19/06/2018 - 06:33

Morning Headlines

19/06/2018 - 06:33

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Builders warn of skills crisis

Builders warn of skills crisis

Construction groups are worried about a looming skills shortage in WA with apprenticeship intakes dropping dramatically in the past three years. The West

Rio Tinto counts on Koodaideri in $2.2b spend

Rio Tinto expects to spend at least $2.2 billion on replacement iron ore mines in Western Australia over the next three years, but has resisted the temptation to bring forward a final investment decision on the much anticipated Koodaideri project. The Fin

O’Dwyer resists industry push to gut super-fee cap

Financial Services Minister Kelly O’Dwyer has vowed the federal government will push ahead with its plans to cap fees on low-balance superannuation accounts and will not bow to industry pressure to create a carve out or otherwise water down the proposal. The Aus

Tax lost as $16bn profits go offshore

About $16 billion a year in corporate profits are being shifted out of Australia into tax havens, according to research that finds around 40 per cent of multinational corporate profits globally are being booked in low or no-tax jurisdictions. The Fin

Deaths mar China cattle trade

Australia’s emerging live cattle trade with China has suffered its first major on-board incident, heightening industry concerns the beef industry will become the next target of anti-live export activists. The West

Top CFOs warn over class action explosion

The country’s leading chief financial officers, known as the Group of 100, are getting behind a push to rein in the explosion of class actions, with settlements topping $1.5 billion last year and director insurance climbing by as much as 400 per cent. The Fin

Amazon primes itself for Aussie sales blitz

Amazon is aiming to turbocharge sales in Australia by launching Prime, its subscription-based free delivery service, at half the price of membership in the United States. The Fin

Virgin approves sweeter CYBG bid

The Virgin Money board has recommended a sweetened offer from CYBG to create the biggest challenger bank in Britain, with a greater focus on digital connection with its customers. The Aus

Woolies tenders sales data sharing

oolworths and Wesfarmers are racing to build their digital and data analytics capabilities amid increasing competition in the $90 billion food and grocery market. The Fin

 

 

The Australian Financial Review

Page 1: The Senate vote over the $144 billion in income tax cuts has descended into a game of chicken, with the federal government vowing not to blink and split its package, while Labor will confirm today it will support only the first elements of the plan.

A $2 billion acquisition spree by South32 and Gina Rinehart’s Hancock Prospecting has underscored the more upbeat outlook on commodity prices among industry heavyweights, with the scramble to buy or develop world-class assets and infrastructure heating up as the world’s largest miners emerge from years of austerity.

The country’s leading chief financial officers, known as the Group of 100, are getting behind a push to rein in the explosion of class actions, with settlements topping $1.5 billion last year and director insurance climbing by as much as 400 per cent.

Page 3: Amazon is aiming to turbocharge sales in Australia by launching Prime, its subscription-based free delivery service, at half the price of membership in the United States.

SBS will be able to air six extra World Cup games over the next two days after Optus conceded its streaming services had failed fans and hurt the telco giant’s brand as a credible multimedia provider.

Page 4: Former One Nation senator Brian Burston has become the latest independent to seek safe harbour with a major party or benefactor by joining Clive Palmer’s new United Australia Party.

Farmers are pushing for an effective doubling of quotas for agricultural products to Europe as negotiations get under way for a free trade agreement between Australia and the European Union.

Page 10: The Labor Left faction is cranky at the Construction, Forestry, Maritime, Mining and Energy Union, claiming it engineered the defeat of Mark Butler for the position of ALP national president.

Page 13: Coles managing director John Durkan has dismissed concerns the supermarket retailer’s accelerating push into private label groceries will restrict consumer choice and force suppliers to scramble for shelf space.

Page 16: While Australia had record numbers of electric vehicle sales – including plug-in hybrids – of about 2300 in 2017, they remain a measly 0.2 per cent of total vehicle sales, leaving Australia lagging well behind other countries like China where more than 2 per cent of sales are now electric.

Page 17: Rio Tinto expects to spend at least $2.2 billion on replacement iron ore mines in Western Australia over the next three years, but has resisted the temptation to bring forward a final investment decision on the much anticipated Koodaideri project.

Page 18: Woolworths and Wesfarmers are racing to build their digital and data analytics capabilities amid increasing competition in the $90 billion food and grocery market.

Page 19: High-profile Silicon Valley investor Jason Calacanis has hit Australia looking for early stage start-ups to back after saying San Francisco had become ‘‘saturated’’ with VC money.

 

 

The Australian

Page 1: Education Minister Simon Birmingham’s $24.5 billion schools package is facing a backlash from all three key education sectors, as independent schools embark on a last-ditch effort to head off changes to the way funding is allocated, and Catholic educators warn of impending primary school closures.

Labor is warning that a government proposal to impose 10 years of legislated emissions cuts on the electricity sector will be too weak and will undermine its support for Malcolm Turnbull’s signature energy policy, which also faces the prospect of a backbench rebellion led by Tony Abbott.

Page 2: Financial Services Minister Kelly O’Dwyer has vowed the federal government will push ahead with its plans to cap fees on low-balance superannuation accounts and will not bow to industry pressure to create a carve out or otherwise water down the proposal.

Page 8: The number of workers without leave entitlements has grown by 53 per cent to 2.6 million over 20 years but casual workers as a proportion of employees have remained about 25 per cent over the same period.

Almost one in seven recipients of unemployment payments do not have to look for work or training and are exempt from work-for-the-dole because they have been given special consideration, typically for illness or disability.

Page 17: The corporate watchdog has hauled superannuation executives, including those from scandal-plagued AMP, into its offices to explain instances of apparently deliberate fee-gouging by delaying the transfer of money into low-fee MySuper accounts.

Australian top winemakers have acknowledged some thawing in relations with China as they attempt to get stock moving back into their biggest export markets, although many say sales are not yet up to full capacity.

Page 19: About $16 billion a year in corporate profits are being shifted out of Australia into tax havens, according to research that finds around 40 per cent of multinational corporate profits globally are being booked in low or no-tax jurisdictions.

Page 21: The Virgin Money board has recommended a sweetened offer from CYBG to create the biggest challenger bank in Britain, with a greater focus on digital connection with its customers.

 

 

The West Australian

Page 1: Boat skippers should face random alcohol and drug tests the same as motorists, the State Government believes.

Page 4: Plans to explore around Margaret River for coal, gold and mineral sands have reignited fears about the risks of a mining operation close to the tourist town.

Page 5: Construction groups are worried about a looming skills shortage in WA with apprenticeship intakes dropping dramatically in the past three years.

Page 11: West Australians have rushed to the State Treasury website after revelations $67 million in unclaimed money is sitting in the Government’s coffers.

Business: Former Quintis chief executive Frank Wilson and former legal and corporate advisers to the failed company are to be grilled as part of a court probe of the collapse launched by receivers.

Australia’s emerging live cattle trade with China has suffered its first major on-board incident, heightening industry concerns the beef industry will become the next target of anti-live export activists.

Infant formula and goat dairy products supplier Bubs Australia expects to use some of the money raised from a significantly oversubscribed share offer to develop the growing market in China.

WA’s biggest corporate dairy Lactanz has been thrown a lifeline by Brownes Dairy, which will start collecting its milk from next month.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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