01/02/2019 - 06:22

Morning Headlines

01/02/2019 - 06:22

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Building giant pulls out of $1.1 billion Metronet contest

Building giant pulls out of $1.1 billion Metronet contest

John Holland and Laing O’Rourke will not bid for the first stage of the Metronet rail expansion, reducing competition to build the McGowan Government’s showpiece. The West

Power Ledger looking overseas

Power Ledger, the Perth-based energy trading start-up facing questions about what its blockchain technology brings to the market, has reset its goals for 2019, aiming for scale from its commercial trials, buying solar and battery assets and shutting its Melbourne office to conserve resources. The Fin

Unique state rule bans Lib female contender

A push within the Liberal Party to install a woman in the crucial Perth seat of Stirling has hit an obstacle after a leading female candidate, former Rio Tinto engineer Karen Caddy, was ruled ineligible for preselection because she joined the party only last week. The Aus

AMP reaps $100m in zombie fees

Scandal-plagued wealth company AMP is reaping more than $100 million in fees every year from 1.1 million zombie superannuation accounts, as part of a broader $2.6 billion nest-egg gouge. The Aus

Hayne plan: trust, credit, competition

Restoring public trust in financial institutions, ensuring the free flow of credit, and maintaining competition in the sector are the three key principles which will guide the government’s response to the banking royal commission. The Fin

Optus aims to undercut the NBN

Optus chief executive Allen Lew says his company will exploit weaknesses in the national broadband network with the launch of a new 5G fixed wireless plan, in a move that will put more pressure on the NBN’s ‘‘user pays’’ funding model. The Fin

Energy chiefs blast big-stick power policy

Energy chiefs and user groups hit out at the government’s planned “big stick” regulation of the industry yesterday, warning that it would make it harder to invest and could lead to higher prices — the opposite of what it is designed to achieve. The Aus

Salvo from Julie calls for courage

Former foreign minister Julie Bishop will tell an international audience in Hong Kong her party is “divided” on climate change, while warning of the growing threat to the world order and looming economic headwinds. The West

Big four refuse to carve out audit work

The local arms of the big four consulting firms Deloitte, EY, KPMG And PwC have rejected a move by the majority of their UK counterparts to stop providing non-audit services to their large listed clients. The Fin

Sheep farmers ‘shipshape while cattle die of thirst’

A blame game has emerged between sheep and cattle farmers over animal welfare, with sheep farmers facing strict reductions in Middle East export due to on-ship sheep deaths claiming that mass cattle deaths on pastoral properties are worse cases of animal mistreatment. The Aus

The power struggles & the quest for clarity

A union representing workers in the coal-mining hub of Collie has backed calls from locals for the State Government to outline its plans for phasing out the industry — the town’s lifeblood. The West

 

The Australian Financial Review

P1: Restoring public trust in financial institutions, ensuring the free flow of credit, and maintaining competition in the sector are the three key principles which will guide the government’s response to the banking royal commission.

P1: Optus chief executive Allen Lew says his company will exploit weaknesses in the national broadband network with the launch of a new 5G fixed wireless plan, in a move that will put more pressure on the NBN’s ‘‘user pays’’ funding model.

P3: The local arms of the big four consulting firms Deloitte, EY, KPMG And PwC have rejected a move by the majority of their UK counterparts to stop providing non-audit services to their large listed clients.

P4: Two of the nation’s most popular banks for borrowers are increasing variable mortgage rates by up to 15 basis points in response to rising wholesale funding costs.

P5: Banks that flipped from lending too much to lending too little and regulators that were too slow to spot the risks of record low lending rates were both to blame for current housing price declines, Deloitte Access Economics partner Chris Richardson said.

P9: Pizza Hut must pay penalty rates for the first time in three decades after its long-expired enterprise agreements were terminated, effective immediately.

P12: Power Ledger, the Perth-based energy trading start-up facing questions about what its blockchain technology brings to the market, has reset its goals for 2019, aiming for scale from its commercial trials, buying solar and battery assets and shutting its Melbourne office to conserve resources.

P17: The corporate regulator is set to clarify how lenders should be meeting their responsible lending obligations, in a move that may entrench a modified version of the controversial Household Expenditure Measure and allow for technology to help banks make faster decisions.

P18: StreetTalk understands NRW took a very close look at fellow West Australian contractor Primero Group prior to the latter’s listing– handled by Canaccord last July.

P23: Beach Energy has upgraded its guidance for full-year production and is racing to clear its debt by the end of March, more than two years ahead of target, as it reaps benefits from the integration of the Lattice oil and gas business bought from Origin Energy.

P34: Law firms are heading into 2019 full of optimism and with a bigger workforce after a sharp increase in the number of fee earners over the past year.

 

The Australian

P1: Scandal-plagued wealth company AMP is reaping more than $100 million in fees every year from 1.1 million zombie superannuation accounts, as part of a broader $2.6 billion nest-egg gouge.

P2: A blame game has emerged between sheep and cattle farmers over animal welfare, with sheep farmers facing strict reductions in Middle East export due to on-ship sheep deaths claiming that mass cattle deaths on pastoral properties are worse cases of animal mistreatment.

P4: ASIO will receive tens of millions of dollars in extra funding from the Defence Department as the agency moves to scale up its counter-espionage activities to protect the multi-billion-dollar shipbuilding industry from Chinese and Russian spies.

P7: A push within the Liberal Party to install a woman in the crucial Perth seat of Stirling has hit an obstacle after a leading female candidate, former Rio Tinto engineer Karen Caddy, was ruled ineligible for preselection because she joined the party only last week.

P21: Energy chiefs and user groups hit out at the government’s planned “big stick” regulation of the industry yesterday, warning that it would make it harder to invest and could lead to higher prices — the opposite of what it is designed to achieve.

P21: Australians are keenly awaiting the outcome of the financial services royal commission and overwhelmingly believe the recommendations of the inquiry will be good for ordinary people, according to polling exclusively obtained by The Australian.

P23: The royal commission into financial services fuelled a jump in protest votes against executive pay, and not just for banks, according to a report by the corporate regulator.

P25: Annual credit growth in the banking system has slowed for the third consecutive month, as lending to business outpaced housing for the first time since 2016.

 

The West Australian

P7: More than 365,000 West Australians are paying excess fees and getting little value out of duplicate superannuation accounts, according to Federal Treasurer Josh Frydenberg.

P8: A union representing workers in the coal-mining hub of Collie has backed calls from locals for the State Government to outline its plans for phasing out the industry — the town’s lifeblood.

P10: Former foreign minister Julie Bishop will tell an international audience in Hong Kong her party is “divided” on climate change, while warning of the growing threat to the world order and looming economic headwinds.

P11: Mining giant BHP’s push for an indigenous voice to Parliament has drawn a mixed response with Prime Minister Scott Morrison arguing the focus should be on “practical” measures to stop violence and sexual assault in Aboriginal communities.

P26: Perth’s urban sprawl shows no signs of abating with three in every five new homes being built on the city’s fringe.

Business: Fortescue Metals Group is set for a bumper second half, marked by stronger prices for its iron ore, higher volumes and lower operating costs.

John Holland and Laing O’Rourke will not bid for the first stage of the Metronet rail expansion, reducing competition to build the McGowan Government’s showpiece.

The boss of Goldfields gold and nickel miner Independence Group has issued a call for the mining industry to invest more into greenfields exploration.

The owner of Rottnest Express has for the first time laid bare the cost of SeaLink’s arrival on the ferry route 15 months ago, disclosing a $26.7 million hit against the WA business.

Shares in Galena Mining have soared after the company announced the sale of a 40 per cent stake in its Abra lead-silver project in the Gascoyne to Japan’s Toho Zinc for $90 million.

An early assault on costs has kept seafood company Mareterram in the black, despite disappointing catches last year.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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