31/01/2014 - 06:00

Morning Headlines

31/01/2014 - 06:00

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Morning Headlines

Parties call for Senate vote to stand

Lawyers for the Liberal, Labor and Palmer United parties have urged the Court of Disputed Returns to salvage the results of the bungled re-count of last year’s WA Senate election to avoid forcing voters back to the polls. The West

ASIC to toughen disclosure

The corporate regulator is considering increasing the obligation of ongoing disclosure for promoters of “complex” financial products, including contracts for difference (CFDs), hybrid securities and exchange-traded funds, so investors better understand risk as it arises. The Fin

Barnett was prime mover in campaign to kill coastal sharks

Department of Premier and Cabinet boss Peter Conran confirmed yesterday the State Government’s drum line policy was essentially Colin Barnett’s call. The West

Concern over $3bn DJs offer

David Jones is under pressure to reveal more detail of what two of its directors knew about a $3 billion merger proposal from Myer made only a day before they bought shares in the company. The Aus

GST could pave road to surplus

Expanding the goods and services tax to include food, education, health and financial products could cut this year’s budget deficit by 34 per cent and propel the Commonwealth’s finances back to surplus within four years. The Fin

Palmer condemns ‘secret’ Australia Post sale plan

Billionaire MP Clive Palmer says the Abbott government is secretly plotting to privatise Australia Post to pay back party mates and cut services to the bush. The Fin

Rise in dole outstrips disability

The number of people living on unemployment payments increased by almost 20 per cent last year, far eclipsing growth in the Disability Support Pension. The Aus

 

The Australian Financial Review

Page 1: Department store chain Myer approached upmarket rival David Jones about a $3 billion scrip merger the day before two David Jones directors bought shares in the company late last year.

The federal government has told struggling Australian industries they must renegotiate overly generous industrial relations deals to remain viable and not ask for government handouts, as it rejected a request for assistance from SPC Ardmona.

Page 3: The corporate regulator is considering increasing the obligation of ongoing disclosure for promoters of “complex” financial products, including contracts for difference (CFDs), hybrid securities and exchange-traded funds, so investors better understand risk as it arises.

Page 4: Federal cabinet is expected to confirm the appointment of former treasurer Peter Costello as chairman of the Future Fund, with government sources saying the move would be in line with the recommendation of outgoing chairman David Gonski.

Page 5: Companies that sponsor childcare places to encourage mothers to return to work should receive more help through the tax system, Assistant Education Minister Sussan Ley said.

Page 6: Billionaire MP Clive Palmer says the Abbott government is secretly plotting to privatise Australia Post to pay back party mates and cut services to the bush.

Page 7: Expanding the goods and services tax to include food, education, health and financial products could cut this year’s budget deficit by 34 per cent and propel the Commonwealth’s finances back to surplus within four years.

Page 9: The Abbott government has paved the way for budget cuts at the ABC by initiating an efficiency study at the ABC and SBS, which will report just before the May budget.

Page 11: Qantas Airways has cancelled three of its A380 double-deck return flights from Melbourne to London via Dubai during the next two months for lack of demand as it works to return its loss-making international business to a break-even position within 18 months.

Page 15: Treasury chairman Paul Rayner and his board are under immense pressure after a disastrous decision not to take part in the usual aggressive pre-Christmas promotional discounts with Coles and Woolworths’ liquor stores triggered a sales slump and a $40 million profit downgrade.

Last year’s fatal crash of a Cootes Transport oil tanker continues to haunt trucking company McAleese, which suffered a 29 per cent drop in its share price after revealing the loss of key haulage contracts with oil and gas companies Shell and BP.

Page 17: The chairman of ExxonMobil’s Australian division has vowed to continue refining petrol on Australian shores, in a pledge that bucks the trend for big foreign corporations to exit the downstream side of the local petroleum industry.

Page 18: Fortescue Metals Group has refined its full year guidance today, saying that weather problems will force its total iron ore shipments toward the bottom end of previous guidance.

Page 20: Uranium producer Energy Resources of Australia will again pay no dividend to shareholders after reporting a $135.8 million full-year loss in “challenging” market conditions.

Page 23: Insurance Australia Group is one step closer to becoming the country’s biggest general insurer after raising $236 million from investors to help fund its $1.85 billion takeover of Wesfarmers’s insurance business.

 

 

The Australian

Page 1: Tony Abbott has challenged corporate Australia to tackle uncompetitive, over-award conditions rather than seek government handouts after a ‘‘defining’’ cabinet decision to reject a $25 million industry assistance request by food processor SPC Ardmona.

Page 2: The number of people living on unemployment payments increased by almost 20 per cent last year, far eclipsing growth in the Disability Support Pension.

Boral chief executive Mike Kane has strongly backed Employment Minister Eric Abetz’s attack on the CFMEU and urged the ACTU to back away from the construction union.

Page 5: Almost half the area added to Tasmania’s Wilderness World Heritage Area by the Gillard government will be stripped of protection if a Coalition pitch to the World Heritage Committee is accepted.

Page 6: The Attorney-General, George Brandis, has warned those fighting against changing the Constitution to acknowledge indigenous Australians that Tony Abbott is the nation’s most ‘‘authentic’’ constitutional conservative and will lead those afraid of change to accept it is necessary.

Page 17: David Jones is under pressure to reveal more detail of what two of its directors knew about a $3 billion merger proposal from Myer made only a day before they bought shares in the company.

Oil giant Royal Dutch Shell has refused to rule out a sale of its $7 billion stake in Woodside Petroleum as part of a $US15bn ($17.1bn) global sales drive but has confirmed it is considering the sale of Australian fuel retailing and marketing assets with its Geelong refinery.

Page 19: If beer is the nectar of the gods then cider can be considered the nectar of mortals says Tim Cooper, the managing director of Coopers Brewery, which has signed a deal with the British based Thatchers Cider to sell the golden liquid in Australia for the first time in the brewer’s history.

Page 25: Qantas can expect a thumbs up from analysts for a move to sell its terminals, but any bid to partially float its frequent-flyer scheme would receive a cooler reception.

 

 

The West Australian

Page 1: WA’s first and only prison dedicated to young male offenders, which opened just over a year ago, will be told to improve after a Stanley knife and seven blades disappeared from its art room.

Page 4: New home sales across WA have climbed to their highest level since early last year as the State’s housing market continues to improve.

Page 5: The Federal Government has ordered an “efficiency study” of the ABC and SBS as senior ministers continue to complain of bias at the national broadcaster.

Page 7: Department of Premier and Cabinet boss Peter Conran confirmed yesterday the State Government’s drum line policy was essentially Colin Barnett’s call.

Page 10: Lawyers for the Liberal, Labor and Palmer United parties have urged the Court of Disputed Returns to salvage the results of the bungled re-count of last year’s WA Senate election to avoid forcing voters back to the polls.

Page 13: The City of Joondalup’s decision to spend $574,000 on “entry statements” at the council’s borders has sparked a rancorous email feud between aspirants for the blue ribbon Liberal seat of Hillarys.

Page 16: The Barnett Government has awarded at least 61 contracts worth $20.2 million relating to the stalled MAX light rail project.

Maylands residents fear the demolition of two 100-year-old wooden bridges will destroy the fabric of their suburb.

Business: Navitas is nervously awaiting a Federal Government decision on the renewal of more than $80 million of key language education contracts on the east coast.

Gina Rinehart has retained the top spot on the Forbes Australia Rich List and cardboard kingpin Anthony Pratt has leapfrogged casino tycoon James Packer to become the nation’s second wealthiest person.

Toro Energy’s bid to become WA’s first uranium miner became more expensive yesterday after the company released an updated scoping study which valued the Wiluna project at $315.6 million.

Within just 24 hours of its launch this week, the State Government’s new $220,000 traffic and transport app had become the second-most downloaded navigation app in the Australian iTunes App Store.

Shares in WA’s newest gold producer Doray Minerals soared to 14-month highs yesterday after the Meekatharra miner announced drilling results that could extend the life of its mine.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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