25/07/2018 - 06:50

Morning Headlines

25/07/2018 - 06:50

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Petrol prices to drive inflation higher

Morning Headlines

Petrol prices to drive inflation higher

Sharply higher petrol prices have intensified inflationary pressures in the economy, June quarter figures are expected to show on Wednesday, complementing a rise in core inflation into the RBA’s target range for the first time since late 2015. The Fin

Mitsubishi strikes agreement to offload suspended Oakajee assets

Japanese giant Mitsubishi has called time on its misadventure in Western Australia’s mid-west, agreeing to sell its interests in the stalled $9.7 billion Oakajee mine, port and rail project. The Fin       

Coles tipped to return at $14

Coles is tipped to rejoin the stockmarket trading boards at $14 a share, but there are already concerns about whether the $20 billion standalone supermarkets chain can generate enough cash to meet its dividend targets. The West

Builders get $540m ‘free’ cash

WA builders, many wrestling with a low-margin, post-mining boom economy, still had access to an estimated $270 million to $540 million of subcontractors’ retention payments — effectively a free multimillion dollar credit facility. The West                                                                                                                      

Telstra in war for mobile supremacy

Telstra has launched a counteroffensive in the war for mobile market share by unveiling its first unlimited data plan as the telecommunications behemoth seeks to quicken its march towards dominance of the mobile market outlined in June’s ambitious 2022 strategy. The Fin              

Energy deal to cut bills by more

The Turnbull government’s National Energy Guarantee would save the average household $550 a year on electricity bills, which is $150 more than first estimated, according to a final design proposal that has been sent to state and territory leaders. The Fin

DIY funds don’t need $1m kitty, peak body says

The Self-Managed Superannuation Fund Association has strongly rejected suggestions that investors must have at least $1 million to set up an SMSF, in a submission challenging the Productivity Commission’s findings on the sector. The Aus

AccorInvest to sell $300m hotel holdings

AccorInvest is selling a portfolio of 23 Australian hotels, its entire local real estate holdings, for more than $300 million in one of the biggest-ever hotel portfolio offerings of its kind. The Fin

$15m Quest Hotel to start

M/Group has revealed it is about to start building a $14.7 million 90-room Quest Apartment Hotel in Joondalup. The Fin

 

 

The Australian Financial Review

Page 1:  The Turnbull government’s National Energy Guarantee would save the average household $550 a year on electricity bills, which is $150 more than first estimated, according to a final design proposal that has been sent to state and territory leaders.

The banking royal commission has highlighted the relatively high costs allocated by industry super funds to a mysterious ‘‘other’’ category, as it prepares to question fund directors next month.

Page 2: The Finance Sector Union has launched a test case over minimum rates for currency exchange businesses, challenging new advice from the regulator that they should be covered by the lower-paying retail award.

Page 3: Sharply higher petrol prices have intensified inflationary pressures in the economy, June quarter figures are expected to show on Wednesday, complementing a rise in core inflation into the RBA’s target range for the first time since late 2015.

Shadow treasurer Chris Bowen has hinted that newly appointed Treasury secretary Phil Gaetjens will be sacked if Labor wins the federal election.

Page 4: Westpac is so far isolated in its support for the Productivity Commission’s ‘‘best in show’’ proposal, which would reshape the default superannuation system to slash unintended multiple accounts and oust persistent underperformers.

Page 7: Australia won’t back changes to the global ‘‘rules-based’’ trading system that give either the US or China the dominant hand, but is ready to support ‘‘constructive’’ reform of the World Trade Organisation, said Trade Minister Steven Ciobo.

Page 8: Employers are challenging the merger of the militant maritime union and construction unions in the Federal Court in a fresh push to stop the superunion.

Page 9: Local businesses might not be better off from new rules imposing GST on overseas companies selling hotel rooms in Australia, with experts questioning attempts to level the playing field.

Page 13: Telstra has launched a counteroffensive in the war for mobile market share by unveiling its first unlimited data plan as the telecommunications behemoth seeks to quicken its march towards dominance of the mobile market outlined in June’s ambitious 2022 strategy.

Magellan boss and Rich Lister Hamish Douglass is preparing for the possibility that the US 10-year Treasury yield breaks through 4 per cent in 12 to 18 months’ time, sparking a 30 per cent sell-off in global equities, should the US Federal Reserve find itself surprised by resurgent inflation.

Page 15: Only LNG imports can save the Australian government from a nightmare scenario of having to choose between breaking gas export contracts with Asian buyers or subjecting the east coast to supply shortages, according to the respected energy analyst that sounded the alarm on the ‘‘slow train crash’’ looming in the market more than three years ago.

Japanese giant Mitsubishi has called time on its misadventure in Western Australia’s mid-west, agreeing to sell its interests in the stalled $9.7 billion Oakajee mine, port and rail project.

Page 16: Wine exports have grown at the fastest rate in 15 years in the year ended June 30 to reach $2.76 billion, and sales to China rose 55 per cent in a positive sign for Penfolds owner Treasury Wine Estates.

Page 17: The fees and costs charged by Australia’s mandatory superannuation system are so complex the regulator has been urged to develop a database so the public has some chance of comparing funds.

Page 31: AccorInvest is selling a portfolio of 23 Australian hotels, its entire local real estate holdings, for more than $300 million in one of the biggest-ever hotel portfolio offerings of its kind.

 

 

The Australian                                                                                                                          

Page 1: The industrial umpire is under pressure to accept the findings of a new report proposing the early elimination of baseless unfair dismissal cases against small business operators.

Page 2: US Secretary of State Mike Pompeo has given Foreign Minister Julie Bishop a firm commitment that the US will not pull back on its engagement in the Indo-Pacific region.

Page 4: The Self-Managed Superannuation Fund Association has strongly rejected suggestions that investors must have at least $1 million to set up an SMSF, in a submission challenging the Productivity Commission’s findings on the sector.                                               

Page 7: The already fragile aged-care system will be placed under enormous strain within two years as more than a third of doctors plan to cut back their visits or stop seeing patients in nursing homes altogether.                                                                                                                   

Page 17: The Australian Taxation Office has found James Packer’s Crown Resorts ran up more than $730 million in deductions as a result of a scheme that had the purpose of dodging tax, court papers show.                                                                                                                 

Page 21: Private equity group Blackstone’s $3.1 billion takeover play for the Investa Office Fund has been deemed not fair but reasonable by independent expert KPMG, setting the scene for a proxy battle as it seeks to win support for the deal.                                                     

Page 23: Perth-based fintech Moneycatcha is set to show off its blockchain wares at Google’s annual cloud conference, with the start-up’s compliance tool Regchain becoming the first blockchain application to be hosted on the Google Cloud platform.

 

 

The West Australian

Page 11: A mysterious Asian businessman who has seemingly made millions from the sandalwood trade has had three Perth properties frozen by the Federal Court over an alleged $7.5 million tax bill — while also facing criminal charges over alleged illegal exports of the precious wood.

Business: Coles is tipped to rejoin the stockmarket trading boards at $14 a share, but there are already concerns about whether the $20 billion standalone supermarkets chain can generate enough cash to meet its dividend targets.

Newmont’s Boddington gold operations will soon offer up an Australian-first tour showing the full production process of the precious metal.

The $7.4 billion Australian Foundation Investment Company has slimmed down its holding in Telstra but bought into Qantas for the first time.

Property: WA builders, many wrestling with a low-margin, post-mining boom economy, still had access to an estimated $270 million to $540 million of subcontractors’ retention payments — effectively a free multimillion dollar credit facility.

M/Group has revealed it is about to start building a $14.7 million 90-room Quest Apartment Hotel in Joondalup.

Home Consortium, the highpowered partnership which bought 61 former Masters stores around Australia, is thought to have offloaded the last two WA properties it plans to sell for more than $18 million after a whirlwind sales campaign.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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