26/10/2018 - 06:59

Morning Headlines

26/10/2018 - 06:59

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Super hit in $50bn plunge

Morning Headlines

Super hit in $50bn plunge

Australian superannuation savings are on track for their worst performance in seven years after $50 billion was wiped from the stockmarket yesterday, pushing shares down to a 12-month low. The Aus

Budget boost helping to escape deficit

Finance Department figures on Thursday showed the budget is $9 billion better off in the first three months of this financial year, compared to the May budget forecasts, and credit ratings agency Fitch Ratings reaffirmed Australia’s AAA sovereign rating. The Fin

APRA examines enforcement failures after Hayne mauling

The prudential regulator has launched an internal review of its enforcement practices after the banking royal commission was scathing of its failure to enforce laws. The Fin

Iranian snaps up abattoirs

An Iranian businessman is in the process of buying three mothballed WA abattoirs and is vying for a fourth, raising hopes of a revival in local meat processing. The West

Record gold sales

Northern Star Resources sold a record 212,682oz at all-in sustaining costs of $1226/oz in the September quarter. The West

New $5b fund to be established for drought aid

The federal government will establish a new $5 billion fund for drought relief, providing assistance to primary producers, community organisations and struggling rural centres. The Fin

Fortescue upbeat as buyback begins

Andrew Forrest’s Fortescue Metals Group will kick off its $500 million share buyback today amid fresh signs the heavy price discounts that had weighed on it had eased. The Aus

 

 

The Australian Financial Review

Page 1: AMP shares have posted their biggest one day fall ever as a powerful share market rout and fallout from the Hayne royal commission collided with the decision to break with 169 years of history and sell its life insurance business.

The Australian market has finally tipped into official correction territory led by a 20 per cent fall in the value of CSL, which has crumbled in a flight from growth stocks linked to rising US interest rates.

Page 3: Malcolm Turnbull’s impending trip to Indonesia on behalf of the Australian government is motivated by concerns for the Australia-Indonesia Free Trade Agreement and the relationship more generally, following a negative reaction by President Joko Widodo to the ousting of Mr Turnbull as leader.

Page 4: The prudential regulator has launched an internal review of its enforcement practices after the banking royal commission was scathing of its failure to enforce laws.

Page 5: The Australian Securities and Investments Commission confirmed it will investigate Assistant Treasurer Stuart Robert’s directorship of a controversial health supplements company.

Page 6: Finance Department figures on Thursday showed the budget is $9 billion better off in the first three months of this financial year, compared to the May budget forecasts, and credit ratings agency Fitch Ratings reaffirmed Australia’s AAA sovereign rating.

Page 8: Cricket Australia chairman David Peever has been re-elected for another three years, despite turmoil over the state of the game, the departure of longtime chief executive James Sutherland and tension over whether a review into culture was delayed.

Page 9: The federal government will establish a new $5 billion fund for drought relief, providing assistance to primary producers, community organisations and struggling rural centres.

Page 11: Australia’s big energy retailers are preparing to take on the Morrison government’s threat to break up their vertically integrated companies if they don’t bring down power prices by early next year.

Page 15: JB Hi-Fi appears to be defying the downturn in discretionary spending, reporting stronger same-store sales growth in its Australian and New Zealand electronics stores in the lead-up to Christmas.

Page 17: The man charged with delivering BHP’s largest-ever iron ore mine says the company is making fundamental changes to how it works in a bid to achieve gender balance on the $US3.6 billion ($5.1 billion) project.

Page 19: Analysts are confident WiseTech is on track to become a $10 billion-plus company in the next few years, as the logistics software company upped its 2019 guidance on Thursday.

 

 

The Australian                                                                                                                          

Page 1: Australian superannuation savings are on track for their worst performance in seven years after $50 billion was wiped from the stockmarket yesterday, pushing shares down to a 12-month low.

Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar lost close to a combined $1 billion in a day, leading a group of wealthy Australians who had huge amounts wiped off their share values as markets fell across the world.

Page 2: The competition watchdog says most households will save far less than the claimed cuts to electricity bills of “up to $832” under the government’s plan to set a price benchmark for energy retailers.

Page 4: Josh Frydenberg has warned that Bill Shorten’s plan to curb negative gearing and halve the capital gains tax discount could “contribute to a big property price drop”, as Labor’s key economic frontbenchers sent mixed messages about the policies’ impact.

Page 19: Gas pipeliner APA Group is facing a strong retail shareholder backlash against its agreed $13 billion takeover by Hong Kong’s CK Infrastructure, with strong concern about the deal and the predator’s potential Chinese links aired at APA’s annual meeting yesterday.

Page 21: A clean sweep of Myer’s most senior executive ranks, including its former CEO Richard Umbers and chief financial officer Grant Davenport, has racked up more than $2.5 million in termination and other payments.

Page 22: Andrew Forrest’s Fortescue Metals Group will kick off its $500 million share buyback today amid fresh signs the heavy price discounts that had weighed on it had eased.

 

                                

The West Australian

Page 1: Surveillance cameras will be installed at some of the Swan River’s boating hotspots this summer after a six-month trial caught hundreds of people breaking water-safety laws.

Page 6: The Federal Government’s GST bailout and a tight rein on spending has helped improve WA’s credit rating amid signs the State economy is improving.

Business: The stockmarket plunge has halted Property Exchange Australia’s $2.2 billion float, delaying the WA Government’s planned exit from the online property settlements company.

An Iranian businessman is in the process of buying three mothballed WA abattoirs and is vying for a fourth, raising hopes of a revival in local meat processing.

Mineral Resources has been forced to delay first production from its $610 million lithium concentrate plant at Wodgina by two months because of late delivery of long-lead items and congestion in steel fabrication facilities in Perth.

Woodside’s Greater Western Flank Phase 2 has started feeding gas to the North West Shelf LNG plant ahead of schedule and under budget.

Record high ticket sales have pushed Qantas to a bumper first-quarter trading result with revenue of $4.41 billion for the three months to September.

Northern Star Resources sold a record 212,682oz at all-in sustaining costs of $1226/oz in the September quarter.

Mining services provider Ausdrill could target North America first under a plan to expand beyond Australia and Africa in the wake of its $700 million takeover of underground contractor Barminco.

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