28/06/2018 - 06:37

Morning Headlines

28/06/2018 - 06:37

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Chevron set to axe 400 jobs

Morning Headlines

Chevron set to axe 400 jobs

Chevron is preparing to shed about 400 employees from its WA business, just months after approving a new construction project and backing an LNG jobs initiative. The West

GST crackdown looms for online sales

The Australian Taxation Office is preparing to ramp up its policing of international online marketplaces to ensure they pay their fair share of tax from next week, to coincide with new laws that will mandate a level GST playing field for all businesses selling goods to Australians. The Aus

$5bn fund at top of Nats’ demands for PM on energy

The Nationals have drawn up a set of demands for Malcolm Turnbull, headlined by the creation of a fund of up to $5 billion that would deliver government money for new baseload generators, including coal-fired power. The Aus

Childcare rebate cap axe help for families

Thousands of WA parents will be in a better position to return to work or increase their hours from next week, with the annual cap on rebates to be abolished for 87 per cent of families using child care. The West

Fortescue demands more disclosure from Atlas on port access

Andrew Forrest’s Fortescue Metals Group has lobbed another hand grenade in the war over Atlas Iron by calling for more disclosure on disputed berth development rights in Port Hedland. The Fin

AMP hit with legal action over life scam

Pressured wealth manager AMP is facing a Federal Court action over claims its advisers were shunting customers into life insurance policies not in their best interests, in order to win lucrative commissions. The Aus

Chevron to push on with Quay HQ tower

Chevron Australia will honour its original multimillion-dollar commitment to establish its Australian headquarters at Elizabeth Quay, revealing it has asked Brookfield to build its tower. The West

AHG’s bid to sell logistics unit freezes

Shares in Automotive Holdings Group have been under pressure amid questions about whether Australia’s largest car dealer can complete the proposed $400 million sale of its refrigerated logistics business to Chinese conglomerate HNA by June 30. The Aus

ACCC raises questions on CK asset sale

The competition watchdog will examine whether Hong Kong-based CK Group needs to enlarge the package of gas pipelines it has offered to sell to win approval for its $13 billion takeover of APA Group, amid worries the energy mega-merger could further drive up prices. The Fin

Abuse redress scheme locked in as state signs on

The West Australian government has added the final jigsaw piece to the national redress scheme, announcing yesterday that as the last state it would join the commonwealth initiative to compensate victims of child sexual abuse. The Aus

 

 

The Australian Financial Review

Page 1:  Any move by Labor to limit company tax cuts to firms with turnovers no higher than $2 million would be regarded as a ‘‘declaration of war’’, the small business sector has warned.

A sharp slide in China’s currency this week and a reluctance by the country’s central bank to intervene has triggered talk that Beijing is prepared to use the yuan as a weapon against US President Donald Trump as the world’s two biggest economies prepare for a trade war.

Page 2: Actor Rebel Wilson lost even more of her record $4.75 million defamation payout on Wednesday when a court ordered that she pay interest on the money she had been wrongly awarded at trial.

Page 3: The Reserve Bank of Australia is at risk of being increasingly sidelined in its fight to shield debt-loaded households against rising borrowing costs as tightening money markets threaten to force the big four banks into hiking mortgage rates.

The technology skills gap in Australia is deepening, with an extra 200,000 technology workers needed in the next five years if the country is going to be a world leader in the digital economy, according to a new report from the Australian Computer Society (ACS) and Deloitte.

Page 7: Former prime minister Tony Abbott has dismissed the energy policy concerns of the agriculture, mining, manufacturing and business sectors as those of vested interests trying to game the system.

Page 8: The value of Australia’s direct seafood trade to China soared to $358 million in 2017 compared with $85 million the previous year after the implementation of the China Australia Free Trade Agreement (ChAFTA).

Page 9: Qantas and other international airlines could have been punished under China’s Orwellian social credit system if they refused to identify Taiwan as part of the mainland, according to a new report highlighting the global reach of the program.

Page 12: While resisting the temptation of full privatisation and a potential $2 billion windfall, the government will go ahead with a partial sale of Landgate that it has linked to covering costs associated with the National Redress Scheme and compensation claims for victims of child sex abuse.

Page 17: Tabcorp chief executive David Attenborough says the gambling giant is monitoring the legalisation of sports betting in the United States and could eventually push into the market after completing the integration of its mega merger with Tatts Group.

Evans Dixon Group executive chairman David Evans says he is feeling ‘‘revitalised’’ by the wealth manager’s merger and float and does not expect that any royal commission-led clampdown on conflicted advice will shackle the firm.

Page 19: The competition watchdog will examine whether Hong Kong-based CK Group needs to enlarge the package of gas pipelines it has offered to sell to win approval for its $13 billion takeover of APA Group, amid worries the energy mega-merger could further drive up prices.

Andrew Forrest’s Fortescue Metals Group has lobbed another hand grenade in the war over Atlas Iron by calling for more disclosure on disputed berth development rights in Port Hedland.

Page 27: Capitol Health has acquired six clinics in Perth and three in Melbourne.

Page 33: Soaring appetite from Singaporean investors and a pick-up in capital inflows from Hong Kong, South Korea and Japan more than offset the halving in real estate investment from China last year, Knight Frank figures show.

Page 34: The federal government is about to start consultation with the property industry on ways to reduce its annual $400 million spend on office fitouts.

 

 

The Australian

Page 1: The Nationals have drawn up a set of demands for Malcolm Turnbull, headlined by the creation of a fund of up to $5 billion that would deliver government money for new baseload generators, including coal-fired power.

Australia will host a major meeting of the Five Eyes security partners in August to be headlined by “trail-blazing” initiatives across immigration and national security, the head of the Home Affairs Department says.

One Nation leader Pauline Hanson is pushing for a plebiscite to be held in tandem with the next federal election to allow the Australian people to have their say on whether migration levels should be scaled back.

Page 2: The West Australian government has added the final jigsaw piece to the national redress scheme, announcing yesterday that as the last state it would join the commonwealth initiative to compensate victims of child sexual abuse.

Page 5: Barriers to the rapid deployment of special forces troops, military hardware and defence experts to deal with domestic terror threats will be removed under changes to be introduced into parliament today.

Page 6: Twenty-five Asia-Pacific countries including Australia received more than $US48 billion in diplomacy and aid funding from China from 2000 to 2016, US government-funded research has found.

Page 7: The Australian Taxation Office is preparing to ramp up its policing of international online marketplaces to ensure they pay their fair share of tax from next week, to coincide with new laws that will mandate a level GST playing field for all businesses selling goods to Australians.

Attorney-General Christian Porter has warned he is closely scrutinising all requests from bureaucrats to approve legal bills as it emerged taxpayers shelled out more than $825 million last year on lawyers.

Page 17: Pressured wealth manager AMP is facing a Federal Court action over claims its advisers were shunting customers into life insurance policies not in their best interests, in order to win lucrative commissions.

Page 18: A Chinese consortium could be in the early stages of putting together a surprise bid for Healthscope in a deal that would be a major test for the Foreign Investment Review Board and the company’s largest investor, AustralianSuper.

Page 19: Unexpectedly hot and dry weather in Australia this year looks set to affect the upcoming earnings of Coca-Cola Amatil and Myer, Macquarie analysts say.

The collapse and liquidation last week of failed toy retailer Toys ‘R’ Us has claimed another victim, with ASX-listed toy wholesaler Funtastic forced to downgrade its full-year earnings guidance by as much as $1 million.

Shares in Automotive Holdings Group have been under pressure amid questions about whether Australia’s largest car dealer can complete the proposed $400 million sale of its refrigerated logistics business to Chinese conglomerate HNA by June 30.

 

 

The West Australian

Page 3: The Forrest Highway point-to-point camera is among eight fixed speed and red-light cameras that have been taken offline amid concerns of faulty readings, with thousands of infringements now under review, WA Police have revealed.

Page 7: Chevron Australia will honour its original multimillion-dollar commitment to establish its Australian headquarters at Elizabeth Quay, revealing it has asked Brookfield to build its tower.

Page 12: Thousands of WA parents will be in a better position to return to work or increase their hours from next week, with the annual cap on rebates to be abolished for 87 per cent of families using child care.

Business: Chevron is preparing to shed about 400 employees from its WA business, just months after approving a new construction project and backing an LNG jobs initiative.

The Prendiville family is believed to have added to its suite of landmark pubs by buying the Brisbane Hotel from prominent hospitality operator Geoff Hayward.

Shareholders of a WA mining junior dominated by high-profile sports star investors including Shane Warne are at war with its board, claiming to have missed out on extra stock at what now looks like a bargain price.

Former Kimberley Diamonds boss Alex Alexander has been acquitted of two charges of misleading the market after a seven-week retrial in Sydney.

Kalgoorlie Consolidated Gold Mines told WestBusiness yesterday 25 permanent employees had been made redundant and 11 fixed contracts would not be renewed

Beleaguered General Electric plans to exit the oil and gas business less than two years after combining its assets with Baker Hughes.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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