21/02/2014 - 05:48

Morning Headlines

21/02/2014 - 05:48

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Morning Headlines

Parties gear up for WA poll war

Tony Abbott will hold a council of war with senior Liberals on Monday for an unprecedented WA Senate election re-run. The West

Growth puts iiNet hot on Optus’s heels

iiNet has set its sights on organic growth as the No 3 broadband provider closes in on Optus, with a boost in its customer base and a 19 per cent increase in underlying net profit to $31 million. The Aus

Award wage deals will be more flexible

The Productivity Commission will be given wide-ranging powers to recommend sweeping workplace changes, including giving employers greater rights to try to remove conditions from enterprise agreements, under the terms of reference that cabinet is finalising for its inquiry. The Aus

Myer revives $3bn offer for DJs

Department store group David Jones is under pressure to appoint a chairman and chief executive after archrival Myer revived a $3 billion merger offer and put its own chief executive, Bernie Brookes, in the box seat to run the merged entity. The Aus

CITIC keeps faith as bill for Sino Iron tops $11.1b

CITIC Pacific has started construction of the four remaining production lines at its Sino Iron magnetite project at Cape Preston in the Pilbara, with all six lines set to be completed by 2016. The West

Medicare proposals stir debate

Prime Minister Tony Abbott played down the prospect of a Medicare co-payment as Labor seized on the proposal as a broken promise and vowed to make it an issue in the re-election of six Western Australian Senate seats. The Fin

IMF backs Hockey’s plan

International Monetary Fund managing director Christine Lagarde has backed Treasurer Joe Hockey’s plan for specific targets for global growth, a big victory for Mr Hockey on the eve of the Group of 20 finance ministers’ meeting. The Fin

 

 

The Australian Financial Review

Page 1: International Monetary Fund managing director Christine Lagarde has backed Treasurer Joe Hockey’s plan for specific targets for global growth, a big victory for Mr Hockey on the eve of the Group of 20 finance ministers’ meeting.

Page 4: Workers will be able to trade their penalty rates in return for more flexible hours under changes to industrial laws designed to encourage the use of individual flexibility arrangements (IFAs).

Page 5: Prime Minister Tony Abbott played down the prospect of a Medicare co-payment as Labor seized on the proposal as a broken promise and vowed to make it an issue in the re-election of six Western Australian Senate seats.

Page 7: Santos has secured a guarantee from the NSW government for an assessment of its controversial Narrabri coal seam gas project in a significant move towards the realisation of the venture.

Page 12: Concerns that the Australian government may erode its own tax base if G20 governments agree to change longstanding rules about how profits from companies such as Google, Apple and Amazon are taxed are unfounded, says the OECD’s tax chief.

Page 13:  David Jones is reconsidering its opposition to engage in merger talks with its arch rival after Myer turned up the heat, dangling the prospect of a better offer and overcoming one obstacle by rehiring chief executive Bernie Brookes.

Origin Energy has assured investors it is marching toward a “step change” in earnings thanks to solid progress at its $24.7 billion liquefied natural gas project in Queensland, while warning of continued severe pressures in its core business from discounting.

Page 15: iiNet acting chief executive David Buckingham says uncertainty over the Coalition government’s national broadband network plans has left his company in a holding pattern and called for more details.

Page 16: Clive Palmer’s estranged Chinese business partner continues to rack up losses on its Australian iron ore project, with the latest results suggesting losses have more than doubled over the past year.

Page 32: Diversified property group Mirvac has foreshadowed an 8 per cent to 10 per cent rise in earnings per security this financial year after a first half with solid returns in the investment portfolio and a record $1.5 billion in residential contracts on hand.

 

 

The Australian

Page 1: The Productivity Commission will be given wide-ranging powers to recommend sweeping workplace changes, including giving employers greater rights to try to remove conditions from enterprise agreements, under the terms of reference that cabinet is finalising for its inquiry.

Page 2: The head of one of the nation’s largest employers has declared Australia needs to go for growth to spur ‘‘real job creation’’, instead of lifting taxes or creating big government.

Page 4: The Fair Work Commission is being urged to sideline two key advisers who oversee billions of dollars in annual superannuation payments, amid claims of conflicts of interest at the workplace umpire.

BHP Billiton is threatening legal action over two 24-hour strikes proposed next week by Hunter Valley train drivers employed by the nation’s largest rail freight operator, Aurizon.

Page 5: The Chief Justice of the High Court, Robert French, has taken the extraordinary step of writing to the Abbott government to reiterate the court’s constitutional independence after being advised the Coalition’s cost-cutting drive will extend to the nation’s highest legal forum.

The Coalition government is targeting 1.6 million premises that have poor broadband connections to be upgraded with superfast services as a priority in its reworked National Broadband Network policy.

Page 17: Department store group David Jones is under pressure to appoint a chairman and chief executive after archrival Myer revived a $3 billion merger offer and put its own chief executive, Bernie Brookes, in the box seat to run the merged entity.

Gina Rinehart’s key adviser on her $200 million investment in Fairfax Media has renewed his stinging criticism of the company, as shares in the media firm surged to a 27-month high on the back of a better than expected half-year result.

Page 18: Leighton Holdings is under increasing pressure to collect more outstanding payments on key construction projects despite surprising investors with a better than expected annual profit result, a higher dividend and improved guidance for the year ahead.

Page 19: Shareholders in collapsed mining contractor Forge Group look set to launch a class action against the company and its directors amid accusations of misleading and deceptive conduct.

Treasury Wine Estates has been slammed over the appointment of former Kraft and CocaCola executive Michael Clarke as its new chief executive, with analysts berating chairman Paul Rayner over his selection of a candidate with no experience in the wine or alcohol sector.

iiNet has set its sights on organic growth as the No 3 broadband provider closes in on Optus, with a boost in its customer base and a 19 per cent increase in underlying net profit to $31 million.

Page 20: Facebook has agreed to buy messaging company WhatsApp for $US19 billion ($21bn) in cash and stock, a blockbuster transaction that dwarfs the already sky-high prices that other start-ups have been able to recently command.

 

 

The West Australian

Page 1: Tony Abbott will hold a council of war with senior Liberals on Monday for an unprecedented WA Senate election re-run.

Page 3: More than 830 taxpayer-owned homes are empty as 20,472 hopeful tenants remain on the public housing waiting list.

Health groups are urging the Federal Government against making patients pay more from their own pocket for medical care, warning it could place hospital emergency departments under even more stress.

Page 6: The City of Perth has ramped up its campaign to ensure its boundaries are expanded to include key infrastructure but does not take in “distracting” suburban areas.

More than $3 billion in hotel developments are in the pipeline for Perth and Fremantle, representing the biggest investment in the local accommodation sector in the past 20 years and reminiscent of Sydney’s hotel boom leading up to the Olympic Games in 2000.

Page 7: Sir Charles Gairdner and Osborne Park hospitals will shed about 250 full-time jobs because health officials say staffing levels are unsustainable.

Page 10: WA women are more than $400 a week behind their male counterparts as they continue to struggle to get the best-paid jobs.

Business: CITIC Pacific has started construction of the four remaining production lines at its Sino Iron magnetite project at Cape Preston in the Pilbara, with all six lines set to be completed by 2016.

A Perth business linked to Alinta Energy has gone under with the loss of more than 40 jobs.

GrainCorp is increasing its footprint in WA as part of a $70 million investment in bulk liquid storage capacity in three States.

Business: Emeco Holdings’ new boss Ken Lewsey has wiped the slate at the mining equipment supplier, writing off its entire goodwill of almost $160 million.

Nexus Energy shares yesterday returned to trading and slumped 1.8¢, or 23 per cent, to 5.9¢ amid investor concern about the struggling company’s financial health.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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