Perdaman delays $6.2bn green light after Clough’s collapse
Clough’s collapse has thrown fresh uncertainty over a $6.2bn Pilbara fertiliser project, with Perdaman Chemicals boss Vikas Rambal confirming on Thursday he would be forced to delay a final investment decision on the Burrup manufacturing plant. The Aus
Rio, Fortescue look to close gap on green hydrogen
Rio Tinto chief executive Jakob Stausholm has contacted Fortescue Metals Group chairman Andrew Forrest to see if the two mining heavyweights can find common ground on green hydrogen and its potential to replace fossil fuels. The Fin
Wesfarmers’ OneDigital gets Disney aboard
Move over Amazon Prime, here comes a new Wesfarmers-Disney partnership after the Western Australia-based conglomerate signed the first external partnership for its OnePass membership loyalty program. The Fin
Digital Asset blames ASX for CHESS fail
Digital Asset, the start-up that was building the new settlement system for the Australian equity market, says the ASX must shoulder the blame for nondelivery because it changed the scope of the project and did not create a plan to fix core issues as the system refit began to unravel. The Fin
Businesses, green groups split on nature law overhaul
Businesses are split on the Albanese government’s proposed shake-up of nature protection laws, with resources groups accusing Labor of going beyond its pre-election promises by granting a future Environmental Protection Agency powers to overturn project approvals. The Fin
Downer EDI ‘accounting irregularities’ prompt investigation
Downer EDI is investigating whether fraud is the cause of a $40 million profit restatement on a maintenance contract for a power client after disclosure of the ‘‘accounting irregularity’’ wiped more than half a billion dollars off its market capitalisation. The Fin
Not good enough: hundreds of aged homes to be shamed
Hundreds of nursing homes across Australia will receive just one or two stars in a new five-star aged-care rating system after falling short of acceptable standards on measures such as staffing levels, food quality and the use of physical restraints. The Aus
Business lobby backs RBA on inflation policy
The Business Council of Australia has backed the Reserve Bank’s approach to managing the
economy, pointing to inflation outcomes that had been “mostly consistent” with the 2-3 per cent target through three decades of uninterrupted prosperity. The Aus
Medibank shuts network
Millions of customers will be unable to use their health insurance this weekend, with Medibank set to shut down its systems in the wake of a huge cyber attack. The West
The Australian Financial Review
Page 1: NSW has dropped its demand that it be compensated for about $100 million in royalties which would be lost by a cap on black coal, and instead has convinced the Commonwealth to temporarily subsidise energy bills for households and businesses.
Businesses are split on the Albanese government’s proposed shake-up of nature protection laws, with resources groups accusing Labor of going beyond its pre-election promises by granting a future Environmental Protection Agency powers to overturn project approvals.
Page 8: The independent review of the Reserve Bank of Australia has uncovered that governor Philip Lowe overrode previous internal advice warning of the risks of calendar-based interest rate guidance, such as the now discredited ‘‘we do not expect to be increasing the cash rate for at least three years’’.
Page 9: Business wants the Albanese government to maintain a predominantly independent board to oversee Infrastructure Australia, welcoming a major shake-up set to better connect the advisory body and the federal cabinet.
Page 12: Digital Asset, the start-up that was building the new settlement system for the Australian equity market, says the ASX must shoulder the blame for non-delivery because it changed the scope of the project and did not create a plan to fix core issues as the system refit began to unravel.
Downer EDI is investigating whether fraud is the cause of a $40 million profit restatement on a maintenance contract for a power client after disclosure of the ‘‘accounting irregularity’’ wiped more than half a billion dollars off its market capitalisation.
Page 13: Rio Tinto chief executive Jakob Stausholm has contacted Fortescue Metals Group chairman Andrew Forrest to see if the two mining heavyweights can find common ground on green hydrogen and its potential to replace fossil fuels.
Clough’s administrator, Deloitte, was hired a month ago to review its finances and prepare for a possible administration of the collapsed engineering group as it simultaneously tried to negotiate a fire sale to Italy’s Webuild, regulatory filings show.
Page 15: Move over Amazon Prime, here comes a new Wesfarmers-Disney partnership after the Western Australia-based conglomerate signed the first external partnership for its OnePass membership loyalty program.
The Australian
Page 1: Hundreds of nursing homes across Australia will receive just one or two stars in a new five-star aged-care rating system after falling short of acceptable standards on measures such as staffing levels, food quality and the use of physical restraints.
Page 2: The sharp rental price increases in regional Australia have peaked and are slowing, as the great Covid-19 pandemic population shift away from cities to country towns begins to unwind.
The Business Council of Australia has backed the Reserve Bank’s approach to managing the economy, pointing to inflation outcomes that had been “mostly consistent” with the 2-3 per cent target through three decades of uninterrupted prosperity.
Page 4: Australia is being urged to back Taiwan’s entry into one of the world’s biggest trading blocs after its President lobbied a bipartisan group of federal MPs during a meeting in Taipei.
Defence Minister Richard Marles has ruled out tax increases to pay for the government’s promised fleet of nuclear-powered submarines, which are expected to cost in excess of $100bn, more than double the annual defence budget.
Australia’s science agency has urged the government to develop a domestic solar manufacturing industry, with a new report saying it’s needed for the nation to meet its 43 per cent emissions reductions target by 2030.
Page 5: A star-rating system used to assess the performance of Disability Employment Services providers has been suspended after a “coding error” led to some being incorrectly turfed out of the $1.4bn government program.
Page 13: The former chief executive of Bellamy’s Organic has accused the infant nutrition company’s Chinese owner of breaching foreign investment rules and overseeing ageist and sexist practices.
Clough’s collapse has thrown fresh uncertainty over a $6.2bn Pilbara fertiliser project, with Perdaman Chemicals boss Vikas Rambal confirming on Thursday he would be forced to delay a final investment decision on the Burrup manufacturing plant.
The West Australian
Page 11: Mark McGowan says he is “deeply disappointed” by the release of Bali bombmaker Umar Patek only halfway into a 20-year prison term.
Page 18: Water Minister Dave Kelly has quit Cabinet, revealing his departure came at the request of Premier Mark McGowan and would allow “greater female representation” in the top tier of government.
Page 19: A Supreme Court judge has raised the prospect of issuing an injunction to prevent authorities illegally locking up youngsters — as lawyers for three teenagers launched a bid for a judicial review into continuing lockdowns at Casuarina and Banksia Hill Detention Centre.
Millions of customers will be unable to use their health insurance this weekend, with Medibank set to shut down its systems in the wake of a huge cyber attack.
Page 48: The Australian Federal Police have wrapped up an investigation into bombshell allegations from Moore MP Ian Goodenough that he was the victim of a fake text message exchange, concluding no criminal offence was committed.
Business: Australia’s mining sector has warned of dire economic consequences if Labor implements its plan for a new and more powerful national environmental protection agency.
International ratings agency Fitch is warning of tougher times for iron ore miners and investors in 2023.
A Supreme Court judge has slapped Sandi Matic with a new contempt of court charge after the embattled technology entrepreneur had to be arrested for sentencing on an earlier prosecution.
Australia is on track to record a fifth consecutive year of trade surpluses as October data showed ongoing strength in natural gas and metals shipments, driven by higher prices.
Vale is abandoning plans to get back to iron ore production levels before a 2019 waste disaster, offering supply-side support to the global market just as Chinese demand picks up.
