Rio set to beat iron ore forecasts
Rio Tinto is set to log another quarterly iron ore production record today, with the company’s productivity drive under chief Sam Walsh making it a good bet the mining giant will beat both iron-ore and copper forecasts. The Aus
Lead in pencil, Buxton collects ASX query
A jump in its share price before the announcement of a major graphite discovery has landed Perth explorer Buxton Resources in hot water with the Australian Stock Exchange, with the market operator questioning its disclosure practices. The West
Record not enough to overcome poor price
The weak uranium price has taken its toll on Paladin Energy’s revenue stream, with the company reporting a more than $30 million drop for the December quarter despite record production. The West
OZ Minerals shares rally on better than expected cash balance
Oz Minerals boss Terry Burgess has dismissed suggestions his company’s cash war chest could be fully eroded by the end of this year, after an upbeat quarterly report that sent the stock jumping 14 per cent to a two month high. The Fin
Fortescue moves to pay down further $US1.6bn of debt
Fortescue Metals Group has continued to reduce debt faster than expected, with another $US1.6 billion ($1.79 billion) repaid as it ramps up efforts to bolster its balance sheet amid a volatile iron ore price. The Fin
Oil giants hog gas for export project
Oil giants Shell and PetroChina have refused to offer new domestic gas supply from their vast Queensland coal-seam gas reserves, warehousing all the gas for an LNG export project that is yet to be approved due to high Australian construction costs. The Aus
BHP hires Cudmore for corporate affairs
BHP Billiton has poached its new corporate affairs head from its Bass Strait joint venture partner ExxonMobil, appointing former Jeff Kennett adviser Tony Cudmore, who will report directly to chief executive Andrew Mackenzie. The Aus
The West Australian
Page 18: Lower interest rates, improved confidence in the property market and the flow-on from tight rental conditions in the past few years boosted the number of homes bought by first-homebuyers in WA last year to the highest in four years.
Page 65: The live export industry is in crisis amid revelations thousands of sheep from WA farms died in extreme heat during a horror voyage to the Middle East aboard a ship which was back in Fremantle at the weekend loading animals in 40C conditions.
Page 65: Fortescue Metals Group will spend more than half of its $US2.9 billion ($3.2 billion) cash reserve on paying off debts, yesterday announcing a bigger-than-expected $US1.6 billion of payments.
Page 66: Oz Minerals and Newcrest Mining received very different reactions from the market yesterday, despite both offering up some hope to beleaguered investors in quarterly results.
Page 67: The number of customers switching from Alinta Energy to Kleeheat Gas for natural gas has slowed in recent months but the market entrant insists its program is on track.
Page 68: WA apartment developer Finbar Group says its first-half after-tax profit will be about $19 million, leaving it on course to achieve its full-year guidance.
Page 68: The Australian sharemarket finished the day in the black for just the third time this year, as fears over the US economy eased on the back of better-than-expected retail figures.
Page 68: The fallout from a poorly received quarterly report continues to plague Regis Resources yesterday, with its shares in the gold miner hitting their lowest point for almost 2 ½ years.
The Financial Review
Page 3: A United States fund manager who owns shares in a coalmine caught up in the NSW ALP corruption scandals last year has threatened to use the US-Australia free trade agreement to stop the NSW government punishing “innocent investors”.
Page 5: Agriculture Minister Barnaby Joyce says he would like to increase drought program funding once the budget allows despite the government’s policy of cutting subsidies to struggling industries.
Page 6: Sophisticated investors who trade shares to double the tax benefit of franked dividends will be targeted by the federal government and Australian Taxation Office.
Page 6: Qantas Airways has lifted the fuel surcharge on flights from Australia to Europe, much of Asia and the Middle East for the first time since July to bring the fees in line with alliance partner Emirates at a time of continued high fuel prices and a weaker Australian dollar.
Page 8: Multinational law firm Herbert Smith Freehills will ask state governments to set up funds to insure the debt issued for big infrastructure projects to cut financing costs.
Page 10: The World Bank has increased its global growth forecasts as the easing of austerity policies in advanced economies supports their recovery, boosting prospects for developing markets’ exports.
Page 10: China’s foreign currency reserves jumped 15 per cent last year to $US3.82 trillion ($4.23 trillion), as its central bank struggled to contain a rising yuan due to hot money pouring into the world’s second-biggest economy.
Page 12: Fairfax Media, which once dominated classified advertising in employment, cars and real estate, will look to challenge job ad giant SEEK through a joint venture with a UK-based job ad aggregator Adzuna.
Page 12: The average Australian equity fund manager out performed the sharemarket by 18 per cent in 2013, the biggest margin for at least 25 years, after many avoided investments in the resources and property sectors.
Page14: Fortescue Metals Group has always been a stock that has divided the market. Its exposure to the volatile iron ore price and high debt levels to pay for its expansion brought the Western Australian-based company to its knees in August 2012 when the spot price plummeted.
Page 15: Macquarie Group has started 2014 with a strong appetite for acquisitions, already being linked to two multibillion-dollar sales, even as some analysts question if the company will pay up for assets in contested auctions.
Page 16: Amcor’s spun-off packaging business Orora has shown its dissatisfaction with price hikes being demanded by large gas producers, taking an option over 30 petajoules of lower-cost gas from junior explorer Strike Energy.
Page 17: Newcrest Mining has beaten the market’s production forecasts and maintained its gold and copper guidance amid low prices for the precious metals and ongoing concerns about the strength of the company’s balance sheet.
Page 18: Royal Dutch Shell will sell some of its North Sea oilfields as part of a $US15 billion ($16.6 billion) divestment program in the next two years overseen by new chief executive Ben van Beurden.
Page 17: Australian miners with operations in Indonesia are still scrambling to understand the full impact of the Asian nation’s new ban on exports of some raw minerals.
Page 21: Asian insurer AIA Group has established a specialist innovation unit that will initially operate independently of the company and examine how technology can be better utilised to enhance customer experience, as established financial services companies in the region grapple with new-found competition from technology start-ups.
Page 21: Credit rating agency Fitch Ratings has warned that a weakening economy and increased competition will create a more challenging environment for Australian bank profits.
Page 22: After its worst trading day since September, the Australian sharemarket has clawed back some lost ground, as fears about the health of the United States economy subside.
Page 23: Demand for gold among Chinese buyers will support the price of the precious metal this year as it loses favour among investors who had sought gold for its protection from inflation.
Page 23: A forecast return to super-chilly winter temperatures in key parts of North America has given US natural gas prices a shot in the arm but few commodities forecasters are expecting any sustained strength in prices.
Page 29: Property is in for a bumper year, with higher prices, increased building and more jobs, according to a new survey.
The bullish outlook, based on the views of 2500 property professionals, is the strongest recorded in the four-year history of the Property Council-ANZ Property Confidence Index.
The Australian
Page 2: Public funds are being used to shore up companies ranging from film studios to paper mills, according to government documents that highlight the scale of industry assistance as Joe Hockey warns against more handouts.
Page 2: Unions are bracing for hundreds of more job losses in the embattled manufacturing city of Geelong after Shell yesterday refused to guarantee the future of the refinery.
Page 2: The World Bank has forecast a boost to global growth this year but warned that the recovery may be marred by a disruptive spike in world interest rates and instability in China.
Page 4: An American investor plans to invoke the US-Australia Free Trade Agreement to prevent the NSW government cancelling a coal exploration licence that the Independent Commission Against Corruption said is tainted by corruption and should be expunged.
Page 13: The Australian Securities & Investments Commission is conducting another round of talks with brokers and fund managers to hunt down any continued use of so-called research surveys.
Page 13: One of Bega Cheese’s most prominent investors has endorsed its decision to hold out on accepting Saputo’s takeover offer for Warrnambool Cheese & Butter, as pressure mounts for the local group to book a profit of about $70 million on the deal.
Page 14: Two of last year’s worst performed mining stocks — the commodity price and operationally damaged OZ Minerals and Newcrest — have finally given shareholders something to cheer about.
Page 15: Macquarie Group has been urged to maintain its hardline approach to acquisitions amid speculation the investment bank is eyeing a bid of up to $US2 billion ($2.24bn) for parts of JPMorgan’s physical commodities business.
Page 17: Fortescue Metals Group will aim to make a further $US2 billion ($2.2bn) in early debt repayments over the coming months as it continues to aggressively attack its diminishing debt pile.
Page 17: The local stockmarket closed higher yesterday after gains in Japan and the US boosted sentiment following yesterday’s heavy falls.
Page 17: Confidence in the Australian property sector has surged to its highest levels in at least three years with Queensland and NSW leading the way, as many back the industry to pick up the slack from a downturn in mining activity and become a bigger source of economic growth.