Roy Hill finance deal imminent
The long-awaited $US7 billion ($7.8 billion) debt package for Gina Rinehart’s Roy Hill project could be finalised before the end of this month, according to one of Mrs Rinehart’s joint venture partners. The Fin
Forrest loses bid against mine
Billionaire Andrew Forrest has lost his latest bid to stop an exploration company from mining on his family’s expansive cattle station in the Pilbara. The West
Militant union losing battle on WA projects
Building giant Brookfield Multiplex has engaged conservative industrial relations representatives to oversee labour relations at major Perth projects in what could prove to be a fatal blow to militant union control over the city’s construction sites. The Fin
CBH turns poacher to feed its push east
Competition in the Australian grains market is hotting up with West Australian growers’ co-operative CBH looking to poach some of northern NSW’s biggest farmers to supply its new export terminal at Newcastle. The Aus
Delay projects to defy wage claims, says Abetz
The Abbott Government has told oil and gas giants to risk delaying multibillion-dollar projects off WA rather than agree to extravagant union claims. The West
We’ll miss boat on Asia: Henry
Australia does not have the infrastructure to seize the full potential of the Asian century, Ken Henry, a former Treasury secretary and current NAB and ASX director, has warned as he called for ‘‘more creative, innovative thinking’’ about the nation’s infrastructure needs. The Aus
Mason to purge DJs board
David Jones chairman Peter Mason is considering replacing the two directors who conducted controversial share trades last year as he moves to quell shareholder anger over the retailer’s corporate governance. The Fin
Unions face corruption probe
Corporate bosses complicit in any corruption involving trade unions risk being exposed by the Royal Commission into the union movement to be announced by the Abbott government on Monday. The Fin
Billions to be reaped in closing the gap
Australia’s economy would grow by $24 billion and governments would be almost $12 billion better off if key gaps between indigenous and non-indigenous people were closed by 2031, according to new modelling released today. The Aus
The Australian Financial Review
Page 1: David Jones chairman Peter Mason is considering replacing the two directors who conducted controversial share trades last year as he moves to quell shareholder anger over the retailer’s corporate governance.
Taxpayer-funded support for the ethanol industry is in the sights of the federal government’s budget razor gang following a scathing report that finds the annual subsidy of more than $100 million produces negligible economic, environmental or consumer benefits and erodes energy security.
Page 3: More than half the country’s 6000 grape growers did not make a profit on their vineyard operations over the past four years, but just as a glimmer of hope arises with improved conditions the major wine companies are playing hardball on pricing.
Page 4: Tax breaks for superannuation and property should be cut in the May federal budget, the welfare lobby says, while business wants a “nothing-off-the-table” review of the system.
Page 6: The peak oil and gas industry body has hit back at a proposal from the Australian Industry Group (Ai Group) that LNG export projects should be subject to a national interest test, saying the resulting delay in investment could cost up to $5.5million in lost GDP every day.
Investors and businesses that trade using the digital currency Bitcoin are on notice as the Australian Taxation Office plans to be among the first to crack down on undisclosed capital gains and GST at tax time this year.
Page 8: Corporate bosses complicit in any corruption involving trade unions risk being exposed by the Royal Commission into the union movement to be announced by the Abbott government on Monday.
Page 9: Building giant Brookfield Multiplex has engaged conservative industrial relations representatives to oversee labour relations at major Perth projects in what could prove to be a fatal blow to militant union control over the city’s construction sites.
Page 11: The Obama administration supports Treasurer Joe Hockey’s calls for the United States to hand over power to emerging economies at the International Monetary Fund, but some Republicans are digging in over blocking reforms of the fund.
Page 15: Explosives and chemicals major Orica is understood to be mulling a second demerger in less than four years, with the potential spin-off of the general chemicals business being examined with long-time adviser Goldman Sachs in a plan to reap up to $1billion in value.
Page 17: The record value that Aurora Oil & Gas has attracted from Canada’s Baytex Energy is expected to deter most potential rival bidders, but some analysts are not ruling out a higher offer emerging given the Australian company’s position in the prized Eagle Ford shale.
Rio Tinto is expected to give shareholders a healthy dividend boost when it reports full-year financials this week, with analysts expecting chief executive Sam Walsh to make good on his mantra of seeking to increase returns to investors.
Page 18: The long-awaited $US7 billion ($7.8 billion) debt package for Gina Rinehart’s Roy Hill project could be finalised before the end of this month, according to one of Mrs Rinehart’s joint venture partners.
ASX listed Paladin Energy has confirmed one of its two mines will cease production until the uranium price recovers, while one of the world’s biggest uranium miners, Cameco, has cut its growth schedule and warned the ‘‘stagnant, over supplied’’ market was not going to improve anytime soon.
Page 23: The big banks are set for another year of record multi-billion profits as low interest rates fuel a pick-up in the home loan market and underpin a reduction in bad debts.
Page 34: The University of Western Australia (UWA) will launch a full-time 12-month Master of Business Administration in January 2015.
The Australian
Page 1: Tony Abbott has vowed to shine a spotlight on the ‘‘dark corners’’ of national life by setting up a royal commission into the union movement as he accuses Labor of protecting dishonest officials.
Page 2: Tony Abbott has cast doubt on whether an independent inquiry could finish the debate over bias at the ABC, predicting the broadcaster’s ‘‘political correctness’’ would always make him want to occasionally ‘‘throw something at the television set’’.
Page 3: Australia’s economy would grow by $24 billion and governments would be almost $12 billion better off if key gaps between indigenous and non-indigenous people were closed by 2031, according to new modelling released today.
Page 4: Former leading union figures connected to the investigation into the Australian Workers Union ‘‘slush fund’’ scandal in the 1990s back the Abbott government’s royal commission and vow to give oral evidence and documents to the powerful probe.
Julia Gillard is poised to take on her first major role since leaving politics with an international post in charge of a multi-billion-dollar fund dedicated to education for children in poorer countries.
Page 17: Australia does not have the infrastructure to seize the full potential of the Asian century, Ken Henry, a former Treasury secretary and current NAB and ASX director, has warned as he called for ‘‘more creative, innovative thinking’’ about the nation’s infrastructure needs.
Competition in the Australian grains market is hotting up with West Australian growers’ co-operative CBH looking to poach some of northern NSW’s biggest farmers to supply its new export terminal at Newcastle.
Page 19: Renewed investor fears of a crisis in emerging markets triggered by central banks restricting the flow of easy money have sliced 4 per cent from the value of local equities since the beginning of the year, creating an uncertain environment for the profit reporting season.
Page 23: Telstra has entered into secret talks with Google in a move that would see the US search engine penetrate the Australian television market for the first time, with plans to launch of a digital media player that will further disrupt a challenged media sector.
The West Australian
Page 1: Australia is on the brink of resuming live sheep exports to Bahrain and Iran in a move that will create a huge boost for WA farmers but outrage animal welfare activists.
Page 4: The Abbott Government has told oil and gas giants to risk delaying multibillion-dollar projects off WA rather than agree to extravagant union claims.
A landmark legal battle between an organic farmer and his genetically modified canola-growing neighbour has taken a twist, with claims that only a relatively small sum in financial damages is at stake compared with the wider implications for farming and property rights.
Page 6: Labor says its likely win in Kevin Rudd’s old seat of Griffith will show people have had enough of the Abbott Government.
Page 8: Colin Barnett has asked the Federal Government to make a “significant” contribution to the State’s $1.3 billion native title settlement with the Noongar community.
Page 12: The State Opposition claims some primary schools have to cram more than 20 transportable classrooms on site, restricting children’s outdoor play space.
Page 13: Billionaire Andrew Forrest has lost his latest bid to stop an exploration company from mining on his family’s expansive cattle station in the Pilbara.
Business: The biggest shipment of grain ever to leave WA is on its way to Saudi Arabia as records continue to tumble on the back of a bumper harvest.
Eurogold has won board control of Dragon Mining following a failed last-minute application to the Takeovers Panel.