Morning Headlines

Payne’s trip ends Chinese freeze

Marise Payne this week will become the first Australian foreign minister to visit China in almost three years, signalling a thaw in diplomatic relations as President Xi Jinping commits his country to opening up its economy. The Aus

Under-fire banks tote up $30b in cash profit

Australia’s big banks have raked in almost $30 billion over the past year despite suffering a heavy reputational blow amid the fallout from the financial services royal commission. The West

Miners warn Labor over diesel rebate

Big miners say removal of the diesel rebate would be akin to placing ‘‘a big tax on business’’, in a warning shot to federal Labor ahead of the next election. The Fin

Government snubs $850m 5G warning

The federal government will conduct the planned auction of 5G spectrum this month despite Optus warning it risks forgoing as much as $850 million in revenue. The Fin

Westpac sticks to wealth in break from rivals

Westpac Banking Corp remains committed to its wealth business despite its sagging profits, and will continue to target income growth by cross-selling products to customers despite scrutiny of ‘‘vertically integrated’’ models by the Hayne royal commission. The Fin

Former Kin chief stirs pot over stalled Leonora gold project

Tensions have flared at Kin Mining after a former director attempting to return to the company lashed out at its board in a letter to shareholders. The West

TPG wins over Greencross in $970m takeover

Shares in veterinary clinic chain Greencross closed nearly 19 per cent higher yesterday on the back of an announcement that the company is being taken over by US-based private equity firm TPG in a $970 million deal. The Aus

The Australian Financial Review

Page 1: A politically wounded Donald Trump in the US midterm elections may be the world’s worst nightmare, prompting him to become even more ‘‘extreme’’ in his America First approach, attacks on the WTO, and escalating trade war with China, warns Kevin Rudd.

Westpac Banking Corp remains committed to its wealth business despite its sagging profits, and will continue to target income growth by cross-selling products to customers despite scrutiny of ‘‘vertically integrated’’ models by the Hayne royal commission.

The federal government will conduct the planned auction of 5G spectrum this month despite Optus warning it risks forgoing as much as $850 million in revenue.

Page 4: Big miners say removal of the diesel rebate would be akin to placing ‘‘a big tax on business’’, in a warning shot to federal Labor ahead of the next election.

Page 6: The big four banks and AMP have capitulated to pressure and agreed to give up valuable grandfathered commissions but argued against the banning of ongoing service fees charged to super funds, in submissions to the Hayne royal commission on superannuation published on Monday.

Page 8: NBN Co has been accused of failing to take seriously the threat 5G is posing to its business model, after the groundbreaking technology received just a single mention in the company’s 182-page annual report.

Page 13: Coal from Adani’s Carmichael mine would sell for between $US50 and $US55 per tonne if it were in the market today, or just over half the price paid for Australia’s highest-quality thermal coal, experts have said.

Sixteen years after selling its grocery wholesaling division, Woolworths is ramping up its business-to-business operations in a move that threatens to crimp growth at dominant food and liquor wholesaler Metcash.

Page 15: Cochlear said it would appeal a shock $US268 million ($377 million) judgment for infringements of an expired patent that was more than 17 times the amount it had set aside for the charge.

Page 17: Corporate Travel Management shares fell for the third session out of four as anxious shareholders speculated that activist hedge fund VGI Partners is preparing to respond to the company’s rebuttal of its findings.

The Australian                                                                                                                          

Page 1: Marise Payne this week will become the first Australian foreign minister to visit China in almost three years, signalling a thaw in diplomatic relations as President Xi Jinping commits his country to opening up its economy.

Page 2: ANZ chief executive Shayne Elliott has taken a near $1 million pay cut after a year of declining profits, a falling share price and industry-wide reputational damage.

Page 4: The Morrison government has ramped up its attack on federal Labor’s industrial relations policy, challenging Bill Shorten to rule out changes to the Fair Work Act that would allow unions to orchestrate strikes across industries.

A key savings measure for the Pharmaceutical Benefits Scheme came up $864 million short last year, after a similar shortfall the year before, prompting the federal government to quietly cease reporting on its performance.

Page 17: Australian companies have welcomed President Xi Jinping’s landmark speech yesterday promising to boost e-commerce in China, reduce tariffs, boost domestic consumption and other measures that could see more Australian exports to the world’s second-largest economy.

Page 18: A new player may have emerged for Device Technologies, with suggestions that DKSH could be in the mix for the $700 millionplus medical devices provider.

Shares in veterinary clinic chain Greencross closed nearly 19 per cent higher yesterday on the back of an announcement that the company is being taken over by US-based private equity firm TPG in a $970 million deal.

The West Australian

Page 3: WA public schools were forced to call in debt collectors to recover almost $2 million in unpaid fees last year, with a growing number of parents failing to pay compulsory charges.

Page 10: WA’s highest court has ruled Australian Federal Police can seize almost $3 million from a couple who have committed no crime — but who have had their Perth bank accounts used in a money laundering scheme known as “cuckoo smurfing”.

Business: Australia’s big banks have raked in almost $30 billion over the past year despite suffering a heavy reputational blow amid the fallout from the financial services royal commission.

Tensions have flared at Kin Mining after a former director attempting to return to the company lashed out at its board in a letter to shareholders.

The Canadian owner of the Ravensthorpe nickel mine on WA’s south coast has doused suggestions it is considering a fast return to production.

Woodside Petroleum will appeal against the decision of a joint development assessment panel over its proposed Bay Village workers’ camp in Karratha, claiming some conditions would make operations unsustainable.

Online travel agency Webjet says it is poised to catapult further into Asia after agreeing to buy Dubai-based business travel wholesaler Destinations of the World for $240 million.