Morning Headlines

Thursday, 14 June, 2018 - 06:12

Elanor in $125m Perth purchase

The listed Elanor Investors Group has set up a new managed fund, the WorkZone West Syndicate, which holds the namesake property in Perth. The Aus

Huawei to be banned from 5G

With Prime Minister Malcolm Turnbull expected to announce the final decision soon, multiple sources have told The Australian Financial Review that national security agencies remain concerned about Huawei’s links to the Chinese government and have recommended against letting the firm bid for 5G contracts. The Fin

Lowe challenges voters on tax reform

New investor home loans fell to their lowest level in more than six years in April, as credit curbs started biting into home-building as well as to purchases of established stock, official figures showed. The Fin

Battery low after fund deal pulled

Shares in Battery Minerals plummeted yesterday after Resource Capital Funds pulled a $US30 million debt and equity funding agreement, forcing a delay in the development of the company’s flagship graphite project in Mozambique. The West

Challenger dips toe into $36b ETF market

Retirement income specialist Challenger is set to enter the competitive $36 billion Australian exchange traded fund market for the first time, as it tries to diversify its distribution footprint and boost its appeal to the country’s 600,000 self-directed investors. The Fin

Santos strategy in the spotlight amid Quadrant bid speculation

Suggestions that Santos has turned an acquisitive eye back to Western Australia’s biggest gas producer Quadrant Energy, have raised questions on what the oil and gas producer has in store to justify its comprehensive rejection of Harbour Energy’s $14.4 billion takeover offer. The Fin

NBN Co staff reap $66m in bonuses

NBN Co paid $66 million in bonuses to its executives and staff last financial year, despite high levels of customer dissatisfaction with the network. The Aus

Deductions come out in the wash

The Australian Taxation Office is cracking down on claims for clothing and laundry expenses amounting to almost $1.8 billion a year, following a 20 per cent increase in claims over the past five years. The Aus

WA wins work on sonar upgrade for subs

The Federal Government says work will soon begin on a $542 million upgrade to the navy’s submarine fleet, promising extra jobs and cash through WA’s Henderson marine complex. The West

Westpac shakes up loan book, clamping down on personal loans

Westpac, the nation’s second-largest lender, is aggressively restructuring its loan book in response to rapidly changing market and regulatory conditions, particularly for property investors. The Fin

 

 

The Australian Financial Review

Page 1: With Prime Minister Malcolm Turnbull expected to announce the final decision soon, multiple sources have told The Australian Financial Review that national security agencies remain concerned about Huawei’s links to the Chinese government and have recommended against letting the firm bid for 5G contracts.

Hong Kong’s wealthy Li family have swooped on the steady returns offered by APA Group’s vast pipeline network in their biggest overseas acquisition bid, with a blockbuster $13 billion all cash offer set to tighten their grip on Australia’s energy infrastructure and continue to cut their exposure to China.

Page 2: A propensity to invest in unlisted assets accounts for only a tiny proportion of the outsized returns achieved by non-profit superannuation funds, according to Industry Super Australia.

Page 3: Australians don’t have an appetite for the kind of productivity-boosting tax reform that would drive innovation and furnish businesses with the skilled labour they’re demanding as technological disruption gathers pace, said Reserve Bank of Australia governor Philip Lowe.

Malcolm Turnbull has defended Donald Trump’s unorthodox approach to denuclearisation of the Korean Peninsula, saying the US President was giving it ‘‘a red-hot go’’ whereas all his predecessors had failed.

Reserve Bank of Australia governor Philip Lowe has played down concerns over falling property prices, saying they are still 40 per cent higher in Sydney and Melbourne than they were just a few years ago.

Page 6: The High Court has given the green light for a man to again sue Google over a search request that wrongly suggested he was a significant figure in Melbourne’s criminal underworld.

Page 8: Westpac, the nation’s second-largest lender, is aggressively restructuring its loan book in response to rapidly changing market and regulatory conditions, particularly for property investors.

Page 13: The banking royal commission will crimp bank lending growth and put pressure on interest margins, while credit losses are likely to rise from their very low levels, analysts from global ratings agency S&P Global Ratings have told regional investors.

The West Australian government is casting a big shadow over the fight for Atlas Iron, warning Rich Listers Gina Rinehart, Andrew Forrest and Chris Ellison that it is committed to reserving infrastructure at Port Hedland for junior miners.

Page 15: Suggestions that Santos has turned an acquisitive eye back to Western Australia’s biggest gas producer Quadrant Energy, have raised questions on what the oil and gas producer has in store to justify its comprehensive rejection of Harbour Energy’s $14.4 billion takeover offer.

Page 17: Retirement income specialist Challenger is set to enter the competitive $36 billion Australian exchange traded fund market for the first time, as it tries to diversify its distribution footprint and boost its appeal to the country’s 600,000 self-directed investors.

Page 30: Office towers, held as direct real estate, were the strongest performing property category over the past year, delivering 13.2 per cent in total return, outshining retail assets.

Deep-pocketed US fund manager Blackstone is one step closer to taking over Investa Office Fund with its $3.1 billion proposal, with the two players now striking a scheme implementation agreement.

 

 

The Australian

Page 3: The National Gallery of Australia has been slammed in a federal government audit that found poor financial controls and potential risks to the collection from lack of maintenance of storage facilities.

Page 4: The Australian Taxation Office is cracking down on claims for clothing and laundry expenses amounting to almost $1.8 billion a year, following a 20 per cent increase in claims over the past five years.

Page 5: NBN Co paid $66 million in bonuses to its executives and staff last financial year, despite high levels of customer dissatisfaction with the network.

The NAB wants “greater transparency” about data provided to analysts covering the superannuation industry, who it says play a critical role in allowing customers to compare investments.

Page 6: Many Australians face paying hundreds of dollars more each year for electricity because of an inevitable national rollout of a controversial tariff system, energy experts warn.

Page 18: The nation’s infrastructure deal makers are bracing themselves for at least $1.5 billion worth of assets to hit the market on the back of Cheung Kong’s $13bn attempted takeover of the listed APA Group.

Page 19: Activist shareholders in Rio Tinto’s Toronto-listed subsidiary Turquoise Hill have called for the appointment of a non-Rio chief executive and management team, claiming management links to the mining giant leave its stake in the big Oyu Tolgoi copper and gold mine in Mongolia significantly undervalued and not reflective of a coming “wall of free cashflow”.

Many local retailers are likely to see a modest lift in sales next financial year, Deloitte analysts say, despite continued competition and weak household income growth putting a brake on spending.

Kogan.com founder Ruslan Kogan and chief financial officer David Shafer have “reluctantly” offloaded $42 million worth of the company’s shares, triggering a slide in the share price of the once-infallible online retailer.

Page 21: The current squeeze on lending credit is “manageable”, according to Reserve Bank governor Philip Lowe, who has called for calm amid Australia’s weakening housing market.

Page 23: The listed Elanor Investors Group has set up a new managed fund, the WorkZone West Syndicate, which holds the namesake property in Perth.

Page 25: A $638 million indicative takeover offer for Gateway Lifestyle looks set to be dismissed as “too cheap” after shares in the Australian retirement living company rallied strongly and analysts suggested rival bidders could emerge.

 

 

The West Australian

Page 4: The independent Remuneration Tribunal yesterday decided to award all politicians, members of the judiciary and senior public servants a 2 per cent pay rise that will start on the same day as Sunday penalty rates are cut for workers in hospitality and retail.

Page 9: The former chief executive of a charity established by a Bali bombing survivor to help burns victims has spent her first night in jail after stealing $57,200 from the organisation.

Page 14: Federal Labor leader Bill Shorten denies he is only trying to “bribe” WA voters by again upping the ante in the tit-for-tat GST compensation war ahead of next year’s election.

Page 16: Foreign Minister Julie Bishop has hit out at Premier Mark McGowan for taking the unusual step while on a trade trip in Beijing of attacking the Federal Government over its handling of the China relationship.

Business: WA Mines and Petroleum Minister Bill Johnston has taken a swipe at the Federal Government for not contributing to infrastructure at Port Hedland, which he said added 3 per cent to Australia’s GDP.

The corporate regulator has taken another swipe at the nation’s banks and their treatment of small businesses, using a fresh submission to the financial sector royal commission to argue they continued to fall short of their own standards.

The Environmental Protection Authority has stamped its seal of approval on an irrigation project to bolster cattle numbers at a Singapore businessman’s Pilbara station.

The Federal Government says work will soon begin on a $542 million upgrade to the navy’s submarine fleet, promising extra jobs and cash through WA’s Henderson marine complex.

Shares in Battery Minerals plummeted yesterday after Resource Capital Funds pulled a $US30 million debt and equity funding agreement, forcing a delay in the development of the company’s flagship graphite project in Mozambique.