Morning Headlines

Tuesday, 7 August, 2018 - 06:51

ASIC power upgrade puts financial giants on notice

Corporate cops from the banking watchdog will be embedded within Australia’s five largest finance institutions to catch out misconduct as part of a $70 million package being announced by the Turnbull government. The Aus

Nickel West charges on with battery plans

BHP Billiton has approved new nickel mining developments in Western Australia as it pushes ahead with a move into manufacturing battery chemicals that could make its previously unloved Nickel West business more attractive to potential buyers. The Fin

Vicinity to set up $1b fund with Keppel

Retail landlord Vicinity Centres will set up a $1 billion wholesale property fund in a joint venture with Singapore’s Keppel Capital, seeded with malls from Vicinity’s portfolio. The Fin      

Senate support to fast-track small biz cuts

One Nation and the Centre Alliance are in favour of fast tracking the introduction of a 25 per cent company tax rate for small and medium enterprises, giving the government a fallback option should it be unable to convince the Senate to grant tax cuts to bigger businesses. The Fin

Perth loses appeal for locals as jobs dry up

The Ipsos survey found 59 per cent of people were satisfied living in Perth, down from 73 per cent in 2015 and 60 per cent in 2012. The West

High-grade lithium powers Argosy price jump

Shares in Argosy Minerals soared yesterday after the aspiring lithium producer announced it had produced battery-grade lithium carbonate at its Rincon lithium project in Argentina. The West

NAB hooked on trail commission

National Australia Bank went to extraordinary lengths to keep paying now-illegal trailing commissions to financial advisers, the royal commission has heard. The Aus           

Taxpayers face bill for Ku De Ta workers

Taxpayers will foot the bill for $275,000 owed to former staff at Ku De Ta, with administrators expecting to recover little for creditors from the collapse of the riverside restaurant complex. The West

 

 

The Australian Financial Review

Page 1: The Hayne royal commission has put superannuation funds on notice, saying it will investigate payments to unions, allocation of member funds and the credit card use of executives in detail over the next two weeks of public hearings.

The chairman of the Corporate Governance Council, Elizabeth Johnstone, has flagged dropping a requirement for companies to hold a ‘social licence to operate’ from controversial changes to the ASX Corporate Governance Principles, as insiders revealed that industry super funds were behind the push.

Page 3: One Nation and the Centre Alliance are in favour of fast tracking the introduction of a 25 per cent company tax rate for small and medium enterprises, giving the government a fallback option should it be unable to convince the Senate to grant tax cuts to bigger businesses.

Page 6: Australia’s telecommunications providers champing at the bit to get a hold of valuable 5G spectrum will soon get the chance, with an auction set for late November.

Page 9: After a weekend of claims by US President Donald Trump that he had the upper hand in the trade war with China, Beijing responded by saying the nation was ready to endure the economic fallout.

Page 11: Investors in the big miners are enjoying a ‘‘golden age’’ of shareholder returns, but with asset sales playing a big role in the record distributions, investors are split over how sustainable the trend is.

SEEK chief executive Andrew Bassat has asked investors to keep on supporting the company’s aggressive investment strategy despite a furious reaction to the revelation that the employment classifieds and services company’s profit is unlikely to grow this year.

Page 12: New high-conviction stockpicker Firetrail Investments is readying a $500 million initial public offering for a listed long/short Australian equities fund.

Page 13: Excitement has reached fever pitch around oil being discovered off the coast of north-west Australia as junior partner Carnarvon Petroleum prepares to release further results from its promising Dorado-1 well.

Page 14: BHP Billiton has approved new nickel mining developments in Western Australia as it pushes ahead with a move into manufacturing battery chemicals that could make its previously unloved Nickel West business more attractive to potential buyers.

Page 29: Retail landlord Vicinity Centres will set up a $1 billion wholesale property fund in a joint venture with Singapore’s Keppel Capital, seeded with malls from Vicinity’s portfolio.

Page 31: A record $19 billion worth of commercial towers changed hands in the 2018 financial year as the Australian office market ‘‘edged’’ towards the bottom of the yield cycle, figures compiled by Colliers International show.

 

The Australian                                                                                                                          

Page 1: Australians are being ripped off by super fund trustees “surrounded by temptation” to do the wrong thing with the $2.6 trillion retirement savings pile, while regulators are failing to search out and punish bad behaviour, the banks royal commission has heard.

Almost 90 per cent of all new permanent arrivals to Australia are settling in Melbourne and Sydney, according to previously unpublished statistics that add weight to government moves to introduce a migration policy that forces some skilled migrants to live outside the biggest cities.                                                                                                                                                    

Page 2: Corporate cops from the banking watchdog will be embedded within Australia’s five largest finance institutions to catch out misconduct as part of a $70 million package being announced by the Turnbull government.

Page 7: Farms provided up to $28,000 a year in expanded federal drought assistance may also be receiving up to $40,000 a year from state taxpayers, but farmers say even more support may soon be needed.

Page 17: National Australia Bank went to extraordinary lengths to keep paying now-illegal trailing commissions to financial advisers, the royal commission has heard.

                                                                                                           

The West Australian

Page 3: The Ipsos survey found 59 per cent of people were satisfied living in Perth, down from 73 per cent in 2015 and 60 per cent in 2012.

Page 16: Art Gallery of WA chairman Sam Walsh has quietly stepped down from the role halfway through his three-year appointment.

Business: Taxpayers will foot the bill for $275,000 owed to former staff at Ku De Ta, with administrators expecting to recover little for creditors from the collapse of the riverside restaurant complex.

Diggers and Dealers chairman Nick Giorgetta has issued an impassioned plea to lift Australia’s mining-related course enrolments and the industry’s reputation, foreshadowing a future skills shortage as the resource sector’s greatest threat.

Shares in Argosy Minerals soared yesterday after the aspiring lithium producer announced it had produced battery-grade lithium carbonate at its Rincon lithium project in Argentina.

Salt Lake Potash chief executive Matthew Syme has urged the McGowan Government to reduce tenement costs for explorers targeting the fertiliser product, saying the chemical compound’s growing international demand could rival the burgeoning lithium market.

Battery Minerals boss David Flanagan says the company has seven groups interested in completing the balance of funding for its $US51.2 million Montepuez graphite project in Mozambique.