Morning Headlines

Qantas told: move fast or die

Corporate financier Greg Woolley said Qantas needs to move quickly to restructure its operations or risk going out of business as shadow treasurer Chris Bowen said Labor would not support changing the Qantas Sales Act to allow higher foreign ownership. The Fin

Burying mining tax likely to take months

The mining tax and its spending programs are likely to remain for at least seven months, punching another hole in the Federal Budget. The West

King urges Labor to axe carbon tax

Origin Energy managing director Grant King has demanded that Labor repeal the carbon tax, and backed the Coalition’s Direct Action policy, saying the more efficient use of power will achieve emissions targets. The Fin

Kings waste ore goes to work on FMG debt

As winter stockpiling pushes iron ore imports into China to record highs, Fortescue Metals Group is demonstrating confidence that prices will hold up through next year. The West

Holden help sits in neutral

The Abbott government is refusing to budge on its timetable for its car industry assistance plan as it awaits the delivery of a draft Productivity Commission report late next week before deciding its next move. The Aus

TFS Corp seeks injunction against top shareholder

Frank Wilson, chief executive of listed sandalwood company TFS Corporation, is suing former employee and shareholder Anna Coxon in the latest defamation action targeting those who supported a board spill last year. The Fin

Letter shows bitterness of Palmer’s China rift

Clive Palmer issued a written edict to a Chinese government controlled company requiring it to shut down its $7 billion-plus iron ore project within 60 days, sack several thousand workers and remove infrastructure it has been developing for a decade. The Aus

The Australian Financial Review

Page 1: South Australian Premier Jay Weatherill will rush to Canberra on Thursday to argue for the retention of Holden, as the federal government and car industry trade accusations over who will be to blame if the company leaves.

Tony Abbott and Bill Shorten have had to fly commercially to Nelson Mandela’s memorial service in order to avoid missing all of the final scheduled sitting week of Parliament.

Page 4: Corporate financier Greg Woolley said Qantas needs to move quickly to restructure its operations or risk going out of business as shadow treasurer Chris Bowen said Labor would not support changing the Qantas Sales Act to allow higher foreign ownership.

Page 5: Origin Energy managing director Grant King has demanded that Labor repeal the carbon tax, and backed the Coalition’s Direct Action policy, saying the more efficient use of power will achieve emissions targets.

Page 6: Foreign Minister Julie Bishop has maintained her opposition to China establishing a strict defence zone in the East China Sea, despite savage criticism from her Chinese counterpart.

Page 8: Energy Resources of Australia will launch a full investigation into the causes behind a big leak of contaminated material at its remote Ranger site in the Kakadu region of the Northern Territory, which has revived calls for the site to be shutdown.

Page 12: Frank Wilson, chief executive of listed sandalwood company TFS Corporation, is suing former employee and shareholder Anna Coxon in the latest defamation action targeting those who supported a board spill last year.

Page 15: WorleyParsons will examine its budgeting and forecasting processes following last month’s shock profit warning, with chief executive Andrew Wood acknowledging the engineering group needs to regain credibility with investors.

Page 17: Rebel Sport is opening small format stores in high-street locations as part of a strategy to lift sales to more than $1billion.

Fund managers say Nine Entertainment Co’s initial public offering price was too high and have questioned the structure of the float after a disappointing $1.9 billion market listing.

Page 18: A potential Insurance Australia Group and Wesfarmers Insurance tie-up would cement IAG’s position as Australia’s biggest insurer, but could also attract the scrutiny of the corporate regulator as questions on market monopoly arise.

The Australian

Page 1: The Agriculture Minister, Barnaby Joyce, has called for a review of the tax treatment of farm investments, and declared farm-gate profits must rise if Australia is to double its food production by 2050 and capture growing Asian markets.

Page 2: The Abbott government is refusing to budge on its timetable for its car industry assistance plan as it awaits the delivery of a draft Productivity Commission report late next week before deciding its next move.

Sydney and Melbourne are experiencing an ‘‘unprecedented’’ pre-Christmas property rush as a record number of home owners opt to sell their homes at auction.

Page 3: A delegation of Margaret River surfers and businessmen has urged the Barnett government to cull great white sharks that come close to shore at swimming and surf beaches to bring their numbers ‘‘back into balance’’ and restore public confidence.

Page 4: Clive Palmer issued a written edict to a Chinese government controlled company requiring it to shut down its $7 billion-plus iron ore project within 60 days, sack several thousand workers and remove infrastructure it has been developing for a decade.

Page 17: Murray Goulburn’s bid to win competition clearance by draping its Warrnambool Cheese & Butter takeover in the national flag has won strong support from Victoria’s main dairy industry body.

The venture capital firm backed by James Packer, Seek co-founder Paul Bassat and the billionaire Liberman family is looking at as many as five investment opportunities to capitalise on what it describes as ‘‘an exciting time’’ for the Australian technology industry.

Page 19: The Commonwealth Bank of Australia is forging ahead with plans to spin off the $6 billion CFS Retail Property Trust, with the new vehicle likely to be called Centre Retail Management.

Page 23: Newly listed Nine Entertainment will launch a subscription video-on-demand service in the second half of next year as it looks to bolster its offering to investors after last week’s disappointing stockmarket debut.

The West Australian

Page 6: Australia should continue to foster the live cattle trade with Indonesia while phasing out live exports to markets in the Middle East, according to high-profile Labor MP Alannah MacTiernan.

Foreign Affairs Minister Julie Bishop has visited typhoon-devastated communities in the Philippines, pledging another $10 million to Australia’s aid effort.

Page 7: Venue operators have welcomes noise regulation changes introduced by the State Government that will make it easier to plan major events such as concerts and sports games.

Page 14: Planning for development in WA’s booming cities and towns is often failing to properly protect vital areas of native bush, the State’s environmental watchdog has warned.

Page 18: The mining tax and its spending programs are likely to remain for at least seven months, punching another hole in the Federal Budget.

The personal income tax cuts delivered by the Howard and Rudd governments may be the last for a decade with an analysis showing huge long-term gaps in the Commonwealth’s finances.

Business: As winter stockpiling pushes iron ore imports into China to record highs, Fortescue Metals Group is demonstrating confidence that prices will hold up through next year.

The Mining Warden has put WA’s so-called exploration tenement “hoarders” on notice that some of the industry’s controversial practices will no longer be tolerated, recommending Mines Minister Bill Marmion refuse to grant applications for a group of exploration tenements north of Kalbarri on the grounds it was contrary to public policy.

Glencore Xstrata, the world’s fourth biggest mining company, has revived its interest in bidding for Rio Tinto’s Canadian iron ore operations, put on the market as part of Rio’s strategy to sell down its non-core assets.