06/05/2014 - 05:17

Morning Headlines

06/05/2014 - 05:17

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Morning Headlines

Twiggy pumps $12m into uranium junior

Andrew Forrest’s investments continue to range far and wide, with the mining billionaire investing millions into a uranium junior just days after he bought a beef exporting company. The Fin

Barnett tells Buswell to come clean

Colin Barnett hopes Troy Buswell will address the Liberal party room and answer questions from the media when he makes his return to State Parliament today. The West

Coalition blinks on audit call to cut minimum wage

The Abbott government has ruled out supporting the audit commission’s push to slash the wages of low-paid workers in the wake of a growing union campaign designed to embarrass the Coalition over the proposal. The Aus

Windfall looms from audit overhaul

NBN Co is scrambling to get up to 750 homes and businesses to sign up to the National Broadband Network so they are not cut off from fixed-line services when the first mass disconnection of Telstra’s 100-year-old copper lines starts in less than three weeks. The Aus

Union glued locks, blocked site: Fair Work

The construction union glued locks and hurled abuse at workers trying to enter the new children’s hospital site in Perth, according to the Fair Work Building Industry Inspectorate. The Fin

ACCC goes after top Coles execs

Supermarket chain Coles is facing hundreds of millions of dollars in penalties if claims it acted unconscionably by using standover tactics to extract $16 million of rebates from 200 small suppliers are proved in court. The Fin

Jobs on the line as contractor waits for $3.5m

Prostruct Engineering says it could be forced to lay off workers unless Korean giant POSCO pays bills worth $3.5 million for work done on Gina Rinehart’s Roy Hill project.

 

 

The Australian Financial Review

Page 1: Supermarket chain Coles is facing hundreds of millions of dollars in penalties if claims it acted unconscionably by using standover tactics to extract $16 million of rebates from 200 small suppliers are proved in court.

Page 3: China’s State Administration of Taxation is believed to have joined a historic international collaboration led by the Australian Tax Office to investigate eight of the world’s largest technology giants, including Apple and Google.

Page 4: Treasurer Joe Hockey says claims that donors gained privileged access to him have been referred to his lawyers.

Page 7: The government will axe the generous superannuation scheme for the military in next week’s budget to help reduce an unfunded superannuation liability for public servants which is spiralling towards $350 billion and threatening the nation’s credit rating.

Page 8: The man who may decide if TPG Telecom’s $150 million rival system to the national broadband network can go ahead won’t investigate its legality.

Page 11: The construction union glued locks and hurled abuse at workers trying to enter the new children’s hospital site in Perth, according to the Fair Work Building Industry Inspectorate.

Page 15: Westpac Banking Corp chief executive Gail Kelly has conceded record low levels of bad debts – a key driver of the big four’s blockbuster banking profit results – will inevitably rise, but says it will be a plus for banks as it will reflect a stronger lending environment.

Page 17: Andrew Forrest’s investments continue to range far and wide, with the mining billionaire investing millions into a uranium junior just days after he bought a beef exporting company.

Page 22: Virgin Australia Holdings managed to fill more seats in March than the prior year, despite Easter occurring in April this year, in part because it cut some capacity in its mainline operations, in contrast with rival Qantas Airways.

 

 

The Australian

Page 1: Support for the Coalition has plunged to its lowest level in almost four years and voter dissatisfaction with Tony Abbott has jumped to the highest point since he became Prime Minister as the government prepares to deliver across-the-board pain in its first budget.

Page 3: NBN Co is scrambling to get up to 750 homes and businesses to sign up to the National Broadband Network so they are not cut off from fixed-line services when the first mass disconnection of Telstra’s 100-year-old copper lines starts in less than three weeks.

A new export industry begins tonight when 4500 bottles of milk from farmer-owned Norco Cooperative in northern NSW are loaded on to a cargo plane in Sydney bound for Shanghai.

Page 4: Labor has slammed the door on an income tax increase of any size in next week’s federal budget despite a new show of support for a “deficit levy” to be decided by cabinet ministers tomorrow.

Page 8: The Abbott government has ruled out supporting the audit commission’s push to slash the wages of low-paid workers in the wake of a growing union campaign designed to embarrass the Coalition over the proposal.

Page 19: China’s Baosteel has launched a surprise $1.4 billion bid for Aquila Resources, teaming up with Brisbane-based freight giant Aurizon and saying it has lost patience with the progress being made on the miner’s key iron ore asset.

Page 20: The regulatory risk to the nation’s banking sector has again been exposed, with the prudential regulator advising the major banks that the capital benefit from debt issued by their wealth management subsidiaries will be phased out by the end of 2017.

Page 21: Media monitoring firm iSentia, which plans to list on the Australian Securities Exchange as a company worth up to $500 million, is searching for a cornerstone investor, according to market sources.

Page 23: Rio Tinto’s explosive Guinea theft and collusion claims against Brazilian iron ore miner Vale, which include allegations Vale’s partner has made the world’s biggest bribe, are expected to result in big changes to the way companies deal in high-risk jurisdictions.

Page 31: Rivers of gold should be flowing over the next few years for the IT industry if the Abbott government accepts the Commission of Audit recommendations.

 

 

The West Australian

Page 4: WA Ballet chairman John Langoulant has called for the State Government to offer incentives for developers to build a lyric theatre at Elizabeth Quay.

Page 11: State governments should dump housing stamp duties as a way to encourage people to move interstate for work, the Productivity Commission has argued.

Page 13: Colin Barnett hopes Troy Buswell will address the Liberal party room and answer questions from the media when he makes his return to State Parliament today.

Page 14: A week out from the Federal Budget, the Government is still working out who will pay the deficit levy and how it will be done.

Business: Baosteel and Aurizon’s bid for Aquila Resources may help resolve some issues facing the Anketell project but industry sources suggest a change of ownership will do little to fix some of its fundamental challenges.

Ausdrill has lost a potential successor to managing director Ron Sayers after Africa boss Chris Tuckwell quit to once again lead mining contractor MACA.

Badgingarra farmer Dale Park will fill the breach as WA Farmers chief executive for the foreseeable future after the shock resignation of the man anointed to lead the cash-strapped lobby group into a new era.

Talks are under way to settle a class action over the billion-dollar collapse of agribusiness Great Southern.

Prostruct Engineering says it could be forced to lay off workers unless Korean giant POSCO pays bills worth $3.5 million for work done on Gina Rinehart’s Roy Hill project.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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