02/07/2014 - 06:10

Morning Headlines

02/07/2014 - 06:10

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Morning Headlines

Woodside turns on US gas

Woodside Petroleum has taken a multi-billion-dollar bet to insulate itself from the increased volatility in rapidly evolving global liquefied natural gas markets and remake its strategy after a series of abandoned investments, becoming the first Australian company to buy LNG out of Texas. The Aus

Telstra, NBN Co face off over $200m bill

Telstra’s high-stakes court battle with NBN Co could be the biggest case of telecommunications bill shock Australia has seen. The Fin

Abbott slams green power industry

Tony Abbott has sparked a war with the renewable energy sector by claiming their product was driving up power prices “very significantly” and fostering Australia’s reputation as “the unaffordable energy capital of the world”. The Fin

Tobacco firms suck in $2.2b payday

Despite warnings by tobacco executives of the threat that plain packaging, graphic health warnings and rising excise duties posed to their earnings, profits for the big three Australian tobacco companies more than doubled over the last five years to $2.2 billion. The Fin

Coles deal gives Milne top notch pork power

The Milne AgriGroup believes the sky is the limit for free-range pork production in WA after it secured a landmark deal with supermarket giant Coles. The West

Palmer denies siphoning poll funds

Clive Palmer has denied that more than $2 million was siphoned from estranged business partner CITIC Pacific to pay for his big-spending election campaign blitz last year, labelling the claim “a complete untruth”. The West

Seven loses Mermaid challenge

The Federal Court has backed oil and gas services firm Mermaid Marine in a dispute with Kerry Stokes’s Seven Network over allegations the Perth-based contractor was guilty of “murder and cowardice” by failing to rescue a stricken vessel during a 2011 hurricane. The Aus

75,000 jobs to go in mining’s new phase

As many as 75,000 resource-related jobs will be lost in the next couple of years as the industry’s $450 billion investment splurge on new capacity winds down, according to research by ANZ. The Aus

 

 

The Australian Financial Review

Page 1: Tony Abbott has sparked a war with the renewable energy sector by claiming their product was driving up power prices “very significantly” and fostering Australia’s reputation as “the unaffordable energy capital of the world”.

Australia’s most prominent small-cap investor has returned more than $800 million of clients’ money because he feels his fund has become too big to beat the market.

Page 3: The Reserve Bank of Australia looks likely to keep official interest rates unchanged for the best part of the next 12 months even though house prices posted the strongest financial-year gain in four years.

Page 4: As the government gears up for next week’s crucial first sitting of the new Senate, two key players will be largely absent. Treasurer Joe Hockey is taking a week off and Prime Minister Tony Abbott will be busy for two days playing host to visiting Japanese Prime Minister Shinzo Abe.

Page 6: Despite warnings by tobacco executives of the threat that plain packaging, graphic health warnings and rising excise duties posed to their earnings, profits for the big three Australian tobacco companies more than doubled over the last five years to $2.2 billion.

Page 13: Telstra’s high-stakes court battle with NBN Co could be the biggest case of telecommunications bill shock Australia has seen.

Page 15: Asciano chief executive John Mullen has questioned the economic viability of a new $1 billion freight hub at Moorebank in south western Sydney that will handle goods railed from Port Botany, claiming it may struggle to attract customers.

Page 17: Only weeks after turning its back on an export gas project in Israel, Woodside Petroleum is moving to ramp up its trading operations by opting to buy gas from one of the first of the planned export gas projects in the US.

Singapore agribusiness group Wilmar International could walk away from its $1.4 billion joint bid for bread and spreads maker Goodman Fielder unless the board agrees to recommend a “watered down” offer.

Internet classifieds giant Carsales.com   has pushed further into financial services by buying online lender Stratton – and prominent Carsales advertiser – for $60.1 million.

 

 

The Australian

Page 1: The nation’s childcare system faces a significant shake-up, with a draft Productivity Commission report suggesting families be able to access one simplified, means-tested payment that would cover the use of nannies.

A controversial literacy program trialled in Aboriginal communities on Cape York Peninsula is set to be adopted nationally as Christopher Pyne moves to have phonics-based teaching reintroduced to classrooms.

Page 4: The actions of a once-obscure Clive Palmer-controlled company called Cosmo Developments, which had received $10 million of Chinese funds allegedly wrongfully siphoned from a National Australia Bank account, are being forensically examined amid a quasi-judicial probe into the missing cash.

Business groups including the Australian Chamber of Commerce and Industry, the Australian Retailers Association and the Pharmacy Guild called last month for changes to penalty rates to create jobs.

Page 21: Woodside Petroleum has taken a multi-billion-dollar bet to insulate itself from the increased volatility in rapidly evolving global liquefied natural gas markets and remake its strategy after a series of abandoned investments, becoming the first Australian company to buy LNG out of Texas.

Thailand’s third-richest tycoon, Charoen Sirivadhanabhakdi, stands to significantly boost his Australian property holdings as his Singapore-listed Frasers Centrepoint last night struck an implementation agreement advancing the group’s $2.6 billion takeover of Australand Property Group.

As many as 75,000 resource-related jobs will be lost in the next couple of years as the industry’s $450 billion investment splurge on new capacity winds down, according to research by ANZ.

Page 22: The Federal Court has backed oil and gas services firm Mermaid Marine in a dispute with Kerry Stokes’s Seven Network over allegations the Perth-based contractor was guilty of “murder and cowardice” by failing to rescue a stricken vessel during a 2011 hurricane.

Page 23: Outgoing Computershare chief executive Stuart Crosby farewelled the world’s biggest share registry business on Monday with $US40 million ($42.3m) after-tax of write-downs on non-core businesses, finalising a yearlong review program.

Page 31: Australian university students might already pay among the highest fees in the world and will be paying more once deregulated, but the price of keeping fees down would be a higher tax burden that politicians from both main parties wouldn’t be prepared to contemplate.

 

 

The West Australian

Page 12: Japanese Prime Minister Shinzo Abe will be invited to sit inside Australia’s premier defence and intelligence committee next week in a highly symbolic gesture that will irritate China.

Clive Palmer has denied that more than $2 million was siphoned from estranged business partner CITIC Pacific to pay for his big-spending election campaign blitz last year, labelling the claim “a complete untruth”.

Page 13: Transport Minister Dean Nalder has bowed to pressure from farmers and ordered a safety audit of Wheatbelt rail lines that closed at the weekend.

Business: The Milne AgriGroup believes the sky is the limit for free-range pork production in WA after it secured a landmark deal with supermarket giant Coles.

Resolute has severed its decades long ties with the Bullabulling area east of Kalgoorlie after selling its stake in $28 million takeover target Bullabulling Gold to suitor Norton Gold Fields.

Former premier Richard Court has called on the Federal Government to return a greater share of gas and petroleum revenue to the States.

Dairy giant Parmalat has raised the stakes in WA’s flavoured milk wars by moving into local production at Harvey Fresh.

The future is uncertain for 2500 workers at discount retailers Crazy Clarks and Sam’s Warehouse after receivers KordaMentha and administrator Steve Nicols of Nicols + Brien were appointed to the company that owns the duo.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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