17/07/2018 - 06:49

Morning Headlines

17/07/2018 - 06:49

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Westpac to quit SMSF lending

Morning Headlines

Westpac to quit SMSF lending

Westpac has rocked the increasingly nervous property market by withdrawing new loan offers to self-managed superannuation funds looking to invest in property. The Fin

CKI pipeline bid hits critical project hurdle

A proposed $13 billion takeover of APA’s gas pipeline network by Hong Kong’s CKI Group has become the first major foreign investment bid to be scrutinised by the Turnbull government’s newly created Critical Infrastructure Committee. The Fin                                                                                                                                              

Rio’s bulging war chest could be opened to buy Turquoise Hill

Rio Tinto’s long-awaited decision to offload its stake in the Grasberg mine has opened up the prospect that the major miner could make a strategic decision that would see it bid to buy the remaining stake in the Turquoise Hill mine it does not own. The Aus

Primed for retail action as Amazon slashes prices up to 70pc

Amazon Australia has upped the ante on retailers by slashing prices of its flagship devices and branded products by as much as 70 per cent during its first local Prime Day promotion. The Fin

King coal to rule for 20 more years

The nation’s independent energy market operator has called for Australia’s fleet of coal-fired power plants to be operated for as long as possible to prevent a future price shock in the transition to renewables, claiming the ageing plants will still deliver the cheapest electricity for the next 20 years. The Aus

Forge project had red flags a year before losses emerged

Forge Group whistle blowers and advisers raised red flags about a power station project more than a year before its disastrous losses became public and led to the $800 million collapse of the engineering company, a court has been told. The West

Shorten’s fair-pay pledge to workers

Companies would risk legal action if labour-hire workers received lower pay and conditions than directly employed co-workers doing the same job under proposed laws Bill Shorten will unveil to union leaders tonight. The Aus

ALP’s pick for key seat quits contest

The Maritime Union of Australia’s pick to contest Hasluck, Lauren Palmer, had been campaigning in the key seat since she won preselection in December. The West

 

 

The Australian Financial Review

Page 1: Treasurer Scott Morrison has warned the deepening US tariff war with China could derail a global economy that has finally shaken off the effects of the financial crisis, and has directly challenged Donald Trump’s view that countries can win trade wars.

A proposed $13 billion takeover of APA’s gas pipeline network by Hong Kong’s CKI Group has become the first major foreign investment bid to be scrutinised by the Turnbull government’s newly created Critical Infrastructure Committee.

Page 3: Domino’s Pizza’s Don Meij has risen to become Australia’s highest-paid chief executive, taking home $36.84 million last year, passing perennial performers, Westfield’s Peter and Steven Lowy on a combined $25.9 million, and Macquarie’s Nicholas Moore on $25.19 million.

The Fair Work Commission has cleared the way for Canon to track its employees’ whereabouts on their mobile phones, dismissing union objections the surveillance intruded on workers’ private lives and exposed them to ‘‘new avenues for discipline’’.

Page 6: Westpac has rocked the increasingly nervous property market by withdrawing new loan offers to self-managed superannuation funds looking to invest in property.

Commonwealth Bank, Westpac Group and Suncorp are slashing honeymoon rates on home loan products, in a bid to stimulate growth as real estate markets slow.

Page 8: The roof-top solar boom could be threatened if the Turnbull government adopted a plan to scrap solar subsidies by early next decade, the solar industry claims.

Page 10: China’s economy grew at 6.7 per cent in the second quarter as expected but growth is slowing as the central government’s clamp down on risky debt holds back investment.

Page 11: Systems that allowed thousands of Commonwealth Bank customers to be overcharged by almost $8 million have been described as inadequate and in breach of the law in a development that has thrust the bank’s risk department back into the spotlight.

Amazon Australia has upped the ante on retailers by slashing prices of its flagship devices and branded products by as much as 70 per cent during its first local Prime Day promotion.

Page 14: Cadence Capital, founded by markets stalwart Karl Siegling, is planning a $250 million-plus listed investment company for shorter-term trading ideas as it nears a dozen years on the ASX.

Page 15: Ramsay Health Care may face stiff competition for European rival Capio and be forced to lift its bid to capture the company’s health operations.

Contractor Downer EDI has been awarded a five-year contract by Chevron Australia for the provision of maintenance and support services.

Page 32: China’s property investment posted its weakest growth in six months in June as developers faced fresh curbs and tighter funding conditions, with sales also slowing, a sign one of the economy’s key drivers is losing steam.

 

The Australian                                                                                                                          

Page 1: The nation’s independent energy market operator has called for Australia’s fleet of coal-fired power plants to be operated for as long as possible to prevent a future price shock in the transition to renewables, claiming the ageing plants will still deliver the cheapest electricity for the next 20 years.                                                                                                             

Page 2: Five million superannuation accounts holding $260 billion and managed by the big four banks and financial services companies AMP and IOOF have delivered average annual returns less than the riskfree “cash” rate over the past decade and many have performed below the rate of inflation.                                                                                                                       

Another “spill and fill” in the most senior ranks of the National Disability Insurance Agency has replaced even more executive staff with contractors and revised other positions, forcing long-term employees to reapply for their jobs.                                                                                      

Page 5: Companies would risk legal action if labour-hire workers received lower pay and conditions than directly employed co-workers doing the same job under proposed laws Bill Shorten will unveil to union leaders tonight.                                                                                      

Surging overseas student numbers have driven net overseas migration to more than 240,000 a year, putting downward pressure on wages and pushing up accommodation costs in major cities.                                                                                                                                            

Page 17: The risk of regulators imposing lower returns on infrastructure asset owners is one of the biggest threats facing the funds management industry, according to IFM Investors chief executive Brett Himbury.                                                                                                                

Page 18: Rio Tinto’s long-awaited decision to offload its stake in the Grasberg mine has opened up the prospect that the major miner could make a strategic decision that would see it bid to buy the remaining stake in the Turquoise Hill mine it does not own.

 

 

The West Australian

Page 6: Federal Treasurer Scott Morrison has left the door open to passing legislation to guarantee his proposed GST floor, saying he is willing to discuss the matter with his State counterparts.

Treasurer Scott Morrison has played down suggestions that Australia needs to tighten immigration numbers, saying population growth is needed to keep the economy strong.

Page 10: The Maritime Union of Australia’s pick to contest Hasluck, Lauren Palmer, had been campaigning in the key seat since she won preselection in December.

Page 14: The Town of Cottesloe could become free from single-use plastic under a plan put forward by two councillors.

Business: The board of Atlas Iron has heaped further pressure on shareholders opposed to Gina Rinehart’s takeover, yesterday releasing an independent expert’s report that backed the deal while saying its own review had found no viable alternative.

Rio Tinto will redevelop its mothballed 568-room Peninsula Palms workforce village in Dampier.

The Timor Sea oil field at the centre of one of Australia’s worst environmental disasters is being sold by Thai group PTTEP to a Singaporean-based company for up to $US355 million ($477 million).

Forge Group whistle blowers and advisers raised red flags about a power station project more than a year before its disastrous losses became public and led to the $800 million collapse of the engineering company, a court has been told.

AMP is seeking the refuge of long-dated US bonds as the trade war between Washington and Beijing continues.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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