09/05/2014 - 06:04

Morning Headlines

09/05/2014 - 06:04

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Morning Headlines

Rio dismisses Pilbara threat

Rio Tinto chief Sam Walsh has brushed off Baosteel and Aurizon’s tilt to resurrect the stalled $7.4 billion West Pilbara Iron Ore project, saying the iron deposits were too low grade to be any threat to Rio and it would be a long, hard road to bring it to fruition. The Fin

Hockey to swing axe on public sector

More than 200 spending programs will be slashed in next week’s federal budget as Joe Hockey vows to shrink the size of government in a “big, structural change” to save billions of dollars. The Aus

Iron ore exports keeping WA afloat

The WA economy will face its toughest year since the depths of the global financial crisis, with only soaring iron ore exports preventing the State’s output shrinking. The West

Now Libs to raise petrol tax

The federal government will increase petrol tax but try to limit a political and business backlash by pledging to invest extra billions in roads to help stimulate the economy. The Fin

Families to pay an extra $324 a year

Families, business and first-homebuyers have been hit with widespread increases in taxes, tariffs, fees and charges to enable rookie Treasurer Mike Nahan to deliver a wafer-thin Budget surplus of $175 million. The West

Funds stripped from Nats’ scheme

The Royalties for Regions program, used to secure Colin Barnett’s power in 2008, has had $3.1 billion stripped from the fund to pay for ballooning government expenditure. The Fin

Cabinet flips switch on Australia Network

The Australia Network is set to be axed in next week’s budget, just weeks after it signed a deal to significantly increase its presence inside major trading partners China and Indonesia. The Fin

Joyce coy on sale of frequent flyer arm

Qantas boss Alan Joyce says a sale of the company’s lucrative frequent-flyer business to drive down its crippling debts remains “a huge and complex issue” and he has yet to determine whether to offer a stake in the business. The Aus

 

 

The Australian Financial Review

Page 1: The federal government will increase petrol tax but try to limit a political and business backlash by pledging to invest extra billions in roads to help stimulate the economy.

Hong Kong’s Cheung Kong Infrastructure has emerged with a surprise $2.37 billion conditional bid for Adelaide-based gas distributor Envestra, just days before shareholders in the gas distributor were due to vote on APA Group’s $2.1 billion scrip takeover deal.

Page 3: Wesfarmers chairman Bob Every says incoming Coles managing director John Durkan is an “outstanding executive”, despite the corporate watchdog naming him as a key player in what it claims is unconscionable conduct by Coles.

Page 5: The Australia Network is set to be axed in next week’s budget, just weeks after it signed a deal to significantly increase its presence inside major trading partners China and Indonesia.

Page 8: Western Australia is spending more than it is earning. This has become such a fixture of fiscal life in WA that it should be turned into a slogan for inscription on the next run of number plates, replacing such classic slogans as “the state of excitement”.

Page 9: The Royalties for Regions program, used to secure Colin Barnett’s power in 2008, has had $3.1 billion stripped from the fund to pay for ballooning government expenditure.

Page 11: As federal Education Minister Christopher Pyne pushes to deregulate university fees, new data backs his claim that graduates receive a large personal benefit from higher education.

Page 13: National Australia Bank’s outgoing chief executive, Cameron Clyne, said corporate Australia remained in a “confidence trap” that is curtailing credit growth and suppressing the performance of the country’s largest business bank.

Wilmar International and First Pacific have said they will walk away from their $1.27 billion takeover offer if Goodman Fielder proceeds with a plan to sell all or part of its New Zealand dairy business.

Page 15: Rio Tinto chief Sam Walsh has brushed off Baosteel and Aurizon’s tilt to resurrect the stalled $7.4 billion West Pilbara Iron Ore project, saying the iron deposits were too low grade to be any threat to Rio and it would be a long, hard road to bring it to fruition.

Page 21: Qantas Airways aims to reduce its annual cost base of $11.6 billion by 10 per cent over the next three years.

 

 

The Australian

Page 1: More than 200 spending programs will be slashed in next week’s federal budget as Joe Hockey vows to shrink the size of government in a “big, structural change” to save billions of dollars.

Clive Palmer’s company, Mineralogy, spent Chinese money to advance one of his separate struggling resources projects, which had nothing to do with the Beijing-controlled company’s interests in Australia, according to documented expenditure items totalling millions of dollars.

Page 5: A key part of the Gladstone Harbour dredging program for the $35 billion Curtis Island liquefied natural gas export hub has failed due to bad construction, inadequate monitoring and poor environmental oversight by state and federal governments, an independent inquiry has found.

Page 6: The ballooning Disability Support Pension will be dramatically reformed in the federal budget, with new indexation arrangements designed to stop the payment growing at such a fast rate.

Page 8: Chevron’s $US54 billion ($57bn) Gorgon gas plant in the Pilbara — are completed in coming years. The value of the state’s exports is tipped to hit a record $170bn in four years, which also spells good news for the Abbott government’s attempts to restore the federal budget to surplus.

Page 20: Australia’s largest rail operator Aurizon is set to axe up to 480 jobs from Queensland as it continues to pull costs out of its business.

Page 21: Australian farmers have shifted their focus to improving the profits and productivity of their existing businesses, rather than planning to buy more land and expand.

Page 22: Australia’s major banks are on track to post record annual profits of almost $30 billion, after near record low bad debts powered the big four to strong earnings in the first six months.

Page 29: Qantas boss Alan Joyce says a sale of the company’s lucrative frequent-flyer business to drive down its crippling debts remains “a huge and complex issue” and he has yet to determine whether to offer a stake in the business.

 

 

The West Australian

Page 1: Families, business and first-homebuyers have been hit with widespread increases in taxes, tariffs, fees and charges to enable rookie Treasurer Mike Nahan to deliver a wafer-thin Budget surplus of $175 million.

Page 3: The head of one of WA’s biggest schools has used his school newsletter to criticise the behaviour of former treasurer Troy Buswell and business tycoon James Packer, saying it set a bad example for students.

Page 5: Perth motorists and commuters were hit in the hip pocket by the State Budget, with above-inflation increases in city parking, car registration and driver’s licence fees, and train, bus and ferry fares. And they are not happy about it.

Page 6: The WA economy will face its toughest year since the depths of the global financial crisis, with only soaring iron ore exports preventing the State’s output shrinking.

Page 7: First-homebuyers face a $5700 hit to buy a property and developers face steep extra charges that are set to push up the cost of building across Perth.

Page 10: A record Health allocation of $8 billion for 2014-15 includes yet another top-up for Fiona Stanley Hospital and comes with warnings that WA’s service delivery costs must fall to meet national benchmark standards.

Page 12: Motorists will pay more for petrol with the Abbott Government’s first Budget to increase fuel taxes in another broken election promise that could cause more political pain than the deficit tax.

Page 13: Perth restaurateur Steve Scaffidi’s Bar One is facing creditor claims of more than $400,000, mostly from its St Georges Terrace landlord and the tax office, after the collapse of the inner-city venue.

Page 14: Gina Rinehart gave her daughter Hope $45 million when the 30-year-old abandoned her siblings and pulled out of the court battle she had launched against the mining magnate.

Business: The mobile phone coverage battle between the three big telcos looks set to heat up, with the State Government offering up $45 million to help increase coverage in the bush.

Sirius Resources shareholders should have a spring in their step today as they meet in Perth to vote on a deal to buy prospector Mark Creasy out of the Nova-Bollinger nickel-copper projects.

After more than five years as the head of National Australia Bank, Cameron Clyne says he is confident he is leaving the lender in a better place than he found it.

Horizon Power has hooked up with engineering firm GHD in the latest phase of a strategic overhaul aimed at cutting $100 million from its cost base.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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