03/07/2019 - 06:39

Morning Headlines

03/07/2019 - 06:39

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Morning Headlines

Thousands of jobs on line

Woodside Petroleum will need more than 4600 workers in WA in 2023 when construction peaks on its proposed Scarborough and Browse LNG projects. A report commissioned by the LNG giant estimates the projects will contribute more than $82 billion to government coffers over their life. The West

Restaurants and pools feature in bold plans to transform iconic beach

Billionaire Andrew Forrest has unveiled four radical concepts to reshape Cottesloe beach, with the proposals including high class restaurants, bars and big beachfront pools. The West

RBA will go lower ‘if needed’

The Reserve Bank of Australia cut interest rates to a record low 1 per cent yesterday and signalled that while it could pause next month it would not back away from further cuts if the jobless rate failed to improve. The Fin

Airport link budget ‘not off the rails’

The State Government says it is satisfied safety on the Forrestfield-Airport rail link has improved in the months since the project was plagued by accidents and questionable work methods. The West

UWA in a new western front

The controversial Ramsay Centre for Western Civilisation could run a course in Perth under a proposal by a University of WA residential college to hold a summer school. The West

Pastoralists slugged with huge rent rises

Kimberley pastoralists face a whopping 327 per cent rent rise — about $100,000 a year on individual leases — after a five-year review by the Valuer-General. The West

Afterpay meets turbulence with reshuffle

Afterpay, the buy now, pay later juggernaut, has responded to a string of compliance controversies and its entry into the index of Australia’s top 100 companies by enacting an extensive board and management reshuffle, paving the way for the appointment of independent directors. The Fin

Iron ore surges past $US120 but softer China demand looms

The iron ore price hit a high of more than $US120 per tonne on Tuesday but fears of a weakening Chinese economy are driving expectations of a reversal later this year. The iron ore price rally has been triggered by supply constraints, beginning with production cuts in Brazil after the tragic dam disaster at the start of the year and continued by Rio Tinto’s production estimate downgrade two weeks ago. The Fin

Private equity keen, but Nufarm wants real proposal

Nufarm is believed to have drafted investment banks JPMorgan and UBS as defence advisers, with suggestions a US-based private equity firm has approached the Australian-based agricultural chemicals company for talks about a takeover. The Aus

Three big banks hold on to cuts

Commonwealth Bank and National Australia Bank will join Westpac in facing the political heat this week, after failing to pass on the latest official rate cut in full. The Aus

 

 

The Australian Financial Review

Page 1: The Reserve Bank of Australia cut interest rates to a record low 1 per cent yesterday and signalled that while it could pause next month it would not back away from further cuts if the jobless rate failed to improve.

The record low cash rate risks reflating asset bubbles in shares, property and more speculative investments, as central banks around the world make a forceful return to policy easing to rescue growth.

Page 3: The Electrical Trades Union has condemned a report from Industry Super Australia that backed nuclear energy as an option to confront the energy crisis, sparking a split between unions and industry funds’ own peak body.

Page 5: The federal government’s $5 billion Northern Australia Infrastructure Facility is parting ways with chief executive Laurie Walker, just months after an Auditor-General’s report criticised its operations and with question marks hanging over its effectiveness.

Labor says Julie Bishop could have breached the rules for government ministers after being appointed to the board of global impact investing and consultancy group Palladium.

Page 13: Afterpay, the buy now, pay later juggernaut, has responded to a string of compliance controversies and its entry into the index of Australia’s top 100 companies by enacting an extensive board and management reshuffle, paving the way for the appointment of independent directors.

The iron ore price hit a high of more than $US120 per tonne on Tuesday but fears of a weakening Chinese economy are driving expectations of a reversal later this year. The iron ore price rally has been triggered by supply constraints, beginning with production cuts in Brazil after the tragic dam disaster at the start of the year and continued by Rio Tinto’s production estimate downgrade two weeks ago.

Page 15: Officeworks is looking at ways to boost productivity to offset an estimated $10 million rise in labour costs stemming from a new enterprise agreement that will lift store staff wages by between 5 per cent and 15 per cent.

 

 

The Australian

Page 1: House prices are set to bounce back after the Reserve Bank slashed the official interest rate to 1 per cent yesterday, ushering in Australia’s lowest borrowing costs since Federation.

Commonwealth Bank and National Australia Bank will join Westpac in facing the political heat this week, after failing to pass on the latest official rate cut in full.

Page 3: After mysteriously expanding for decades, Antarctica’s sea ice cover melted by an area four times greater than France in just a few years and now stands at a record low, a new study says.

Page 6: Retirees are considering riskier investments as the hunt for returns intensifies, following a fresh hit to bank deposit rates after the Reserve Bank cut the official cash rate yesterday.

Page 17: The first back-to-back interest rate cut in seven years will hit savers and bank profits, and has sparked renewed calls for structural reforms and government spending amid concerns lower borrowing costs will not be enough to overcome economic weakness.

Page 18: Troubled livestock exporter Wellard remained in a trading halt yesterday while locked in negotiations with its lenders over a restructuring and recapitalisation of the business.

Nufarm is believed to have drafted investment banks JPMorgan and UBS as defence advisers, with suggestions a US-based private equity firm has approached the Australian-based agricultural chemicals company for talks about a takeover.

Page 20: The nation’s top-performing industry superannuation fund, Hostplus, has joined the rush of merger activity in the $2.65 trillion super sector by announcing merger discussions with smaller Queensland-based hospitality industry fund Club Super.

Page 23: “By 2030 half the workforce will need some computer science, software engineering or digital skills,” BHP’s chief people officer, Athalie Williams, she told The Australian’s Competitive Advantage Forum in Sydney yesterday.

 

 

The West Australian

Page 4: Prime Minister Scott Morrison is a step closer to legislating his $160 billion tax cuts package after it passed the Lower House last night.

Page 6: Billionaire Andrew Forrest has unveiled four radical concepts to reshape Cottesloe beach, with the proposals including high class restaurants, bars and big beachfront pools.

The State Government says it is satisfied safety on the Forrestfield-Airport rail link has improved in the months since the project was plagued by accidents and questionable work methods.

Page 11: The controversial Ramsay Centre for Western Civilisation could run a course in Perth under a proposal by a University of WA residential college to hold a summer school.

Page 19: The maker of flu drug Tamiflu is warning of a shortage in Australia as the death toll from WA’s horror influenza season climbs to 41.

Page 24: Protesters hoisted the British flag inside the Hong Kong Parliament after hundreds of demonstrators smashed their way into the government building.

Business: Kimberley pastoralists face a whopping 327 per cent rent rise — about $100,000 a year on individual leases — after a five-year review by the Valuer-General.

Woodside Petroleum will need more than 4600 workers in WA in 2023 when construction peaks on its proposed Scarborough and Browse LNG projects. A report commissioned by the LNG giant estimates the projects will contribute more than $82 billion to government coffers over their life.

Acquisitive copper miner Sandfire Resources appears to be building a strategic stake in Balkan States-focused explorer Adriatic Metals.

Co-operative Bulk Handling’s attempts to source detailed farm data from WA’s 4000 grain businesses has angered farmers across the State, many refusing to supply the requested information despite being penalised by thousands of dollars.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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