03/07/2018 - 06:46

Morning Headlines

03/07/2018 - 06:46

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Oil surge to drive $8.1bn LNG windfall

Morning Headlines

Oil surge to drive $8.1bn LNG windfall

Rebounding global oil prices are set to deliver an $8.1 billion windfall to export revenue over the next two years, as the nation’s expanding LNG sector gets a double benefit from rising output and higher prices, helping boost export revenues to a record $238bn this financial year, the federal government’s commodity forecaster says. The Aus

No state worse off in GST shake-up: PM

States that stand to lose revenue under a change to the GST distribution formula will be compensated from the federal budget, during the transition to ensure nobody goes backwards, in the run-up to the super Saturday byelections and a federal election. The Fin

Iron ore price tipped to drop at least 20 per cent

Iron ore prices are expected to fall by more than one-fifth over the next two years as demand from China’s steel mills slips, while domestic and Brazilian output climbs, a new Federal Government report says. The West

Investor funds worth $1trn say move off coal

UniSuper and QSuper have thrown their combined $147 billion of funds under management behind the global Climate Action 100+ group, lifting to more than $1 trillion the local funds pledged to steer energy-intensive companies away from coal and towards cleaner energy. The Fin

Sigma smashed as EBOS wins contract

Sigma Healthcare shares plunged 40 per cent yesterday after losing a key supply deal to rival pharmaceutical distributor EBOS Group. The Fin

Battle lines drawn: Hometown launches $713m offer for Gateway Lifestyle

The takeover battle for Gateway Lifestyle Group is coming to a head with US giant Hometown yesterday formally launching a takeover offer for the $713 million manufactured home estates company. The Aus

Sheep export options thin

The fate of about 60,000 sheep in limbo at a Baldivis feedlot remains uncertain after Harmony Agriculture and Food Company said it would not be exporting sheep on behalf of Emanuel Exports. The West

Tougher rules for gas pipelines aim to rein in ballooning prices

Gas pipeline owners face a harsher arbitration system for settling tariff disputes and a widening of the pipeline services subjected to regulated prices under measures put forward to the government to cut the cost of moving gas around the country. The Fin

Directors warned on China threat

Spy and DFAT chiefs brief nation’s boardrooms Australia’s spy chief and top diplomat have warned major Australian boards about the possibility of further trade disruption and cyber-attacks from China, in an effort to help the business community better understand the Turnbull government’s tough line on Beijing. The Fin

Law firm hits CBA with class action suit

Specialist class action law firm Phi Finney McDonald has filed a shareholder suit against Commonwealth Bank, alleging the bank breached its disclosure obligations by failing to inform the market of its contraventions of anti-money-laundering and counter-terrorism financing laws. The Aus

Yancoal looks to Hong Kong for cash

Chinese-controlled coalminer Yancoal Australia has confirmed it will pursue a dual Hong Kong listing and capital raising after failing to gain new Australian investors last year when it went to the market for funds to buy Rio Tinto’s Hunter Valley coal assets. The Aus

 

 

The Australian Financial Review

Page 1: Spy and DFAT chiefs brief nation’s boardrooms Australia’s spy chief and top diplomat have warned major Australian boards about the possibility of further trade disruption and cyber-attacks from China, in an effort to help the business community better understand the Turnbull government’s tough line on Beijing.

Top economists are turning more bearish on the housing market at the same time as fund managers fear house price declines could trigger a ‘‘nasty cycle’’ in the economy and more downside for the Australian dollar.

Sigma Healthcare shares plunged 40 per cent yesterday after losing a key supply deal to rival pharmaceutical distributor EBOS Group.

Major companies such as BHP and Rio Tinto are exiting the coal industry in Australia because of green politics, but fund managers believe they may have left too early.

Page 3: States that stand to lose revenue under a change to the GST distribution formula will be compensated from the federal budget, during the transition to ensure nobody goes backwards, in the run-up to the super Saturday byelections and a federal election.

The Reserve Bank of Australia should ignore the expectations of most market economists and hike the official cash rate on Tuesday, according to a ‘‘shadow board’’ of leading monetary policy experts.

Page 5: Labor’s move to a two-tier company tax system divided at $50 million in revenue has left experts worried about foreign direct investment and the complexity faced by local businesses.

Page 7: ANZ will be questioned about the formal and informal overdrafts it issued to Indigenous customers this week, as the Hayne royal commission begins its examination of banks’ and insurers’ interactions with Indigenous people.

Page 8: UniSuper and QSuper have thrown their combined $147 billion of funds under management behind the global Climate Action 100+ group, lifting to more than $1 trillion the local funds pledged to steer energy-intensive companies away from coal and towards cleaner energy.

Page 15: Australian companies are straddling the biggest shake-up of accounting standards in more than a decade this week with the introduction of new rules governing revenue and financial instruments.

Page 17: Gas pipeline owners face a harsher arbitration system for settling tariff disputes and a widening of the pipeline services subjected to regulated prices under measures put forward to the government to cut the cost of moving gas around the country.

The chief executive of home meal kits group Marley Spoon says he expects ‘‘distortions’’ in the first year between the price at which the sharemarket values the company and what the inherent worth of the firm is, as he shrugged off a disappointing debut on the ASX on Monday.

Gina Rinehart has scored a significant victory over Andrew Forrest in the war over Atlas Iron with the Takeovers Panel declining to conduct proceedings in relation to her $390 million off-market bid through Hancock Prospecting.

Page 18: The $1.2 billion automotive parts group GUD Holdings has hired Ford Australia boss Graeme Whickman to drive the next leg of growth for a company in the final stages of transforming into a pure-play automotive group.

Page 19: Foxtel is targeting the start of its cricket coverage for the launch of its direct-to-consumer sports streaming offering, but is taking Optus’ embarrassing World Cup own goal as a cautionary tale.

Page 21: The Australian and Asia-Pacific bosses of German technology giant SAP have said sizeable losses recorded in the local business last year hid a record performance and were the result of increased investment in staff and infrastructure to boost an aggressive resurgence in the cloud era.

 

 

The Australian

Page 1: Australia’s addiction to video streaming has driven average monthly downloads on the $49 billion NBN to nearly 200 gigabytes, up from 70GB a month just three years ago.

Page 3: Homebuyers are moving from expensive suburbs in the cities to more affordable areas on the urban fringe or in the regions, sending prices soaring even as the broader market cools.

Page 4: Former trade minister Andrew Robb has warned Australia could miss out on a new era of prosperity driven by Chinese resources demand if it fails to support greater power sharing in the region between the US and Asian superpowers.

The Australian Securities & Investments Commission raised $801.7 million in the year to June 2017, charging an “annual review fee” of $263 to every registered private company and $1224 to every public company.

Page 6: A potential solution to community concerns over out-of-pocket costs may see GPs suggest several specialists for patients, who would be able to compare their fees before making a final referral.

Page 17: Rebounding global oil prices are set to deliver an $8.1 billion windfall to export revenue over the next two years, as the nation’s expanding LNG sector gets a double benefit from rising output and higher prices, helping boost export revenues to a record $238bn this financial year, the federal government’s commodity forecaster says.

A liquidity crunch within the Chinese conglomerate that owns a stake in Virgin Australia has torpedoed a $400 million deal to buy a refrigerated logistics business from Australia’s largest car dealer.

The corporate watchdog is expected to release an extensive review of the nation’s $50 billion credit market tomorrow, featuring a data-crunching exercise to determine trends based on the monthly repayment details on individual accounts.

Goldman Sachs has been caught out for telling potential investors it had already signed up five “key” buyers to $500 million of Healthscope shares in a planned $850m block trade, but the investors failed to materialise.

Page 19: Shares in Blue Sky Alternative Investments took a hefty hit yesterday after the embattled investment manager revealed it is being investigated by the Australian Securities & Investments Commission over its continuous disclosure obligations.

The takeover battle for Gateway Lifestyle Group is coming to a head with US giant Hometown yesterday formally launching a takeover offer for the $713 million manufactured home estates company.

Page 20: Specialist class action law firm Phi Finney McDonald has filed a shareholder suit against Commonwealth Bank, alleging the bank breached its disclosure obligations by failing to inform the market of its contraventions of anti-money-laundering and counter-terrorism financing laws.

Page 21: Chinese-controlled coalminer Yancoal Australia has confirmed it will pursue a dual Hong Kong listing and capital raising after failing to gain new Australian investors last year when it went to the market for funds to buy Rio Tinto’s Hunter Valley coal assets.

 

 

The West Australian

Page 1: The number of severely obese patients transported by ambulances has increased by more than 50 per cent in two years, new figures reveal.

Page 3: More than $400,000 has been paid to a South African company to advise the State Government on issues related to selling the TAB.

Page 5: The Weather Bureau has discounted more than a century of Perth rainfall figures in a data overhaul, prompting claims it is distorting the reality of a drying climate.

Page 6: Political tensions and red tape are leaving Chinese investors cold, with barely one-third of Chinese companies saying they feel welcome investing in Australia.

Page 11: A Rural Bank customer ended up with debt of nearly $2.2 million after being granted a loan that had earlier been declined, the banking royal commission has been told.

Page 17: WA would suffer a $46.1 billion economic hit and the loss of 27,000 jobs up to 2040 if an airport curfew was introduced.

Page 18: Social media platforms are making young Australians overspend as keeping up with the Joneses has become even more immediate.

Page 19: Natural gas powerhouse ATCO is about to kick off an innovative project that could turn water into power across the country after getting a $1.5 million grant from the Federal Government.

Business: Interest in buying Australia’s biggest broadacre farm portfolio has been dominated by foreign investors, according to owner John Nicoletti.

The fate of about 60,000 sheep in limbo at a Baldivis feedlot remains uncertain after Harmony Agriculture and Food Company said it would not be exporting sheep on behalf of Emanuel Exports.

Village Roadshow has sold its Wet’n’Wild water park in western Sydney to Spanish leisure park operator Parques Reunidos for an upfront purchase price of $40 million.

Iron ore prices are expected to fall by more than one-fifth over the next two years as demand from China’s steel mills slips, while domestic and Brazilian output climbs, a new Federal Government report says.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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