21/03/2014 - 04:44

Morning Headlines

21/03/2014 - 04:44

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Morning Headlines

iiNet founder tipped to sign off

Michael Malone, the founder and chief executive of the nation’s third-largest internet provider iiNet, is expected to today announce he will leave the company he started in his parent’s Perth garage some 20 years ago. The Aus

Rinehart secures $7.2b deal

Gina Rinehart has landed a $7.2 billion financing package for her giant Roy Hill iron ore mine in the Pilbara, signing off on the deal in Singapore last night. The West

Hedland port plans give hope to juniors

The Port Hedland Port Authority has been quietly working on proposals to increase access to port space for iron ore miners, considering proposals for new terminals at Finucane Island and Lumsden Point. The West

Myer banks on sales not merger

As the cracks widen in Myer’s $3.2 billion merger plan for David Jones, chief executive Bernie Brookes is relying on new brands, better stores, online sales and more customers rather than industry consolidation to reverse a four-year decline in earnings. The Fin

Secret plan to slash bulk billing

A plan to means test bulk-billed GP visits and charge an extra $5 for medicine was estimated to save the government nearly $2 billion but would upset doctors, who have threatened a mass walk out if it is implemented. The Fin

Speck in the sea raises hopes of finding MH370

The world’s attention is focused on a churning stretch of ocean nearly 3000km southwest of Perth after a satellite spotted floating debris suspected to be wreckage from missing Malaysia Airlines Flight 370. The Aus

Move to ban union chiefs from sites

The national building industry watchdog has applied to have four union officials banned from construction sites, as it moves to publish a national list of banned officials on a federal government website. The Aus

Abbott accuses Opposition of tax hypocrisy

Labor has blocked repeal of the carbon tax, sparking Federal Government accusations of gross hypocrisy in its WA Senate election campaign. The West

 

 

The Australian Financial Review

Page 1: A plan to means test bulk-billed GP visits and charge an extra $5 for medicine was estimated to save the government nearly $2 billion but would upset doctors, who have threatened a mass walk out if it is implemented.

Page 3: Voters do not feel the government is focusing on the areas they consider to be most important – health, the economy and education – according to a comprehensive new analysis that is a wake-up call for the Coalition.

Page 4: The departure of Assistant Treasurer Arthur Sinodinos will have no impact on the government’s intention to forge ahead with its plans to repeal Labor’s Future of Financial Advice laws.

Page 5: The Abbott government will keep open the threat of a double dissolution election on climate change by using as a trigger the Senate’s rejection of legislation to repeal the Clean Energy Finance Corporation.

“Idealistic discussions” about climate change should be abandoned and Australians recognise that coal will remain an important energy source for decades, according to Rio Tinto’s head of energy, Harry Kenyon-Slaney.

Page 9: Australia may have to change its laws to stop multinationals exploiting differences in the way countries tax transfers of financial instruments, under a global plan to stop profit shifting.

Page 11: Revenue from LNG project, meant for Sovereign Wealth Fund, appears to be pledged to finance PNG purchase of 10.1 per cent of Oil Search.

Page 13: As the cracks widen in Myer’s $3.2 billion merger plan for David Jones, chief executive Bernie Brookes is relying on new brands, better stores, online sales and more customers rather than industry consolidation to reverse a four-year decline in earnings.

Page 15: Supply-chain logistics giant Brambles has been in discussions with Singapore-listed Goodpack about a potential takeover.

Page 21: Commonwealth Bank has forecast mobile wallets – a virtual repository of money – could replace their physical counterparts by 2021, based on a survey of 1024 Australians conducted earlier this year.

 

 

The Australian

Page 1: The agency in charge of the national disability insurance scheme has been likened to ‘‘a plane that took off before it had been fully built and is being completed while it is in the air’’, in an independent report that questions its ability to roll out the flagship project.

The world’s attention is focused on a churning stretch of ocean nearly 3000km southwest of Perth after a satellite spotted floating debris suspected to be wreckage from missing Malaysia Airlines Flight 370.

NBN Co’s role in connecting new homes to super-fast fibre could be scaled back and more such premises handed to private operators, under proposals Treasury is pushing for the nation’s biggest infrastructure project.

Page 3: Embattled National Gallery of Australia director Ron Radford will step down after 10 years at the helm amid continued questions over his handling of antiquities at the nation’s premier visual-art institution.

Page 4: The national building industry watchdog has applied to have four union officials banned from construction sites, as it moves to publish a national list of banned officials on a federal government website.

Lawyers for Chinese state-owned Citic Pacific have questioned whether Clive Palmer’s Mineralogy is playing a ‘‘big game’’ in their dispute over royalties from the $10 billion Sino Iron project after it again changed strategy and took the court case back to where it was a year ago.

Page 17: Australia’s largest dairy processor, Murray Goulburn, is believed to be mulling a $400 million purchase of the Peters Ice Cream business as it forges ahead with its ambitious plan to consolidate the local dairy industry.

Michael Malone, the founder and chief executive of the nation’s third-largest internet provider iiNet, is expected to today announce he will leave the company he started in his parent’s Perth garage some 20 years ago.

Page 19: Rio Tinto will today call for increased Australian government investment in carbon capture and storage as a way to reduce greenhouse gases while still tackling energy poverty.

Wholesaler Metcash has warned of a 13 to 15 per cent decline in its earnings outlook because of poor food and grocery sales as it prepares to release its annual results today.

 

 

The West Australian

Page 12: Banks are slashing interest rates on loans to farmers in a bizarre twist that has put the spotlight on their role in Australia’s $66 billion rural debt crisis.

There is more pressure on banks to cut mortgage rates after the Reserve Bank found the cost of money is coming down.

Page 15: Australians do not have a cost of living crisis; it is more a case of keeping up with the Joneses, according to the Reserve Bank.

Page 16: Labor has blocked repeal of the carbon tax, sparking Federal Government accusations of gross hypocrisy in its WA Senate election campaign.

Page 20: Tony Abbott has stonewalled Labor attempts to force him to explain what knowledge he had of stood aside frontbencher Arthur Sinodinos’ role in a company embroiled in a corruption probe.

Business: The Port Hedland Port Authority has been quietly working on proposals to increase access to port space for iron ore miners, considering proposals for new terminals at Finucane Island and Lumsden Point.

Gina Rinehart has landed a $7.2 billion financing package for her giant Roy Hill iron ore mine in the Pilbara, signing off on the deal in Singapore last night.

Myer boss Bernie Brookes says David Jones’ withdrawal from a northern suburbs retail development is an unexpected fillip for his company’s coming Joondalup store.

The Australian Securities Exchange has queried financial advisory company Crowe Horwath over the leaking of a takeover approach from a private equity group.

Phoenix Gold was last night joining the rush of mid-tier mining stocks rattling the tin seeking to raise up to $18.2 million through a placement and an entitlement issue to fund development of its Goldfields mine.

 

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