the Productivity Commission is down to them being able to invest in unlisted assets, giving them a premium equivalent to about 140 basis points, according to superannuation research consultancy Chant West.

Page 6: Labor has defended its gender-based opposition to the bulk of the income tax cuts, saying the decision to place the GST on tampons almost two decades ago meant Australia already had a gender-based tax system.

Page 7: Non-resources companies are raising more money from bond markets than at any time since the turn of the century, a strong signal the investment surge that boosted this week’s national accounts is set to continue, Reserve Bank of Australia analysis shows.

Page 8: Western Australia is poised to join the national scheme for lawyers, boosting coverage to about 80 per cent of the profession.

Page 10: Government and regulator intervention in the energy sector has been named by industry chiefs as the No. 1 concern of investors just as federal Energy Minister Josh Frydenberg lauded the many moves Canberra has taken to tackle runaway power prices.

Taxpayers are on the hook for a more expensive ship design for the navy’s new fleet of patrol boats after the Turnbull government shunned home-grown shipbuilder Austal’s cheaper proposal, a Senate inquiry has heard.

Page 15: The $141 billion Future Fund says JPMorgan chairman Rob Priestley remains a ‘‘valued member’’ of its board after the competition watchdog laid criminal charges alleging cartel behaviour in a deal the US bank jointly underwrote.

Page 17: Fortescue Metals Group says it sees strategic value in takeover target Atlas Iron after buying 19.9 per cent of the junior and declaring it will use its new stake to block the current merger between Atlas and Mineral Resources.

Page 20: OZ Minerals chief executive Andrew Cole expects to have control of takeover target Avanco Resources within a week, and says Glencore’s stance on the $440 million offer should also be known shortly.

Page 26: Wesfarmers’ discount department stores Kmart and Target are turning their sights overseas as competition increases in the $25 billion market.

 

 

The Australian

Page 1: Victims of corporate crime will gain a streamlined method of compensation that will bypass the need for litigation under plans that will be unveiled today by Attorney-General Christian Porter.

Page 2: The cost of the government’s planned income tax cuts has been significantly overstated because the Treasury has assumed they won’t drive behavioural change among taxpayers, according to analysis that would slash by half the real cost of the Coalition’s seven-year tax plan.

Page 4: China’s consul-general in Perth has claimed Australian media outlets are “repeatedly fabricating” stories about Chinese infiltration and accused MPs of making “irresponsible” remarks that have damaged bilateral relations.

Page 7: Departing Public Service Commissioner John Lloyd has revealed the Institute of Public Affairs seeks information from government agencies “week in, week out” and the Coalition provides it to the conservative think tank.

Page 19: Rio Tinto is set to eliminate several hundred jobs in coming years as it accelerates the long-planned automation of its West Australian iron ore mines and railways.

Page 21: A report by M3 Property Strategists, released today, will show Amazon Marketplace has added an average of 79 sellers a day since its launch in Australia six months ago.

Despite a tumultuous period for Tesla that boss Elon Musk has described as the “most excruciating hellish several months we’ve ever had”, the company’s Australian arm appears to be shifting up a gear.

The chief executive of poultry producer Inghams, Mick McMahon, will step down after 2½ years in the role, during which he oversaw the company’s transition from a privately owned company to an ASX-listed firm.

Page 23: The Prospa board’s decision to shelve its public market listing indefinitely is a major blow to its corporate advisers UBS, Macquarie and law firm Herbert Smith Freehills.

Page 25: Watpac shareholders have delivered a strong rebuke to the board by voting down a 92c-ashare offer from Belgian giant Besix to acquire two-thirds of the Australian construction company.

 

 

The West Australian

Page 4: Congestion in Perth is adding 25 minutes to the daily drive to work, the equivalent of 96 hours every year.

Page 6: One of WA’s most successful rock lobster fishermen has urged the industry to show caution after the beach price of the prized species briefly touched a record high $100/kg.

Page 12: Liberal leader Mike Nahan has accused the State Government of putting the safety of whales ahead of humans in the latest twist in WA’s shark debate.

Page 26: Opposition Leader Mike Nahan has vowed to run a clean campaign in the Darling Range by-election after revelations about a “dirt file” on Liberal candidate Alyssa Hayden.

Business: Older ships using a two-tier system for carrying livestock will be able to operate for a year longer than promised in plans to clean up the live sheep export trade, after Federal Agriculture Minister David Littleproud reneged on bringing the date forward to January next year.

The State’s top resources industry group is close to choosing a new boss, with lobbyist and former Liberal Party official Paul Everingham among the contenders.

Aspiring graphite producer Hexagon Resources is understood to have raised at least $6 million in a placement to pursue downstream processing options for its flake graphite product.

Agriculture Minister Alannah MacTiernan will today unveil a package of possible tenure improvements for pastoralists, in a bid to gauge industry support and determine the next steps in rewriting outdated laws affecting 90 per cent of WA’s land.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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