24/06/2014 - 05:26

Morning Headlines

24/06/2014 - 05:26

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Morning Headlines

Fears rise for 3000 BHP jobs

BHP Billiton employees are bracing for further job losses in its iron ore division as the State’s second largest iron ore miner considers consultants’ recommendations, including cuts of up to 20 per cent of its 16,000-strong WA workforce. The West

Rinehart feud risks iron ore project: daughter

Gina Rinehart and her warring children risk losing control of their most valuable asset — a $10 billion stake in the Hope Downs iron ore project — to mining giant Rio Tinto as part of the long-running legal battle that has engulfed the family. The Aus

Aquila holder bows to ‘opportunist’ Baosteel

One of Aquila’s 20 biggest shareholders has summed up the mood among some investors about Baosteel and Aurizon’s $1.42 billion takeover bid, saying he will be a reluctant seller into a ridiculously cheap deal. The Fin

Budget blues hitting sales, says Metcash

Wholesale group Metcash is the latest retailer to blame the federal budget for a slowdown in sales and has warned that ongoing pricing pressure from supermarket competitors Coles and Woolworths is likely to continue to hit revenues. The Aus

Resources boom ‘over-rated’

Reserve Bank of Australia board member John Edwards has challenged the influential view that Australia wasted the resources boom and faces economic hardship without a fresh 1980s-style reform push. The Fin

Abbott eyes double dissolution triggers

The federal government moved to arm itself with two more double dissolution election triggers on Monday by reintroducing legislation to abolish the carbon and mining taxes. The Fin

TWU denied driver super fund choice

A Perth truck driver said he was consistently frustrated in his bid to switch superannuation funds away from the Transport Workers’ Union of Australia-preferred retirement product, TWU Super, by union representatives. The Fin

 

 

The Australian Financial Review

Page 1: The Australian Greens are set to place fresh demands on the government as they seek to overcome an internal spilt over whether to support the $2.2 billion increase in petrol tax contained in the May federal budget.

Reserve Bank of Australia board member John Edwards has challenged the influential view that Australia wasted the resources boom and faces economic hardship without a fresh 1980s-style reform push.

Clive Palmer’s wealth is set to tumble by $1 billion just as his political influence and power peaks.

Page 3: A Perth truck driver said he was consistently frustrated in his bid to switch superannuation funds away from the Transport Workers’ Union of Australia-preferred retirement product, TWU Super, by union representatives.

Page 4: The architect of the last competition review, Fred Hilmer, has backed a call to ensure consumers don’t end up paying high prices as governments push to sell assets to fix state finances.

Page 6: The federal government moved to arm itself with two more double dissolution election triggers on Monday by reintroducing legislation to abolish the carbon and mining taxes.

Page 13: The Abbott government should retain laws that force companies to publicly publish their tax information, says the head of Transparency International Huguette Labelle.

Page 15: Wholesaler Metcash is chasing an extra $1 billion in sales from the convenience and food service sector after warning investors that earnings from its core food and grocery pillar are unlikely to return to growth until 2016.

Ten Network Holdings has received further expressions of interest from private equity and media firms as its board looks for potential transactions to recapitalise the business.

Page 17: Telstra says it will stick to its knitting and sell services provided over phone or internet connections, despite moves by rival carriers into energy retailing.

One of Aquila’s 20 biggest shareholders has summed up the mood among some investors about Baosteel and Aurizon’s $1.42 billion takeover bid, saying he will be a reluctant seller into a ridiculously cheap deal.

 

 

The Australian

Page 1: Gina Rinehart and her warring children risk losing control of their most valuable asset — a $10 billion stake in the Hope Downs iron ore project — to mining giant Rio Tinto as part of the long-running legal battle that has engulfed the family.

Page 2: Clive Palmer has outlined more than $86 billion in budget savings only to have them shot down within hours by experts who warn that his biggest idea would blow a hole in the nation’s finances.

The federal government will be forced to wait until September at the earliest to try to legislate $12 billion in welfare reforms as Bill Shorten escalates his attacks on the changes to convince voters of the unfairness of the budget.

Renewable energy interests are increasing lobbying of crossbench senators ahead of an expected vote by the new Senate on the carbon tax repeal bills early next month.

Page 4: A Review of the National Quality Framework — introduced by the previous Labor government to lift standards at the nation’s childcare centres — will consider “all options”, including delaying reforms.

Page 19: Telstra is making a move on the billion-dollar-a-year surveillance and monitoring market after the company announced plans to spend “tens of millions” to buy into SNP Security’s back-to-base alarm and security camera business.

Wholesale group Metcash is the latest retailer to blame the federal budget for a slowdown in sales and has warned that ongoing pricing pressure from supermarket competitors Coles and Woolworths is likely to continue to hit revenues.

Page 20: The men behind Australia’s newest $1 billion company, LNG Limited, say a listing in the US is likely to be the next step for the group.

AGL Energy has confirmed it will cut the carbon tax from the bills of residential and small business customers from July 1, but uncertainty remains for business as it grapples with the practicalities of removing the impost from complex supply chains and the possibility of a delay in parliament repealing the tax.

Page 21: One of David Jones’s largest shareholders has defended retail billionaire Solomon Lew’s right to jeopardise a $2.15 billion takeover offer unless South African suitor Woolworths Holdings does a side-deal with him, saying it’s simply business.

 

 

The West Australian

Page 3: More than 220 Serco workers at Acacia Prison are set to get a pay increase 55 per cent above what public servants are entitled to under the Government’s tough wages policy — and taxpayers are funding it.

Page 4: A key feature of Labor’s carbon pollution package may escape the chop, Environment Minister Greg Hunt has conceded.

Federal Treasury has taken aim at the high fees imposed on superannuation accounts, warning the entire economy would be damaged unless they fell.

Page 6: Australia will go straight to the top of the Egyptian Government in a bid to free jailed journalist Peter Greste.

Page 7: Unionist Bruce Wilson’s former secretary Christine Campbell has revealed her former boss had a signature stamp, which he feared would fall into the wrong hands within the union.

Page 10: The boss of WA’s biggest company believes businesses are paying a tax rate that is too high compared with other developed economies.

Page 12: Retail giant Woolworths has won a five-year legal battle to open a liquor superstore in Bicton despite objections from the community, local council and the executive director of public health.

Business: BHP Billiton employees are bracing for further job losses in its iron ore division as the State’s second largest iron ore miner considers consultants’ recommendations, including cuts of up to 20 per cent of its 16,000-strong WA workforce.

The Galati Group is on the hunt for more land on the Ord River irrigation scheme after revealing it wants to make WA self-sufficient in bananas within five years.

The Barnett Government has cleared the way for hydraulic fracturing in the Kimberley, backing plans by Buru Energy to explore for onshore oil and gas using the contentious technology.

Nestle has made billions of dollars serving up tasty jolts of caffeine with its Nespresso coffee machines. Now, its scientists aim to deliver much-needed vitamins and minerals to people worldwide in a similar fashion.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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