21/02/2019 - 06:04

Morning Headlines

21/02/2019 - 06:04

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Woodside seeks bank for Scarborough stake sell-off

Morning Headlines

Woodside seeks bank for Scarborough stake sell-off

Woodside Petroleum is believed to be in the process of finding an investment bank for the selldown of the $35 billion energy giant’s stake in the Scarborough gas field. The Aus

RACWA buys holiday resort in Broome

The Royal Automobile Club of Western Australia has bought the 4.18-hectare Broome Palm Grove Holiday Resort in Western Australia for $7 million, renaming it to RAC Cable Beach Holiday Park. The Fin

Our carbon cut apocalypse

Labor’s 45 per cent emissions reduction target would push electricity prices 50 per cent higher, cost workers up to $9000 a year in lower wages and wipe $472 billion from the economy over the next decade, according to the first independent modelling of the energy policies of both the government and opposition. The Aus

Crown seeks better high roller deal for Perth

Crown Resorts is looking at how to pull its Burswood casino out of the shadow of Melbourne after another sharp fall in highroller turnover dented its local profits. The West

Medivac laws a one-way ticket

Asylum seekers transferred to Christmas Island under controversial new medical evacuation laws cannot be sent back to offshore detention, Federal Government advice reveals. The West

Glencore puts cap on coal mines

Australia’s biggest coal producer, Glencore, has bowed to pressure from the global anti-coal lobby and will cap coal production at 2019 levels in what is arguably the most significant and unlikely victory yet for the global and local anti-coal movement. The Fin

NAB sidelines Ken Henry

National Australia Bank investors have called on the board to secure a new chief executive within six months, with chairman Ken Henry sidelined from the selection process, as the bank revealed a $1 million golden handshake for outgoing chief Andrew Thorburn. The Aus

Labor retreats from Hayne on brokers

Labor has backed away from its initial support for the crackdown on mortgage brokers as recommended by the banking royal commission, and has prepared compromise options to spare the borrower paying upfront fees. The Fin

BGH Capital squeezes banks for Navitas loan

BGH Capital may be new to the local private equity scene – but it’s pulling a few old tricks at Navitas. The Fin

Franking fantastic: Forrest’s $327m payday

Fortescue Metals Group says that Labor plans to crack down on franking credits should it win power at this year’s federal election were a factor in its decision to super-charge dividend payments. The Fin

Wave of commotion over $30m park

A divided council warring over a $30 million wave park on the Swan River has narrowly rejected a ratepayer-driven bid to scrap the lease. The West

 

The Australian Financial Review

P1: Australia’s biggest coal producer, Glencore, has bowed to pressure from the global anti-coal lobby and will cap coal production at 2019 levels in what is arguably the most significant and unlikely victory yet for the global and local anti-coal movement.

P1: Labor has backed away from its initial support for the crackdown on mortgage brokers as recommended by the banking royal commission, and has prepared compromise options to spare the borrower paying upfront fees.

P4: Pressure is building on Scott Morrison over senior Liberals’ ties to a travel company owned by a major party donor, with Labor calling for an investigation into Helloworld Travel and its efforts to win lucrative government contracts.

P6: Disappointing wages growth and some forecasts that unemployment could start rising again are inhibiting the Reserve Bank’s capacity to deal with low inflation, slowing growth and falling house prices.

P8: Papua New Guinea Prime Minister Peter O’Neill has urged Australia to investigate the awarding of a $423 million Manus Island security contract to the ‘‘inexperienced and unknown’’ Paladin Group.

P9: Companies must be more specific about the unique nature of research and development activity they are conducting and improve their records of time spent on R&D tasks to avoid being forced to repay what could amount to millions of dollars in tax incentives, according to new government guidelines to be released on Thursday.

P15: Fortescue Metals Group says that Labor plans to crack down on franking credits should it win power at this year’s federal election were a factor in its decision to super-charge dividend payments.

P16; BGH Capital may be new to the local private equity scene – but it’s pulling a few old tricks at Navitas.

P20: BHP chief executive Andrew Mackenzie will meet fellow CEOs in Miami on Monday to push for a global industry response to the Brumadinho tailings dam disaster in Brazil, saying work had to proceed ‘‘with some urgency’’ to bring the dams to ‘‘a nuclear level of safety’’.

P42: The Royal Automobile Club of Western Australia has bought the 4.18-hectare Broome Palm Grove Holiday Resort in Western Australia for $7 million, renaming it to RAC Cable Beach Holiday Park.

 

The Australian

P1: Labor’s 45 per cent emissions reduction target would push electricity prices 50 per cent higher, cost workers up to $9000 a year in lower wages and wipe $472 billion from the economy over the next decade, according to the first independent modelling of the energy policies of both the government and opposition.

P1: National Australia Bank investors have called on the board to secure a new chief executive within six months, with chairman Ken Henry sidelined from the selection process, as the bank revealed a $1 million golden handshake for outgoing chief Andrew Thorburn.

P2: Private sector wage growth has failed for the fourth consecutive year to keep pace with public sector pay, with increases averaging just 2.3 per cent last year.

P4: Resources groups have reprimanded opposition frontbencher Richard Marles for saying the collapse of the thermal coal market would be a “good thing”, warning it will bring into question Labor’s commitment to the sector for tens of thousands of coalmining workers.

P5: Australians who pose a terrorist threat will be banned from returning home for up to two years under tough new legislation being introduced today by Home Affairs Minister Peter Dutton in a bid to underscore the government’s resolve on national security.

P8: Three-year-olds in the drug ravaged West Australian goldfields began an early childhood program last year unable to talk, not knowing how to go to the toilet and “just so far behind the eight ball”, a University of Adelaide research team has been told.

P9: British Prime Minister Theresa May suffered a body blow last night when three Conservative politicians resigned and dramatically crossed the floor of parliament to join the eight Labour breakaway rebels in the newly formed Independent Group.

P17: AustralianSuper, the nation’s largest superannuation fund, and players such as Statewide are considering enveloping smaller super funds as regulatory pressures in the $2.8 trillion sector start to rise.

P18: Woodside Petroleum is believed to be in the process of finding an investment bank for the selldown of the $35 billion energy giant’s stake in the Scarborough gas field.

P19: Impatient investors stripped almost $2.5 billion from the value of the nation’s biggest retailer, Woolworths, after it undershot market expectations for its December half earnings, including a surprise slide in profitability at its normally dependable cash cow Dan Murphy’s.

 

The West Australian

P1: Asylum seekers transferred to Christmas Island under controversial new medical evacuation laws cannot be sent back to offshore detention, Federal Government advice reveals.

P7: Lawyers for accused Claremont serial killer Bradley Edwards have raised the possibility of trying to torpedo the DNA evidence against him by claiming it might be contaminated.

P18: A divided council warring over a $30 million wave park on the Swan River has narrowly rejected a ratepayer-driven bid to scrap the lease.

Business: Crown Resorts is looking at how to pull its Burswood casino out of the shadow of Melbourne after another sharp fall in high roller turnover dented its local profits.

NRW Holdings has capped any losses from the troubled airport rail link project under an agreement with joint venture partner Salini Impregilo.

Shares in Ryan Stokes-led Seven Group Holdings surged yesterday on news of a revenue bonanza in the last six months of 2018 that drove up earnings before interest and tax by nearly 70 per cent.

Curtin University could chop nine academic roles at the Kalgoorlie and Bentley campuses of the WA School of Mines, blaming a big drop in enrolments that has hit its bottom line.

Employers claim that the case has not been made for an inquiry into the labour-hire industry labelled by unions as “unfair and exploitative”.

Automotive Holdings Group’s biggest shareholder admits it will be a particularly “keen observer” of AHG’s first-half results tomorrow after the Perth dealer’s hefty write downs and share price slump.

 

 

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