03/10/2018 - 06:51

Morning Headlines

03/10/2018 - 06:51

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Morrison stares down states on GST compo

Morning Headlines

Morrison stares down states on GST compo

The eastern states say their losses under a changed GST formula may exceed the $1 billion a year Canberra is prepared to offer in compensation, and are demanding a blank cheque guarantee from Canberra instead. The Fin

S&P pushes banks down global ranks

Australia’s major banks would have to raise billions of dollars of additional capital to be in the ‘‘unquestionably strong’’ top quarter of the world’s lenders based on a widely tracked credit rating agency measure. The Fin

Quadrant in $12.4m Bidvest buy

A strategically located Bibra Lakes logistics and warehouse property on a long lease to the blue-chip vendor, is to be sold for $12.4 million to local syndicator Quadrant Investments. The West

Writedown blows out Griffin loss to $230m

Loss-making Griffin Coal has taken a $275 million hit after slashing the value of its mine leases by about one-third. The West

Event boosts portfolio with more three hotels

The three hotels, the 95-room Ultimo Sydney in Chinatown, the 98-room Pensione Hotel Perth and the 43-apartment All-Suites Perth, will be managed by Event from October 29 as independent brands alongside its portfolio of Rydges, QT, Atura and Art Series hotels. The Fin

Life expired: Freedom stops insurance sales

Embattled direct insurance company Freedom Insurance has announced the immediate suspension of direct life insurance sales and the resignation of its CEO in a win for the regulator. The Fin

Canavan impatient on Browse

Resources Minister Matt Canavan has given the long-delayed Browse LNG venture led by Woodside Petroleum a hurry-up. The West

Treasury weighs up digital taxes on tech behemoths

Digital giants including Google and Facebook would be targeted by unilateral rules to tax online advertising and intermediation services under options the federal government is considering. The Fin

 

 

The Australian Financial Review

Page 1: Australia’s major banks would have to raise billions of dollars of additional capital to be in the ‘‘unquestionably strong’’ top quarter of the world’s lenders based on a widely tracked credit rating agency measure.

The eastern states say their losses under a changed GST formula may exceed the $1 billion a year Canberra is prepared to offer in compensation, and are demanding a blank cheque guarantee from Canberra instead.

Digital giants including Google and Facebook would be targeted by unilateral rules to tax online advertising and intermediation services under options the federal government is considering.

Page 3: International travellers could win from a new competition watchdog investigation into financial institutions gouging consumers on poor exchange rates and high fees for $9 billion of annual foreign currency transactions.

Page 5: Technology giants, telcos, consumer advocates and civil libertarians have united to condemn the Morrison government’s proposed laws to make it easier for spy agencies to snoop on phones and other electronic devices, warning they will compromise online security for all Australians.

Page 6: Embattled direct insurance company Freedom Insurance has announced the immediate suspension of direct life insurance sales and the resignation of its CEO in a win for the regulator.

Page 7: Westpac’s wealth arm BT Financial may be held responsible for the actions of its former financial planners after the Hayne royal commission blamed its remuneration structure for poor advice given to consumers.

Page 8: Laziness, incorrect information and stress could be stopping about 200,000 Australians from receiving a tax refund in 2018, despite being entitled to cash back from the ATO.

Page 9: A class action law firm has lost a bid to overturn a new standard-setting deal in the mining industry that it claimed was part of a corporate strategy to block thousands of workers’ backpay.

Page 10: A future Labor government will target education, infrastructure, tourism and agriculture ties with India to seize opportunities from its rapid economic growth, pre-empting the government’s response to a landmark report.

Page 13: Lynas Corporation is bracing for its long-standing Malaysian tax break to be dragged into a government review of its rare earths refinery, as chief executive Amanda Lacaze urged Mahathir Mohamad’s new government to give her company ‘‘a fair go’’.

Page 14: Woolworths has widened its search for brokers to sell its petrol business via a proposed $2 billion-odd float.

Page 18: Lithium producer Pilbara Minerals said its maiden shipment of spodumene concentrate from its Pilangoora lithium project has been loaded and departed from Port Headland.

Page 34: Propertylink chief executive Stuart Dawes has failed to gain support for his $755 million bid for Centuria Industrial REIT after it was rejected by an independent board on Tuesday.

Page 35: The three hotels, the 95-room Ultimo Sydney in Chinatown, the 98-room Pensione Hotel Perth and the 43-apartment All-Suites Perth, will be managed by Event from October 29 as independent brands alongside its portfolio of Rydges, QT, Atura and Art Series hotels.

 

 

The Australian                                                                                                                          

Page 1: Australia has warned Beijing that the use of “intimidation or aggressive tactics” was “destabilising and potentially dangerous” following reports a Chinese navy destroyer launched an “unsafe” challenge to a US warship in the South China Sea.

Page 2: Defence Minister Christopher Pyne has moved to hose down concerns that the $50 billion Future Submarines project has become mired in contract disputes between Australia and the subs’ French manufacturer, Naval Group.

Page 4: An $8 million advertising campaign spruiking the Coalition’s aged-care budget and 20,000 new home-care packages was spent when the federal government knew older Australians could not access the support for years.

Page 5: The federal government has given immediate endorsement to one of the key planks in the latest reform plan for the nation’s trouble-prone family law system.

Page 6: Unions will stage protest rallies across capital cities and regional centres over a month as the ACTU seeks to build momentum for its campaign to rewrite the federal industrial relations laws.

Page 19: Further ignominy awaits the nation’s biggest financial services companies with the royal commission believed to be close to releasing the original confession statements requested by Kenneth Hayne early this year.

Page 21: Australia’s housing downturn could spill into the broader economy and spark a negative wealth effect as price weakness spreads to cheaper properties, Morgan Stanley analysts warned.

Page 26: Office landlord Dexus has struck leases with Macquarie Group and energy company Wood at its 240 St Georges Terrace building in Perth, filling a portion of the space that resources giant Woodside will vacate.

 

 

The West Australian

Page 4: The State’s business elite turned out in force last night for a Liberal Party fundraiser and to show support for Prime Minister Scott Morrison during his three-day visit to WA.

Page 6: Football — and Perth’s Optus Stadium — has been credited with one of the biggest jumps in interstate visitors to WA in recent years.

Page 14: The Reserve Bank is keeping a close eye on the fallout from the move by most of the big banks to hit mortgage holders with higher interest rates just as it starts to believe employers are lifting wages for some of their workers.

Business: Resources Minister Matt Canavan has given the long-delayed Browse LNG venture led by Woodside Petroleum a hurry-up.

Sunny conditions have prompted northern grain growers to start their 2018-19 harvest, with canola swathing under way in the Mid-West.

The State’s livestock transport body warns rippling repercussions from the live export halt could deliver a fatal blow to WA trucking owner-operators by the end of the year.

Federal Labor says it wants to “supercharge” Australia’s involvement in the lithium-ion battery sector and is promising to back WA with research dollars and access to infrastructure and manufacturing funds worth billions to do so, if it wins government.

Loss-making Griffin Coal has taken a $275 million hit after slashing the value of its mine leases by about one-third.

Property: A strategically located Bibra Lakes logistics and warehouse property on a long lease to the blue-chip vendor, is to be sold for $12.4 million to local syndicator Quadrant Investments.

Historic Heart has won a City of Perth matched funding grant that will ultimately result in at least $1.1 million being invested in its streetscape revival of the eastern end of the CBD.

Charter Hall, one of owners of the overhauled Raine Square complex in the centre of Perth, has emerged as the frontrunner to buy the A-grade Optima Centre in Osborne Park, which has an asking price of between $120 million and $130 million.

Vicinity Centres $150 million Perth DFO, which opens today, will be opening 100 per cent leased and is expected to trade in line with the group’s other DFOs along the eastern seaboard.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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