18/12/2019 - 07:00

Morning Headlines

18/12/2019 - 07:00

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Morning Headlines

2021? Now that’s just plane crazy

The bitter dispute between Qantas and Perth Airport over passenger charges will not be heard in the WA Supreme Court until at least 2021, delaying the building of a third runway and possibly new terminals. The West

Iluka to book $US290m impairment

Mineral sands miner Iluka has said it expected to slash the value of its underperforming Sierra Rutile operations by $US290 million ($421 million) and to write off associated deferred tax assets of $US115 million. The Fin

ASIC drops bombshell on NAB

The corporate regulator has dropped a bombshell on National Australia Bank the day before the bank’s new chairman, Philip Chronican, and chief executive, Ross McEwan, front their first annual general meeting. The Fin

Tax crackdown on Airbnb, Uber within three years

Food delivery, ride-sharing and short-term accommodation platforms are set to be included in a new anti-tax avoidance reporting scheme within three years. The Fin

Downer replaces Thiess as possible Apollo acquisition

Global private equity firm Apollo is understood to be homing in on a possible acquisition of Downer Mining after there were suggestions in the market that it has walked away from a larger target, Thiess, a $3bn mining service provider. The Aus

AP Eagers underpaid car dealer staff by $4.5m

Australia’s biggest car dealership group has become the latest company to confess to underpaying its staff, revealing that 6200 employees were deprived of $4.5 million in pay over seven years. The Fin

Super Pit’s Star now rising

Northern Star Resources yesterday pledged a more collaborative approach to managing the Kalgoorlie Super Pit with the company’s new locally based joint venture partner Saracen Mineral Holdings. The West

Audit quality overseer still on PwC payroll

PwC has confirmed it continues to pay former partner Bill Edge as part of its retirement payment plan while he oversees a body that advises the government on the audit quality of the firm and its big four accounting rivals. The Fin

Westpac execs may face APRA BEAR mauling

Westpac’s former chief executive Brian Hartzer, acting chief executive Peter King and 12 other senior executives could become the first victims of the Banking Executive Accountability Regime. The Fin

20-storey towers for Subiaco

Planning Minister Rita Saffioti wants to see high-rise towers of about 24 storeys built in Subiaco East and around the train station after approving the council’s new planning scheme this week. The West

 

 

The Australian Financial Review

Page 1: The corporate regulator has dropped a bombshell on National Australia Bank the day before the bank’s new chairman, Philip Chronican, and chief executive, Ross McEwan, front their first annual general meeting.

The Morrison government is increasingly confident it will be able to reach its 2030 international climate targets without needing to use its controversial ‘‘carry-over’’ credits from previous agreements.

Page 3: Rio Tinto and the Tasmanian government are getting closer to a deal on cheaper power for the struggling Bell Bay aluminium smelter, with the miner understood to be seeking a power price cut of more than 30 per cent to keep the smelter open.

Page 4: The downgraded surplus forecasts in this week’s mid-year budget update have made it highly unlikely the government will bring forward the second stage of the income tax cuts in next year’s federal budget, sources say.

Page 5: Food delivery, ride-sharing and short-term accommodation platforms are set to be included in a new anti-tax avoidance reporting scheme within three years.

Page 9: Australia’s biggest car dealership group has become the latest company to confess to underpaying its staff, revealing that 6200 employees were deprived of $4.5 million in pay over seven years.

Page 10: PwC has confirmed it continues to pay former partner Bill Edge as part of its retirement payment plan while he oversees a body that advises the government on the audit quality of the firm and its big four accounting rivals.

Page 11: Farmers around the country face profit falls of as much as 35 per cent through shifts in climate, a new report from the federal government has found.

Page 13: The Trump administration will likely insist on an overhaul of the World Trade Organisation’s dispute settlement system to make it faster and more responsive to the changing realities of the global economy, says a top former White House trade official.

Page 16: Westpac’s former chief executive Brian Hartzer, acting chief executive Peter King and 12 other senior executives could become the first victims of the Banking Executive Accountability Regime.

Page 18: Law firm Herbert Smith Freehills is expecting a breakout year for local mergers and acquisitions, which it says will benefit from reduced political uncertainty and the ‘‘dry powder’’ – capital that has been raised but yet to be deployed – in the new year.

Page 19: Former Labor minister and NBN architect Stephen Conroy has signed up to advise an insuretech start-up that will use blockchain technology to anonymously store and mine customer data.

Page 22: Mineral sands miner Iluka has said it expected to slash the value of its underperforming Sierra Rutile operations by $US290 million ($421 million) and to write off associated deferred tax assets of $US115 million.

Newmont Goldcorp says Australia will remain a core part of its global operations even after the sale of its 50 per cent stake in the Superpit at Kalgoorlie to Bill Beament-led Northern Star Resources.

 

 

The Australian

Page 1: Surging demand for coal in India and Southeast Asia, driven by rising electricity use, is set to fuel a strong increase in Australian coal exports over the next five years.

Page 2: Drought, skyrocketing water prices and market uncertainty will cut milk production further, propelling already high farmgate prices higher.

Page 3: A former government whip used his $78,000-a-year electorate allowance to travel interstate to meet women for sex, take a female companion on a helicopter ride and to go to strip clubs, according to a report by the West Australian Corruption and Crime Commission.

Page 6: Australia’s biggest defence projects are running $10.2bn over budget and an average of 27 months late, setting back the deployment of new capabilities amid growing strategic risks.

Page 14: Global private equity firm Apollo is understood to be homing in on a possible acquisition of Downer Mining after there were suggestions in the market that it has walked away from a larger target, Thiess, a $3bn mining service provider.

 

 

The West Australian

Page 7: Premier Mark McGowan has promised to clean up an asbestos dumping site in shallow water off Penguin Island.

The bitter dispute between Qantas and Perth Airport over passenger charges will not be heard in the WA Supreme Court until at least 2021, delaying the building of a third runway and possibly new terminals.

Page 11: Ramsay Health Care wants to build Perth’s second private hospital emergency department at Nedlands’ Hollywood Hospital.

Page 14: Premier Mark McGowan and Treasurer Ben Wyatt have been accused of “failing to provide a safe working environment for women” after it emerged that senior media adviser Stephen Kaless kept his job in the wake of a sexual harassment allegation two years ago.

Page 18: Planning Minister Rita Saffioti wants to see high-rise towers of about 24 storeys built in Subiaco East and around the train station after approving the council’s new planning scheme this week.

Page 22: WA’s controversial fisheries minister has been stripped of the portfolio after repeatedly coming under fire over his shark and crayfish policy misfires.

Business: Northern Star Resources yesterday pledged a more collaborative approach to managing the Kalgoorlie Super Pit with the company’s new locally based joint venture partner Saracen Mineral Holdings.

Global uncertainty threatens WA’s economic recovery over the next year, but there is cause for optimism that “things are moving again in the right way”, Treasurer Ben Wyatt says.

Boeing will temporarily suspend production of its 737 MAX plane from January as the grounding of the aircraft is about to spill into 2020.

Australians letting their superannuation roll with share and property markets are about to be rewarded with double-digit returns for a bumper 2019.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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