Morning Headlines

Friday, 10 August, 2018 - 06:54

Wyatt warns WA could lose $2b green funds

WA is at risk of missing out on $2 billion of investment in wind farms and solar projects unless the Federal Government includes the State in its new climate policy, Energy Minister Ben Wyatt has warned. The West

AGL reins in WA expansion

WA’s gas price war may have peaked, with east coast giant AGL Energy reining in its $100 million expansion into the local market after signing up just 21,000 customers in a year. The West

Newcrest in Telfer write-down

Gold miner Newcrest Mining has written down the value of its Telfer mine in Western Australia by $190 million and its Namosi joint venture in Fiji by $70 million. The Fin

ASX chief rejects Funke Kupper call

The chief executive of the Australian Securities Exchange, Dominic Stevens, has rejected a call by his predecessor Elmer Funke Kupper for the exchange to take control of its governance principles, but has distanced himself from controversial changes currently being considered. The Fin

Prices push livestock investment

Strong sheep and wool prices led farmers to increase their livestock efforts during 2017, according to an annual report on the financial and production performance of WA broadacre farm businesses. The West

Bid to fix GST aims at saving WA seats

Malcolm Turnbull has embarked on one of his longest trips to Western Australia as Prime Minister to spruik his $4.7 billion GST fix in an attempt to save five Liberal-held seats at risk of falling to Labor at the next election. The Aus

Crown beats expectations on VIP surge

Casino giant Crown Resorts has warned its VIP business will remain volatile, despite a dramatic surge in revenue from so-called whale punters. The Fin

 

 

The Australian Financial Review

Page 1:  NAB chief Andrew Thorburn says the bank is not guilty of committing criminal acts but apologised to customers for dishonourable actions of the bank’s wealth and superannuation arms after another punishing day at the Hayne royal commission.

Page 3: The chief executive of the Australian Securities Exchange, Dominic Stevens, has rejected a call by his predecessor Elmer Funke Kupper for the exchange to take control of its governance principles, but has distanced himself from controversial changes currently being considered.

Page 5: Every three international students at a Group of Eight university delivers $1 million to the Australian economy each year, according to new research from the university organisation.

Page 9: KPMG Australia has posted a 9.2 per cent increase in revenue to $1.64 billion, with CEO Gary Wingrove saying the firm had posted particularly strong growth in the firm’s management consulting business and had some notable wins in its audit division.

Page 10: Labor will cut travel costs for federal government bureaucrats by 10 per cent if it wins the next election, pledging also to end additional budget efficiency cuts to public service departments.

Page 17: A forecast stalling in AGL Energy’s earnings due to softening wholesale power prices and tougher retail competition has disappointed investors even as chief executive Andy Vesey launched a $205 million cost reduction initiative, vowing shareholders wouldn’t feel the hit ‘‘on his watch’’.

Magellan Financial Group has left short sellers licking their wounds after the global investor co-founded by Rich Lister Hamish Douglass said it would pay up to 95 per cent of its funds management profits back to shareholders after building up a sizeable war chest for investment.

Page 21: Casino giant Crown Resorts has warned its VIP business will remain volatile, despite a dramatic surge in revenue from so-called whale punters.

Page 27: Gold miner Newcrest Mining has written down the value of its Telfer mine in Western Australia by $190 million and its Namosi joint venture in Fiji by $70 million.

Page 33: The ‘‘hyper-competitive’’ market for senior lawyers is driving more partners to switch firms, with banking, finance and property the current hot spots.

 

 

The Australian                                                                                                                          

Page 4: Malcolm Turnbull’s office has confirmed that two of the directors of the Great Barrier Reef Foundation — the recipient of a $444 million grant from his government awarded without tender — may have been hosted at the Prime Minister’s home by wife Lucy.                                                             

Malcolm Turnbull has embarked on one of his longest trips to Western Australia as Prime Minister to spruik his $4.7 billion GST fix in an attempt to save five Liberal-held seats at risk of falling to Labor at the next election.                                                                                                

Page 18: Sapura Energy’s Australian initial public offering appears to be gathering momentum, with Macquarie Capital drafted in to work on the $US2 billion ($2.69bn) float with Bank of America Merrill Lynch.                                                                                                             

Page 19: Property developer Mirvac has again flagged a cooling in the residential cycle, as it turned in a healthy full-year result and said it would seek to draw more on its office and industrial parks businesses.                                                                                                                 

Page 20: Suncorp chief executive Michael Cameron has castigated his big four banking rivals for “irrational” loan and deposit pricing, as shares in the bancassurer hit a post-crisis high due to the sale of its life insurance business, an 8c special dividend, and better than expected returns from a business improvement program.                                                                                                                                                                                                                                                                          

 

The West Australian

Page 3: Prime Minister Malcolm Turnbull has urged the State Government to “put people before sharks” as he weighed into the stand-off over shark mitigation between WA and Canberra.

Page 12: WA is at risk of missing out on $2 billion of investment in wind farms and solar projects unless the Federal Government includes the State in its new climate policy, Energy Minister Ben Wyatt has warned.

Business: WA’s gas price war may have peaked, with east coast giant AGL Energy reining in its $100 million expansion into the local market after signing up just 21,000 customers in a year.

Final print copies of the Midland Kalamunda Reporter, Comment News, Hills Avon Valley Gazette, The Advocate and North Coast Times will be delivered early next month.

Strong sheep and wool prices led farmers to increase their livestock efforts during 2017, according to an annual report on the financial and production performance of WA broadacre farm businesses.