Fed hikes put squeeze on banks
Fed hikes put squeeze on banks
Australian banks are being squeezed by higher borrowing costs as the US Federal Reserve accelerates its interest rate hikes and drains liquidity from global financial markets while the Hayne royal commission makes it difficult for them to raise home loan rates. The Fin
Telstra ‘could cut labour costs by up to $1bn’
Telstra is expected to announce up to $1 billion in new cost savings to contain ongoing damage to its margins, according to JPMorgan analyst Eric Pan. The Aus
Jobless rate at a low as full-time work hopes fade
The jobless rate has tumbled to its equal-lowest point in nearly six years, falling to 5.4 per cent in May, masking signs of a persistent rise in part-time work and a rise in the number of people giving up on finding full-time employment. The Aus
Horizon bids for State deal
Horizon Power has raised eyebrows in political and energy circles by bidding to take part in a multimillion-dollar build of new energy systems for fellow State-owned utility Western Power. The West
Bank backs sale of title registry
The State Government has for the past two months sat on a report that backs privatising WA’s land information system, amid revelations NSW homeowners have faced soaring fees since the land registry there was sold. The West
CFMMEU penalties hit $15m after abuse case
Penalties against the construction union and its officials have hit $15 million after the Federal Court penalised the union and organiser Bradley Upton for threatening and abusing non-union workers on the Gorgon LNG project in Western Australia. The Aus
ACCC to put APA bid under microscope
The competition watchdog has promised an all-encompassing review of CK Group’s $13 billion takeover bid of gas pipeline giant APA Group, signalling the Hong Kong powerhouse’s offer on asset sales may not be enough to win over a regulator that has zeroed in on runaway gas prices. The Fin
WA pig cull on cards as pork price crashes
WA’s desperate pig farmers could face the devastating prospect of shooting and disposing of perfectly healthy pigs, because of a crisis over low pork prices caused by a global oversupply. The West
$86bn bid for Fox ignites Disney fight
Comcast has made an unsolicited offer to buy most of 21st Century Fox for about $US65 billion ($86bn), kicking off a bidding war with Walt Disney as the two jockey for position in a business undergoing tumultuous change. The Aus
The Australian Financial Review
Page 1: Australian banks are being squeezed by higher borrowing costs as the US Federal Reserve accelerates its interest rate hikes and drains liquidity from global financial markets while the Hayne royal commission makes it difficult for them to raise home loan rates.
The tech sector is firing up big time with salaries in some specialties up more than 10 per cent in the past year thanks to increased demand in a tight labour market.
Page 3: Garnaut had asserted in court that wealthy Chinese-Australian property developer Chau Chuk Wing was an ‘‘unindicted co-conspirator’’ identified as CC3 in US court papers that alleged bribery of a president of the United Nations General Assembly, John Ashe.
Publishers are claiming a significant victory after a court slashed the defamation payout to actor Rebel Wilson from $4.5 million to $600,000.
Page 4: Growing evidence of skill shortages and the equal-lowest jobless rate in almost 5 1/2 years is stoking speculation the labour market is gradually absorbing the spare capacity blamed for weak wages growth.
Page 6: The Turnbull government’s low-ball carbon reduction target for the electricity sector will force huge emissions cuts on manufacturers, farmers, truckers and airlines to make up the shortfall, and fuel, food and plane tickets will cost more, a report says.
Logistics company DHL and its domestic customers will buy carbon credits from the Qantas Future Planet program to offset emissions from its trucks and warehouses in Australia.
Page 7: The Australian Energy Market Commission said in its 2018 Retail Energy Competition Review that consumer confidence in the energy market working in their long-term interest had collapsed from 25 per cent to 10 per cent in a year, and trust had slipped from 50 per cent to 39 per cent.
Page 8: Uber’s biggest competitor, Chinese ridesharing player Didi Chuxing, has picked Australia as its first Western market in its international expansion, in a move that will further dismantle the dominance of the US giant.
Page 15: The competition watchdog has promised an all-encompassing review of CK Group’s $13 billion takeover bid of gas pipeline giant APA Group, signalling the Hong Kong powerhouse’s offer on asset sales may not be enough to win over a regulator that has zeroed in on runaway gas prices.
Page 17: The next round of banking royal commission hearings will be a political powder keg given the emotion that could be stirred up by case studies exposing banks for trying to kick farmers off their land, the banks fear.
Page 19: The battle for Atlas Iron has taken another twist with the West Australian government notifying the company it does not have a priority right to develop new berths with export capacity of 50 million tonnes a year at Port Hedland.
The corporate regulator has begun a civil action against Quintis founder Frank Wilson, alleging the former boss of the sandalwood group knew a key supply contract had been terminated, but did not tell the company’s board.
Page 25: Food and grocery suppliers are bracing for another battle with Coles as Australia’s second-largest supermarket chain increases private label brands to 40 per cent of sales within five years.
Perilya received approval from the Foreign Investment Review Board to take a 19.99 per cent stake in Myanmar Metals.
Page 34: Gateway Lifestyle’s biggest investor, Perennial Value, has urged its board to grant due diligence to Hometown America, which is pursuing the budget accommodation provider with a $635 million takeover bid.
The Australian
Page 1: Australia’s biggest aluminium producer has warned that the nation’s industrial base will be at risk unless Malcolm Turnbull’s signature energy policy guarantees 24/7 power at internationally competitive prices, declaring that renewables are unable to deliver reliable and affordable power to energy-intensive users.
Page 2: Penalties against the construction union and its officials have hit $15 million after the Federal Court penalised the union and organiser Bradley Upton for threatening and abusing non-union workers on the Gorgon LNG project in Western Australia.
Page 3: Qantas has strongly rejected suggestions that one of its A380 jets nosedived during a mid-air incident this week despite terrified passengers reporting they experienced a 10-second free-fall that felt like being on a rollercoaster.
Page 4: West Australian Premier Mark McGowan has defended his government’s dealings with controversial Chinese telco Huawei, which was barred from the National Broadband Network and is facing resistance in its push to supply equipment to Australia’s 5G wireless network.
The legality of Australia’s $250 million live sheep trade to the Middle East is being challenged in the Federal Court by animal welfare activist group Animals Australia.
Page 6: The jobless rate has tumbled to its equal-lowest point in nearly six years, falling to 5.4 per cent in May, masking signs of a persistent rise in part-time work and a rise in the number of people giving up on finding full-time employment.
Electric vehicle sales could make up 50 per cent of new car sales by 2030, and 100 per cent by 2040, a new report says, ramping up pressure on the policymakers to find new revenue sources to replace the $17 billion a year raised from fuel taxes at present.
Page 19: Some of Australia’s biggest mobile phone operators are seeking urgent talks with the federal government amid concerns that Chinese telco equipment giant Huawei could be frozen out from bidding for 5G mobile contracts in Australia.
Page 22: Telstra is expected to announce up to $1 billion in new cost savings to contain ongoing damage to its margins, according to JPMorgan analyst Eric Pan.
Fortescue Metals Group is the latest big miner to benefit from explosives price undercutting that has given Incitec Pivot the iron ore miner’s blast contract over rival Orica and allowed it to claw back some earnings from earlier big contract losses in Western Australia’s Pilbara.
Page 25: Comcast has made an unsolicited offer to buy most of 21st Century Fox for about $US65 billion ($86bn), kicking off a bidding war with Walt Disney as the two jockey for position in a business undergoing tumultuous change.
The West Australian
Page 4: The State Government has for the past two months sat on a report that backs privatising WA’s land information system, amid revelations NSW homeowners have faced soaring fees since the land registry there was sold.
Page 12: Perth property developer Adrian Fini and suspended City of Perth councillor Jemma Green have lashed out at a Liberal MP who used the protection of Parliament to claim the pair had an improper financial relationship.
Page 18: Principals’ Federation of WA president Bevan Ripp said in a letter to Housing Minister Peter Tinley rents for many Government Regional Officer Housing properties had risen $140 a fortnight in two years.
Business: WA’s desperate pig farmers could face the devastating prospect of shooting and disposing of perfectly healthy pigs, because of a crisis over low pork prices caused by a global oversupply.
Horizon Power has raised eyebrows in political and energy circles by bidding to take part in a multimillion-dollar build of new energy systems for fellow State-owned utility Western Power.
WA farmers who raise animals on behalf of a secondary business stand to pocket savings of between $500 and $15,000 a year, after the State Government announced it would extend its current land tax primary production business exemption to these operations.
Strandline Resources has pressed the button on a new definitive feasibility study for its $173 million Coburn mineral sands project near Denham.
