07/08/2019 - 07:08

Morning Headlines

07/08/2019 - 07:08

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Morning Headlines

Fortescue finds port space for magnetite but impasse on royalties

Andrew Forrest’s Fortescue Metals Group says it has overcome potential port bottlenecks as it looks to boost exports by 22 million tonnes a year once its $US2.6 billion ($3.8 billion) magnetite project is up and running. The Fin

Gold sector salutes the perfect storm

WA’s gold sector was rejoicing yesterday at a record Australian-dollar gold price, but also conscious that forces driving the precious metal higher could spell disaster for the global economy and international relations. The West

Nation’s prosperity in crossfire

The Australian sharemarket plunged 2.5 per cent after the United States escalated hostilities in its tit-for-tat trade war with China by labelling it a currency manipulator, pushing yields on Australian 10-year government bonds below 1 per cent for the first time. The Fin

Unis want $2.1 billion, government gives them $80 million

Universities have been told by the government they should focus ‘‘sufficient attention’’ on the quality of their teaching and student support, and the maximum extra money they will get next year is $80 million dollars – not the $2.1 billion they say they have lost. The Fin

PM seeks states’ support for VET overhaul

Scott Morrison will try to win support from states and territories to back his overhaul of the troubled Vocational Education and Training sector, in a move to better equip Australian workers and stimulate the economy. The Aus

Woolworths edges out Coles in online race

Woolworths is hoping to slash delivery times and operating costs for its booming $1.1 billion online business by setting up mini automated fulfilment centres in supermarkets and liquor stores. The Fin

Aussie 10-year bond yield drops below 1pc

Australian 10-year government bond rates dropped below 1 per cent for the first time as the intensification of the US-China trade war rippled through global markets, casting doubts over growth. The Fin

China circles PNG amid debt blowout

Papua New Guinea has asked China to refinance its entire government debt of $11.8 billion in an unprecedented move that could give Beijing huge leverage over Australia’s nearest neighbour. The Aus

NBN warned: don’t cut entry-level plans

ACCC boss Rod Sims has warned NBN Co against pulling the plug on entry-level plans as the company continues discussions with the telcos on wholesale prices. The Aus

Home Affairs fights to restrict media

The Department of Home Affairs is pushing back against demands by Australia’s leading media organisations for a right to contest warrants targeting journalists, claiming reporters may destroy evidence. The Aus

 

 

The Australian Financial Review

Page 1: The Australian sharemarket plunged 2.5 per cent after the United States escalated hostilities in its tit-for-tat trade war with China by labelling it a currency manipulator, pushing yields on Australian 10-year government bonds below 1 per cent for the first time.

Page 2: Universities have been told by the government they should focus ‘‘sufficient attention’’ on the quality of their teaching and student support, and the maximum extra money they will get next year is $80 million dollars – not the $2.1 billion they say they have lost.

Page 3: The corporate regulator will begin disclosing the individual firm results of its audit inspection regime when it next reports at the end of the year, in a move to name and shame the big four consulting firms over their audit quality.

Page 4: The federal government has hinted it may still consider some form of pricing trigger in its east coast gas policy, giving encouragement to industrial energy users that say a proposed domestic gas reservation system could only ease prices in the longer term.

Page 5: Prime Minister Scott Morrison has urged a review into the way the Commonwealth public service works to take a tougher line on the performance standards demanded from the nation’s 150,000 bureaucrats.

Australia is poised to announce its potential contribution to safeguarding shipping lanes in the Middle East from Iranian attacks after senior ministers discussed the request following talks with US officials.

Page 6: Australia’s peak employer group has called for a rethinking of research and development tax incentives, increased investment in innovation programs and an improved focus on national skills development, in a wide-ranging report looking at the country’s transition to a so-called fourth industrial revolution.

Page 7: Australia will “pay the price” for US President Donald Trump’s escalating trade war against China, warns former US Treasury emissary to China David Dollar.

The European Union is attempting to persuade Australian farmers that restrictions on branding imposed by geographical indicators can be resolved as part of a free trade deal.

Page 13: Australian 10-year government bond rates dropped below 1 per cent for the first time as the intensification of the US-China trade war rippled through global markets, casting doubts over growth.

Page 14: Lendlease and its bankers are working to split the company’s up-for-sale engineering and services business in an effort to make them more attractive to potential buyers.

Page 15: Woolworths is hoping to slash delivery times and operating costs for its booming $1.1 billion online business by setting up mini automated fulfilment centres in supermarkets and liquor stores.

Page 18: Power and gas supplier EnergyAustralia has slumped into the red in the first half, recording such a big writedown as a result of the federal government’s re-regulation of electricity prices that the whole parent company CLP Group was dragged into losses.

Andrew Forrest’s Fortescue Metals Group says it has overcome potential port bottlenecks as it looks to boost exports by 22 million tonnes a year once its $US2.6 billion ($3.8 billion) magnetite project is up and running.

 

 

The Australian

Page 1: Peter Costello has warned retirees their savings will be eroded if the trade war between the world’s two largest economies escalates further, as the Reserve Bank yesterday issued further downgrades for growth and jobs.

Papua New Guinea has asked China to refinance its entire government debt of $11.8 billion in an unprecedented move that could give Beijing huge leverage over Australia’s nearest neighbour.

Page 4: Scott Morrison will try to win support from states and territories to back his overhaul of the troubled Vocational Education and Training sector, in a move to better equip Australian workers and stimulate the economy.

Page 6: The Department of Home Affairs is pushing back against demands by Australia’s leading media organisations for a right to contest warrants targeting journalists, claiming reporters may destroy evidence.

Page 9: China has warned protesters that it will not allow “troublemakers” to “plunge Hong Kong into the abyss”, and threaten China’s national security.

Page 17: Rattled investors wiped another $47 billion off the Australian sharemarket as global trade tensions stepped up a notch after the US labelled China a “currency manipulator”, an accusation strongly denied by Beijing.

Embattled wealth group AMP is giving active consideration to a $2 billion sale of its banking arm, as part of a range of strategic options to raise fresh funds to shore up its balance sheet.

Page 18: Lynas Corp’s latest regulatory nightmare in Malaysia appears to be heading for a positive resolution.

Page 19: The listed Rural Funds Group has fired back at US-based short seller Bonitas Research after a negative report prompted a $335 million hit to the group’s value.

Page 20: ACCC boss Rod Sims has warned NBN Co against pulling the plug on entry-level plans as the company continues discussions with the telcos on wholesale prices.

Sportsbet might be under legal threat from a rival but a new survey reveals it continues to enjoy the highest brand awareness in the wagering industry.

 

 

The West Australian

Page 3: Most Australian parents are relying on old wives’ tales to protect their children from the common cold, or giving them unnecessary vitamins and antibiotics.

Page 4: The McGowan Government has watered down its promised voluntary assisted dying laws, adding new safeguards and limiting access to the regime as it seeks to push historic legislation through Parliament.

Page 6: Fortescue Metals Group chief executive Elizabeth Gaines has joined a chorus of mining bosses calling on Federal and State governments to slash red tape.

Page 8: Shoplifting reports have surged more than 30 per cent in Perth over the past year, with one of the State’s best known retailers considering facial recognition technology to crack down on serial thieves.

Page 9: Former Shire of Perenjori chief executive Alison Mills breached the Local Government Act by displaying preferential treatment when assessing tenders for construction work.

Business: The US Federal Reserve’s next meeting is still five weeks away, and President Donald Trump is already talking the US economy into a recession in his campaign for lower interest rates.

WA’s gold sector was rejoicing yesterday at a record Australian-dollar gold price, but also conscious that forces driving the precious metal higher could spell disaster for the global economy and international relations.

Dozens of pensioners burnt by the failure of property investor Sterling First will be given a year’s rent relief after last-minute negotiations involving a key subsidiary yesterday.

Although renewable power generation is expected to soar, Collie has been told that State-owned power generator Synergy will generate coal-fired power in the town into the 2040s.

Primewest is seeking to raise $60 million to $70 million in a float of its management company, which has about $4 billion in property under its control.

Some positive news has finally emerged in Perth’s commercial property market with the CBD recording the highest six monthly net absorption figure in the country, according to research.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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