08/11/2018 - 06:52

Morning Headlines

08/11/2018 - 06:52

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Ichthys facing claims ‘well in excess of $US1b’

Morning Headlines

Ichthys facing claims ‘well in excess of $US1b’

The scale of contractual disputes over the construction of the $US40 billion ($55 billion) Ichthys LNG project in northern Australia has been laid bare by US contractor KBR just after its majority owner, Japan’s Inpex Corporation, celebrated the start-up of shipments from the massive venture. The Fin

Budget moves closer to surplus on back of RBA upgrade

The federal budget will be about $5 billion-a-year better off and moving faster to surplus if Treasury adopts similarly bullish forecasts to the Reserve Bank of Australia’s more rosy outlook for the economy. The Fin

Morrison tests China’s resolve with Pacific build-up

The government’s relationship with China faces a stiff test, with Scott Morrison to announce today a major foreign policy pivot towards the South-West Pacific, and Treasurer Josh Frydenberg deciding to block the $13 billion takeover of the APA Group by Hong Kong’s CK Group. The Fin

Labor to punish Perth property investors, say Liberals

The Federal Government is warning Perth property investors that they will be “punished” by Labor’s changes to negative gearing, with some of the biggest losers in seats the ALP needs to win to take power. The West

Ivory towers rise on back of $10b development surge

University dons are swapping mortar boards for hard hats as a wave of development – a conservative estimate would be $10 billion or more – transforms Australia’s higher education sector. The Fin

China’s steel mills ‘thriving’

China’s steel production is continuing to exceed expectations despite its trade war with the US, with continued strong demand for iron ore, Fortescue Metals chief executive Elizabeth Gaines has said. The Aus

Fairfax, Nine deal set to get the nod

Australia’s competition watchdog is widely expected to approve Nine Entertainment and Fairfax Media’s $4 billion merger today, but there could be some conditions around editorial and advertising. The Aus

Westpac targets first-up buyers with rate cuts

Westpac Group, the nation’s second largest lender, is the latest bank to target first-time buyers with a new round of rate cuts and cashback offers, tapping into one of the new sectors holding up in the housing downturn. The Fin

 

 

The Australian Financial Review

Page 1: The government’s relationship with China faces a stiff test, with Scott Morrison to announce today a major foreign policy pivot towards the South-West Pacific, and Treasurer Josh Frydenberg deciding to block the $13 billion takeover of the APA Group by Hong Kong’s CK Group.

Americans are waking to another two years of gridlock and bitter partisan warfare under an emboldened Donald Trump after Democrats won control of the House of Representatives but fell short of a ‘‘blue wave’’ landslide that would have represented a comprehensive repudiation of the President.

Page 2: The federal budget will be about $5 billion-a-year better off and moving faster to surplus if Treasury adopts similarly bullish forecasts to the Reserve Bank of Australia’s more rosy outlook for the economy.

Page 3: Electricity retailers have jumped on board an EnergyAustralia proposal to bring forward the introduction of a reference price that would enable consumers to compare discounts while avoiding giving any commitment to lower prices in a roundtable of chief executives called by federal Energy Minister Angus Taylor.

Page 5: A clean-energy plan using wind and solar energy and batteries to replace fossil fuel power can save the Kimberley region $14.8 million and avoid the need to get more gas by fracking in the sensitive region, say green activists backed by former WA premier Carmel Lawrence.

Page 11: Westpac Group, the nation’s secondlargest lender, is the latest bank to target first-time buyers with a new round of rate cuts and cashback offers, tapping into one of the new sectors holding up in the housing downturn.

Page 19: The scale of contractual disputes over the construction of the $US40 billion ($55 billion) Ichthys LNG project in northern Australia has been laid bare by US contractor KBR just after its majority owner, Japan’s Inpex Corporation, celebrated the start-up of shipments from the massive venture.

The sting is out of the battle for Capilano Honey with Bega Cheese abandoning any plans it had to launch a takeover to rival one supported by Rich Lister Kerry Stokes.

Page 22: Domino’s Pizza is sticking to its guidance for 10 per cent to 20 per cent earnings growth in 2019 even though samestore sales growth has slowed, new stores have fallen short of market expectations and it will have to pay more for cheese.

Woolworths’ 11.2 million loyalty scheme members will now be able to earn points on fuel and in-store purchases at more than 680 newly participating Caltex sites in addition to 538 existing Caltex/Woolworths sites.

Page 23: Education company Navitas will highlight its University Partnership division as it tries to squeeze a higher offer for the company out of Ben Gray’s BGH Capital.

Page 33: University dons are swapping mortar boards for hard hats as a wave of development – a conservative estimate would be $10 billion or more – transforms Australia’s higher education sector.

 

 

The Australian                                                                                                                          

Page 4: The government and Labor have quashed calls to ditch an increase to the superannuation guarantee from 9.5 per cent to 12 per cent, amid fury from the funds management industry at the proposal from the Grattan Institute.

Page 17: Macquarie Group is locked in talks with Austrac to resolve “an issue” with its financial reports, joining National Australia Bank and Westpac in having to address problems with the anti-moneylaundering and terrorism financing regulator.

Page 18: TPG Capital’s $970 million bid for pet care business Greencross could be at risk of collapse, with the largest shareholder said to be opposing the offer, believing it undervalues the company.

Healthcare property specialist Heathley is moving forward with listing its $528 million real estate investment trust next month, despite recent market volatility, as it looks to raise between $160m and $180m.

Page 19: Australia’s competition watchdog is widely expected to approve Nine Entertainment and Fairfax Media’s $4 billion merger today, but there could be some conditions around editorial and advertising.    

Listed online retailer Kogan has marched into yet another vertical, announcing yesterday a superannuation product in partnership with Mercer.

Page 20: China’s steel production is continuing to exceed expectations despite its trade war with the US, with continued strong demand for iron ore, Fortescue Metals chief executive Elizabeth Gaines has said.

Page 24: Chinese property investors are turning away from Australia and looking to the US and southeast Asia, finding new taxes and stricter bank lending are making purchases too hard, agents say.

 

 

The West Australian

Page 1: The Federal Government is warning Perth property investors that they will be “punished” by Labor’s changes to negative gearing, with some of the biggest losers in seats the ALP needs to win to take power.

Page 4: Federal Opposition Leader Bill Shorten will use another visit to Perth to refocus Labor’s plea to WA voters on health issues as it hopes to make key gains in Liberal-held seats.

Business: Navitas founder Rod Jones resigned from the board of the global education provider yesterday to manage conflicts with his role in a hostile takeover attempt.

Mineral Resources yesterday sent the first train laden with iron ore from its recently acquired Koolyanobbing mine to Esperance for export.

Mincor Resources chairman Brett Lambert has described the end of a long-term processing deal to supply ore from its Goldfields nickel operations to BHP’s Kambalda nickel concentrator as a “great opportunity” for the junior

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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