09/04/2014 - 06:48

Morning Headlines

09/04/2014 - 06:48

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Morning Headlines

Gina Rinehart accused of delay in Rhodes Ridge transfer

Gina Rinehart’s Hancock Prospecting has been accused in the Supreme Court of Western Australia of delaying the transfer of a major Pilbara iron ore asset to bitter rival Wright Prospecting. The Fin

Green light for $1bn China deals

The Abbott government is likely to exempt Chinese foreign investment below $1 billion from requiring formal approval but still expects the sensitive issue to be a sticking point in negotiations over a trade agreement. The Fin     

Homes in scramble to switch to NBN

Thousands of homes and businesses that have not signed up for the National Broadband Network could be left without critical phone and internet connections next month as premises served by Telstra’s copper network are switched off and moved on to the NBN. The Aus

CFMEU accepts pay cuts in Perth

Western Australian construction workers are facing a dramatic post-boom correction to wages and conditions, with a new union-agreement reducing labour costs for employers by up to 20 per cent. The Fin

Baosteel closer to new deal

Premier Colin Barnett has sparked renewed speculation that Aquila Resources’ major shareholder is edging closer to a deal to restructure ownership of the company’s $7.4 billion West Pilbara iron ore project. The West

Cash only for WA exploration

Oil and gas companies will for the first time be required to offer cash bids to buy exploration acreage in prospective areas off the coast of Western Australia as part of the federal government’s 2014 petroleum exploration licensing round. The Fin

$1m bill for FIFO court security

Serco is billing the State Government almost $1 million a year for seven court and custodial security officers to staff the Kununurra court complex. The West

 

 

The Australian Financial Review

Page 1: The Abbott government is likely to exempt Chinese foreign investment below $1 billion from requiring formal approval but still expects the sensitive issue to be a sticking point in negotiations over a trade agreement.

Page 3: The economy is likely to remain in the doldrums this year and next, with unemployment holding above 6 per cent, according to the International Monetary Fund.

Page 4: Western Australian construction workers are facing a dramatic post-boom correction to wages and conditions, with a new union-agreement reducing labour costs for employers by up to 20 per cent.

Page 5: The Queensland Land Court has handed responsibility for approving or rejecting Gina Rinehart and GVK’s $6.4 billion Alpha coal mine in central Queensland to the state Liberal National Party government.

Gina Rinehart’s Hancock Prospecting has been accused in the Supreme Court of Western Australia of delaying the transfer of a major Pilbara iron ore asset to bitter rival Wright Prospecting.

Page 7: The Australian Securities and Investments Commission wants broader powers to make decisions that enhance competition, and “user pays” funding so it can raise fees from industries it oversees.

Page 10: The Australia-Japan trade deal has thrown into confusion talks on a Pacific regional trade agreement as farm interests in the United States accuse Australia of undercutting their negotiating position.

Page 13: Two men leading the renegotiation of Telstra’s $11.2 billion deal with NBN Co have warned serious problems must be fixed before a new deal can be struck.

Page 15: Genworth Financial’s float of its $2 billion Australian mortgage insurance division has hit a snag because the US parent faces a lawsuit over allegations it misled investors over the outlook for the Australian business in 2012.

Page 17: Sephora, the world’s largest beauty retailer, has spurned offers from Myer and David Jones to set up outlets in department stores and will open its first stand-alone stores in Australia next year.

It seems Rupert Murdoch isn’t the only media magnate that Clive Palmer is jousting with at the moment. The controversial Queenslander is also testing the patience of Perth billionaire Kerry Stokes over relations between their neighbouring iron ore interests in the Pilbara.

Page 19: Oil and gas companies will for the first time be required to offer cash bids to buy exploration acreage in prospective areas off the coast of Western Australia as part of the federal government’s 2014 petroleum exploration licensing round.

 

 

The Australian

Page 1: Labor faces increasing pressure to overhaul its archaic candidate selection processes, with national president Jenny McAllister calling on faction and union bosses to cede power to members as elder John Faulkner urged rule changes to stamp out corruption.

Thousands of homes and businesses that have not signed up for the National Broadband Network could be left without critical phone and internet connections next month as premises served by Telstra’s copper network are switched off and moved on to the NBN.

Page 2: Self-described “professional politician’’ Clive Palmer has gone fishing, with the mining magnate revealing yesterday he is taking his newest senator out for some rest and recreation “to enjoy his last moments of freedom’’.

Page 6: Tony Abbott is delivering for “radical ideologues that hate unions’’ by proceeding with the Royal Commission into Union Governance and Corruption, ACTU secretary Dave Oliver has declared.

Page 7: Mining magnate Andrew Forrest’s federally funded scheme training indigenous people for direct jobs is under consideration for trial in juvenile detention centres in Western Australia.

About 2000km off Western Australia, those hunting for the missing Malaysia Airlines flight MH370 believe they may have found the “haystack” — now they’re looking for the “needle”.

Page 17: Brambles will make a series of multi-million-dollar investments in its IT systems to web-enable more of its customer management businesses and simplify its billing and payroll systems as it eyes $US100 million ($107m) in cost savings in the next five years.

Australia’s monopoly rice marketing body has urged the federal government to renew efforts to overcome longstanding non-tariff barriers to exports of the grain staple to China after they were excluded from trade deals with Japan and Korea.

Page 18: Federal Industry Minister Ian Macfarlane says wages and conditions have become so exorbitant in the liquefied natural gas industry he doubts whether any expansions to existing projects will go ahead in the next 10 years.

Ranger uranium miner Energy Resources of Australia faces the prospect of having to buy in uranium to meet supply contracts because of the prolonged closure of the operation’s processing facilities.

Treasury Wine Estates’ new chief executive Michael Clarke has clarified that he has no plans to sell the company’s troubled US wine business.

Page 25: Yummy mummies and old people who enrol in university for entertainment are the beneficiaries of a rule that writes off HECS debt when people die.

 

 

The West Australian

Page 3: Serco is billing the State Government almost $1 million a year for seven court and custodial security officers to staff the Kununurra court complex.

Page 6: Cattle producers have warned that WA has a long way to go to reap the benefits from the free trade agreement with Japan.

Hundreds of people from across Perth rallied on the steps of State Parliament last night against the Government’s plan to amalgamate metropolitan councils.

Page 7: Australia looks certain to buy extra military hardware from South Korea as part of a broader Tony Abbott plan to woo billions of dollars from the growing economic power.

Page 9: The State Government has applied for new Federal approval for its shark-kill policy, seeking to set up to 60 baited drum lines off WA between November and April for the next three years.

WA’s newest and most mysterious senator Dio Wang surfaced in Queensland yesterday but still refused to talk about his controversial win and his role as the man who clinched Palmer United Party’s newfound balance of power.

Page 13: Salary has emerged as a major roadblock to attracting a new Corruption and Crime Commissioner, compelling the Government to consider making it WA’s best rewarded public sector job.

Page 18: More than three-quarters of West Australians support a tax on soft drink, according to a survey.

Page 26: WA Treasury did not believe Tony Sage’s Perth Glory deserved any compensation from taxpayers for disruptions to nib Stadium from its redevelopment.

Spurned by capital markets, and with commodity prices at multi-year lows, it’s been a tough couple of years for junior uranium plays.

Business: The corporate regulator has stepped up its campaign for a mandatory examination to help raise standards in the financial planning industry, arguing the need for better retirement advice is growing more critical.

Premier Colin Barnett has sparked renewed speculation that Aquila Resources’ major shareholder is edging closer to a deal to restructure ownership of the company’s $7.4 billion West Pilbara iron ore project.

Navitas has again surrendered ground won over a fast opening to the year as investors digest the fledgling top-100 stock’s latest student enrolment numbers and await annual results.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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