06/02/2019 - 06:31

Morning Headlines

06/02/2019 - 06:31

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Airport win on Qantas

Morning Headlines

Airport win on Qantas

The Productivity Commission has delivered Perth Airport a major win in its ugly Supreme Court battle with Qantas over passenger charges. The West

Shell, Seven Group in push to fast-track Crux gas field

Oil major Shell and Seven Group Holdings have kicked off the approval process for what is expected to be a $2 billion plus development of their Crux gas field off Australia’s far north-west coast, targeting an earlier-than-expected go ahead for construction next year. The Fin

Miners soar as gold and iron ore prices rise

Australia’s mining stocks are enjoying a stellar start to the year, with Andrew Forrest’s Fortescue Metals Group and the nation’s red-hot gold miners all soaring higher over the past month. The Aus

Libs take a punt on mighty Quinn

Liberal Party powerbrokers are backing top corporate lawyer Joanne Quinn to run for the must-hold seat of Stirling at the next election after minister Michael Keenan decided to call it quits. The West

NAB bosses fight for survival

National Australia Bank chief executive Andrew Thorburn and chairman Ken Henry will fight for their jobs amid growing political pressure, insisting the bank has learnt from its mistakes and they can fix its culture following the royal commission. The Fin

Subiaco delays hurt business

Western Suburbs Business Association has expressed concern about the potential for further delays in implementing the City of Subiaco planning framework or any attempt to derail the popular proposal to revive the Subiaco Pavilion markets. The West

WorkPac hit with casuals class action

Major mining labour hire firm WorkPac has been hit with an estimated $84 million class action over claims it underpaid ‘‘regular’’ casuals their annual leave and other entitlements. The Fin

Flying high on riches

West Coast have confirmed their status as the financial powerhouse of Australian sport by declaring an $11.4 million operating surplus for the 2018 season. The West

GetUp’s nice little banking earner

Left-wing activist hub GetUp is earning windfall commissions for supporters to switch to a little-known bank that kicks back a fee on savings accounts and every mortgage changed over. The Aus

RBA downgrades growth forecast

The RBA has downgraded growth forecasts and acknowledged risks have risen, but has not yet signalled it could switch to rate cuts The Reserve Bank of Australia has acknowledged that risks have risen for the economy, which is softening, but it has not yet signalled it could switch its bias for raising interest rates towards rate cuts. The Fin

Robo-debt system ‘should be terminated’

The Coalition’s $3.7 billion “robodebt” system is unlawful and should be terminated because Centrelink has forced welfare recipients to do its work in checking potential overpayments, a legal challenge claims. The Aus

 

The Australian Financial Review

P1: National Australia Bank chief executive Andrew Thorburn and chairman Ken Henry will fight for their jobs amid growing political pressure, insisting the bank has learnt from its mistakes and they can fix its culture following the royal commission.

P3: The RBA has downgraded growth forecasts and acknowledged risks have risen, but has not yet signalled it could switch to rate cuts The Reserve Bank of Australia has acknowledged that risks have risen for the economy, which is softening, but it has not yet signalled it could switch its bias for raising interest rates towards rate cuts.

P4: Major mining labour hire firm WorkPac has been hit with an estimated $84 million class action over claims it underpaid ‘‘regular’’ casuals their annual leave and other entitlements.

P6: Industry super funds are calling for a binding vote on executive pay, after investors warned that boards ‘‘still don’t get it’’.

P14: German Chancellor Angela Merkel has offered a glimmer of hope to British Prime Minister Theresa May that a cross-Channel compromise might be found on the vexed issue of the Northern Irish border, potentially allowing an 11th-hour Brexit deal to go through before the March 29 deadline.

P17: The Productivity Commission has dashed the hopes of airlines pushing for arbitrated resolutions to airport disputes, arguing arbitration could have a ‘‘chilling effect’’ on investment, but recommended airports provide more detailed information to regulators to stop potential abuses of market power.

P19: Oil major Shell and Seven Group Holdings have kicked off the approval process for what is expected to be a $2 billion plus development of their Crux gas field off Australia’s far north-west coast, targeting an earlier-than-expected go ahead for construction next year.

P22: Google parent Alphabet reported thinner profit margins as the internet giant spent heavily to expand its cloud and YouTube businesses.

P23: Funding for Australia’s start-ups and young technology companies rose 40 per cent year-on-year to $1.07 billion in the December quarter, dominated by a $350 million debt raising for challenger bank Judo Capital, according to a study of 160 funding events.

P36: Institutional investors in the country’s landmark office towers will head to Brisbane, Perth, Adelaide and Canberra markets after a record year in deals drove prices sky-high in Sydney and Melbourne.

P39: Woolworths is selling a recently completed neighbourhood shopping centre in Perth’s northern suburbs, where it hopes to attract offers near $35 million.

 

The Australian

P1: Left-wing activist hub GetUp is earning windfall commissions for supporters to switch to a little-known bank that kicks back a fee on savings accounts and every mortgage changed over.

P3: The ABC and sacked managing director Michelle Guthrie have been ordered by a Federal Court judge to go into urgent mediation talks, as the fallout over her sacking by the ABC board in September continues to dog the public broadcaster.

P2: A fall in Christmas retail sales adds to evidence that the economy is slowing as households fret about falling house prices and weak income growth.

P5: Kelly O’Dwyer has increased pressure on Bill Shorten to pass stalled legislation aimed at driving out underperforming funds from the $2.7 trillion superannuation savings sector before adopting royal commission plans to establish single accounts for working Australians.

P6: The Coalition’s $3.7 billion “robodebt” system is unlawful and should be terminated because Centrelink has forced welfare recipients to do its work in checking potential overpayments, a legal challenge claims.

P21: Scott Morrison’s controversial big stick policy has been lashed by the government’s own energy advisory body, which said the law change might push up power prices and deter essential investment in the industry.

P21: REA Group, the company behind realestate.com.au, has struck a key partnership with the Australian Football League to boost its profile among footy fans.

P21: Construction and engineering contractor Cimic Group has booked an 11 per cent lift in annual profit and forecast a further rise in earnings for 2019 underpinned by new contracts.

P22: Australia’s mining stocks are enjoying a stellar start to the year, with Andrew Forrest’s Fortescue Metals Group and the nation’s red-hot gold miners all soaring higher over the past month.

 

The West Australian

P3: The Productivity Commission has delivered Perth Airport a major win in its ugly Supreme Court battle with Qantas over passenger charges.

P4: Liberal Party powerbrokers are backing top corporate lawyer Joanne Quinn to run for the must-hold seat of Stirling at the next election after minister Michael Keenan decided to call it quits.

P14: Agriculture Minister Alannah MacTiernan is taking more trips on Government-owned planes than any of her Cabinet colleagues, including eight to Albany where she owns a holiday home.

P20: West Coast have confirmed their status as the financial powerhouse of Australian sport by declaring an $11.4 million operating surplus for the 2018 season.

Business: Takeover target Navitas is casting around for a third partner university in Canada to help fill demand from international students seeking to study overseas in North America.

The boss of junior explorer Bellevue Gold says the rate at which drilling at an abandoned mine in the northern Goldfields is unlocking new resources is “incredible”.

After the founder of QuadrigaCX, Canada’s biggest cryptocurrency exchange, died unexpectedly, about 115,000 clients have been unable to retrieve $US190 million ($262 million) in funds — because the owner was the only one who knew the password to get access to the holdings.

The search for a new boss for oil and gas lobby group APPEA has ended in Switzerland of all places.

CBH Group’s fertiliser division is bucking the trend of cost-cutting elsewhere in the group as it seeks to capture a bigger slice of WA fertiliser sales.

Property: Western Suburbs Business Association has expressed concern about the potential for further delays in implementing the City of Subiaco planning framework or any attempt to derail the popular proposal to revive the Subiaco Pavilion markets.

Dexus’ Australian Real Estate Quarterly Review is upbeat about Australia’s office markets despite growing external risks — a US-China trade war, volatile shares, a slowing housing market and Federal and State elections — weighing on business confidence.

The $30 million Quest South Perth Foreshore opened on Monday, making it Quest’s 15th WA property and Perth’s 11th.

WA Apartment Advocacy’s Samantha Reece is working on a new apartment trial, this time with the Department of Communities at Finbar’s Arbor North in Rivervale.

 

 

 

 

 

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