31/10/2018 - 07:01

Morning Headlines

31/10/2018 - 07:01

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WA in $290m project pitch

Morning Headlines

WA in $290m project pitch

The merged LandCorp-Metropolitan Redevelopment Authority has released $290 million-plus in “commercial land opportunities” it says will spur $1.3 billion in WA development. The West

Petrol: PM’s tough talk won’t work

Scott Morrison has hinted at regulatory intervention to drive down the price of petrol but, behind the scenes, the government admits there is little it can do other than ensure oil companies are not colluding. The Fin

Sacked Perth chief was paid out $300k

Under pressure over the sudden and secretive sacking of City of Perth chief executive Martin Mileham, the commissioners running the council relented yesterday to reveal that he was paid out more than a year’s salary of $300,000. The West

Acure pays $39m for The Village

Diversified private property investor the Vukelic Group has sold The Village Australind Shopping Centre and The Mardo Commercial Centre next door to syndicator Acure Funds Management for $39.4 million. The West

Coles demerger to leave Wesfarmers with $12bn war chest for acquisitions

The future shape of Wesfarmers is a hot topic for the conglomerate’s investors as chairman Michael Chaney faces questions over the prospect of corporate activity following the Coles demerger. The Aus

Doric returns to ‘good place’

Doric Group Holdings has returned to the black, reporting a net profit of $4 million for the year to June 30, a convincing turnaround from the $9 million loss it reported a year earlier. The West

China worries a boost for shipbuilding in WA

German shipbuilder Luerssen wants to use its base at Henderson, where it will build 10 offshore patrol vessels for Australia, to serve what it claims is booming demand from Asian nations spooked by China’s naval build-up. The West

Australia most exposed to a downturn

Australia is the most vulnerable large advanced economy to a household debt induced downturn, according to a new analysis by investment bank Morgan Stanley, which points to slowdown risks from a tightening in lending standards and Labor’s planned tax changes for housing. The Fin

 

 

The Australian Financial Review

Page 1: Scott Morrison has hinted at regulatory intervention to drive down the price of petrol but, behind the scenes, the government admits there is little it can do other than ensure oil companies are not colluding.

China’s yuan has hit a 10-year low, adding to the risk of further attacks on Beijing from the United States as the world’s two biggest economies prepare for 11th hour talks to head off a full-blown trade war.

Furious that AMP has tried to ram through a fire sale of its life insurance business, institutional shareholders are threatening to call an extraordinary general meeting and spill the board to stop the $3.4 billion transaction from going ahead.

Page 3: Australia is the most vulnerable large advanced economy to a household debt induced downturn, according to a new analysis by investment bank Morgan Stanley, which points to slowdown risks from a tightening in lending standards and Labor’s planned tax changes for housing.

Page 5: The Morrison government is in a race against time to ratify a Pacific Rim trade deal by this Thursday to secure a double tariff cut for Australian exporters and to assuage foreign trading partners who are anxiously waiting for Australia to sign up.

Page 6: The Reserve Bank has warned that the costs to the banks of dealing with their misconduct will permanently affect their profits, as they prepare to reveal the full costs of the fallout from the royal commission.

Page 8: A digital services tax plan by the UK government has substantially increased the chances Australia will make similar moves against overseas players such as Google and Facebook.

Data on individual share trades dating back to 2014 is set to be scrutinised by the Tax Office, part of a further expansion of its data matching program.

Page 10: Federal Labor will take a tougher approach to corporate mergers and the policing of anti-competitive behaviour if it wins power at the next election.

Page 15: Australia must rise above party politics and develop a comprehensive energy policy for its own good, according to multinational miner Anglo American.

Caltex Australia has flagged higher dividend payouts for shareholders but chief executive Julian Segal has insisted the business is being harmed rather than helped by pump prices that have reached 10-year highs and brought unwanted scrutiny to the industry.

Page 33: Melbourne businessman Joseph Gersh has launched a fully underwritten $500 million real estate development finance fund, as the latest non-bank lender to plug the gap left by the banks’ retreat.

Page 34: Australia’s weakening housing market will shave 0.3 percentage points off economic growth over the next three years as consumers pull back spending as their home values decline, Capital Economics says.

 

 

The Australian                                                                                                                          

Page 1: The principals of some of Australia’s most famous Anglican schools are urging Scott Morrison and federal MPs to resist pressure to protect gay teachers by overhauling anti-discrimination laws, a move they warn would undermine their faith’s core “ethos and values”.

One of Australia’s most esteemed sports administrators has called on Cricket Australia chairman David Peever to stand down —possibly for former captain Mark Taylor — as state associations moved towards holding an extraordinary general meeting.

Page 2: Federal Education Minister Dan Tehan will introduce a national interest test on research grants to “improve the public’s confidence” in the process for distributing the $3 billion the Australian Research Council is expected to hand to university researchers in the next four years.

Page 4: More than a quarter of the savings to government from new restrictions on foreign doctors will come from fewer scripts being written and filled for drugs, particularly in metropolitan areas.

Page 5: Foreign companies reducing tax bills by shifting profits through loans to their own subsidiaries and claiming tax breaks for corporate travel to tax havens will be targeted by Labor under proposals that would rake in an extra $42 million over four years.

Page 19: The financial services royal commission is preparing for a blockbuster final round of public hearings, with bank chairmen now on notice that they could also be called as witnesses.

Page 20: The future shape of Wesfarmers is a hot topic for the conglomerate’s investors as chairman Michael Chaney faces questions over the prospect of corporate activity following the Coles demerger.

 

                                

The West Australian

Page 4: Under pressure over the sudden and secretive sacking of City of Perth chief executive Martin Mileham, the commissioners running the council relented yesterday to reveal that he was paid out more than a year’s salary of $300,000.

Page 7: Child Protection and Communities Minister Simone McGurk has ruled out further action against WA’s largest out-ofschool care provider despite systemic breaches by the company and a recent six-figure fine.

Business: German shipbuilder Luerssen wants to use its base at Henderson, where it will build 10 offshore patrol vessels for Australia, to serve what it claims is booming demand from Asian nations spooked by China’s naval build-up.

BHP has trimmed its expectations of global growth for the next two years because of trade conflict between China and the US.

Retailers stumbling in a tough trading climate are being savaged by investors, as jewellery chain Lovisa becomes the latest to be mauled after admitting to a weak start to the financial year.

AMP says its banking arm will reduce or remove 20 fees to simplify its product offering to customers, after saying last week it was losing clients at its flagship wealth management division.

A rush of mine developments and new tourism initiatives have the owners of Perth Airport encouraged about a profit-boosting pick-up in flights and visitor numbers.

The 2017 calendar year loss for Bunge Grain Services (Bunbury) was $991,000, down from $1.4 million a year earlier, according to annual financial statements.

Mincor Resources has knocked down production guidance for its maiden Goldfields gold operation after producing almost 4000 ounces in its first quarter after commissioning the smallscale Widgiemooltha project.

Mid-tier nickel miner Western Areas has continued to defy a tough nickel market with its Forrestania operations recording their best quarterly production in almost a year.

Property: Doric Group Holdings has returned to the black, reporting a net profit of $4 million for the year to June 30, a convincing turnaround from the $9 million loss it reported a year earlier.

Iconic Scarborough, 3 Oceans’ $450 million twin-towers development, is moving slowly to a start date, with the developer revealing it has hired a demolition company to clear the old Contacio Bar site.

Diversified private property investor the Vukelic Group has sold The Village Australind Shopping Centre and The Mardo Commercial Centre next door to syndicator Acure Funds Management for $39.4 million.

Royal Wolf’s massive 30,000sqm headquarters in Bassendean has sold for $13.35 million to Adelaide-based syndicator Harmony Property Investments.

The merged LandCorp-Metropolitan Redevelopment Authority has released $290 million-plus in “commercial land opportunities” it says will spur $1.3 billion 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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