Tax cuts set to pass but it’s still war
Tax cuts set to pass but it’s still war
The Turnbull government’s income tax cuts are poised to pass the Senate today, triggering months of pre-election warfare between Labor and the government over aspirational voters. The Fin
Metronet land cash pledge way off track
Metronet project manager Anthony Kannis blew a hole in Labor’s “value capture” revenue prediction of $122 million over four years, telling Parliament it would take decades to accumulate that much money from property developers. The West
$1bn cut to dodgy daycare services
Almost $1 billion in taxpayer money that was due to go to 151 dodgy family daycare centres has been stopped after the daycare services had subsidies cancelled or suspended in the latest crackdown by the federal government. The Aus
Viva Energy in bid to raise up to $3 billion
Viva Energy chief executive Scott Wyatt has shrugged off the threat of electric vehicles and highlighted the capacity of the fuels supplier to deliver ‘‘attractive’’ returns as it heads for a circa $5 billion float, the country’s biggest for more than three years. The Fin
Kambo’s customers in limbo
About 500 Kambo’s customers will begin finding out today whether they can recover appliances paid for but not delivered before the whitegoods retailer collapsed last week owing up to $8 million. The West
Foreign buyers slip through the cracks
Analysis undertaken by the Australian National Audit Office has found the federal government’s crackdown on foreign investors in residential property is only just starting to become effective, with numerous transactions potentially slipping through the cracks. The Aus
Water grant cut
Farmers and pastoralists wanting to improve water supply on their properties will no longer be eligible for rebates and grants, after State Government budget cuts. The West
JCDecaux bids $1.1b for APN
French outdoor advertising giant JCDecaux has lobbed a $1.1 billion proposal for APN Outdoor, which is in the midst of its own $500 million bid for Here, There & Everywhere’s street furniture business Adshel. The Fin
Telstra’s retreat from office space
Telstra’s decision to axe 8000 jobs, split its infrastructure holdings and launch a $2 billion asset sale immediately caught the attention of the property sector, which is heavily exposed to the telco giant’s extensive footprint. The Fin
The Australian Financial Review
Page 1: The Turnbull government’s income tax cuts are poised to pass the Senate today, triggering months of pre-election warfare between Labor and the government over aspirational voters.
Australian shares have defied a shrinking Telstra to close at a new 10-year high fuelled by a record price for Macquarie Group shares and a cooling of concerns over the impact of the trade war on China’s economy.
Page 5: A revolt is brewing within the Nationals over the proposed National Energy Guarantee with at least one third of the party’s MPs and Senators opposed to the policy and demanding the government instead intervene more directly in the market to lower prices.
Page 8: The ASX is open to a proposed review of continuous disclosure laws amid concern that class actions have exploded, but says the laws have served markets ‘‘very well’’.
Page 10: Perth-based blockchain energy trading start-up Power Ledger and a municipal utility in Silicon Valley are working on a solution to one of renewable energy’s toughest problems by charging electric cars during daytime hours.
Page 11: More university mergers could be on the way after higher education experts said the proposed link-up of the University of South Australia and Adelaide University was an idea whose time had come.
Page 15: Viva Energy chief executive Scott Wyatt has shrugged off the threat of electric vehicles and highlighted the capacity of the fuels supplier to deliver ‘‘attractive’’ returns as it heads for a circa $5 billion float, the country’s biggest for more than three years.
Page 17: French outdoor advertising giant JCDecaux has lobbed a $1.1 billion proposal for APN Outdoor, which is in the midst of its own $500 million bid for Here, There & Everywhere’s street furniture business Adshel.
Page 18: Telstra is splitting off its infrastructure division into a new wholly owned company worth $11 billion, which could be demerged or bring in strategic investors following the completion of the National Broadband Network in 2020.
Page 20: Financial advisers employed by Westpac-owned BT Financial Advice will no longer receive controversial grandfathered commissions, in a move that will cost the company about $40 million.
Page 25: Cabcharge says the acquisition of Mobile Technologies International (MTI), which powers the processing and dispatch systems used by most of the taxi companies in Australia along with 42 taxi fleets in North America, will deliver a step up in technology to rival the systems used by ride-sharing giants like Uber and Lyft.
Building materials group Boral has appointed former ANZ Bank executive and ex-Reserve Bank board member Kathryn Fagg as its new chairman as part of a board revamp that also involves hiring an experienced United States-based director because of the company’s heavy exposure to North American market.
Page 31: Telstra’s decision to axe 8000 jobs, split its infrastructure holdings and launch a $2 billion asset sale immediately caught the attention of the property sector, which is heavily exposed to the telco giant’s extensive footprint.
Page 35: LaSalle Hotel Properties picked Blackstone Group LP as its preferred suitor, thwarting months of efforts by Pebblebrook Hotel Trust to buy the luxury-hotel owner, most recently for more than $US4 billion.
The Australian
Page 2: Liberal conservatives are divided over whether Australia should stay in the UN Human Rights Council after the US yesterday withdrew, with Liberal senator James Paterson declaring the country must remain as a “night watchman” against “anti-Israel bias”.
Page 3: Optus has been pressured into allowing SBS to broadcast simultaneous free-to-air TV coverage of all World Cup matches until the completion of group stages on June 29, and its own coverage on mobile apps and home internet will be free until the end of August.
Page 5: Almost $1 billion in taxpayer money that was due to go to 151 dodgy family daycare centres has been stopped after the daycare services had subsidies cancelled or suspended in the latest crackdown by the federal government.
Page 6: More than 700 jobs around Australia will disappear after the administrators of failed toy retailer Toys R Us announced the entire business would be wound down and closed as interested buyers for the once-iconic toy chain pulled out.
Page 18: Newly appointed Myer chief executive John King has begun to stamp his authority on the struggling department store with moves said to be afoot to offload fashion brands Sass & Bide, Marcs and David Lawrence.
Page 19: Commonwealth Bank’s record-breaking $700 million penalty for breaches of anti-money laundering and counter-terrorism financing laws has been approved by the Federal Court, which believes the mammoth fine will be enough to deter other companies from the same conduct.
Page 20: Incoming AMP chairman David Murray has hit out at the former chairman of the Australian Securities & Investments Commission, Greg Medcraft, accusing him not focusing enough on enforcing the law against financial services companies.
Page 23: Analysis undertaken by the Australian National Audit Office has found the federal government’s crackdown on foreign investors in residential property is only just starting to become effective, with numerous transactions potentially slipping through the cracks.
The West Australian
Page 5: WA Police has revealed marijuana is detected in more fatal road accidents than any other illicit drug and warned any attempt to legalise its use will only line the pockets of organised crime groups.
Page 10: Metronet project manager Anthony Kannis blew a hole in Labor’s “value capture” revenue prediction of $122 million over four years, telling Parliament it would take decades to accumulate that much money from property developers.
Page 18: Vacancies in WA last month improved 0.8 per cent, to 16,300, to be 18 per cent higher than a year ago.
With the State by-election for the seat of Darling Range on Saturday, Premier Mark McGowan has promised to develop a tourism strategy for the Perth Hills.
Business: About 500 Kambo’s customers will begin finding out today whether they can recover appliances paid for but not delivered before the whitegoods retailer collapsed last week owing up to $8 million.
Investors are still punting on a rival bid for Atlas Iron despite Gina Rinehart having the only live offer left on the table after Mineral Resources bowed out of the race for the junior miner.
Farmers and pastoralists wanting to improve water supply on their properties will no longer be eligible for rebates and grants, after State Government budget cuts.
BGC has revealed it is selling The Westin Perth, Aloft Perth and A-grade suburban office tower 25 Rowe — together worth an estimated $350 million — in a move timed to capitalise on WA’s economic recovery.
Water Corporation chief executive Sue Murphy will leave the utility at the end of the year after a decade in the role.
Farmer organisations have lashed out at Agriculture Minister Alannah MacTiernan over a raid on the State’s biggest live sheep exporter.
