03/06/2014 - 06:44

Morning Headlines

03/06/2014 - 06:44

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Morning Headlines

Origin goes west in $864m gas play

Origin Energy is set to make an $US800 million ($864m) entry into Western Australia’s offshore Browse Basin, agreeing to buy exploration ground owned by Karoon Gas in a marked shift of Origin’s LNG export growth plans away from Queensland’s coal seam gas fields. The Aus

FIFA investigation comes to Australia

Australia has been dragged into football’s World Cup bidding scandal, with revelations that a whistle blower has been flown to New York to testify to FIFA’s top corruption investigator about Australia’s controversial World Cup bidding strategy. The Fin

Iron ore shock sinks WA forecasts

A sustained fall in the iron ore price could erase more than $1 billion from Western Australia’s debt-laden balance sheet. The Fin

Business push on Sunday penalties

Major business groups will embark on a community and industrial campaign to cut Sunday penalty rates across a range of sectors, arguing it will increase consumer access to weekend trading and provide more youth employment. The Aus

Shell drills hole in Nexus value

Royal Dutch Shell has further complicated one of the most involved takeover bids of recent times, telling Nexus Energy that drilling at the pair’s offshore Crux gas and liquids field off Western Australia will be more expensive than previously thought. The Aus

Industry wants local gas quota axed

The oil and gas industry has called for WA's domestic gas reservation policy to be axed, claiming it is deterring investment needed to avert a looming energy crisis. The West

 

 

The Australian Financial Review

Page 1: Origin Energy managing director Grant King has made his next strategic move: an $US800 million commitment on an undeveloped Western Australian gas field that may need another $12 billion to start producing gas.

Page 2: Australia has been dragged into football’s World Cup bidding scandal, with revelations that a whistle blower has been flown to New York to testify to FIFA’s top corruption investigator about Australia’s controversial World Cup bidding strategy.

Page 4: Prime Minister Tony Abbott has adjusted his European travel plans to make a lightning visit to Indonesia to repair Australia’s relationship with President Susilo Bambang Yudhoyono.

Page 6: Coalition senators have confronted Fair Work Commission president Iain Ross with conflict of interest claims relating to members of expert panels considering the minimum wage and default super funds.

Page 9: Western Australian farmers could harvest record crops this year after above average autumn rain drenched farms during the critical wheat planting season, boosting confidence in the bush.

A sustained fall in the iron ore price could erase more than $1 billion from Western Australia’s debt-laden balance sheet.

Page 10: Aluminium giant Alcoa will take most of its workers off seven days on, seven days off rosters at its unprofitable Kwinana refinery after defeating a union challenge.

Page 17: UGL has hired Tenix chief executive Ross Taylor to run its engineering business as it prepares to seal a sale of property arm DTZ to US private equity group TPG for about $1.2 billion.

Page 20: Transport group McAleese slashed its full-year profit guidance for the second time this year as it warned revenues remained subdued and disclosed it had been underpaying superannuation at its Cootes trucking business.

Medical device maker Cochlear will begin selling in Europe a re-approved version of its hearing implant that was recalled in September 2011 after the product failed in a small number of recipients.

Page 37: Westfield Retail Trust is resisting demands to call a new meeting to consider a restructure proposal after last week’s shareholder vote was adjourned amid controversy.

 

 

The Australian

Page 1: Major business groups will embark on a community and industrial campaign to cut Sunday penalty rates across a range of sectors, arguing it will increase consumer access to weekend trading and provide more youth employment.

Page 2: Throwing Australia’s coastline open to more competition should slash the cost of goods, the competition watchdog has told a landmark review, as mining giants warn that Labor’s crackdown on foreign ships hit them with higher costs.

Page 3: Home prices have recorded their biggest fall in five years, down 1.9 per cent last month, the first decline in a year.

Page 4: Union leader Tony Sheldon has demanded Employment Minister Eric Abetz take out advertisements apologising for “defamatory’’ claims that union members’ funds were used to bankroll a Health Services Union election.

Page 7: Indigenous communities would be able to put native title payments into a tax-exempt community future fund to promote economic development, under a proposal the Abbott government has said it would like to advance.

Origin Energy is set to make an $US800 million ($864m) entry into Western Australia’s offshore Browse Basin, agreeing to buy exploration ground owned by Karoon Gas in a marked shift of Origin’s LNG export growth plans away from Queensland’s coal seam gas fields.

The latest profit downgrade from mining services group Ausdrill is a reflection of management issues within one of its units rather than a sign of a continued worsening of market conditions, the company’s chief financial officer says.

Page 20: Royal Dutch Shell has further complicated one of the most involved takeover bids of recent times, telling Nexus Energy that drilling at the pair’s offshore Crux gas and liquids field off Western Australia will be more expensive than previously thought.

 

 

The West Australian

Shares in Gryphon Minerals were higher after the company secured a mining permit for its flagship Banfora gold project in Burkina Faso.

The oil and gas industry has called for WA's domestic gas reservation policy to be axed, claiming it is deterring investment needed to avert a looming energy crisis.

Shares in TFS Corporation were higher after the sandalwood grower announced it had received a new order for sandalwood oil and that it would plant a record 1600ha of trees in 2014.

Australia's industrial watchdog has admitted it is not investigating the alleged exploitation of foreign workers at Gina Rinehart's Roy Hill iron ore project.

GR Engineering Services has won a $16.8 million contract at Rio Tinto's iron ore operations in Paraburdoo.

Commodities Group has announced a $10 million rights issue to fund its move into the aquaculture industry.

A breakthrough deal on the ownership of thousands of milking cows is expected to clear the way for the long-awaited sale of WA's biggest dairy operation.

Fairfax Media has confirmed jobs will go in editorial production, Life Media and photography, but it's scaled back the number.

The State Government has short-listed four proponents to design and build the $54 million pedestrian bridge over the Swan River that will link East Perth to Perth's new stadium in Burswood.

Tony Abbott will be accompanied by a big business delegation in Canada and the US next week, after the success of his trade-focused haul through north Asia in April.

A clerical error was to blame for Perth MHR Alannah MacTiernan failing to nominate on time for Labor's State presidency.

 

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