Rio Tinto eyes next big iron ore play
Rio Tinto eyes next big iron ore play
Rio was quick to predict an even brighter future for the mining industry in Australia on the back of the federal government’s proposed GST reforms on Thursday and confirmed it was looking closely at the potential of the substantial Western Range deposit near Paraburdoo to become its next new mine in the Pilbara after Koodaideri. The Fin
African gold miners shining
WA-based, West African-focused gold miners Perseus Mining and Resolute Mining have enjoyed solid buying this week on positive news from their respective operations. The West
Low rates may trigger shock: BIS
Leaving interest rates too low for too long could lead to a surge in inflation that forces central banks into dramatic rate hikes, slamming the global economy into recession, warns an influential group of monetary policy experts headed by Australia’s Philip Lowe. The Fin
Commodities hit in trade war crossfire
Commodities and Chinese equities are bearing the brunt of a deepening tariff war between the US and China amid fears the stoush will hurt global economic growth. The Aus
Disrupter Purplebricks posts $21m loss
Budget real estate agency Purplebricks has revealed it is suffering heavy losses on its entry to the Australian market, but insists its business model will work locally, having handled more than $2 billion in home sales. The Aus
Risk of ‘credit crunch’ for property investors rising, warns UBS
The borrowing capacity of Australian property investors has contracted 20 per cent over the past three years, leading UBS to forecast that major banks’ housing credit growth will fall to zero by 2019-20, in line with the further rationing of credit to come. The Fin
Tax reform may put state’s finances in surplus next year
The Federal Government’s $2 billion injection into the WA Budget is set to save the State’s taxpayers from more pain, with Treasurer Ben Wyatt saying the extra cash will help slash debt and deficit. The West
Airfare rises to elevate Qantas shares
Higher oil prices have dampened the sweet spot airlines enjoyed last year, but rising airfares and the prospect of capital returns to shareholders have prompted Bank of America Merrill Lynch to reinstate coverage of Qantas with a buy rating on the stock and a target price of $7.75. The Aus
The Australian Financial Review
Page 1: Leaving interest rates too low for too long could lead to a surge in inflation that forces central banks into dramatic rate hikes, slamming the global economy into recession, warns an influential group of monetary policy experts headed by Australia’s Philip Lowe.
Page 3: Fast-growing ‘‘superstar’’ tech companies are taking a growing share of national income in many countries, leaving workers’ overall wage growth subdued, the Organisation for Economic Co-operation and Development said on Wednesday.
Page 4: Scott Morrison’s GST plan has won widespread endorsement from economists as an affordable and pragmatic compromise, but critics say it absolves laggard states from pursuing more comprehensive reforms such as land taxes and asset sales.
Page 5: Information technology analysts have questioned the decision by the Turnbull government to award IBM a $1 billion contract after the 2016 census debacle.
Page 6: A KPMG director-turned whistleblower has alleged senior Australian Bureau of Statistics staff admitted to ‘‘topping up’’ government programs with funds allocated to other projects.
Renewable energy generated nearly 19 per cent of national grid power in the year to June 30 and is on track to meet the Turnbull government’s emissions target without the National Energy Guarantee, a new report says.
Page 7: ANZ Banking Group took four months to open a fee-free bank account for an Aboriginal welfare customer who was worried about paying dishonour fees, the Hayne royal commission has heard.
Page 9: Australia is using its $195 billion defence modernisation program to upgrade ties with the old powers of Europe while seeking to have them play a larger role in the region, at a time when the US is viewed as an unreliable security partner.
Page 13: Woolworths CEO Brad Banducci expects to have ‘‘clarity’’ within 12 months about whether it will sell, float or keep its petrol business, after striking a 15-year wholesale fuel supply agreement with Caltex.
The borrowing capacity of Australian property investors has contracted 20 per cent over the past three years, leading UBS to forecast that major banks’ housing credit growth will fall to zero by 2019-20, in line with the further rationing of credit to come.
Page 15: Rio was quick to predict an even brighter future for the mining industry in Australia on the back of the federal government’s proposed GST reforms on Thursday and confirmed it was looking closely at the potential of the substantial Western Range deposit near Paraburdoo to become its next new mine in the Pilbara after Koodaideri.
Swiss Re, the world’s second largest reinsurer, has pulled the plug on underwriting policies for companies with more than 30 per cent of thermal coal in their mining or power-generation portfolios, further tightening the screws on a fuel that is paradoxically enjoying buoyant demand in Asia.
Page 16: Sunsuper will merge with AustSafe Super, which has roots in regional Queensland, to create a $58 billion fund with 1.4 million members.
Page 17: Privacy experts have urged caution about widespread adoption of biometric security, as Sydney Airport announced a trial of facial recognition technology with Qantas on Thursday.
Page 29: ASX-listed residential developer Cedar Woods expects to make a net profit after tax of $40 million for the full year and says settlements remain on track.
Asian logistics platform ESR has set up shop in Australia, buying out industrial developer CIP from Charter Hall and its co-investors in a $102.5 million deal that will allow it to expand locally.
Page 30: Leading national firm Clayton Utz is on the verge of having more than 1000 non-partner fee earners after a surge in performance over the first half of 2018.
The Australian
Page 1: Australian and New Zealand officials are set to seal a wide-ranging security agreement with Pacific Island nations that analysts say should be used to limit the military involvement of non-signatories such as Russia and China in the region.
Page 2: As the nation’s shoppers complain about or move to accept the ban on single-use plastic bags at leading supermarket chains, Coles decided last night to give its 15c reusable bags to customers for free until Sunday night.
Page 5: The biggest study yet of NBN traffic has revealed customer network usage is broadly the same for all fixed-line technologies, intensifying the pressure on Labor as it considers whether to dump plans to further “gold plate” the $49 billion network.
Page 19: Commodities and Chinese equities are bearing the brunt of a deepening tariff war between the US and China amid fears the stoush will hurt global economic growth.
Mining giant Rio Tinto is widely known for digging red dirt out of Western Australia’s Pilbara region but the sparkle in the company can be found in a lake 220km south of the Arctic Circle.
BHP chairman Ken MacKenzie says the $168 billion miner’s culture needs to be more agile and less bureaucratic and has flagged more input from the board on management’s development spending and acquisition designs.
Page 21: Higher oil prices have dampened the sweet spot airlines enjoyed last year, but rising airfares and the prospect of capital returns to shareholders have prompted Bank of America Merrill Lynch to reinstate coverage of Qantas with a buy rating on the stock and a target price of $7.75.
Budget real estate agency Purplebricks has revealed it is suffering heavy losses on its entry to the Australian market, but insists its business model will work locally, having handled more than $2 billion in home sales.
Page 22: Just weeks after pulling off the largest retail real estate acquisition ever, the newly created Unibail-Rodamco-Westfield is going into property sales mode.
The West Australian
Page 1: The Federal Government’s $2 billion injection into the WA Budget is set to save the State’s taxpayers from more pain, with Treasurer Ben Wyatt saying the extra cash will help slash debt and deficit.
Page 9: Federal Opposition Leader Bill Shorten has warned the “devil is always in the detail” as Labor questioned where the Government would find an extra $9 billion to top-up States and Territories’ GST payments.
Page 16: Consumer groups have taken aim at a Federal Government proposal to overhaul the way telcos handle disputes with customers, accusing Communications Minister Mitch Fifield of trying to downgrade the role of the sector’s independent umpire.
Business: WA-based, West African-focused gold miners Perseus Mining and Resolute Mining have enjoyed solid buying this week on positive news from their respective operations.
Lotterywest has clawed back some lost revenue but remains well off its 2016 sales record.
Plans to use WA’s seafood as a tourism drawcard have moved a step closer to reality, with the WA Fishing Industry Council starting to develop its seafood and wine trail concept.
Australia’s biggest superannuation fund will lift its stake in aspiring WA potash producer Agrimin via a $10 million placement.
