20/06/2018 - 06:24

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20/06/2018 - 06:24

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Trade war escalates, wiping billions off Asian stocks

Trade war escalates, wiping billions off Asian stocks

Escalating trade tensions between the world’s two biggest economies have rattled investors in Australia and around the region as US President Donald Trump’s threat to slap tariffs on an additional $US200 billion of Chinese imports wiped billions of dollars off Asian markets on Tuesday. The Fin

Labor to ditch $120b of tax cuts

Federal Labor will go to the next election vowing to repeal $120 billion in future income tax cuts for middle and high-income earners should the government succeed in having the Senate pass its entire tax cut package over the next fortnight. The Fin

Nickel West up for sale as BHP revives divestment plan

BHP’s Nickel West mining business could soon be back on the market through a public sale process, with the resources giant and its adviser Goldman Sachs said to be dusting off plans for a divestment. The Aus

Blue Sky’s $70m Perth student tower on hold

The impact of a substantial operational review of Blue Sky Real Estate’s Brisbane-based parent, the listed Blue Sky Alternative Investments, is being felt in Perth where the construction of the $70 million Wellington Street student tower is on hold. The West

Tourists up, but sector loses $140m

WA’s tourism industry has taken another $140 million hit, despite figures showing the first increase in interstate visitors in two years. The West

Local shipbuilders Austal, ASC to get lifeline for $35b frigates job

Home-grown shipbuilders Austal and ASC are tipped to be brought into the build for Australia’s new fleet of nine frigates, helping the Turnbull government avoid a politically damaging fight over the involvement of local industry in the $35 billion contract. The Fin

Most now think migrant intake should be lower

A poll of foreign policy attitudes has found for the first time a majority of Australians oppose the current rate of immigration. The Aus

ANZ saga costs Priestley his ASX role

Rob Priestley, chairman of investment bank JPMorgan Australia, has succumbed to pressure in the wake of the ANZ share placement scandal and resigned as a director of sharemarket operator ASX and the $140 billion Future Fund. The Aus

Court time over Clough claim

Santos boss Kevin Gallagher is among former officials of Clough and the collapsed Forge Group set to be grilled in court by liquidators over a circa $200 million claim of insider trading between the two engineering companies. The West

IAG soars on $550m retreat from Asia

Insurance Australia Group has struck a series of deals worth almost $550 million to dump its Asian businesses in Thailand, Indonesia and Vietnam as it turns its back on a decade-old policy of offshore expansion to focus growing its business at home. The Aus

Live traders reel from twin blows

WA’s $250 million live sheep trade is on the brink after State officials raided the offices of WA’s biggest live sheep exporter and the number two player confirmed a temporary exit of the trade. The West

IBM unveils AI capable of human debate

Global tech giant IBM has made a breakthrough in artificial intelligence and language comprehension, launching the world’s first AI system that can engage with humans in a live debate. The Fin

 

 

The Australian Financial Review

Page 1: The chairman of the government’s financial system inquiry, David Murray, is warning the banking royal commissioner Kenneth Hayne to avoid loading new laws on to lenders and advisers as this may push customers into unregulated shadow banks, make it tougher for older Australians to get financial advice and curtail competition.

Federal Labor will go to the next election vowing to repeal $120 billion in future income tax cuts for middle and high-income earners should the government succeed in having the Senate pass its entire tax cut package over the next fortnight.

Page 4: A majority of Australians now believe the number of migrants is too high, according to a top think tank, in a finding likely to be seized on by politicians demanding cuts to the immigration rate, such as Tony Abbott and Pauline Hanson.

Page 5: Despite enjoying longer lives, older Australians will have more younger taxpayers to fund their housing and welfare thanks to skilled immigration compared to most other advanced economies, according to findings presented to Reserve Bank of Australia board members this month.

Page 9: Home-grown shipbuilders Austal and ASC are tipped to be brought into the build for Australia’s new fleet of nine frigates, helping the Turnbull government avoid a politically damaging fight over the involvement of local industry in the $35 billion contract.

Page 10: Global tech giant IBM has made a breakthrough in artificial intelligence and language comprehension, launching the world’s first AI system that can engage with humans in a live debate.

Page 11: Escalating trade tensions between the world’s two biggest economies have rattled investors in Australia and around the region as US President Donald Trump’s threat to slap tariffs on an additional $US200 billion of Chinese imports wiped billions of dollars off Asian markets on Tuesday.

Page 13: Australia’s largest general insurer, Insurance Australia Group, has become the latest financial services company to back away from Asia, reversing its long-held strategy after underperforming operations in the region were a drag on profit margins.

The Australian Securities and Investments Commission is performing fewer investigations, issuing fewer breach notices and completing fewer criminal cases than the regulator has at any other time over the past three years according to information provided by the federal government.

The co-founder of specialist mining private equity EMR Capital, Jason Chang, says he would love to have to pay BHP a kicker of up to $US50 million after securing a deal to buy the Cerro Colorado mine in Chile from the mining giant.

Page 15: Childcare operator, G8 Education, is part-way through a strategic review of the 23 brands it runs across 500 centres and may prune that to three or four, as chief executive Gary Carroll said there would be strong synergies if it bought the $700 million-plus Affinity Education business.

The West Australian Government is adopting a wait-and-see approach on the battle for Atlas Iron and how it will affect the policy of reserving port space for junior iron ore miners.

Amazon’s Australian launch has provided a much needed shot in the arm for the $25 billion online retail market, with overall customer traffic rising 9.1 per cent since December.

Page 17: Groups of aggrieved Bankwest borrowers are getting back in the ears of federal politicians, arguing the banking royal commission has failed to conduct a credible and thorough investigation into Commonwealth Bank’s conduct after the 2008 takeover.

Page 29: Surging rents and demand for commercial real estate have added $1.13 billion to the portfolio valuation of Australia’s largest listed landlord, Dexus, in the past year.

 

 

The Australian

Page 1: Bill Shorten is clawing back critical electoral ground lost under the Rudd-Gillard government’s failed asylum-seeker policies, with the trust gap between the Labor leader and Malcolm Turnbull on the issue narrowing to its closest margin since they became rivals.

Page 2: China’s ambassador to Australia, Cheng Jingye, has cast doubt on whether Malcolm Turnbull will visit China this year as he accuses Australia of “bias and bigotry”.

A poll of foreign policy attitudes has found for the first time a majority of Australians oppose the current rate of immigration.

Page 3: Telstra boss Andy Penn has suffered an embarrassing hiccup on the eve of one of the most crucial days in his company’s recent history, with an outage affecting thousands of customers on Tuesday.

Page 5: Education Minister Simon Birmingham was warned of profound flaws with his $24.5 billion schools funding model six weeks before it was announced.

ABC managing director Michelle Guthrie says the public resents the ABC’s enemies using it as a “punching bag” and that the broadcaster contributes $1 billion to the wider economy — about the amount it costs taxpayers.

Page 19: Rob Priestley, chairman of investment bank JPMorgan Australia, has succumbed to pressure in the wake of the ANZ share placement scandal and resigned as a director of sharemarket operator ASX and the $140 billion Future Fund.

The world’s biggest miners now have stronger balance sheets than at any time in at least a generation and are generating mountains of free cash, according to the head of the world’s biggest mining funds, BlackRock’s Evy Hambro.

Page 20: BHP’s Nickel West mining business could soon be back on the market through a public sale process, with the resources giant and its adviser Goldman Sachs said to be dusting off plans for a divestment.

Page 21: Perth billionaire Tim Roberts would have gone ahead with the purchase of a $US31 million private jet even if he received different legal advice to that which prompted him to sue law firm Clayton Utz, the barrister representing the firm says.

Apple has been fined $9 million for breaching Australian consumer law, in a ruling that may have global implications with how the company treats third-party repairs.

Page 22: Insurance Australia Group has struck a series of deals worth almost $550 million to dump its Asian businesses in Thailand, Indonesia and Vietnam as it turns its back on a decade-old policy of offshore expansion to focus growing its business at home.

 

 

The West Australian

Page 1: Health and business leaders are warning of the risk of public hospital waiting times blowing out, as more West Australians struggle to pay their health insurance premiums.

Page 3: WA’s tourism industry has taken another $140 million hit, despite figures showing the first increase in interstate visitors in two years.

Page 7: Visiting the supermarket will be more expensive for some Woolworths customers from today and Coles shoppers from July 1, as the big supermarkets stop handing out free single-use grey plastic bags.

Page 8: WA’s $250 million live sheep trade is on the brink after State officials raided the offices of WA’s biggest live sheep exporter and the number two player confirmed a temporary exit of the trade.

Page 19: The State president of Pauline Hanson’s One Nation has quit the party in anger to run as an independent at this weekend’s Darling Range by-election amid growing internal ructions.

Page 21: Homebuyers may not have to worry about a rise in official interest rates until next decade amid warnings falling property prices are beginning to worry the Reserve Bank.

Business: Santos boss Kevin Gallagher is among former officials of Clough and the collapsed Forge Group set to be grilled in court by liquidators over a circa $200 million claim of insider trading between the two engineering companies.

Traditional owners from across the Fitzroy River catchment have called for a moratorium on further water allocations from the river sought by pastoralists, including billionaire Gina Rinehart, until a management plan is in place.

Further evidence of a big copper-gold find by Rio Tinto in the East Pilbara emerged yesterday when the mining giant signed an exploration farm-in deal with a tiddler that holds an adjoining tenement in the area.

A judge has prevented a former Austal executive from working for rival company Civmec on the Federal Government’s offshore patrol boat project.

Property: The impact of a substantial operational review of Blue Sky Real Estate’s Brisbane-based parent, the listed Blue Sky Alternative Investments, is being felt in Perth where the construction of the $70 million Wellington Street student tower is on hold.

The local arm of another multinational conglomerate, food service and logistics group Bidfood Australia, has joined Coca-Cola Amatil in offering its significant WA warehouse and logistics centre for sale with a long-term leaseback deal.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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