Rio flags asset sales as returns soar
Rio flags asset sales as returns soar
Rio Tinto is on track for another record dividend in 2018 after its board approved the largest half-year payout in the company’s history. The Fin
Corporate leaders say governance is important, but ASX rules have gone too far
A string of corporate heavyweights have strongly backed a stand by new AMP chairman David Murray to ignore the ASX corporate governance principles he warns are creating a distraction and focus his board on bigger strategic issues, so that his chief executive can run the company. The Fin
Liberals in green power standoff
Malcolm Turnbull’s centrepiece energy policy faces an eleventh-hour threat from dissatisfied Coalition MPs who have attacked new modelling that shows the nation’s reliance on renewable energy will more than double by 2030 under the national energy guarantee, as coal-fired plants are powered down. The Aus
BCI Minerals in the spotlight as Pilbara deals ramp up
DataRoom understands that BCI, the former BC Iron, has commissioned PCF, the corporate advisory firm in Perth, to help find it a partner to develop the Kumina deposit in the Pilbara. The Aus
Fishing industry blasts ‘irresponsible’ Forrest
WA fishing experts have hit back hard at mining magnate Andrew Forrest’s $100 million ocean conservation plan, branding it flawed and potentially disastrous. The West
Cash short at Eastern Goldfields
Creditors are again circling Michael Fotios’ Eastern Goldfields, with the company revealing it had just $10,000 cash in the bank at the end of the June quarter after falling 27,000oz short of its first-half production guidance at the Davyhurst gold mine near Kalgoorlie-Boulder. The West
Revaluations hit BWP profit
The country’s biggest owner of Bunnings warehouses, BWP Trust, has reported a lower annual profit of $183 million. The Aus
The Australian Financial Review
Page 1: A string of corporate heavyweights have strongly backed a stand by new AMP chairman David Murray to ignore the ASX corporate governance principles he warns are creating a distraction and focus his board on bigger strategic issues, so that his chief executive can run the company.
Rio Tinto is on track for another record dividend in 2018 after its board approved the largest half-year payout in the company’s history.
Page 2: PWC, one of the big four accounting and consulting groups, reported revenue was up 10.8 per cent to $2.35 billion for the financial year, in an annual trading update.
Page 4: One Nation has warned it is unlikely to grant the government any further concessions on company tax, saying the current arrangement of a low tax rate for firms with turnovers capped at $50 million covered most of the nation’s businesses.
Page 6: The Turnbull government is considering a World Trade Organisation challenge to a swathe of recent agricultural trade barriers imposed by India which are hurting Australian farmers.
Page 17: Coles has buckled under pressure from recalcitrant shoppers and backflipped on plans to charge for reusable bags.
Clive Palmer has mocked giant Chinese conglomerate CITIC Ltd over claims it could shut down the $US12 billion ($16.2 billion) Sino Iron operations in Western Australia.
Page 18: Engineering and infrastructure group RCR Tomlinson has asked the Australian Securities Exchange to suspend trading in its shares until August 8 after warning cost blowouts on a project would have ‘‘a material negative impact’’ on 2018 earnings.
Page 19: The largest provider of mortgage insurance, Genworth, says it expects banks to continue with ‘‘out-of-cycle’’ interest rate increases to offset higher funding costs even if the Reserve Bank keeps the official cash rate on hold.
Page 25: Gold miner Saracen Mineral Holdings reported a 20 per cent increase in ore reserves to 2.5 million ounces at a discovery cost of $25 a reserve ounce.
The Australian
Page 1: Malcolm Turnbull’s centrepiece energy policy faces an eleventh-hour threat from dissatisfied Coalition MPs who have attacked new modelling that shows the nation’s reliance on renewable energy will more than double by 2030 under the national energy guarantee, as coal-fired plants are powered down.
Page 4: Trade Minister Steven Ciobo has issued a “please explain” to the Trump administration after the US government announced it would hand $US12 billion ($16.2bn) in aid to American farmers hurt by retaliatory tariffs.
Page 17: Seven Group Holdings chief executive Ryan Stokes said media deals were not a priority for his shareholders, in his first public comments on rival broadcaster Nine’s $3.86 billion merger with Fairfax Media.
Royal commissioner Kenneth Hayne has slammed the wealth manager IOOF over its “ill based” attempt to hide secret documents detailing discussions between regulators and its subsidiary Questor Financial Services.
Page 18: DataRoom understands that BCI, the former BC Iron, has commissioned PCF, the corporate advisory firm in Perth, to help find it a partner to develop the Kumina deposit in the Pilbara.
Page 19: News Corp is pursuing plans to bring Multi Channel Network into closer alignment with other assets after CBS-owned Network Ten walked away from an advertising sales alliance with the company to launch a fresh assault on the $16 billion Australian ad market.
The aviation industry has never been in better economic shape with even US billionaire Warren Buffett now investing in airline shares.
Page 23: One of the world’s largest pension funds, Canada Pension Plan Investment Board, is taking its first tilt at the rapidly growing Australian commercial real estate debt market, putting up $500 million to seed a new Challenger Investment Partner fund.
The West Australian
Page 4: The WA Liberals are likely to back a policy push at the party’s State conference for the Government to make big cuts to the immigration rate, reducing the current cap of 190,000 permanent migrants a year to half that figure.
Page 6: WA fishing experts have hit back hard at mining magnate Andrew Forrest’s $100 million ocean conservation plan, branding it flawed and potentially disastrous.
Business: The country’s biggest owner of Bunnings warehouses, BWP Trust, has reported a lower annual profit of $183 million.
Construction and engineering company Decmil Group has handed in its third straight annual net loss of $6 million.
TNG spin-out Todd River Resources is expected to announce more encouraging drill results today from its Mt Hardy base metals project in the Northern Territory.
Creditors are again circling Michael Fotios’ Eastern Goldfields, with the company revealing it had just $10,000 cash in the bank at the end of the June quarter after falling 27,000oz short of its first-half production guidance at the Davyhurst gold mine near Kalgoorlie-Boulder.
