04/07/2013 - 06:51

Morning Headlines

04/07/2013 - 06:51

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Morning Headlines

RBA warns on budget splurges

Reserve Bank of Australia governor Glenn Stevens issued a dramatic pre-election request that the government return the budget to surplus as soon as possible, and for the first time since 2008, a step he believes will restore economic confidence. The Fin

Griffin Coal at risk of liquidation in WA

Indian-owned miner Griffin Coal, operator of major Western Australian coal mines, is at imminent risk of being wound up due to insolvency concerns after failing to pay a $13.9 million tax debt. The Fin

Chinese target mining bargains

China's state-owned enterprises and private companies are preparing to exploit distressed equity and asset values in the mining sector by ramping up acquisitions and investments ahead of a forecast return to stronger commodities demand. The Aus

Future Fund's bumpy landing

The Future Fund may be forced to write down the value of its holding in Perth Airport by up to $150 million just five months after being accused of buying the stake at a highly inflated price. The Fin

Unexpected outage hits Pluto

Woodside Petroleum's spectacular run at its flagship $15 billion Pluto LNG project has come to a halt, with the company saying an unexpected outage at the plant had temporarily wiped about three weeks production from its books. The West 

 

Top Resources Headlines

Griffin Coal at risk of liquidation in WA

Indian-owned miner Griffin Coal, operator of major Western Australian coal mines, is at imminent risk of being wound up due to insolvency concerns after failing to pay a $13.9 million tax debt. The Fin

Chinese target mining bargains

China's state-owned enterprises and private companies are preparing to exploit distressed equity and asset values in the mining sector by ramping up acquisitions and investments ahead of a forecast return to stronger commodities demand. The Aus

Unexpected outage hits Pluto

Woodside Petroleum's spectacular run at its flagship $15 billion Pluto LNG project has come to a halt, with the company saying an unexpected outage at the plant had temporarily wiped about three weeks production from its books. The West

Aurizon does deal with Brockman

Aurizon has taken an important step towards building an independent rail and port facility in the Pilbara by signing an infrastructure deal with aspiring producer Brockman Mining. The Fin

 

Top Political Headlines

RBA warns on budget splurges

Reserve Bank of Australia governor Glenn Stevens issued a dramatic pre-election request that the government return the budget to surplus as soon as possible, and for the first time since 2008, a step he believes will restore economic confidence. The Fin

Falling GST share will hit budget: Barnett

Colin Barnett says his warnings WA's declining GST share would have an impact on state services had become a reality, flagging hits to health and education in next month's budget. The West

'No escape' for Clive on carbon

Clive Palmer will have to pay his $6.2 million carbon tax bill even if Labor’s climate regime is scrapped after the election, as the Coalition insists there will not be a retrospective law to wipe out old debts. The Aus

Shorten backs a pay rise for 18-year-olds

Workplace Minister Bill Shorten has gone one step further than backing a union push for 20-year-olds in retailing to be paid the same full wage as those aged 21, arguing those treated as adults before the law should receive full wages across industries. The Fin

 

Top Property Headlines

Future Fund's bumpy landing

The Future Fund may be forced to write down the value of its holding in Perth Airport by up to $150 million just five months after being accused of buying the stake at a highly inflated price. The Fin

City plans for brighter nights

The City of Perth's strategic vision for the future of the central business district forecasts massive population growth, increased housing density and an invigorated night-time economy. The West

Primewest buys Auburn

Western Australia-based syndicator Primewest has lifted its bulky goods holdings to around $400 million with the low-key purchase of the Auburn Homemaker Megamall in Sydney for $55 million. The Fin

 

The West Australian

Page 1: Homeowners will likely get a pre-election interest rate cut but it could be swamped by spiralling petrol prices and a falling Australian dollar.

Page 5: The City of Perth's strategic vision for the future of the central business district forecasts massive population growth, increased housing density and an invigorated night-time economy.

Colin Barnett says his warnings WA's declining GST share would have an impact on state services had become a reality, flagging hits to health and education in next month's budget.

Page 17: Kevin Rudd has offered Tony Abbott a series of unprecedented briefings from the nation's security chiefs as he attempts to turn the tables on the Opposition Leader in the debate on asylum seekers.

Page 19: Great white shark numbers have been recovering off the WA coast since commercial whaling ended in the 1970s, according to a respected former Fisheries Department boss.

Business: The ambitious plan for a new infrastructure for the Pilbara's iron ore juniors has been dealt a blow after the expiry this week of a long-term agreement between Atlas Iron, Brockman Resources and Aurizon to study the feasibility of a new rail line to service the region.

The Australian sharemarket remained on a rollercoaster ride yesterday after soaring oil prices and renewed eurozone jitters were added to the cocktail of negative factors stoking market volatility.

Investors are tentatively dipping their toes back into WA's battered gold stocks, with some of Perth's biggest names recording welcome gains this week on the back of a more stable gold price.

Woodside Petroleum's spectacular run at its flagship $15 billion Pluto LNG project has come to a halt, with the company saying an unexpected outage at the plant had temporarily wiped about three weeks production from its books.

Flight Centre expected to post a record before-tax annual profit because of strong returns from its Australian and UK businesses.

 

The Australian Financial Review

Page 1: Reserve Bank of Australia governor Glenn Stevens issued a dramatic pre-election request that the government return the budget to surplus as soon as possible, and for the first time since 2008, a step he believes will restore economic confidence.

Page 5: NBN Co will be abandoned by the telecommunications industry unless it gets its act together and lowers wholesale prices charged to telcos, according to one of the national broadband network's leading supporters.

Page 7: An off-the-cuff remark by Reserve Bank governor Glenn Stevens sent the dollar down on Wednesday after he “joked” at Tuesday's board meeting that a rate cut was seriously considered.

Page 8: The return of Kevin Rudd to the prime ministership appears to have raised more than just Labor's poll standing, with some insiders claiming it may boost funding for the coming election campaign by as much as $2 million.

Page 9: Prime Minister Kevin Rudd conceded he should have acted sooner to tighten restrictions on asylum seekers when he was faced with an influx of boat people during his first term as leader in 2009.

Page 11: Workplace Minister Bill Shorten has gone one step further than backing a union push for 20-year-olds in retailing to be paid the same full wage as those aged 21, arguing those treated as adults before the law should receive full wages across industries.

Page 13: Consumers might have extended a two-month spending strike into May, leaving retail sales stagnant, but that didn't apply to speciality food and produce, where sales were five times higher than the year's average.

Page 19: Aurizon has taken an important step towards building an independent rail and port facility in the Pilbara by signing an infrastructure deal with aspiring producer Brockman Mining.

Page 21: The Future Fund may be forced to write down the value of its holding in Perth Airport by up to $150 million just five months after being accused of buying the stake at a highly inflated price.

Page 32: A sudden and unexplained shutdown of Woodside Petroleum's new $15 billion Pluto liquefied natural gas project has cut production and driven a 4.4 per cent downgrade in full-year output guidance.

Indian-owned miner Griffin Coal, operator of major Western Australian coal mines, is at imminent risk of being wound up due to insolvency concerns after failing to pay a $13.9 million tax debt.

Page 45: Western Australia-based syndicator Primewest has lifted its bulky goods holdings to around $400 million with the low-key purchase of the Auburn Homemaker Megamall in Sydney for $55 million.

 

The Australian

Page 1: Kevin Rudd is ordering an intervention into Labor’s NSW branch to stamp out corruption and further limit the influence of wealthy property developers on the party.

Reserve Bank governor Glenn Stevens has warned both major parties not to deviate from their commitment to return the budget to surplus and stressed the importance of ‘‘ principled and consistent’’ policy- making to help revive business and consumer confidence.

Page 2: Australia is facing a youth unemployment crisis amid an explosion in the number of young people actively looking for a job and living on welfare payments.

Australia ambassador to the US, Kim Beazley, says Australians have ‘‘completely missed’’ the economic significance of Australia’s relationship with the US, which is far more important than China.

Labor is on a collision course with business amid claims it remains too union-friendly, as Workplace Relations Minister Bill Shorten backs a contentious industrial test case to remove junior pay rates for retail workers.

Peak environment groups have vowed to mobilise their 1.5 million members to fight a new push by business for the Rudd government to cut ‘‘green tape’’ and reform environmental approvals.

Page 4: Clive Palmer will have to pay his $6.2 million carbon tax bill even if Labor’s climate regime is scrapped after the election, as the Coalition insists there will not be a retrospective law to wipe out old debts.

Kevin Rudd has challenged Tony Abbott to show the ‘‘ticker’’ required to agree to policy debates on the economy and climate change within weeks, as the Prime Minister adds key staff to his team to fight the election.

Business: China's state-owned enterprises and private companies are preparing to exploit distressed equity and asset values in the mining sector by ramping up acquisitions and investments ahead of a forecast return to stronger commodities demand.

Nine Entertainment will be left with a total bill significantly north of $350 million for its move to consolidate a national network through the purchase of billionaire Bruce Gordon’s WIN stations in Perth and Adelaide.

A $US230 million ($253.6m) arbitration claim by National Australia Bank alleges that Goldman Sachs violated industry sales practices related to mortgage-linked securities that later soured, adding to the list of legal skirmishes the Wall Street firm has faced in the wake of the financial crisis.

The jewel in Woodside Petroleum’s crown, the $15 billion Pluto liquefied natural gas plant in Western Australia, has been shut for the past 10 days because of technical glitches, forcing the Perth-based company to cut its annual production outlook by about 4 per cent.

The global aviation industry has been identified as a significant potential new market for liquefied natural gas producers that could help shore up demand and prices into the future.

The corporate regulator claims it has succeeded in reducing rates of term deposit investors being caught out by institutions that roll over to low interest rates without alerting customers.

Brockman Mining and Aurizon have further strengthened their ties as they work towards the development of a new rail play in Western Australia’s iron ore-rich Pilbara region.

The dumping of major company chiefs after poor takeovers has sent a chill through boardrooms and is weighing on deal flow, as law firms and investment banks settle in for a challenging back half of the year.

 

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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