09/10/2018 - 06:52

Morning Headlines

09/10/2018 - 06:52

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ATO targets legal privilege

Morning Headlines

ATO targets legal privilege

The Tax Office is examining whether tax promoter penalties can be applied to big four accounting firms Deloittes, EY, KPMG and PwC as it trawls through emails that detail how aggressive schemes were marketed, in a major challenge to legal professional privilege. The Fin

Lithium miner’s fears for new tax rebate law

Western Australia’s lithium boom is at risk from a crackdown on company tax rebates introduced by the federal government, the Labor Premier says. The Aus

Deal-hungry Mineral Resources chasing another iron ore play

Now MinRes is sniffing around another batch of iron ore assets: those owned by Kerry Stokes-backed listed miner BCI Minerals. The Fin

Palmer in Sino Iron court win over CITIC

The latest legal setback for CITIC Ltd involves a failed attempt to recoup foreign exchange losses on $97.6 million it was ordered to place in a holding account while its legal battle with Mr Palmer’s Mineralogy raged in the WA Supreme Court. The Fin

‘China option’ gas hub push for Port Hedland

Former premier Colin Barnett has issued a call for a new gas hub to be built at Port Hedland for the growing Chinese market and warned that low local content could damage support for the LNG industry. The West

KKR takes on Xero in $2.2b tilt for MYOB

Private equity giant KKR has made its second tilt at accounting software provider MYOB, lobbing a $2.2 billion offer to take the company private and ramp up efforts to win market share from cloud accounting leader Xero. The Fin

Qantas row risks airport rail viability

Transport Minister Rita Saffioti has acknowledged that delays in shifting Qantas’ operations to Perth Airport’s international terminal could have an effect on the viability of the Forrestfield-Airport rail line. The West

Banks tumble over advice compo fears

The big four banks have been pummelled by investors on the back of rising compensation bills for dodgy financial advice and the rampant charging of fees where no service had been provided. The Aus

 

 

The Australian Financial Review

Page 1: The Tax Office is examining whether tax promoter penalties can be applied to big four accounting firms Deloittes, EY, KPMG and PwC as it trawls through emails that detail how aggressive schemes were marketed, in a major challenge to legal professional privilege.

China’s stockmarket fell 3.7 per cent yesterday after the country returned from a week-long break to growing fears about rising US hostilities, and the long-term effect of a trade war on the world’s second-largest economy.

Page 2: The Australian’s editor-in-chief, Paul Whittaker, has been named chief executive of Australia News Channel, owner of Sky News Australia, replacing Angelos Frangopoulos.

Page 3: First Super, a $3 billion industry fund, will make it a requirement that its private equity investments only be in companies with good employment practices.

Page 4: Shanghai-based conglomerate Pengxin redirected the $US400 million ($567 million) it was prepared to pay for Australia’s largest private land holding, S. Kidman & Co, into investments in Brazil after it was snubbed by then treasurer Scott Morrison in 2016, a move that ‘‘discouraged the conglomerate from looking for further deals in Australia’’.

Page 7: The $2 billion domestic automotive parts manufacturing industry is anxiously awaiting a looming decision by Donald Trump on whether to impose tariffs on foreign cars and vehicle components.

Page 8: Australia faces a climate change election on the fate of the Great Barrier Reef after a landmark report warned that coral reefs would be destroyed by global warming of 2 degrees Celsius.

Page 9: Australian agriculture is set to become a $100 billion industry by 2030 but lacklustre investment in associated technology is weakening major export opportunities, a report has found.

A top military think tank has warned of a raft of potential threats to the navy’s ability to conduct submarine missions and protect Australia’s sea lanes as it switches from the ageing Collins class fleet to unproven French designed boats.

Page 13: Private equity giant KKR has made its second tilt at accounting software provider MYOB, lobbing a $2.2 billion offer to take the company private and ramp up efforts to win market share from cloud accounting leader Xero.

NAB, ANZ and Westpac are under pressure to pay Australia Post to offer banking services as a way to restore public trust and maintain services in regional areas after Commonwealth Bank agreed to fork out $22 million every year.

Woolworths is tipped to emerge as a major beneficiary of Wesfarmers’ demerger of Coles as a decade of aggressive price cutting comes to an end.

Page 14: Now MinRes is sniffing around another batch of iron ore assets: those owned by Kerry Stokes-backed listed miner BCI Minerals.

Page 15: Bioenergy, the ‘‘overlooked giant’’ of the renewable energy industry, will see the biggest growth of all renewables technologies over the next five years but it will be solar that dominates growth in the electricity sector, according to the International Energy Agency.

Page 17: The latest legal setback for CITIC Ltd involves a failed attempt to recoup foreign exchange losses on $97.6 million it was ordered to place in a holding account while its legal battle with Mr Palmer’s Mineralogy raged in the WA Supreme Court.

Page 26: Wesfarmers shareholders believe Buckeridge Group, founded by Mr Buckeridge in the 1960s, would make a logical target for the conglomerate.

 

 

The Australian                                                                                                                          

Page 1: The Morrison government will impose new visa conditions for thousands of migrants a year, requiring them to settle outside Sydney and Melbourne for up to five years, in a bid to address unplanned population growth that has outstripped forecasts in major capital cities by almost 100 per cent over the past decade.

Scott Morrison has rejected a rapid global phase-out of coal fired power and declared his government will not be bound by a landmark climate study, amid concern its blueprint for curbing temperature rises would see the “lights go out on the east coast of Australia”.

Page 2: The Morrison government’s building regulator has warned construction workers that they could be exposed to prosecution for unlawful industrial action unless they get advance written permission from their employer to join a month of ACTU rallies kicking off next week.

Western Australia’s lithium boom is at risk from a crackdown on company tax rebates introduced by the federal government, the Labor Premier says.

Page 3: Clive Palmer’s advertising blitz for his latest political bid topped $1 million last month in radio and TV, new research shows, as the businessman’s representatives indicate his media bombardment may be just beginning.

Page 17: The big four banks have been pummelled by investors on the back of rising compensation bills for dodgy financial advice and the rampant charging of fees where no service had been provided.

Page 20: The wave of corporate activity among Australia’s property trusts is showing no signs of slowing, with data centre operator NextDC set to take control of its landlord and the Australian Unity Office Fund receiving a takeover bid.

 

 

The West Australian

Page 1: The war on methamphetamine is being won in Perth but the drug continues to be a scourge in country WA, according to national drug statistics.

Page 3: Scott, 42, who coaches Geelong, has been named as one of two defendants in a WA Supreme Court action over the running of Kwinana bistro bar The Admiral.

Page 4: Julie Bishop has predicted Australia’s burgeoning space industry could enable mining giants such as Rio Tinto to remotely manage their global operations from control centres in Perth.

The banking regulator has been accused of delaying WA’s economic recovery amid claims its policies are making Perth homeowners financial prisoners in their homes.

Page 6: WA Treasurer Ben Wyatt has warned the Federal Government its efforts to increase the life spans of Aboriginals will be stymied if it fails to boost remote housing funding to WA.

Page 11: Transport Minister Rita Saffioti has acknowledged that delays in shifting Qantas’ operations to Perth Airport’s international terminal could have an effect on the viability of the Forrestfield-Airport rail line.

Page 14: Businesses such as hardware stores could be allowed to sell more types of products including whitegoods after WA’s Treasurer suggested retail trading restrictions could be loosened.

Business: Former premier Colin Barnett has issued a call for a new gas hub to be built at Port Hedland for the growing Chinese market and warned that low local content could damage support for the LNG industry.

A clash between Woodside Petroleum and the City of Karratha over a proposed 700-bed accommodation camp on the outskirts of the Pilbara town will come to a head today.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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