10/10/2018 - 06:53

Morning Headlines

10/10/2018 - 06:53

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GIC in $320m Exchange race

Morning Headlines

GIC in $320m Exchange race

The Singaporean Government’s sovereign investment fund GIC is believed to be the successful bidder on Exchange Tower, at 2 The Esplanade, paying more than $320 million in the highest profile commercial property transaction in Perth this year. The West

Shorten pledges extra $14b for public schools

Federal Labor will dip into its pre-election war chest today and promise to outspend the Coalition on public schools by $14 billion over the next decade, and more than $3 billion in the first three years. The Fin

Australia’s growth to fall below 3pc: IMF

Australia’s strong economic growth is tipped to peak at a six-year high of 3.2 per cent in 2018 before the US-China trade war slows the export-dependent local economy next year, according to the International Monetary Fund’s latest world economic outlook (WEO). The Fin

Blackstone plots $90m Eni House exit

Global real estate investor Blackstone is believed to be planning its exit from a third Perth property, the A-grade Eni House at 226 Adelaide Terrace, seeking about $90 million. The West

Perth Woolies mall sells on 5.8pc yield

Supermarket giant Woolworths has sold a neighbourhood shopping centre in Perth’s outer northern suburbs for $26.925 million to a private investor, with the deal setting a new local yield benchmark of 5.8 per cent. The West

Tax Office spruiks $5.6b haul

The Tax Office said on Tuesday its special tax avoidance taskforce had collected $5.6 billion in extra tax revenue in just two years, a substantial and lasting return on $679.9 million in extra budget funding for increased scrutiny and expanded compliance approaches. The Fin

Cattle exports under threat from ILE probe

The northern cattle industry faces major uncertainty after the State Government issued one of the region’s biggest live exporters with a show-cause notice. The West

Banks to end charging dead, grandfathering

The Australian Banking Association plans to ban commissions linked to legacy financial advice products, stop charging dead customers and end the fees-for-no-service rorts in changes to the banking code of practice to be announced today. The Fin

TAB sale gets Libs support

Plans by the State Government to sell the TAB look likely to sail through State Parliament after shadow minister for racing and gaming John McGrath said the proposal was a “good outcome”. The Fin

 

 

The Australian Financial Review

Page 1: Federal energy minister Angus Taylor will announce a fresh push to keep alive the reliability mechanism in the now-abandoned National Energy Guarantee, in a move that will put the greatest pressure on states that have the highest renewable energy targets.

Labor has flagged a further crackdown on foreign worker visas a day after Bill Shorten and senior shadow ministers held private talks with a group of unions angry over the opposition’s support for the regional free trade pact, the Trans-Pacific Partnership.

Page 3: Aged care providers have suffered fresh share-price pain after Prime Minister Scott Morrison announced sweeping terms of reference for a royal commission into the sector that promises 18 months of bad publicity highlighting claims of neglect and abuse of residents.

Cochlear is developing a fully implantable hearing aid it hopes will be the next big advance in the worldleading technology which surgeon Graeme Clark (above) pioneered in Melbourne four decades ago.

Page 4: Federal Labor will dip into its pre-election war chest today and promise to outspend the Coalition on public schools by $14 billion over the next decade, and more than $3 billion in the first three years.

Page 5: Facing a growing global expats’ revolt, the federal government says it will make targeted changes to legislation slugging Australians living overseas with capital gains tax on their family homes.

Page 6: Australia’s strong economic growth is tipped to peak at a six-year high of 3.2 per cent in 2018 before the US-China trade war slows the export-dependent local economy next year, according to the International Monetary Fund’s latest world economic outlook (WEO).

Real estate agents, lawyers and accountants have won a reprieve from tough new anti-money laundering measures with the federal government delaying a planned crackdown on the professions.

Page 7: Australia has stepped up efforts to establish a set of international rules to govern digital trade as a new report reveals electronic goods and services could unlock $192 billion of value in the domestic economy by 2030.

Page 8: The Tax Office said on Tuesday its special tax avoidance taskforce had collected $5.6 billion in extra tax revenue in just two years, a substantial and lasting return on $679.9 million in extra budget funding for increased scrutiny and expanded compliance approaches.

Page 10: Google said it would shut down Google Plus, the company’s long-struggling answer to Facebook’s giant social network, after it discovered a security vulnerability that exposed the private data of up to 500,000 users.

Page 13: The Australian Banking Association plans to ban commissions linked to legacy financial advice products, stop charging dead customers and end the fees-for-no-service rorts in changes to the banking code of practice to be announced today.

Investors wiped $42.5 billion off the Australian sharemarket to send it to a fresh four-month low in a torrid session that saw a number of highly valued growth stocks dumped.

Page 15: Rio Tinto chairman Simon Thompson backed down on plans to introduce a ‘‘simplified’’ remuneration structure to avoid the investor backlash now facing Telstra, National Australia Bank and other major companies adopting these new pay models.

Page 28: US giant Hometown can move to complete a $685 million takeover of budget accommodation provider Gateway Lifestyle as acceptances of its offer near 95 per cent.

Pagee 29: Supermarket giant Woolworths has sold a neighbourhood shopping centre in Perth’s outer northern suburbs for $26.925 million to a private investor, with the deal setting a new local yield benchmark of 5.8 per cent.

 

 

The Australian                                                                                                                          

Page 1: Josh Frydenberg has urged the US and China to de-escalate their trade war before it gets “out of control”, amid warnings by the International Monetary Fund that Australia’s economy is about to be caught in the crossfire.

Page 2: The debate over public hospital funding has escalated, with several states now targeting the independent financing body over decisions that have retrospectively stripped $609 million from the system.

Page 17: The nation’s largest super fund, the $140 billion AustralianSuper, has revealed fears of a potential property market plunge, unveiling a contingency plan and warning members it will “freeze” property funds for up to two years in the event of a crisis.

Page 18: Coles has passed a hurdle in its $20 billion demerger after it yesterday mopped up a corporate structure in place since before Wesfarmers bought it more than a decade ago.

 

 

The West Australian

Page 4: Plans by the State Government to sell the TAB look likely to sail through State Parliament after shadow minister for racing and gaming John McGrath said the proposal was a “good outcome”.

Page 5: An explosive Federal Court judgment has declared that more than 300 WA investors have sunk $100 million into a mobile phone application that “does not work”.

Business: The northern cattle industry faces major uncertainty after the State Government issued one of the region’s biggest live exporters with a show-cause notice.

Property: The Singaporean Government’s sovereign investment fund GIC is believed to be the successful bidder on Exchange Tower, at 2 The Esplanade, paying more than $320 million in the highest profile commercial property transaction in Perth this year.

Global real estate investor Blackstone is believed to be planning its exit from a third Perth property, the A-grade Eni House at 226 Adelaide Terrace, seeking about $90 million.

The $270 million renewal and revitalisation of Fremantle’s Kings Square precinct will reach another milestone this month when demolition starts on key local government buildings.

A prime Claisebrook Village building close to the Swan River foreshore in East Perth sold last week for $7.1 million to a private investor.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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