12/07/2019 - 06:47

Morning Headlines

12/07/2019 - 06:47

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Morning Headlines

Now the really big Australian

BHP could win approval for new iron ore mines in half the time after the State Government made it easier for the giant miner to do business in WA for the next 50 to 100 years. The West

Culture to cost big three banks $500m

Westpac, ANZ and National Australia Bank have each been ordered to put aside an additional $500 million of capital by the prudential regulator to force them to address major flaws in their culture and the way the banks are run. The Fin

Woolworths to claw back $1.9b loan to ALH

Woolworths shareholders could receive an early present from the $10 billion demerger of the company’s liquor and hotels businesses if it refinances a $1.92 billion loan to its pubs and pokies joint venture ALH. The Fin

Telstra outage pulls payment plug on CBA, Woolies, Caltex

Telstra’s electronic payments network failed nationwide for hours on Thursday, stopping businesses from processing customers’ payments and individuals withdrawing money at ATMs. The Fin

DJs tills ring up another year of shrinking sales

Department store David Jones has suffered a third consecutive year of shrinking like-for-like store sales as the $320 billion Australian retail sector struggles under the weight of stalled wages growth, high debt and a downturn in consumer sentiment that does not look to have radically changed since the federal election in May. The Aus

Frydenberg, RBA at one on economy

Treasurer Josh Frydenberg has rolled out Reserve Bank of Australia governor Philip Lowe to help heap pressure back on to the states to fast-track infrastructure spending and allay concerns about the economy, as tax cuts start being received by taxpayers from today. The Fin

Media, foreign leaders step up freedom push

The Morrison government is under increasing pressure overseas and at home to take action to bolster press freedom, as News Corp and the ABC appeal to Peter Dutton to try to stop any police action against three journalists targeted in raids. The Aus

$74m parking

Struggling retailers have demanded a cut in city parking fees amid revelations the City of Perth is raking in more than $74 million a year from parking and enforcement. The West

Food group under fire over share rise

The corporate regulator is set to crack down on Retail Food Group, the company behind brands included Gloria Jean’s and Donut King, after its claim that it did not think a $160 million recapitalisation offer would affect its share price. The West

Summing up uni fears

Australia’s Chief Scientist has called on universities to work harder to encourage teenagers to tackle challenging maths subjects at high school. The West

 

 

The Australian Financial Review

Page 1: Treasurer Josh Frydenberg has rolled out Reserve Bank of Australia governor Philip Lowe to help heap pressure back on to the states to fast-track infrastructure spending and allay concerns about the economy, as tax cuts start being received by taxpayers from today.

Westpac, ANZ and National Australia Bank have each been ordered to put aside an additional $500 million of capital by the prudential regulator to force them to address major flaws in their culture and the way the banks are run.

Page 3: One in five self-managed super fund trustees contemplated exiting the sector during the past year and high fees and poor performance were the top reasons.

Telstra’s electronic payments network failed nationwide for hours on Thursday, stopping businesses from processing customers’ payments and individuals withdrawing money at ATMs.

Page 5: Coalition MPs want any public funding for a referendum on Indigenous recognition to be split equally between ‘‘yes’’ and ‘‘no’’ campaigns.

Page 6: Australia’s record on press freedom might disqualify the country from a data-sharing agreement with the US, which the government has been pursuing for over a year.

Page 7: Home loans commitments fell again in May and the annual decline in mortgage lending is now at its steepest in the past decade as the credit squeeze takes its toll on the residential market.

Page 11: The boss of Australia’s biggest superannuation fund has urged policymakers to ignore the Grattan Institute’s ‘‘flawed and ideological’’ arguments for scrapping further increases to the compulsory retirement savings rate.

Page 15: Woolworths shareholders could receive an early present from the $10 billion demerger of the company’s liquor and hotels businesses if it refinances a $1.92 billion loan to its pubs and pokies joint venture ALH.

Page 17: Jewellery retailer Michael Hill is facing a $10 million to $25 million hit to profits after discovering it has been underpaying staff for six years.

 

 

The Australian

Page 1: Scott Morrison will veto any move to enshrine an Aboriginal “voice to parliament” in the Constitution, urging his government to pursue indigenous recognition without supporting all the recommendations in the Uluru Statement from the Heart.

Page 2: Less than 1 per cent of electricity was generated by solar power last year according to new figures that show renewable energy’s share of electricity generation falling short of the Renewable Energy Target.

Page 4: The Morrison government is under increasing pressure overseas and at home to take action to bolster press freedom, as News Corp and the ABC appeal to Peter Dutton to try to stop any police action against three journalists targeted in raids.

Page 7: NSW’s nailbiting State of Origin victory over Queensland in the third and deciding match of the series was a ratings winner for the Nine Network.

Page 17: Major cities worldwide could be hit by a shortage of warehouse space due to surging demand from online retail giants and their bricks-and-mortar rivals, which are overhauling their supply chains as they struggle to catch up.

Page 18: Just over a year after fending off suitor Harbour Energy, speculation is mounting that Santos could be looking at staging a takeover of its own, and that the target is close to home.

Questions have surfaced of whether the Australian-listed lithium miner Ioneer could be on the radar of resource industry giant Rio Tinto.

Page 19: Department store David Jones has suffered a third consecutive year of shrinking like-for-like store sales as the $320 billion Australian retail sector struggles under the weight of stalled wages growth, high debt and a downturn in consumer sentiment that does not look to have radically changed since the federal election in May.

Page 21: The corporate regulator has threatened “significant enforcement action” against banks and lenders after a sweeping review found credit insurance is “extremely poor value” and has consistently failed consumers.

 

 

The West Australian

Page 3: Decorated pole vault coach Alex Parnov has quit as the head of the WA Institute of Sport program after being stood down amid an investigation of alleged inappropriate behaviour.

Page 5: Australia’s Chief Scientist has called on universities to work harder to encourage teenagers to tackle challenging maths subjects at high school.

Page 7: BHP could win approval for new iron ore mines in half the time after the State Government made it easier for the giant miner to do business in WA for the next 50 to 100 years.

Page 8: Struggling retailers have demanded a cut in city parking fees amid revelations the City of Perth is raking in more than $74 million a year from parking and enforcement.

Page 9: Fewer than one in three WA business owners plans to hire staff this quarter as economic confidence slumps, underscoring the need for urgent payroll tax relief.

Business: Mining executives travelling to Kalgoorlie-Boulder for next month’s annual Diggers & Dealers conference could be housed in the Red House brothel after the owners yesterday called time on the 84-year-old business.

Big home loans that have fuelled record household debt have become a key burden on the national economy, groundbreaking Reserve Bank research has found.

The WA Government is suing BGC Construction in the Supreme Court over alleged building defects at the HBF Park stadium.

The corporate regulator is set to crack down on Retail Food Group, the company behind brands included Gloria Jean’s and Donut King, after its claim that it did not think a $160 million recapitalisation offer would affect its share price.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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