03/10/2019 - 05:31

Morning Headlines

03/10/2019 - 05:31

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Morning Headlines

Kalium in box seat

Kalium Lakes will today advise investors that it has pushed the button on its $216 million Beyondie project, making it the first company to formally begin work on a commercial-scale sulphate of potash project in Australia. The West

BHP, South32 lead in tackling climate change

Mining companies BHP and South32 get top marks as two of the few companies globally to have set zero net emissions targets, while Rio Tinto and Boral were applauded for making progress. The Fin

PM accuses big banks of profiteering

Prime Minister Scott Morrison has accused the big four banks of ‘‘profiteering’’ after the lenders failed to pass on the Reserve Bank of Australia’s latest interest rate cut in full as they seek to protect their profits and dividends as the economy slows. The Fin

NRW out of contest to buy BGC Contracting

Speculation is mounting that NRW Holdings could be out of the contest to buy BGC Contracting, which has been on the market for several months. The Aus

ASIC, directors exchange fire in culture war

Graham Bradley, who is chairman of Graincorp, EnergyAustralia and HSBC Australia, has ‘‘completely rejected’’ the corporate regulator’s shrink in the boardroom, after her report on bluechip boards found that a clubby culture of politeness and respect stopped directors from asking tough questions. The Fin

Small business losing billions to lenders

Small businesses have missed out on potentially billions of dollars this year from cheaper interest rates because they have not pushed their bank to refinance. The Fin

CEO shakes up Seven with new structure and job cuts

James Warburton has made his first big move to turn around Seven West Media, with plans to slash the number of divisions, cut staff numbers and hire three key executives. The Fin

Kogan launches Visa card and $300 credit offer

Kogan.com has launched its first credit card almosta yearafter flaggingplans to do so, with offers of $300 credit and reward points geared towards its online retail products to entice customers. The Fin

Facebook crypto partners back away

Visa, Mastercard and other key financial partners that signed on to help build and maintain the Libra payments network are reconsidering their involvement following a backlash from US and European government officials. The Aus

 

 

The Australian Financial Review

Page 1: Prime Minister Scott Morrison has accused the big four banks of ‘‘profiteering’’ after the lenders failed to pass on the Reserve Bank of Australia’s latest interest rate cut in full as they seek to protect their profits and dividends as the economy slows.

Page 3: Graham Bradley, who is chairman of Graincorp, EnergyAustralia and HSBC Australia, has ‘‘completely rejected’’ the corporate regulator’s shrink in the boardroom, after her report on bluechip boards found that a clubby culture of politeness and respect stopped directors from asking tough questions.

Page 4: Small businesses have missed out on potentially billions of dollars this year from cheaper interest rates because they have not pushed their bank to refinance.

Page 5: Goldman Sachs economists say the Reserve Bank of Australia’s internal economic model suggests the central bank will need to unleash a $200 billion bond-buying stimulus to achieve its unemployment and inflation goals.

Page 10: Mining companies BHP and South32 get top marks as two of the few companies globally to have set zero net emissions targets, while Rio Tinto and Boral were applauded for making progress.

Page 15: National Australia Bank has revealed it will set aside an extra $832 million to refund ripped-off financial advice customers, sending the total cost to the bank of the fees-for-no-service scandal rocketing past $2 billion.

James Warburton has made his first big move to turn around Seven West Media, with plans to slash the number of divisions, cut staff numbers and hire three key executives.

Page 17: Kogan.com has launched its first credit card almost a year after flagging plans to do so, with offers of $300 credit and reward points geared towards its online retail products to entice customers.

Page 19: Lynas Corporation revealed a big increase in the cost of insurance coverage for its board after an eventful year for the rare earths producer, which included a battle to keep operating in Malaysia and a Wesfarmers takeover tilt that led to an investigation by the corporate watchdog.

 

 

The Australian

Page 1: The corporate watchdog is prepared to prosecute some of the nation’s largest superannuation funds, which have signed up members to worthless life insurance products on a default opt-out basis.

Page 6: Many Australian farm bosses are employing contract labourers who have a good chance of being exploited by “unscrupulous” labour hire companies, a government report has found.

Sales and overdoses of codeine have fallen by half in Australia following moves to restrict the availability of the drug over the counter.

Page 17: Greg Medcraft has admitted the corporate regulator went too “soft” on the auditing sector during his tenure as chairman of the Australian Securities & Investments Commission, and warned the global move to push tougher laws on the sector is a “finger in the dyke” in the fight against impending corporate collapses.

The big banks were thrust further into the political firing line on Wednesday, as Westpac and ANZ held back from passing on official rate cuts in their entirety and as a group the majors withheld the largest amount from borrowers since August 2016.

Page 18: Virgin Australia is understood to have drafted in Morgan Stanley, UBS and HSBC to raise debt in the US as it moves to gain full ownership of its Velocity frequent flyer program in a deal worth $700m.

Speculation is mounting that NRW Holdings could be out of the contest to buy BGC Contracting, which has been on the market for several months.

Page 19: Australia’s wagering landscape is set for a shake-up after the global owners of rival bookmakers Sportsbet and BetEasy surprised the market with a major deal.

Page 22: Visa, Mastercard and other key financial partners that signed on to help build and maintain the Libra payments network are reconsidering their involvement following a backlash from US and European government officials.

 

 

The West Australian

Page 5: Charter operators offering “catch and cook” crayfish experiences will have their pot limits doubled and be permitted to store lobsters on board as part of a new three-year trial designed to bolster WA’s tourism offering.

Page 14: A Senate committee will today investigate a proposal to drug test welfare recipients.

Westpac has been crowned the stingiest lender of the big four banks in 2019 by passing on the smallest portion of the central bank’s three cash rate cuts this year.

An Aboriginal health service that supported Joyce Clarke, the 29-year-old shot dead by Geraldton police, is pleading for more funding, arguing it needs to be able to deliver 24/7 services so mental health workers can be the “first responders” in similar cases.

Page 18: Joe’s Juice Joint, a Northbridge laneway favourite, has been named the best dive bar in the world by global travel site Big 7 Travel.

Kalium Lakes will today advise investors that it has pushed the button on its $216 million Beyondie project, making it the first company to formally begin work on a commercial-scale sulphate of potash project in Australia.

Former Pastoralists and Graziers Association of WA president Barry Court has slapped down talk of a merger between WAFarmers and the PGA, saying the former’s bid to amalgamate has “threatened the future of WAFarmers”.

Airbnb’s long-awaited Wall Street debut is officially earmarked for 2020, but the home-share startup is charting an unconventional path to the public markets.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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