25/01/2019 - 06:19

Morning Headlines

25/01/2019 - 06:19

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Query over Fotios’ gold play

Morning Headlines

Query over Fotios’ gold play

Administrators of Eastern Goldfields say their preliminary investigations into the Michael Fotios-led company show it may have been trading while insolvent for as long as 15 months before its collapse in November. The West

NAB lifts rates – but feels the political heat

National Australia Bank has put a target on its back, lifting home-loan rates just a week before the release of potentially damaging recommendations for the sector from banking royal commissioner Kenneth Hayne and just months from a federal election. The Fin

Downer cool on mining sale

After much hype surrounding a sale of Downer’s mining division, the suggestion is now that the company is leaning more towards retaining the operation after offers came in too low. The Aus

Gorgon’s costly shutdown

Gorgon’s owners are in a good position to supply their customers as the loss of a third of its LNG production enters a second week, according to oil and gas consultancy Wood Mackenzie. The West

Lawyers to get cut of class action

Lawyers will be allowed to take a percentage cut of any compensation payout to the victims of faulty consumer products, corporate misconduct and other wrongdoing, under a dramatic shake-up of the nation’s booming class actions market. The Aus

ASIC warns on auditing deficiencies

The corporate regulator has fired a warning shot over the big accounting firms and their lucrative consulting businesses, highlighting cases where auditors have compromised the ‘‘appearance of independence’’. The Fin

Gold boss cool on M&A rush

The boss of a top Australian gold miner has questioned whether “bigger is better” after frenzied mergers at the top of the global gold industry. The West

Vicinity slashes value of its malls

Listed retail landlord Vicinity Centres has sounded a warning about declining shopping centre values, as centre owners deal with a wave of store closures and a weak Christmas period. The Aus

Australia triggers WTO talks about data trade barriers

Australia is set to win the backing of around 60 other countries to kick-start talks at the World Trade Organisation for a new regime covering e-commerce and corporate data flows, potentially plugging a critical gap in the multilateral trading system and easing companies’ ability to do business across borders. The Fin

Business lashes raid on savings

Leading businessman and former Reserve Bank of Australia board member Roger Corbett has attacked the ALP’s policy to rip up the nation’s franking credits system for dividends, savaging the plan as divisive and plundering the retirement savings of Australians who can least afford it. The Aus

 

The Australian Financial Review

P1: The corporate regulator has fired a warning shot over the big accounting firms and their lucrative consulting businesses, highlighting cases where auditors have compromised the ‘‘appearance of independence’’.

P2: Labor has accused NBN Co of ‘‘misleading spin’’ for failing to explain how it came to value the national broadband network at $50 billion, in a statement that sets the stage for a potential writedown of the government-owned asset.

P3: The Morrison government has been accused of laying the ground for desperate vote buying and fiscal irresponsibility over secret preparations to potentially roll out one-off cash payments to pensioners and lower-income families before the election.

P4: Labor leader Bill Shorten may have to take on powerful figures in the transport, manufacturing and meat processing unions if he is to deliver on a promise to tackle underperformance among industry superannuation funds.

P5: Australia is set to win the backing of around 60 other countries to kick-start talks at the World Trade Organisation for a new regime covering e-commerce and corporate data flows, potentially plugging a critical gap in the multilateral trading system and easing companies’ ability to do business across borders.

P6: Yang Hengjun, the Australian man detained in China, is being held for ‘‘endangering state security’’, Beijing said on Thursday night, as business figures raised the alarm about travelling to the mainland.

P7: A solid result for jobs growth over December will comfort the Reserve Bank of Australia as global growth headwinds intensify.

P17: National Australia Bank has put a target on its back, lifting home-loan rates just a week before the release of potentially damaging recommendations for the sector from banking royal commissioner Kenneth Hayne and just months from a federal election.

P18: The $US2.15 billion ($3 billion) acquisition of Western Australia’s Quadrant Energy and strong performance from Santos’ core portfolio in the December quarter has set up the oil and gas producer for a surge in output this year as it makes further firm progress on its turnaround.

P21: Telstra employees are gearing up for an autumn of industrial action, in a campaign to strengthen their hand as the telecommunications giant ramps up its massive job-cutting program.

P33: The number of new homes built across Australia is expected to drop dramatically by 25 per cent from when construction peaked three years ago to fiscal 2023.

 

The Australian

P1: Leading businessman and former Reserve Bank of Australia board member Roger Corbett has attacked the ALP’s policy to rip up the nation’s franking credits system for dividends, savaging the plan as divisive and plundering the retirement savings of Australians who can least afford it.

P3: Lawyers will be allowed to take a percentage cut of any compensation payout to the victims of faulty consumer products, corporate misconduct and other wrongdoing, under a dramatic shake-up of the nation’s booming class actions market.

P4: Bill Shorten has blamed “decades of economic rationalism” for Australia’s dwindling fleet of merchant ships, claiming the nation has become a “soft touch” on protecting the seafaring industry.

P8: Donald Trump will delay his State of the Union address after a clash with Democrat leader Nancy Pelosi who banned the President from addressing the House of Representatives next week because of the government shutdown.

P15: Almost 60 per cent of small business leaders fear a Labor government will hurt their business, a survey of more than 110 bosses across Australia shows, adding to evidence businesses generally are frustrated by both the government and the opposition.

P16: After much hype surrounding a sale of Downer’s mining division, the suggestion is now that the company is leaning more towards retaining the operation after offers came in too low.

P17: Australia’s gaming industry is set for some wins and losses this year, with The Star tipped to win in VIP over the James Packer-backed Crown Resorts and wagering giant Tabcorp set to face competitive headwinds.

P18: Listed retail landlord Vicinity Centres has sounded a warning about declining shopping centre values, as centre owners deal with a wave of store closures and a weak Christmas period.

 

The West Australian

P20: Powerful WA union boss Christy Cain has dismissed Premier Mark McGowan as “average” while praising Federal Opposition Leader Bill Shorten as a “good bloke”.

Business: Administrators of Eastern Goldfields say their preliminary investigations into the Michael Fotios-led company show it may have been trading while insolvent for as long as 15 months before its collapse in November.

Gorgon’s owners are in a good position to supply their customers as the loss of a third of its LNG production enters a second week, according to oil and gas consultancy Wood Mackenzie.

The boss of a top Australian gold miner has questioned whether “bigger is better” after frenzied mergers at the top of the global gold industry.

Department of Primary Industries and Regional Development investigations of animal welfare issues at Muchea Livestock Centre this week have closed, without any Animal Welfare Act breaches being identified.

Galaxy Resources boss Anthony Tse has declared the company’s Argentine brine landholding as its future flagship project and says it is critical the lithium miner finds the right partner and the best deal to develop it, regardless of how long it takes.

Federal Agriculture Minister David Littleproud has urged Coles and Aldi customers to shop elsewhere, after blasting the supermarkets for not doing enough to help drought-stricken farmers in the Eastern States.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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