03/08/2018 - 06:50

Morning Headlines

03/08/2018 - 06:50

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Morrison to hit banks for fleecing customers

Morning Headlines

Morrison to hit banks for fleecing customers

Treasurer Scott Morrison will deliver a harsh reprimand to the banks and regulators today, chastising lenders for exploiting customers’ loyalty, which he says is costing each up to $87 a month. The Fin

Budget changes to deliver tax hit for $200b in DIY super

A whopping $200 billion in self-managed superannuation fund assets has become taxable as a result of the Turnbull government’s 2016 budget changes, according to a new report. The Fin

Markets stung by trade tensions

Regional sharemarkets and the Australian dollar were roiled by trade jitters yesterday after the US and China dialled up their threats of retaliatory tariffs in a worsening trade war between the pre-eminent superpowers. The Aus      

Rio mauled for missing targets

Rio Tinto shares have suffered their biggest fall in 18 months after the company missed first-half earnings expectations on the back of higher costs, despite the announcement of $US7.2 billion ($9.7bn) of new cash returns for shareholders. The Aus

Moody’s warns of default spike on mortgages

Moody’s has warned that Australian mortgage delinquencies will rise over the next two years as a record number of interest-only loans convert to principal-andinterest payments. The Aus

Deadline looms for Hancock’s Atlas bid

Gina Rinehart’s bid for Atlas Iron is set to close today, with her private company Hancock Prospecting expected to extend its $390 million offer for the lossmaking miner. The West

Home Consortium sells two assets in Perth for $18m

Leading large-format retail landlord Home Consortium has offloaded two former Masters properties in Perth for just over $18 million. The Fin                                                                                                                   

 

The Australian Financial Review

Page 1: Treasurer Scott Morrison will deliver a harsh reprimand to the banks and regulators today, chastising lenders for exploiting customers’ loyalty, which he says is costing each up to $87 a month.

Page 3: On-demand food delivery platform Foodora will exit Australia at the end of the month following a decision by its global parent company to focus on other markets.

Page 5: New Minerals Council chief Tania Constable has vowed to take a ‘‘technologyneutral’’ approach to climate and energy policy, signalling the pro-coal agenda run by her predecessor Brendan Pearson is dead.

Page 6: A whopping $200 billion in self-managed superannuation fund assets has become taxable as a result of the Turnbull government’s 2016 budget changes, according to a new report.

Page 7: Australia’s company directors have warned that it is ‘‘almost impossible’’ to comply with continuous disclosure laws in the face of ‘‘an increasingly active’’ shareholder class action market.

Page 8: UAE Exchange Australia must reimburse $1.3 million in unpaid wages after an investigation revealed it had been underpaying hundreds of workers over seven years.

Page 10: Toyota’s Australian business has led a surge in sales and profitability across the local outposts of most Japanese carmakers in the year to March 31, as it met consumer demands for utes, SUVs and hybrid engines.

Page 12: Federal Energy Minister Josh Frydenberg has rebuffed Labor states that want emissions reduction targets enshrined in regulations rather than legislation, which would make it easier for a future government to raise the targets.

Page 13: Australia’s trade surplus hit an 11-month high in June, reaching $1.87 billion and blowing past economist forecasts, with cereal exports surprisingly strong despite parts of the country battling drought conditions.

Page 17: Rio Tinto chief executive Jean-Sebastien Jacques wants to emulate ExxonMobil’s perennial approach to share buybacks and dividends, while his Australian shareholders hope he can make a dent in the company’s franking credit balance when he pulls the trigger on $US4 billion of returns this year.

Page 21: ANZ, the nation’s third largest lender, has slashed variable rates on its ‘‘no frills’’ home loan by 34 basis points to 3.65 per cent in the latest move by a big lender to stimulate flagging demand and build market share.

Page 27: Market darling Northern Star Resources has flagged another jump in gold production after revealing a significant boost in its resource and reserves.

Page 33: Corporate Australia is beefing up in-house legal teams as it faces increased pressure from regulators and seeks to control legal spending.

Page 34: Leading large-format retail landlord Home Consortium has offloaded two former Masters properties in Perth for just over $18 million.

 

The Australian                                                                                                                          

Page 1: Victorian Labor is reeling after fraud squad detectives executed early-morning raids on the homes of 17 of the party’s former Red Shirt campaigners, arresting them and taking them in for questioning over timesheets signed off by MPs.                                                            

Cabinet ministers are promoting a new “NEG-plus” plan to broaden the appeal of Malcolm Turnbull’s signature energy policy among wavering government backbenchers who fear an electoral rout over power prices.                                                                                                           

Page 6: Thousands of workers who invested their superannuation in ANZ products, often at the recommendation of ANZ financial advisers, lost as much as 10 per cent of their retirement nest eggs in fees and charges in the first year of joining the funds, disclosure documents show.                                                                                                                              

Page 17: Regional sharemarkets and the Australian dollar were roiled by trade jitters yesterday after the US and China dialled up their threats of retaliatory tariffs in a worsening trade war between the pre-eminent superpowers.                                                                             

Not-for-profit superannuation funds are still charging dramatically lower fees to members than the bank-run retail funds, despite new rules requiring the disclosure of “indirect” fees for unlisted assets that evidently have affected industry funds more than their retail rivals.

Page 21: Rio Tinto shares have suffered their biggest fall in 18 months after the company missed first-half earnings expectations on the back of higher costs, despite the announcement of $US7.2 billion ($9.7bn) of new cash returns for shareholders.                          

Page 23: Moody’s has warned that Australian mortgage delinquencies will rise over the next two years as a record number of interest-only loans convert to principal-andinterest payments.

Page 26: Pay rises at the nation’s law firms are outstripping inflation as the private profession has been dragged into a war for talent with the in-house legal departments of their corporate clients.

 

The West Australian

Page 18: Coles has backflipped yet again in the plastic bag ban saga, revealing yesterday that it was finally putting a stop to handing out free bags.

Page 20: Opposition Leader Mike Nahan has been forced to defend his understanding of council rates after warning local governments that falling land values posed a “challenge” to income.

Business: Northern Star Resources executive chairman Bill Beament says WA gold producers have put their money where their mouth is in the aftermath of the gold royalty debate, boosting exploration across the board after the defeat of the Government’s plan to tap the industry to help restore the State Budget.

Gina Rinehart’s bid for Atlas Iron is set to close today, with her private company Hancock Prospecting expected to extend its $390 million offer for the lossmaking miner.

Money is flowing back to the gaming tables at Crown Resorts’ Burswood casino, which is believed to have recorded its best trading in more than two years.

Australia has enough gas to avert a supply crunch next year but it is unlikely to be cheap enough to keep every manufacturer in business, the competition watchdog has warned.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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