Morning Headlines
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Savings savaged by bank squeeze
Comparison website RateCity says the days of attractive term deposit rates are “long gone” with the average rate for deposits locked up for 12 months barely moving over the past year. The Aus
Gold yield at highest levels in decades
The nation’s gold miners are producing at near-record rates, shrugging off problems at big mines to beat official forecasts and deliver their highest production in 20 years, according to consultant Surbiton. The Aus
GDP forecasts point to slowing
The Reserve Bank of Australia’s forecasts will be tested on Wednesday with the first reading of economic output since the escalation of the drought, which economists say could lower GDP growth just as financial conditions begin to tighten for households. The Fin
Nine buyout makes Pedestrian TV a $100m business
Nine Entertainment has purchased the remaining 40 per cent stake in Millennial news website Pedestrian TV, valuing the business just shy of $100 million, making it one of Australia’s biggest ever digital media deals. The Fin
Union funds offer to lend firms more
Industry fund supremo Garry Weaven has pledged to help businesses borrow more from the $2.7 trillion superannuation pile amid fears that the Hayne royal commission will force banks to restrict lending to business. The Fin
WA Singapore military pitch
The State Government will tomorrow urge 20 Singaporean defence companies that are the backbone of the city state’s $13 billion-a-year security program to consider joint projects with WA companies. The West
Health Scandal letters describing dysfunction censored
A strongly worded resignation letter from a board member of scandal-hit North Metropolitan Health Service has described the dysfunction and “lack of transparency” confronting the board ahead of a recent Corruption and Crime Commission report. The West
The Australian Financial Review
Page 1: Industry fund supremo Garry Weaven has pledged to help businesses borrow more from the $2.7 trillion superannuation pile amid fears that the Hayne royal commission will force banks to restrict lending to business.
The Reserve Bank of Australia’s forecasts will be tested on Wednesday with the first reading of economic output since the escalation of the drought, which economists say could lower GDP growth just as financial conditions begin to tighten for households.
News Corporation has pulled the pin on the potential sale of its regional newspaper business as the Rupert Murdoch-controlled publisher awaits the shake-out of the merger of Fairfax Media and Nine Entertainment.
Page 5: Farmers, foresters and fishermen withdrew $1 billion from tax shelters in July, illustrating the huge popularity of an official scheme that some farm groups want made more generous.
Page 8: Indonesia’s business leaders are urging Australian investors and CEOs to visit Jakarta, declaring the country open for business and ready to make money.
Page 13: Nine Entertainment has purchased the remaining 40 per cent stake in Millennial news website Pedestrian TV, valuing the business just shy of $100 million, making it one of Australia’s biggest ever digital media deals.
Page 17: Launched by ETF Securities, the Battery Technology and Lithium ETF will trade under the code ACDC in a nod to the firm’s Australian founder Graham Tuckwell and his love of the Australian hard-rock band.
Page 21: There appears to be little respite ahead for the beleaguered Australian dollar, which tumbled to a 20-month low over the weekend as the Trump administration continued to pummel both its traditional trading friends and foes.
The Australian
Page 5: A grant of almost half a billion dollars to the Great Barrier Reef Foundation was more than double the recommended amount and handed over as a single payment against the advice of the Department of Finance.
Page 17: Comparison website RateCity says the days of attractive term deposit rates are “long gone” with the average rate for deposits locked up for 12 months barely moving over the past year.
BHP’s petroleum production could hit a 20-year low this year as its exit from onshore US shale assets lays bare declining conventional oil and gas reserves and highlights the importance of converting recent exploration finds into developments.
Only farmers in WA are bucking the trend, with the West enjoying ideal winter crop growing conditions and the prospect of bumper harvests at a time of high grain prices.
Chinese conglomerate HNA Group is receiving expressions of interest for its 19.8 per cent stake in Virgin Australia Holdings, according to a report from Bloomberg.
Page 18: Woolworths’ $2 billion petrol station listing plans are ramping up, with adviser UBS hosting a lunch for investors interested in the mooted initial public offering on Wednesday next week.
IFM Investors and Canada’s OMERs are expected to ramp up efforts in the months ahead to pull together a rival bid for the APA Group.
Page 20: The nation’s gold miners are producing at near-record rates, shrugging off problems at big mines to beat official forecasts and deliver their highest production in 20 years, according to consultant Surbiton.
The West Australian
Page 1: A strongly worded resignation letter from a board member of scandal-hit North Metropolitan Health Service has described the dysfunction and “lack of transparency” confronting the board ahead of a recent Corruption and Crime Commission report.
Page 14: Labor is demanding the Federal Government sink more into WA’s defence sector after revelations by a Liberal MP that the State had missed out on important multibillion dollar contracts.
Business: The State Government will tomorrow urge 20 Singaporean defence companies that are the backbone of the city state’s $13 billion-a-year security program to consider joint projects with WA companies.