RBA in housing market warning
RBA in housing market warning
The nation’s top financial watchdogs have warned of a “protracted” downturn in parts of the housing market and are closely watching moves by major banks to pull back from lending to residential property developers. The Aus
Mount Marion operator warns its prices will drop 13pc
More evidence of softening lithium prices has emerged, with the operators of Western Australia’s Mount Marion mine revealing they will be paid 13 per cent less for their product in the final three months of 2018 than in the previous quarter. The Fin
Higher bid for Navitas flagged
The private equity consortium targeting Navitas would likely increase its almost $2 billion bid if the board opened the books for due diligence, according to company cofounder Rod Jones. The West
Red tape removal saves SMEs $300m over next four years
Small and medium businesses will save $300 million over the next four years under government plans to double the threshold for firms to be considered large enough to have to comply with financial reporting regulations. The Aus
Fees force out private customers
Private hospital coverage has fallen to its lowest level since 2009 and those who are insured are likely to have exclusions on their policies, a shift expected to add pressure on public hospitals. The Aus
Healthcare group invests $50m in cancer centre
Hollywood Private Hospital will spend $50 million on what it claims will be the State’s first private one-stop cancer centre. The West
Big four, AMP lose $5b to industry super
More than $5 billion flowed out of retail superannuation funds owned by AMP and the big four banks into industry funds such as AustralianSuper, Hostplus and Cbus in the six months to September. The West
$50m funding boost to take on the banks
The Federal Government is bracing for a flood of prosecutions against the nation’s banks flowing from the financial services royal commission, revealing it will spend more than $50 million to put on extra judges and prosecutors to deal with a spike in cases. The West
Forrest says Fortescue will embrace new energy, AI
Fortescue Metals Group is ‘‘really serious’’ about new forms of energy and will not be investing in thermal coal, according to the company’s founder, chairman and major shareholder Andrew Forrest. The Fin
The Australian Financial Review
Page 1: Scott Morrison says Australia will not take sides amid escalating tensions between the United States and China, as China’s Premier Li Keqiang hailed Mr Morrison’s ascension to the leadership as an opportunity to repair the Australia-China relationship.
Wesfarmers chairman Michael Chaney says the $20 billion Coles carveoff will allow the Perth-based conglomerate to deliver superior returns for investors as it chases growth by driving its existing businesses harder and considers acquisitions.
Page 2: In a world first, Australia is producing a formal ‘‘financial consent standard’’ for people who need treatment for cancer.
Page 3: The Australian economy added 32,800 jobs in October, maintaining the unemployment rate at 5 per cent, and presenting further evidence that the labour market is getting tighter after fresh data this week showed wages advanced the most in three years.
Page 5: More than $5 billion flowed out of retail superannuation funds owned by AMP and the big four banks into industry funds such as AustralianSuper, Hostplus and Cbus in the six months to September.
Page 6: Australia’s third largest credit union has tightened its lending criteria for home loan customers and is placing heavier scrutiny on household expenses and spending patterns when assessing borrowers, but has a more optimistic outlook on Australian house prices than many economists.
Page 14: There are early signs that China’s central government is preparing for economic growth to slip to as low as 6 per cent next year, even as it seeks to counter the blow from US President Donald Trump’s trade tariffs with a drip-feed of fiscal stimulus.
Page 17: Merlon Capital Partners, the $1.3 billion boutique fund manager that is taking on AMP, says the wealth giant’s move to divest its life business without seeking shareholder approval sets a ‘‘grim precedent’’ and has presented data to show how unusual the decision was.
Page 19: GrainCorp has spelt out the ripple effect a disastrous east coast harvest will have on the Australian economy with virtually no wheat available for export from its port terminals and its casual workforce slashed by thousands.
Page 22: Fortescue Metals Group is ‘‘really serious’’ about new forms of energy and will not be investing in thermal coal, according to the company’s founder, chairman and major shareholder Andrew Forrest.
Page 23: Mainstream banks want to get more involved with Australia’s rapidly expanding lithium sector but have been held back by the lack of a well-defined index price for the lightweight metal, according to one of Australia’s top bankers to the resources sector.
More evidence of softening lithium prices has emerged, with the operators of Western Australia’s Mount Marion mine revealing they will be paid 13 per cent less for their product in the final three months of 2018 than in the previous quarter.
The Australian
Page 1: The nation’s top financial watchdogs have warned of a “protracted” downturn in parts of the housing market and are closely watching moves by major banks to pull back from lending to residential property developers.
Private hospital coverage has fallen to its lowest level since 2009 and those who are insured are likely to have exclusions on their policies, a shift expected to add pressure on public hospitals.
Page 3: White Ribbon Australia has received more than $3 million from state and federal government grants in the past decade, as it prepares to release an annual report that shows the organisation is facing “financial challenges”.
Page 6: Manufacturers and industry groups are mounting a campaign to overhaul a new “import tax”, warning that it will increase costs by 3000 to 5000 per cent on the key inputs for aluminium, steel and cement production.
Small and medium businesses will save $300 million over the next four years under government plans to double the threshold for firms to be considered large enough to have to comply with financial reporting regulations.
Page 19: The energy producer that bankrolled Japan’s biggest single Australian investment is closely monitoring Chinese investment in the Northern Territory and has warned any failure to maintain standards of “democracy, openness and transparency” may deter companies from committing further spending in the Top End.
Page 20: Premier Investments chairman Solomon Lew has run the ruler over making a full takeover of the struggling Myer department store but faced resistance from his family, which fears an increased exposure to the retailing sector.
Page 21: Tracey Fellows, the chief executive of Australia’s biggest online property listing company REA Group, will step down from the role to run News Corp’s global digital real estate operations.
The West Australian
Page 1: Workers at Perth Zoo, Rottnest Island and Kings Park are to be drug and alcohol tested from next year, prompting union concerns about the need for such an “intrusion into people’s privacy”.
Page 3: The Federal Government is bracing for a flood of prosecutions against the nation’s banks flowing from the financial services royal commission, revealing it will spend more than $50 million to put on extra judges and prosecutors to deal with a spike in cases.
Page 6: Hollywood Private Hospital will spend $50 million on what it claims will be the State’s first private one-stop cancer centre.
Page 11: The sacked chief executive of the Town of Cambridge says he will take legal action against the council, claiming he has been the subject of a vendetta by some elected members.
Page 13: The nation’s infrastructure tsar has given the green light to two key elements of the State Government’s Metronet plan, saying they will deliver nationally important economic benefits.
Page 18: The vast money pit that is the Bell Group wind-up continues to swallow taxpayers’ money with figures showing legal bills surrounding the litigation topped $14.5 million last year.
Business: The private equity consortium targeting Navitas would likely increase its almost $2 billion bid if the board opened the books for due diligence, according to company cofounder Rod Jones.
Northern Star Resources executive chairman Bill Beament has defended the gold miner’s decision not to offer shares to its retail shareholders in a recent capital raising to help fund its $347 million Pogo acquisition in Alaska.
Soaring shop rents, fierce online competition and global discounting has forced Australian retailer Roger David to close its doors.
