02/08/2019 - 06:53

Morning Headlines

02/08/2019 - 06:53

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Morning Headlines

Retail recession causes $437m write-down of DJs

The local retail market is in recession according to South African-based retailer Woolworths Holdings, which has been forced to write down the value of local department store David Jones by $437 million as a result. The Fin

Rio to spend $116m on Pilbara patch up

Rio Tinto will spend $US80 million ($116 million) this year trying to fix the problems that have reduced its production outlook and lifted costs at its Pilbara iron ore division. The Fin

Malaysian PM says Lynas off the hook on waste removal

In what is a major win for Lynas Corporation, Malaysian Prime Minister Mahathir Mohamad has confirmed the rare earths producer will not have to find a way to export low-level radioactive waste stored near its Kuantan plant. The Fin

Carnegie attempts to catch wave of new funding

The collapsed Carnegie Clean Energy — backed by Mike Fitzpatrick — has launched an equity raising that could see it resume trading on the Australian Stock Exchange next month. The Aus

Japanese partner shows faith in Nufarm

Agrichemicals business Nufarm has secured financial support from its major Japanese partner to give its balance sheet breathing space just as it warns its full-year earnings will be lower. The Aus

US request to protect oil ships

Scott Morrison is considering joining a US-led international coalition to protect shipping in the Persian Gulf from Iranian forces following a request from the Trump administration. The Fin

New wage deals push 3pc pay rises

Almost half of the workforce covered by new enterprise agreements are enjoying pay increases of 3 per cent or more this year as deals increasingly link pay to minimum wage increases, new data has revealed. The Fin

AMP investors tense over capital raising

AMP investors have warned the company that any equity raising at current prices would be heavily dilutive and urged them to exercise discipline if they announce a capital raising at interim results next Thursday. The Fin

Virgin lauds ACCC probe into Qantas’ Alliance acquisition

Virgin Australia has welcomed an investigation into Qantas’ 20 per cent stake of regional airline Alliance Aviation by the competition regulator, saying the shareholding would hamper competition in the aviation industry. The Fin

 

 

The Australian Financial Review

Page 1: Rio Tinto has warned that Australia’s high energy prices are putting the company’s aluminium smelters ‘‘on thin ice’’ as surging iron ore prices delivered a bumper profit and special dividend to investors.

Page 4: Prime Minister Scott Morrison is ramping up pressure on NSW and Victoria to end their moratoriums on gas exploration and drilling, blaming the state government restrictions for causing high energy prices.

Scott Morrison is considering joining a US-led international coalition to protect shipping in the Persian Gulf from Iranian forces following a request from the Trump administration.

Page 5: Prime Minister Scott Morrison and fintech leaders have hailed the passage of the consumer data right law through Parliament, contending that the new ‘‘open banking’’ regime will shake up competition for consumers and boost start-ups against the big banks.

Page 6: Almost half of the workforce covered by new enterprise agreements are enjoying pay increases of 3 per cent or more this year as deals increasingly link pay to minimum wage increases, new data has revealed.

Page 9: Queensland billionaire Clive Palmer has settled debts of about $20 million with listed rail company Aurizon over the $200 million financial collapse of his Townsville nickel refinery in 2016.

Page 11: Calls to abort scheduled superannuation rises are based on flawed modelling that inflated age pension entitlements and assumed everybody will work until they are 67, super administration and advice firm Mercer said.

Page 17: AMP investors have warned the company that any equity raising at current prices would be heavily dilutive and urged them to exercise discipline if they announce a capital raising at interim results next Thursday.

In what is a major win for Lynas Corporation, Malaysian Prime Minister Mahathir Mohamad has confirmed the rare earths producer will not have to find a way to export low-level radioactive waste stored near its Kuantan plant.

Page 19: Virgin Australia has welcomed an investigation into Qantas’ 20 per cent stake of regional airline Alliance Aviation by the competition regulator, saying the shareholding would hamper competition in the aviation industry.

Page 21: The local retail market is in recession according to South African-based retailer Woolworths Holdings, which has been forced to write down the value of local department store David Jones by $437 million as a result.

 

 

The Australian

Page 4: Increasing interference in Western democracies’ political processes by Russia and China has driven Western intelligence-sharing arrangements closer than before, Home Affairs Minister Peter Dutton says.

A Senate inquiry will probe the Morrison government’s move to streamline and digitise Australia’s ageing visa processing system after Labor won support from crossbenchers to investigate opposition claims it will “privatise” visa and citizenship processes and slash up to 2000 jobs.

Page 5: Coalition MPs have rebooted the Monash Forum — set-up last year in the lead-up to the demise of Malcolm Turnbull’s leadership — re-positioning the parliamentary group to adopt an “agnostic” position on all cheap energy options, including nuclear.

Page 7: Unemployed indigenous people in remote towns and communities will be trained as round-the-clock emergency contacts for troubled young people as part of the Morrison government’s plan to address the scourge of indigenous suicide.

Children born in affluent and well-serviced city suburbs could expect to live three years longer than the national average, while kids in remote communities might end up dying five years earlier, according to the Australian Institute of Health and Welfare.

Page 17: Australian investors are learning to live with negative interest rates as the nation’s bond yields continue to plumb record lows.

Page 19: Facebook has admitted it faces a years-long struggle to win back the trust of consumers and advertisers following a string of controversies including abuses of user privacy and live-streaming the Christchurch massacre, according to one of the social network’s top executives.

Agrichemicals business Nufarm has secured financial support from its major Japanese partner to give its balance sheet breathing space just as it warns its full-year earnings will be lower.

Page 20: The collapsed Carnegie Clean Energy — backed by Mike Fitzpatrick — has launched an equity raising that could see it resume trading on the Australian Stock Exchange next month.

 

 

The West Australian

Page 7: University of WA vice-chancellor Dawn Freshwater will tonight announce its commitment to a zero carbon emissions target by 2025.

Page 8: Australia has an important role to play in resolving trade tensions between China and the US, Trade Minister Simon Birmingham will tell a conference in Beijing today.

Page 11: Taxpayers are being gouged millions of dollars by telecommunications giants that have been accused of charging excessive prices for the metadata police need to solve crimes.

Business: Rio Tinto will spend $US80 million ($116 million) this year trying to fix the problems that have reduced its production outlook and lifted costs at its Pilbara iron ore division.

Big retailers could be investigated for breaches of consumer laws as part of a probe into allegations of free-range egg mislabelling in WA.

Two people have been charged over an alleged $11 million fraud at Ausdrill over eight years.

Stronger security of tenure and enhanced land management will be the main focus within a pastoral lands reforms package to be presented to Cabinet shortly, Pastoral Lands Board chairman Tim Shackleton said yesterday.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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