23/08/2019 - 06:53

Morning Headlines

23/08/2019 - 06:53

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Morning Headlines

FMG boss warns east coast ‘experts’ over China

West Australian miners have started a new front in the China brawl saying those on the east coast and others promoting anti-China sentiment are putting at risk more than $200 billion in investment and jobs. The West

Northern Star sounds out Echo takeover

Activity is heating up in WA’s mid-tier gold sector with Bill Beament’s Northern Star Resources said to be on the verge of making a bid for Echo Resources and China’s Zhaojin International Mining believed to be running an eye over Westgold Resources.

Letters decline behind Post’s 70pc profit dip

Australia Post chief executive Christine Holgate said its failing letters business was here to stay, despite being blamed for a 70 per cent slide in profits over the past year. The Fin

ASIC slams ‘compromised’ auditors, firms

The corporate watchdog has urged Treasury to overhaul the cosy relationship and “lack of professionalism” between auditors and the biggest companies in Australia, privately lobbying the government to set up an independent body to regulate the appointment of auditors. The Aus

Record meat prices force restaurant owners to reshape their menus

The restaurant trade is being squeezed by record meat prices, with rising demand from Asia and falling supply due to drought driving up the cost of providing beef, lamb and other meats on menus. The Fin

Pyne’s EY job prompts new rules at rival firms

Christopher Pyne’s new job with consulting giant EY has prompted new rules within rival Deloitte to ensure appointments don’t breach government rules on private sector employment of former ministers. The Fin

Coles to swing focus to prices, not collectables

Coles chief Steven Cain is calling time on collectables such as miniature plastic groceries in favour of lower prices and Flybuys rewards as the retailer embarks on a four-year turnaround plan aimed at winning share from Woolworths and restoring profit growth. The Fin

Wesfarmers walks away from Lynas bid

Wesfarmers has finally declared its $1.5 billion bid for rare earths miner Lynas dead and buried. The Fin

Childcare pay rise ‘threat to our existence’

Pay rises of up to 45 per cent for university-educated preschool teachers could be funded by “minor” increases in daily childcare fees, their union says, disputing employer claims that the big wage increases would result in fee hikes. The Aus

Loyalty keeps Qantas flying as costs rise

Qantas’s frequent flyer program, credit cards and insurance products have emerged as the company’s star performers after weaker travel demand and fuel costs ate into the airline’s earnings. The Aus

 

 

The Australian Financial Review

Page 1: The corporate regulator has accused global financial companies of flogging billions of dollars of risky derivatives via Australia, in a ‘‘regulatory arbitrage’’ that has caused $2 billion in losses to a million investors, mostly in Asia.

Oil and gas major Shell has triggered a major shake-up of the east coast electricity supply market, striking a $617 million deal to acquire business retailer ERM Power as it prepares for the radical disruption it expects throughout the sector because of the wide-scale shift to renewables.

Page 3: Australia Post chief executive Christine Holgate said its failing letters business was here to stay, despite being blamed for a 70 per cent slide in profits over the past year.

The restaurant trade is being squeezed by record meat prices, with rising demand from Asia and falling supply due to drought driving up the cost of providing beef, lamb and other meats on menus.

Page 5: Amid rising regional alarm over China’s behaviour, Prime Minister Scott Morrison has asserted the need for Indo-Pacific countries to stand against threats to sovereignty and independence, warning the region collectively is diminished when individual nations suffer ‘‘coercion’’.

Page 7: The use of emergency energy reserves every summer will be passed onto companies in the form of higher energy costs and potentially force more companies to the wall, big energy users have warned.

Page 10: Big banks are paying no interest on just under 10 per cent of the value of their deposits, according to the Reserve Bank of Australia, and one economist predicts that banks could soon charge people for holding their money.

Page 12: Christopher Pyne’s new job with consulting giant EY has prompted new rules within rival Deloitte to ensure appointments don’t breach government rules on private sector employment of former ministers.

Page 13: Property investors looking to ride the housing market upswing are being warned to avoid new greenfield housing estates due to poor capital growth prospects caused by oversupply and insufficient demand.

Page 17: Coles chief Steven Cain is calling time on collectables such as miniature plastic groceries in favour of lower prices and Flybuys rewards as the retailer embarks on a four-year turnaround plan aimed at winning share from Woolworths and restoring profit growth.

Page 19: Coca-Cola Amatil boss Alison Watkins is confident the bottler’s Australian business will return to growth in 2020 and enable the company to achieve its mid-single digit profit growth targets for the first time since 2016.

Page 22: Retail financing company Zip Co has launched a new payments product for small businesses and said it would almost double customer numbers in 2020 as it seeks to “embed ourselves into every layer of the payments ecosystem”.

Page 23: South32 chief executive Graham Kerr says it’s not the right time to commit large amounts of money to expanding alumina refineries, as the return of the world’s biggest refinery in Brazil creates an oversupply of the commodity.

Wesfarmers has finally declared its $1.5 billion bid for rare earths miner Lynas dead and buried.

 

 

The Australian

Page 4: The corporate watchdog has urged Treasury to overhaul the cosy relationship and “lack of professionalism” between auditors and the biggest companies in Australia, privately lobbying the government to set up an independent body to regulate the appointment of auditors.

An organisation branded a Beijing-backed “front” has allegedly taken over the dominant role in lobbying Australian politicians for support in place of banished property developer Huang Xiangmo.

Page 5: India’s growing demand for Australian coal could see the equivalent of “three to four new Adani-sized coalmines” required to fuel the subcontinent’s development, delivering $3.4 billion in exports and 4000 new domestic jobs.

Page 6: Pay rises of up to 45 per cent for university-educated preschool teachers could be funded by “minor” increases in daily childcare fees, their union says, disputing employer claims that the big wage increases would result in fee hikes.

Page 17: Qantas’s frequent flyer program, credit cards and insurance products have emerged as the company’s star performers after weaker travel demand and fuel costs ate into the airline’s earnings.

Page 18: Activity is heating up in WA’s mid-tier gold sector with Bill Beament’s Northern Star Resources said to be on the verge of making a bid for Echo Resources and China’s Zhaojin International Mining believed to be running an eye over Westgold Resources.

Page 19: Nine Entertainment is betting on market share gains in a tough television advertising market to help reverse a revenue decline in its flagship Channel 9 broadcasting arm.

Page 21: The head of Australia’s largest health insurer has called for a deep dive into the “unusual” rise in medical device use in the private sector, as he pushes for further reforms to address affordability.

 

 

The West Australian

Page 6: West Australian miners have started a new front in the China brawl saying those on the east coast and others promoting anti-China sentiment are putting at risk more than $200 billion in investment and jobs.

Deputy Prime Minister Michael McCormack has apologised for suggesting Pacific nations can survive climate change by picking Australian fruit.

Page 9: WA’s peak doctors group has backed away from its “hardline” stance against voluntary assisted dying.

Page 15: Perth’s flagship hospital Fiona Stanley has emerged as the worst in the metropolitan area when it comes to serving healthy food to patients and visitors.

Page 18: Penthouses to be built in North Fremantle will have their own vertical landing pads for passenger drones and other technology that does not yet exist in Australia.

Page 20: Fremantle mayor Brad Pettitt has been accused of hypocrisy after he backed a contentious petition opposing the “premature construction” of a new harbour in Cockburn Sound.

Page 26: Nearly half a million people are about to get a half-billion dollar boost to their retirement savings — and they won’t have to lift a finger.

Business: Coles’ move to axe caged egg sales in WA and sell home-brand barn eggs for $3 a dozen is concerning because it’s hard to see how they could be produced at that price, according to WA Agriculture Minister Alannah Mac-Tiernan.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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