Morning Headlines

Tuesday, 21 August, 2018 - 06:44

Tax cuts for big business doomed

Cabinet will consider fast-tracking existing company tax cuts for small and medium businesses after the government offered to carve out the big four banks in a failed last-ditch bid to win Pauline Hanson’s support for cuts for business turning over more than $50 million. The Aus

PM’s ‘radical’ moves unsettle investors

Energy suppliers and their investors have been left stunned by the shredding of the government’s National Energy Guarantee, putting question marks over an estimated $3 billion-$5 billion of proposed investments across the sector and raising fears of forced break-ups and asset sales. The Fin

Laws passed to end tax ‘treaty shopping’

A ‘‘quick fix’’ to Australia’s tax laws designed to ensure profits are taxed at the source of economic value has passed Parliament, shoring up defences on avoidance and treaty shopping. The Fin

Corrupt trio told to pay up

Three crooked Health Department officials who were exposed in last week’s bombshell Corruption and Crime Commission report on a decades-long bribery scandal have until midday tomorrow to respond to payment demands from the State Government. The West

Blackstone rethinks after Investa takeover setback

Blackstone is weighing up whether to sweeten its $3.1 billion offer for Investa Office Fund after its takeover target’s largest shareholder, a separate unlisted Investa Fund, announced it would vote against the buy-out bid. The Fin

Temporary migrant numbers to fall

International student numbers are expected to decrease and fewer humanitarian visas are likely be granted next year — with the Syria intake finalised — driving a downturn in temporary migrant numbers, Citizenship and Multicultural Affairs Minister Alan Tudge said. The Aus

Dorado estimate suggests oil find is real deal

The Dorado oilfield has so far lived up to the hype of its discovery after the block partners released volume estimates confirming it as the North West’s biggest find in decades, but short of market expectation. The West

FMG cranks up exploration

Fortescue Metals Group is targeting another jump in exploration, with spending set to crack $US100 million ($137 million) this year as the iron ore miner ramps up its search for base metals in South America. The West

 

 

The Australian Financial Review

Page 1: Malcolm Turnbull’s capitulation on energy has failed to ease pressure on his leadership, with close supporters of Peter Dutton claiming momentum was growing for a spill as early as this week.

Page 2: ASIC has blamed Federal Parliament for carving a giant loophole into laws banning commissions for financial advice but the major parties pointed the finger at each other.

Page 3: Charles Blackman, one of Australia’s most important and collectible postwar artists, died on Monday morning.

Australian and French officials are at loggerheads over a raft of issues in contractual negotiations to build the new $50 billion submarine fleet, putting the project in danger of missing an unofficial September deadline.

Page 6: Energy suppliers and their investors have been left stunned by the shredding of the government’s National Energy Guarantee, putting question marks over an estimated $3 billion-$5 billion of proposed investments across the sector and raising fears of forced break-ups and asset sales.

Page 8: A ‘‘quick fix’’ to Australia’s tax laws designed to ensure profits are taxed at the source of economic value has passed Parliament, shoring up defences on avoidance and treaty shopping.

Page 9: Woolworths has struck an in-principle deal with the retail workers union for a new enterprise agreement, with higher weekend penalty rates in return for cuts to workers’ base rates.

Page 13: Safety gloves and surgical supplies group Ansell has a war chest of $1.9 billion for acquisitions but chief executive Magnus Nicolin says the company will make a move only if the investment returns stack up as competition from cashed-up private equity funds accelerates in a marketplace where business sellers are eyeing ‘‘top dollar’’.

Page 16: Primary Health Care has turned to shareholders to fund a $250 million spending spree to upgrade its facilities and technology systems with chief executive Malcolm Parmenter conceding the company has lost its reputation as a pioneer in the delivery of medical care.

Page 33: Gina Rinehart-controlled Redstone Corporation has extended its takeover for Atlas Iron.

Page 35: Blackstone is weighing up whether to sweeten its $3.1 billion offer for Investa Office Fund after its takeover target’s largest shareholder, a separate unlisted Investa Fund, announced it would vote against the buy-out bid.

 


The Australian                                                                                                                          

Page 1: Woolworths chief executive Brad Banducci is confident the nation’s biggest supermarket chain can deliver on its turnaround timetable, despite sales being hit by a customer backlash over the banning of plastic bags since July.

Page 4: International student numbers are expected to decrease and fewer humanitarian visas are likely be granted next year — with the Syria intake finalised — driving a downturn in temporary migrant numbers, Citizenship and Multicultural Affairs Minister Alan Tudge said.

Page 6: Cabinet will consider fast-tracking existing company tax cuts for small and medium businesses after the government offered to carve out the big four banks in a failed last-ditch bid to win Pauline Hanson’s support for cuts for business turning over more than $50 million.

Page 7: Deputy Prime Minister Michael McCormack has claimed credit for the Nationals for new powers to break up big energy companies if they misuse their market power, saying the party has long fought for the “big stick” measure.

Page 17: Health insurer NIB is preparing for a Bill Shorten-led government by cutting costs, in light of Labor’s plan to cap annual premium rises.

Page 18: Speculation is mounting that Woolworths’ $2 billion petrol station business will hit the boards as early as November.

Page 21: Sales financing and fleet management company Eclipx has rejected an $805 million takeover bid from listed rival SG Fleet, saying the price was inadequate.

 

 

The West Australian

Page 8: Three crooked Health Department officials who were exposed in last week’s bombshell Corruption and Crime Commission report on a decades-long bribery scandal have until midday tomorrow to respond to payment demands from the State Government.

Page 10: A Geraldton-based Aboriginal housing agency’s former finance officer has been fined $100,000 and ordered to repay the organisation more than $200,000.

Page 12: The number of bicycles reported stolen from the Perth CBD alone is up 23 per cent so far this year.

Business: Fortescue Metals Group is targeting another jump in exploration, with spending set to crack $US100 million ($137 million) this year as the iron ore miner ramps up its search for base metals in South America.

The Dorado oilfield has so far lived up to the hype of its discovery after the block partners released volume estimates confirming it as the North West’s biggest find in decades, but short of market expectations.

The global mining recovery has helped lift drilling products maker Imdex’s annual profit to $21 million from $3.7 million.

Greencross’ annual profit halved but it had an improved comparable sales performance.

Live export trader Wellard halved its losses last financial year but couldn’t avert new breaches of its banking covenants.