29/01/2019 - 06:12

Morning Headlines

29/01/2019 - 06:12

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Gresham powers up Perth Energy auction

Morning Headlines

Gresham powers up Perth Energy auction

Western Australia’s third-biggest electricity retailer and power plant owner Perth Energy has been pitched as a $372 million business at the revenue line and annual earnings approaching $20 million within four years. The Fin

Stadium success a boost for economy

Perth’s $1.6 billion Optus Stadium — derided by many as a waste of money — is proving to be an economic champion for Western Australia, with predictions the venue will this year help the city steal Melbourne’s crown as the nation’s sporting capital. The Aus

WA gas east a ‘pipedream’

WA Energy Minister Bill Johnston has ruled out the prospect of a transcontinental gas pipeline, saying he did not “want to import all the chaos from the east coast to WA”. The West

PM pledges more jobs, no debt

Scott Morrison will pledge the creation of 1.25 million new jobs over the next five years and the eradication of net debt within a decade, a move that would require paying down more than $350 billion over the 10 years. The Fin

Tourism’s $130m mayday call

The tourism industry has issued a $130 million mayday call to the State Government, claiming more businesses and jobs in the sector are “doomed” unless the plummeting number of overseas visitors to WA is treated as a “State emergency”. The West

Canberra ‘swamp’ costs $8bn

The cost of the political class, or swamp as Donald Trump might call it, has been estimated at more than $8 billion a year by an analysis from the Institute of Public Affairs, which is calling for “deepseated, structural reform to Australia’s administrative state”. The Aus

Google: Search algorithm must stay secret

Google will push back against a proposal by the competition watchdog to introduce a regulator to monitor the way its algorithms position news and other content in its search engines, but has conceded increased regulation and oversight of its powers is inevitable. The Fin

Coalition in new year bounce

Scott Morrison has been thrown an electoral lifeline, despite a string of senior ministers declaring they will quit politics at the May election, with the Coalition returning to its highest poll ratings since the removal of Malcolm Turnbull. The Aus

Casual ‘threat’ to mine culture

Mining companies’ growing embrace of labour hire and casual workers may be undermining the loyalty of workers that is crucial for safety, collaboration and innovation, an industry expert says. The West

Sky’s the limit as Rio Tinto reaches for stars

After developing the world’s biggest robots, Rio Tinto is pondering how those same technological breakthroughs might transform other planets. The Aus

McWilliam’s Wines, deep in the red, seeks urgent capital top-up

Australia’s sixth-largest wine company, McWilliam’s Wines, has been forced to seek an urgent capital injection from a West Australian group backed by businessman Peter Fogarty, and embark on asset sales after breaching some of its lending covenants as the company sank to an annual loss of $5.5 million. The Fin

‘Light at the end of tunnel’ for economy

WA’s economy is bouncing back to health, with a resurgent resources sector driving the State to one of the strongest growth rates in the country. The West

 

The Australian Financial Review

P1: Scott Morrison will pledge the creation of 1.25 million new jobs over the next five years and the eradication of net debt within a decade, a move that would require paying down more than $350 billion over the 10 years.

P1: Google will push back against a proposal by the competition watchdog to introduce a regulator to monitor the way its algorithms position news and other content in its search engines, but has conceded increased regulation and oversight of its powers is inevitable.

P3: The lobby group for industry superannuation funds has sought to discredit the idea of using the $149 billion Future Fund to manage default money by highlighting a performance gap worth $194,100 for a couple over a lifetime.

P4: Faltering growth in China has an ‘‘ironic upside’’ to Australian short-term prosperity, as Chinese stimulus designed to offset a slowdown flows into Australia through commodities trade, according to Deloitte Access Economics.

P6: Australian cyber security investigators have uncovered global efforts by suspected Chinese criminals to hack into web-hosting servers relied upon by hundreds of thousands of small businesses for financial gain, the first time the SME sector has been targeted in such a way.

P8: Businesses making under-the-counter cash payments estimated to total more than $31 billion will get a ‘‘very rude shock’’ from a multi-agency crackdown on the black economy, according to senior government officials.

P10: Legacy work practices and outdated employment agreements are holding back reform of the training sector, widening the gap between the skills business wants and the skills being produced by schools and colleges, according to consultant EY.

P13: Mortgage brokers and small lenders warn that a royal commission-led overhaul of the fees brokers can charge will be bad for borrowers and benefit the big four banks, especially the nation’s largest, Commonwealth Bank, if the industry remuneration model shifts to a flat fee and eliminates trailing commissions.

P13: In a world first, Uber Eats has established a partnership with supermarket chain Coles to deliver ready-to-eat and ready-to-heat meals to time-poor consumers.

P13: Western Australia’s third-biggest electricity retailer and power plant owner Perth Energy has been pitched as a $372million business at the revenue line and annual earnings approaching $20 million within four years.

P23: Australia’s sixth-largest wine company, McWilliam’s Wines, has been forced to seek an urgent capital injection and embark on asset sales after breaching some of its lending covenants as the company sank to an annual loss of $5.5 million.

 

The Australian

P1: Scott Morrison has been thrown an electoral lifeline, despite a string of senior ministers declaring they will quit politics at the May election, with the Coalition returning to its highest poll ratings since the removal of Malcolm Turnbull.

P2: The cost of the political class, or swamp as Donald Trump might call it, has been estimated at more than $8 billion a year by an analysis from the Institute of Public Affairs, which is calling for “deepseated, structural reform to Australia’s administrative state”.

P4: The federal budget’s return to surplus will prove to be a “flash in the pan”, with economic forecaster Deloitte Access Economics raising the alarm that temporary revenue windfalls are in danger of being recycled into permanent personal income tax cuts.

P5: Perth’s $1.6 billion Optus Stadium — derided by many as a waste of money — is proving to be an economic champion for Western Australia, with predictions the venue will this year help the city steal Melbourne’s crown as the nation’s sporting capital.

P6: Donald Trump has said he doesn’t believe congressional negotiators will strike a deal over border-wall funding that he could accept and vowed he would build a wall anyway, using emergency powers if need be.

P15: This month’s rapid rise in the Australian sharemarket looks set to continue despite the uncertainty of a federal election and signs of a slowdown in China.

P15: AGL Energy, Australia’s largest electricity generator, and the nation’s biggest users have hit out at Scott Morrison’s revised “big stick” powers including forced divestment, warning that the legislation will push up prices, delay investment and weaken security of the grid.

P16: Newcrest’s recent attempts to buy the $US10 billion ($13.9bn) Goldcorp has some wondering what is next for the Australian gold miner.

P17: After developing the world’s biggest robots, Rio Tinto is pondering how those same technological breakthroughs might transform other planets.

 

The West Australian

P6: WA’s economy is bouncing back to health, with a resurgent resources sector driving the State to one of the strongest growth rates in the country.

P6: The tourism industry has issued a $130 million mayday call to the State Government, claiming more businesses and jobs in the sector are “doomed” unless the plummeting number of overseas visitors to WA is treated as a “State emergency”.

P9: Federal Government minister Ken Wyatt says he will not desert Prime Minister Scott Morrison’s team ahead of the looming election, saying he is “in it for the long haul”.

P20: WA Energy Minister Bill Johnston has ruled out the prospect of a transcontinental gas pipeline, saying he did not “want to import all the chaos from the east coast to WA”.

Business: Mining companies’ growing embrace of labour hire and casual workers may be undermining the loyalty of workers that is crucial for safety, collaboration and innovation, an industry expert says.

Far fewer strawberries are to be planted in Perth this year, after growers took an estimated $12 million hit on income last season because of the needle sabotage crisis.

Resurgent West African gold explorer Azumah Resources is expected to announce this week a resource upgrade for its 2.5 million ounce Wa gold project in Ghana.

Investors face a soft start to trade on the Australian sharemarket today after the late boost last week from China’s lurch into the unorthodox monetary policy realm quickly ran out of steam.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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