11/12/2013 - 06:10

Morning Headlines

11/12/2013 - 06:10

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Hockey dares GM to leave

The federal government has accused General Motors Holden of ingratitude and effectively issued the company its marching orders, making it likely the automaker’s departure is a formality. The Fin

Government debt level to hit $500bn

The federal government’s debt is expected to blow out to more than $500 billion, according to Treasurer Joe Hockey, who only two weeks ago indicated debt would peak between $440 billion and $460 billion. The Fin

Barnett eyes sale of power operator

In the wake of losing its AAA credit rating, the West Australian government is eyeing power-line operator Western Power in its suite of possible asset privatisations. The Aus

Woodside to slash its capital spending

Woodside Petroleum chief executive Peter Coleman says he expects critical pricing talks with Japanese liquefied natural gas buyers to be finalised by April amid a joint bid by North Asian customers to drive down gas prices under fresh long-term contracts. The Aus

BHP takes on Rio in costs battle

A new war on costs has broken out between Australia’s two largest miners, with BHP Billiton chief executive Andrew Mackenzie outlining aggressive cost-efficiency expectations for the expansion of the iron ore business in Western Australia, beating Rio Tinto’s plan. The Fin

Abbott puts pressure on asylum-seekers

The Abbott government is tightening the screws on the living conditions of about 33,000 asylum-seekers in the community on bridging visas by rejecting vulnerable support payments, delaying other assistance and letting visas expire. The Aus

Freo goes modern for civic heart

Long regarded for its heritage buildings and its old-world charm, Fremantle will get a sleek new civic heart to jump-start an era of revitalisation. The West

Chinese investors ready to help VDM rise

VDM Group will take another step in its reinvention as a Chinese-controlled international contractor through a $19 million capital raising. The West

 

 

The Australian Financial Review

Page 1: The federal government has accused General Motors Holden of ingratitude and effectively issued the company its marching orders, making it likely the automaker’s departure is a formality.

A new war on costs has broken out between Australia’s two largest miners, with BHP Billiton chief executive Andrew Mackenzie outlining aggressive cost-efficiency expectations for the expansion of the iron ore business in Western Australia, beating Rio Tinto’s plan.

The federal government’s debt is expected to blow out to more than $500 billion, according to Treasurer Joe Hockey, who only two weeks ago indicated debt would peak between $440 billion and $460 billion.

Page 3: The power of big companies in energy, retailing, telecommunications, transport, agriculture and mining will be investigated by the Abbott government’s competition inquiry panel, which will consider if third parties should have more access to the businesses’ privately owned infrastructure.

Lingering hopes among government and industry that the carbon tax would be repealed before Christmas have been snuffed out, with Labor senators planning to stall debate until next year and the Greens being prepared to let them do so.

Page 7: Federal Environment Minister Greg Hunt has imposed tough new conditions on dredging near the Great Barrier Reef as he approved a raft of large mining projects in Queensland.

Page 10: The Abbott government is considering allowing China’s Yanzhou an extension on a politically sensitive deadline to sell down its shareholding in Yancoal Australia ,effectively lifting restrictions on the ownership of one of the country’s biggest coal companies.

Page 14: Billabong shareholders have thwarted attempts by US hedge fund Coastal Capital to throw chairman Ian Pollard and two non-executive directors off the board.

Page 18: QBE Insurance Group’s biggest shareholder, Aberdeen Asset Management, believes group chief executive John Neal should be allowed more time to work through the insurance giant’s problems and prove his leadership, despite issuing his third profit downgrade in less than 18 months in the job.

Page 23: Mining services company WesTrac has announced the purchase of Caterpillar Global Mining’s distribution and support businesses operations in north eastern China for $US130 million ($142.7 million).

 

 

The Australian

Page 1: The Australian car manufacturing industry is on the brink of collapse as Toyota warns that the future of its Melbourne operations will be under threat if a cost-cutting deal is rejected by unions and Holden appears certain to close its Adelaide car plant.

Page 3: A student in Iran alleged to have links to weapons of mass destruction has been stopped from coming to the University of Queensland to work on a clean energy project.

The Abbott government is tightening the screws on the living conditions of about 33,000 asylum-seekers in the community on bridging visas by rejecting vulnerable support payments, delaying other assistance and letting visas expire.

Page 4: Labor is poised to support the Coalition’s plan to scrap the gambling reforms introduced by the Gillard government in a move that would bury Andrew Wilkie’s dream of mandatory poker machine betting curbs.

Page 6: Holden’s operating costs spiralled in the past decade as the carmaker was hit with increases in taxes and charges of up to 300 per cent.

Tony Abbott faces a united push from state premiers to reinstate $500 million in taxpayer assistance to the car industry. South Australian Premier Jay Weatherill and Victorian Premier Denis Napthine are hoping to convince state leaders at a Council of Australian Governments meeting this Friday to back their case for continued automotive industry assistance.

Page 20: Woodside Petroleum chief executive Peter Coleman says he expects critical pricing talks with Japanese liquefied natural gas buyers to be finalised by April amid a joint bid by North Asian customers to drive down gas prices under fresh long-term contracts.

Rio Tinto has promoted former Pilbara iron ore boss Greg Lilleyman to its executive committee as head of technology and innovation, making him a direct report to chief executive Sam Walsh.

Page 21: Qantas shares yesterday closed at their lowest level since privatisation in 1995 as trans-Tasman rival Air New Zealand twisted the knife with a profit update that boosted its pre-tax earnings estimate by 20 per cent.

In the wake of losing its AAA credit rating, the West Australian government is eyeing power-line operator Western Power in its suite of possible asset privatisations.

Page 27: The Coalition will today cement its deregulation credentials by fully endorsing a pivotal red tape report commissioned under the previous government.

 

 

The West Australian

Page 3: The State’s anti-corruption agency is in crisis after confirmation that WA Police officers are investigating allegations against staff inside the organisation.

Page 16: The nation’s electricity system faces a “death spiral” that could drive up prices even further and leave states, particularly WA, facing huge bills that may have to be paid by taxpayers.

The major political parties will ask the High Court to order analysis of the Australian Electoral Commission’s rejection of imperfect ballot papers in a last-ditch bid to avoid another Senate election in WA.

There are further signs the WA jobs market has turned the corner with almost one in five firms expecting to put on staff next year.

The Howard and Rudd governments allowed spending to grow faster than the economy an independent study has found, with most of that cash going to pensioners, the sick and the States.  

Page 17: Long regarded for its heritage buildings and its old-world charm, Fremantle will get a sleek new civic heart to jump-start an era of revitalisation.

Page 26: The Federal government is demanding Holden immediately declare its intentions in Australia after the car maker’s boss failed to give a definitive answer on whether two plants would remain open.

Business: Woodside Petroleum yesterday warned the North West Shelf’s days as WA’s dominant gas supplier may be numbered, hinting it may shift more of the hydrocarbon volumes to the more lucrative LNG export market.

Former Perth-based gold miner Centamin has emerged as the white knight for one-time market darling Ampella Mining, offering up an all-scrip $40.9 million takeover bid.

VDM Group will take another step in its reinvention as a Chinese-controlled international contractor through a $19 million capital raising.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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