01/11/2018 - 06:48

Morning Headlines

01/11/2018 - 06:48

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Offshore drilling ‘is a national priority’

Morning Headlines

Offshore drilling ‘is a national priority’

Resources Minister Matt Canavan says it is a “national priority” to encourage offshore oil exploration — including in the Great Australian Bight — so Australia can be self-reliant on petrol supply and not have to rely on volatile global markets. The Aus

Stubbornly low inflation confounds RBA

Australia’s inflation rate has again tumbled outside the Reserve Bank’s comfort zone, despite petrol prices hitting their highest point on the Australian Bureau of Statistics price index in four years. The Fin

Palmer: $750m for Citic access

Clive Palmer has agreed to provide China’s Citic with the land it needs to continue operations at its $16 billion Sino Iron mine in Western Australia — but there is a catch. The Aus

Barnaby Joyce blamed for live sheep failure

The live export industry faces tougher animal welfare regulation after an independent review blamed former agriculture minister Barnaby Joyce for chronic regulatory failure. The Fin

$500m rebuild to honour modern vets

The Australian War Memorial will receive an almost $500 million upgrade to better tell the stories of Australian servicemen and women from the past 30 years, including a new underground entrance and an 83 per cent expansion to its total exhibition area. The Aus

WAMMCO delivers meaty profits

Solid international market demand has enabled sheepmeat co-operative WAMMCO to deliver a record profit, while still paying producers high prices for their lambs and mutton. The West

Macquarie crunching the numbers for AMP takeover

Macquarie Group has a potential $7.3 billion iron in the local merger and acquisition fire, and is said to be crunching the numbers on a tilt at beleaguered AMP. The Aus

More jobs to go: ANZ chief

ANZ chief Shayne Elliott has tipped further job cuts after about 1000 Australian staff were sacked in the past year as profits were hit by the mounting cost of banking scandals. The West

 

 

The Australian Financial Review

Page 1: The fallout from the banking royal commission is forcing three giants of the financial services sector, ANZ, Commonwealth Bank and AMP, to accelerate simplification of their business models, including offloading noncore assets which they insist is necessary to prepare for a much tougher operating environment.

Page 3: An unnamed Australian IT company is at the centre of a major hacking case in the United States, where Washington has accused China of using compromised domain names to steal sophisticated aviation technology to advance its domestic industry.

Page 4: Australian Competition and Consumer Commission chairman Rod Sims says there was little he could do to help with spiralling petrol prices, other than guard against collusion between oil companies and encourage motorists to ‘‘shop around’’.

Page 5: A large stride has been made in helping people with paraplegia walk again.

Page 7: Manufacturing jobs are experiencing a resurgence, defying doom and gloom forecasts following the demise of the automotive assembly sector.

Page 8: Prime Minister Scott Morrison is confident Australia can navigate a ‘‘testing’’ and higher degree of strategic competition between the US and China in coming years without jeopardising relations with either.

Page 10: The live export industry faces tougher animal welfare regulation after an independent review blamed former agriculture minister Barnaby Joyce for chronic regulatory failure.

Page 15: Commonwealth Bank’s strategy to exit the scandal-hit wealth sector via a float looks uncertain after it sold off its lucrative global asset management business for $4.1 billion to a Japanese buyer.

Corporate Travel Management has failed to convince shareholders there are ‘‘no issues of substance’’ arising from hedge fund VGI Partners’ activist short selling attack, with its shares plunging 27 per cent on Wednesday after the release of its rebuttal.

Page 17: Prominent chairman Paula Dwyer has felt the wrath of shareholders for a second time this annual meeting season after Healthscope investors delivered a strike against the private hospital operator’s executive pay report.

Page 18: Recently departed NBN Co chief executive Bill Morrow earned $3.1 million in his final year at the helm of the government-owned broadband wholesaler, putting him again among Australia’s highest-paid public servants.

Page 21: Rising LNG and east coast gas prices have driven a buoyant quarter of oil and gas revenues for Origin Energy, pushing its share of revenues from its $25 billion Australia Pacific LNG project up 35 per cent over the year.

Page 42: ANZ has cut its interest-only loans by nearly two-fifths over the past 18 months while keeping investor lending largely stable, but faces a test over the next two years as the volume of expiring interest only (IO) loans peaks.

 

 

The Australian                                                                                                                          

Page 1: The Morrison government plans to have all children of asylum seekers still on Nauru relocated to Australia by the end of the year.

Former ABC managing director Michelle Guthrie received a $70,000 pay rise months before her sacking, as the national broadcaster plunged to a $71.2 million loss last financial year.

Page 2: Australia’s inflation rate has again tumbled outside the Reserve Bank’s comfort zone, despite petrol prices hitting their highest point on the Australian Bureau of Statistics price index in four years.

Page 4: The Australian War Memorial will receive an almost $500 million upgrade to better tell the stories of Australian servicemen and women from the past 30 years, including a new underground entrance and an 83 per cent expansion to its total exhibition area.

Page 6: Resources Minister Matt Canavan says it is a “national priority” to encourage offshore oil exploration — including in the Great Australian Bight — so Australia can be self-reliant on petrol supply and not have to rely on volatile global markets.

A Shorten government would legislate tough emissions reduction targets but drop the pledge for a cap-and-trade system taken to the last election, under reforms to be debated at Labor’s national conference next month.

Page 18: Macquarie Group has a potential $7.3 billion iron in the local merger and acquisition fire, and is said to be crunching the numbers on a tilt at beleaguered AMP.

Page 20: Clive Palmer has agreed to provide China’s Citic with the land it needs to continue operations at its $16 billion Sino Iron mine in Western Australia — but there is a catch.

Mining chiefs say the sector needs policy certainty as the federal election and a likely change of government approaches and as high prices raise concerns about potential tax grabs.

 

                                

The West Australian

Page 3: The Rottnest Island jetty that collapsed last week injuring two British tourists and a family member from Perth will likely be demolished.

Page 8: Promises to create an independent taxpayer-funded office to analyse the financial pledges of opposition political parties in the run-up to State elections have stalled under the State Government.

Page 14: A steep decline in vocational student numbers over two years could affect the State’s economic prospects, WA’s peak union body has warned.

Page 16: Bonuses paid to bank staff could be vetted by the industry’s regulator over fears they may be undermining the financial system amid calls for more government support to take court action against criminal bankers.

Business: ANZ chief Shayne Elliott has tipped further job cuts after about 1000 Australian staff were sacked in the past year as profits were hit by the mounting cost of banking scandals.

Wesfarmers chief Rob Scott has played down concerns in some quarters that the group was too reliant on Bunnings amid a downturn in the east coast housing market.

Retail billionaire Solomon Lew has threatened Myer with legal action unless it releases results ahead of shareholders voting on a “second strike” on pay.

Solid international market demand has enabled sheepmeat co-operative WAMMCO to deliver a record profit, while still paying producers high prices for their lambs and mutton.

Mineral Resources slashed production of raw lithium ore by more than half in the September quarter in line with plans to wind back exports of the product ahead of a likely cessation of shipping at the end of the year.

Gold miner Ramelius Resources is concerned red tape delaying approval for an extension of open pit mining at its Edna May gold mine in the eastern Wheatbelt could result in job losses.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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