11/07/2018 - 06:44

Morning Headlines

11/07/2018 - 06:44

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Fragrance hangs on heritage

Morning Headlines

Fragrance hangs on heritage

Fragrance Group’s two-tower $180 million mixed heritage, hotel, office and residential development on Murray and Milligan appears more likely than not to be approved tomorrow. The West

Denham eyes prospects for mining fund

Private equity outfit Denham Capital is again eyeing Australia for acquisitions after raising $US558 million ($746 million) for its first standalone mining fund, with several deals the subject of ‘‘active’’ discussion. The Aus

Jobs growth dominated by part-time

Australians up to their mid-30s are increasingly relying on part-time work, according to a report that reveals the turnaround in the WA jobs market has taken root only in the past three months. The West

Business confidence ticks up in June

Employment will continue to grow at a stronger rate than population for the second half of 2018, suggesting further falls in unemployment and a gradual pick-up in wages growth. The Fin

MRA gives link plan thumbs up

A $158 million, two-building hotel and apartment proposal put forward by Ritz-Carlton developer Far East Consortium was yesterday expected to be approved by a planning subcommittee that reports to the Metropolitan Redevelopment Authority board. The West

Aged-care providers face ATO scrutiny

The tax office has sounded alarm bells about some of the biggest aged-care providers, warning it has “concerns over the financing arrangements” and company structures of “certain entities” that might be used to minimise profits and tax. The Aus

Power rip-offs: ACCC lines up energy giants

The competition watchdog has called for radical reform of the National Electricity Market to bring down prices, claiming the gouging of households and business consumers has reached an “unacceptable” level with widespread abuse of market power by the larger energy companies. The Aus

Village eyes rebounds as salaries, discounts cut

Village Roadshow will slash the salaries of its two chief executives and stop selling discounted tickets through resellers as the country’s largest theme park operator looks to reverse a slide in earnings as customers slowly return to its parks after the deaths at Ardent Leisure’s Dreamworld. The Fin

Miners pass China shock test

BHP and Rio Tinto would be able to survive a sharp downturn in China without major financial damage, according to a new analysis. The West

 

 

The Australian Financial Review

Page 1: The Hayne royal commission has told more than 30 superannuation funds to nominate a director to be free to take the stand during hearings starting in August.

Page 2: Asialink’s incoming CEO Penny Burtt is determined to get Australia’s relationship with Asia back on track, amid tensions with our most important trading partner China.

Page 3: Women dominate the ranks of corporate counsel, but are paid a ‘‘disheartening’’ 22 per cent less than their male counterparts when it comes to the best jobs.

Page 4: The ABS’ data, published on Tuesday, shows that among the 19 industry groups measured, professional services grew 13.1 per cent – the biggest annual increase through to the end of the September quarter of last year.

Page 5: Employment will continue to grow at a stronger rate than population for the second half of 2018, suggesting further falls in unemployment and a gradual pick-up in wages growth.

Page 6: The Australian Energy Regulator has moved to significantly cut the amount of revenue electricity network companies can charge customers in a bid to take the pressure off households and businesses enduring high power prices.

Page 9: KPMG will continue to check the books of Suncorp after prevailing in a tender process that began in February.

Page 13: Village Roadshow will slash the salaries of its two chief executives and stop selling discounted tickets through resellers as the country’s largest theme park operator looks to reverse a slide in earnings as customers slowly return to its parks after the deaths at Ardent Leisure’s Dreamworld.

The US adviser suing BWX for damages linked to unpaid success fees claims that John Humble and Aaron Finlay, the two directors leading a proposed management buyout, stand to make $200 million over five years by taking the company private.

Page 15: Telstra says its 5G plans remain on track despite the departure of networks boss Mike Wright, who has unexpectedly announced he will leave after almost 40 years.

Page 16: Retail Food Group is pouring its growth aspirations into coffee, and hopes a wholesaling push under the Di Bella coffee brand will provide a counterpoint to its troubled franchise operations.

Page 17: Money market experts and policymakers are battling to pinpoint the forces behind the spike in Australian dollar funding costs that has led several lenders to enact ‘‘out of cycle’’ mortgage rate increases.

ASX-listed Goldfields Money is confident a merger with broking aggregator and finance group Finsure will help drive a tenfold increase in customer numbers, as the bank seeks scale and to fend off criticism of the deal.

Page 18: Private equity outfit Denham Capital is again eyeing Australia for acquisitions after raising $US558 million ($746 million) for its first standalone mining fund, with several deals the subject of ‘‘active’’ discussion.

Page 29: Diversified property group Stockland is on track to meet the top end of its profit expectations following a strong performance in its residential business.

 

 

The Australian

Page 1: The competition watchdog has called for radical reform of the National Electricity Market to bring down prices, claiming the gouging of households and business consumers has reached an “unacceptable” level with widespread abuse of market power by the larger energy companies.

Financial services company IOOF, which is in the process of buying a large chunk of ANZ’s “wealth” arm and is now creating all super products for the major bank, had attempted to bring in hefty “exit fees” on existing accounts and sought to lift by one third the fees it charges to manage simple “cash” investments.

Page 2: The tax office has sounded alarm bells about some of the biggest aged-care providers, warning it has “concerns over the financing arrangements” and company structures of “certain entities” that might be used to minimise profits and tax.

Page 3: Facebook faces a compensation bill that could run into hundreds of millions of dollars if a complaint succeeds on behalf of Australian users whose private information was harvested by notorious political consultancy Cambridge Analytica.

Page 19: Retirement village and holiday park company Gateway Lifestyle Group is back in play after friendly negotiations stalled on a $700 million-plus deal with US-based prefab giant Hometown America.

Lucrative trailing commissions for mortgage brokers have been targeted by the Productivity Commission’s yet-to-be-released report on the financial system, which threatens the nearly $3 billion in bonuses earned by brokers each year.

Page 23: Australian Prudential Regulation Authority boss Wayne Byres will take aim at the banks over their lending practices when he speaks at the Australian Business Economists lunch today, UBS has predicted.

 

 

The West Australian

Page 9: Australians up to their mid-30s are increasingly relying on part-time work, according to a report that reveals the turnaround in the WA jobs market has taken root only in the past three months.

Page 12: Loading could begin on a divisive Emanuel Exports-operated live sheep export ship within days, despite the Federal Department of Agriculture saying it has not issued a permit for the ship to sail.

Page 17: CoreLogic figures show Wattle Grove, through which the Roe and Tonkin highways run, has enjoyed the biggest gain in median prices of any part of WA since 2008.

Page 18: Economic minnow Iceland is outspending Australia on research and development, and the lack of investment is putting our future prosperity at risk, major universities have warned.

Business: BHP and Rio Tinto would be able to survive a sharp downturn in China without major financial damage, according to a new analysis.

The Pilbara Ports Authority has declared another year of record throughput, as Pilbara iron ore miners continue to streamline their operations.

A “pioneering” Pilbara accommodation group that boasted a property portfolio worth tens of millions of dollars during the mining boom has gone under.

Regis Resources shareholders can look forward to a higher final dividend after the gold miner yesterday announced record full-year production of 361,373oz.

Property: Fragrance Group’s two-tower $180 million mixed heritage, hotel, office and residential development on Murray and Milligan appears more likely than not to be approved tomorrow.

A $158 million, two-building hotel and apartment proposal put forward by Ritz-Carlton developer Far East Consortium was yesterday expected to be approved by a planning subcommittee that reports to the Metropolitan Redevelopment Authority board.

Australian Development Capital and Warburton Group have settled their $8.5 million purchase of 20 Bronte Street, the former East Perth Motor Vehicle Licensing Centre.

A blue-chip Cottesloe site housing a WA heritage landmark, the former WA Institute for Deaf Education, is for sale, with strings attached.

Peter Webb & Associates town planner Nik Hidding, acting for Regent Motors, said the company was considering an appeal to the State Administrative Tribunal after its $9 million redevelopment proposal was refused by the Metro-North West Joint Development Assessment Panel recently.

A North Perth Puma petrol station with future development potential has sold for $4.01 million to a private investor.

Mair Property Funds has sold a Canning Vale industrial and logistics property for $3.6 million.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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