Morning Headlines

Wednesday, 12 September, 2018 - 06:58

WA tipped to arrest retail spending slide

Forecasters Deloitte Access Economics, in a report to be released today, predicts WA will have the strongest retail sector of any State over the next five years. The West

Direct life insurance on the ropes

The direct insurance business model is in doubt following extraordinary revelations that it sells worthless policies using illegal methods to people who don’t understand them and have no hope of making a claim anyway. The Fin

Class action to seek $1bn over fee gouging on super

Law firm Slater & Gordon is preparing a series of class actions against superannuation funds owned by the major banks and AMP, alleging customers are owed more than $1 billion because of excessive fees and payment of below-market interest rates on cash holdings. The Aus

WA industrial picks up

Perth industrial property worth $446 million — the second highest level recorded — was traded in the 2017-18 year, according to JLL’s Australian Industrial Investment Review & Outlook 2018. The West

Analysis claims Ramelius offer for Explaurum is underpriced

Ramelius Resources’ off-market takeover offer for gold explorer Explaurum could create $55 million in value for the combined enterprise but is under-priced, according to a broker’s analysis. The West

PM clings to Paris target, RET

Scott Morrison has pushed back at growing demands by conservatives, inside and outside his party, to abandon the Paris climate change targets by arguing such a move could lessen Australia’s influence in the Asia-Pacific. The Fin

Singaporean investor pays $33m for West Perth office

A private Singaporean investor has paid $33 million for a four level A-grade West Perth office at 1 Havelock Street. The West

 

 

The Australian Financial Review

Page 1: The direct insurance business model is in doubt following extraordinary revelations that it sells worthless policies using illegal methods to people who don’t understand them and have no hope of making a claim anyway.

Scott Morrison has pushed back at growing demands by conservatives, inside and outside his party, to abandon the Paris climate change targets by arguing such a move could lessen Australia’s influence in the Asia-Pacific.

Page 4: The Nationals are trying to woo former deputy leader Fiona Nash to run for the marginal NSW seat of Eden-Monaro while Prime Minister Scott Morrison has warned his troops the Coalition may not win the Wentworth byelection.

The 11-country Pacific Rim trade deal is set to be ratified by Australia, after federal Labor overcame left-wing internal resistance by agreeing to support the government’s legislation but vowing to impose stricter labour and investment rules in trade accords.

Page 5: The CSIRO’s innovation fund Main Sequence Ventures has raised an additional $132 million for its first fund, bringing on board superannuation fund Hostplus, the Singapore government’s Temasek and US aerospace and defence multinational Lockheed Martin as investors.

Page 13: Australian investors are set to share in a record $18.9 billion dividend bonanza this month as the big miners have emerged as the market’s new dividend stars, offsetting more miserly payouts from embattled blue chips such as AMP and Telstra.

Woolworths shareholders fear companies will become averse to issuing detailed earnings guidance following a flood of class action claims from investors who say they lost money after relying on profit forecasts.

Page 15: A punt by battling ASX-listed consumer goods group Pental to have one of its main White King products be one of the 30 mini-collectables in the hugely successful Little Shop promotion by Coles has delivered a 50 per cent spike in actual sales of the item in the past two months.

Page 16: The IPO Wealth Fund has raised $40 million from wealthy investors to back emerging companies headed towards initial public offerings.

Page 17: HomeStart Broker, which relies on wholesale markets for funding, has fired the starter’s gun for smaller lenders to start a second round of rate hikes in response to double-digit increases by major lenders.

Page 18: Ventia, which is 50 per cent owned by CIMIC, has secured two contracts to deliver services to Main Roads Western Australia.

                               

 

The Australian                                                                                                                          

Page 1: Doctors suspected of rorting Medicare could lose their luxury houses and cars, under a dramatic escalation of compliance efforts tipped to raise tens of millions of dollars a year for the federal government.

Page 2: Life insurer Freedom Insurance repeatedly refused to cancel a policy sold through a cold call to a man with Down’s syndrome who was audibly disabled, despite his father repeatedly requesting the company to stop deducting money from his son’s bank account.

Law firm Slater & Gordon is preparing a series of class actions against superannuation funds owned by the major banks and AMP, alleging customers are owed more than $1 billion because of excessive fees and payment of below-market interest rates on cash holdings.

Page 4: Liberal Party leadership turmoil has dragged business confidence to its lowest level in two years, despite improved profitability and employers saying they are increasingly keen to hire more staff.

Page 19: The corporate watchdog is weighing up “the appropriate response” after independent life insurer ClearView Wealth admitted to breaching criminal laws more than 300,000 times and confessed to a range of unconscionable and deceptive conduct.

Page 22: Competition boss Rod Sims is set to today rule or extend deliberations on whether Hong Kong’s CK Infrastructure should be allowed to buy APA Group in a $13 billion cash bid that would create a pipeline giant controlling major infrastructure on both sides of the country.

The big four banks are finally making changes to how mortgage broker commissions are calculated, a year and a half after the corporate regulator recommended they do so, with Page 23: National Australia Bank the first to announce that commissions will now be linked to the amount drawn down rather than the total loan facility approved.

 

 

The West Australian

Page 3: Forecasters Deloitte Access Economics, in a report to be released today, predicts WA will have the strongest retail sector of any State over the next five years.

Page 11: Peter Dutton’s war of words with former Border Force boss Roman Quaedvlieg has hit fresh lows after the Home Affairs Minister used parliamentary privilege to accuse his former top officer of “grooming” a woman 30 years his junior.

Page 12: The aged-care sector will get a $106 million injection under a Morrison Government plan to lift standards in nursing homes.

Page 14: Big developers could fall under WA Labor’s planned surcharge on foreign property owners as a result of a deal proposed by One Nation.

Page 17: State Liberal leader Mike Nahan says he hopes to receive an “amnesty” from the US Government to resolve dual citizenship and taxation headaches.

Business: A row over safety has erupted at Rio Tinto’s Paraburdoo iron ore operations in the Pilbara after two fatalities and a spate of serious incidents in the past two years.

WA is on track to deliver about half this year’s winter crop after receiving regular autumn and winter rain across most of the Wheatbelt while the Eastern States is in drought.

Ramelius Resources’ off-market takeover offer for gold explorer Explaurum could create $55 million in value for the combined enterprise but is under-priced, according to a broker’s analysis.

A group of disgruntled, minority shareholders of Nkwe Platinum has appealed to the Australian Securities Exchange to intervene in the takeover of the South Africa-focused platinum play by majority shareholder China’s Zijin Mining Group.

Austal has hit potential paydirt again in Trinidad and Tobago, with the Caribbean nation’s government adding a circa $100 million ferry to the two patrol boats it wants to order.

Property: A private Singaporean investor has paid $33 million for a four level A-grade West Perth office at 1 Havelock Street.

Wyllie Group is seeking development approval for two 18-hole pirate-themed adventure golf courses and a Double FlowRider surf machine to create a year round tourism drawcard at its former Great Escape site at Hillarys Boat Harbour.

The fate of Iris Residential’s $120 million, 142-apartment Claremont on the Park development may be decided today.

Perth industrial property worth $446 million — the second highest level recorded — was traded in the 2017-18 year, according to JLL’s Australian Industrial Investment Review & Outlook 2018.