Time to pay up, Morrison tells big business
Time to pay up, Morrison tells big business
The nation’s 3000 largest businesses will be forced to pay their bills to small and medium enterprises within 20 days as a condition of future government contracts and they will have to disclose every year the details of how promptly they pay bills to these enterprises. The Fin
Labor’s soft plan for big carbon cuts
Labor will end a decade of commitment to an explicit carbon price by instead opting to subsidise household batteries and underwrite clean power generation to meet its 45 per cent target for cutting greenhouse gas emissions, and minimise the potential for a Coalition scare campaign over power bills. The Fin
Shell sells Sunrise stake to East Timor
East Timor has obtained majority ownership of the Sunrise gas field through buying Shell’s stake for $US300 million ($415 million), moving closer to a longheld dream of its own LNG industry. The West
Amazon U-turn on overseas access
Global online retailer Amazon has backflipped on its controversial decision earlier this year to block Australian shoppers from accessing its overseas sites due to changes to GST charged on online purchases, with local shoppers now allowed access to overseas Amazon sites. The Aus
‘No rewind’ on State’s GST repair
The Federal body that oversees the annual GST carve-up has scoffed at suggestions by WA that it is trying to interfere in the political fix to the distribution system to claw back some of the State’s gains. The West
We should have cut bonuses: CBA chair
Commonwealth Bank chairman Catherine Livingstone said the lender’s board should have taken a harsher approach to punishing executives, including stripping them of bonuses, as she made embarrassing admissions about compliance failings and pay decisions. The West
Hotels in hot seat as Chinese hunt ibis
Hotel sales around Australia are surging to record levels with more than $1 billion worth of properties set to change hands as the Chinese-backed iProsperity Group chases the AccorInvest portfolio for more than $260 million in the latest major play. The Aus
The Australian Financial Review
Page 1: Labor will end a decade of commitment to an explicit carbon price by instead opting to subsidise household batteries and underwrite clean power generation to meet its 45 per cent target for cutting greenhouse gas emissions, and minimise the potential for a Coalition scare campaign over power bills.
Westpac chief executive Brian Hartzer said the bank was unable to quantify what proportion of a billion dollars in fees it will have to repay customers who were charged with services they never received because the records were so poor..
Page 2: Harold Mitchell has resigned as chairman of industry lobby group Free TV and will ‘‘vigorously defend’’ allegations brought against him by the corporate watchdog over his involvement in Tennis Australia’s 2013 broadcast rights deal that were award to Seven West Media.
Page 3: A Telstra and Foxtel contractor backed by industry fund-owned IFM Investors is facing a $400 million class action for allegedly underpaying thousands of technicians through sham contracts.
The United States is poised to scrap a plan that would have forced professional and highly skilled Australians to compete with workers from Ireland for an attractive visa category that experts say is being under-used.
Page 4: The nation’s 3000 largest businesses will be forced to pay their bills to small and medium enterprises within 20 days as a condition of future government contracts and they will have to disclose every year the details of how promptly they pay bills to these enterprises.
Page 15: BHP says it has learned from its past errors and can be trusted once more with big spending decisions on projects and acquisitions following changes to internal assessment processes.
Gas pipeline owner APA Group has swiftly resumed a chase for a $4 billion acquisition in the US after the government’s vetoing of Hong Kong suitor CK Group’s $13 billion takeover, despite other potential bidders still waiting in the wings.
Page 29: Institutional infrastructure investors are making their first forays into what is forecast to become a $5 billion housing asset class, backed by National Disability Insurance Scheme funding to support the development of specialised accommodation for people with disabilities.
Page 35: Online home builder Baileys Living has launched in Perth.
The Australian
Page 1: Scott Morrison could be forced to negotiate with the Greens to pass energy company divestiture laws, amid demands from maverick Liberal National Party senator Barry O’Sullivan that the “big stick” laws be greatly widened.
Page 2: Commonwealth Bank chairman Catherine Livingstone said the lender’s board should have taken a harsher approach to punishing executives, including stripping them of bonuses, as she made embarrassing admissions about compliance failings and pay decisions.
Page 17: Fairfax Media would embark on asset sales worth more than $800 million and try to partner with Seven West Media and ANZ to focus on real estate services such as mortgages and insurance under plans drawn up by former Domain boss Antony Catalano.
Page 19: Global online retailer Amazon has backflipped on its controversial decision earlier this year to block Australian shoppers from accessing its overseas sites due to changes to GST charged on online purchases, with local shoppers now allowed access to overseas Amazon sites.
Shares in the struggling Reject Shop jumped 14 per cent yesterday after a trust controlled by the Geminder family made a $78 million takeover bid for the discount retailer.
Page 20: Kerry Stokes says market conditions for Seven Group Holdings’ industrial services and gas businesses continue to improve, as it forecasts 25 per cent growth in pretax earnings this year.
Page 23: Hotel sales around Australia are surging to record levels with more than $1 billion worth of properties set to change hands as the Chinese-backed iProsperity Group chases the AccorInvest portfolio for more than $260 million in the latest major play.
The West Australian
Page 3: State Government power price hikes appear to be biting with bad household debts written off by electricity provider Synergy more than doubling in two years.
Page 6: The Federal Government is preparing to strip extremists of their Australian citizenship if they are entitled to acquire a foreign citizenship based on where they, their parents or even their grandparents were born.
Page 7: Premier Mark McGowan believes next year’s Manchester United tour to Perth will be worth the “millions of dollars” it is costing to bring the global sporting club to WA ahead of the 2019 English Premier League.
Page 18: The Federal body that oversees the annual GST carve-up has scoffed at suggestions by WA that it is trying to interfere in the political fix to the distribution system to claw back some of the State’s gains.
Business: East Timor has obtained majority ownership of the Sunrise gas field through buying Shell’s stake for $US300 million ($415 million), moving closer to a longheld dream of its own LNG industry.
WA’s State One Stockbroking has been left with a $500,000 bill after disputed breaches of market trading integrity rules.
BHP chief financial officer Peter Beaven has delivered a mea culpa on behalf of the mining giant over its failed US shale gas investment, which cost shareholders about $US20 billion.
NRW Holdings chairman Michael Arnett has accused proxy advisers of inconsistency after a big shareholder vote against executive pay at the civil and mining contractor.
