04/07/2014 - 05:49

Morning Headlines

04/07/2014 - 05:49

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Morning Headlines

We will pass reform budget: PM

Tony Abbott has vowed to stare down opposition to his budget in the Senate and declared it will eventually be passed as Joe Hockey said he would bypass the upper house to implement his asset-recycling program if necessary. The Aus

Iluka warned not to overpay for Kenmare

Soft mineral sands prices have prompted analysts to warn that Iluka Resources should avoid overpaying in its attempt to gain control of a low-margin ilmenite mine in Mozambique. The Fin

Woodside signs MoU for new offices

Resources giant Woodside Petroleum will move its global head office to a $1 billion development at the old Emu Brewery site in the Perth CBD. The Aus

Sirius Nova plans under microscope

Just days out from announcing the results of a definitive feasibility study into development of its Nova-Bollinger project, Sirius Resources yesterday began the environmental approvals process for its nickel-copper development on the fringe of the Nullarbor. The West

Poli leaves Aquila as Aurizon moves in

Aquila Resources’ chairman Toni Poli has resigned from the company he co-founded as bidders Aurizon and Baosteel move to take control. The Fin

ASIC not done yet in DJs battle

The Australian Securities and Investments Commission has not ruled out further intervention in South African retailer Woolworths’ $2.2 billion acquisition of David Jones and $213 million offer for Country Road. The Fin

CBA exposed to flood of claims

The Commonwealth Bank of Australia has exposed itself to thousands of new claims by aggrieved customers of its financial planning subsidiaries after pledging to review advice provided over the past decade. The Fin

Iron ore price has ratings at risk

Standard & Poor’s has warned that continued iron ore price weakness threatens the ability of BHP Billiton and Rio Tinto to maintain their cherished credit ratings while also meeting shareholder expectations for multi-billion-dollar share buybacks and increased dividends. The Aus

 

 

The Australian Financial Review

Page 1: The Commonwealth Bank of Australia has exposed itself to thousands of new claims by aggrieved customers of its financial planning subsidiaries after pledging to review advice provided over the past decade.

Page 4: Prime Minister Tony Abbott has vowed to persist until his budget has been passed, saying he does not intend to fall victim to the inability of governments to deliver reforms.

Page 5: The federal government’s plan to circumvent Clive Palmer and water down the renewable energy target will have adverse effects for the retirement savings of millions of Australians, says the Investor Group on Climate Change.

Page 8: The federal government will delay for at least a week trying to enshrine changes to Labor’s Future of Financial Advice laws as it tries to talk Clive Palmer out of joining the opposition and Greens to abolish the changes.

Page 17: The Australian Securities and Investments Commission has not ruled out further intervention in South African retailer Woolworths’ $2.2 billion acquisition of David Jones and $213 million offer for Country Road.

Page 19: Virgin Australia’s low-cost carrier, Tiger Airways, will take Sydney Airport to the National Competition Council, demanding increased access to airport gates, check-in counters and kiosks in the Sydney T2 domestic terminal.

Aquila Resources’ chairman Toni Poli has resigned from the company he co-founded as bidders Aurizon and Baosteel move to take control.

Page 21: The Federal Court has fined lender GE Capital $1.5 million for trying to dupe 700,000 credit card customers into agreeing to receive increased card limit offers, following an ASIC investigation.

Page 22: Soft mineral sands prices have prompted analysts to warn that Iluka Resources should avoid overpaying in its attempt to gain control of a low-margin ilmenite mine in Mozambique.

Page 34: Stockland retirement chief Stephen Bull has opened the door to retirement asset sales but insists the group will continue to expand its presence in the sector.

 

 

The Australian

Page 1: Tony Abbott has vowed to stare down opposition to his budget in the Senate and declared it will eventually be passed as Joe Hockey said he would bypass the upper house to implement his asset-recycling program if necessary.

Page 2: Labor has taken aim at Tony Abbott’s decision to scrap Australia’s national security legislation watchdog, saying the government’s proposed changes to the security regime make the role more important than ever.

Page 4: Clive Palmer’s three senators have hardened their opposition to Tony Abbott’s $7 GP co-payment, welfare reforms and paid parental leave, as their most outspoken member accused the Prime Minister of putting votes ahead of the safety of his daughters.

Page 19: Commonwealth Bank chief Ian Narev has strongly maintained his support for the government’s changes to financial advice laws, arguing that thousands of customers who lost millions of dollars at the hands of the group’s dodgy planners were failed by management rather than lax regulation.

Newly elevated Coles managing director John Durkan is seeking more long-term supply deals with food manufacturers after signing a 10-year contract with Murray Goulburn that is expected to see $1 per litre milk remain a fixture in Australian supermarkets.

Page 20: Standard & Poor’s has warned that continued iron ore price weakness threatens the ability of BHP Billiton and Rio Tinto to maintain their cherished credit ratings while also meeting shareholder expectations for multi-billion-dollar share buybacks and increased dividends.

Resources giant Woodside Petroleum will move its global head office to a $1 billion development at the old Emu Brewery site in the Perth CBD.

Page 27: Retailers have blamed the federal budget for the worst sales performance in more than a year, as a collapse in consumer sentiment led to a sharp decline in discretionary spending.

Page 29: Qantas passengers face a fuel surcharge increase of up to $45 one way on some parts of the joint network with Emirates from Tuesday.

 

 

 

The West Australian

Page 3: Privately insured patients treated in WA public hospitals will be encouraged to use health insurance to pay for procedures as part of Health Minister Kim Hames’ plan to contain costs in the health system.

Page 4: The Commonwealth Bank has apologised to thousands of customers for poor and possibly fraudulent financial advice but will make those people have their claims for compensation vetted by bank staff.

Page 7: The Reserve Bank has signalled it may have to cut interest rates to prop up the economy as Federal Budget-scarred shoppers shun the nation’s malls.

Page 11: First-homebuyers have been snapping up homes at volumes not seen in more than 18 months as they try to beat the cut-off for a fall in the stamp duty threshold.

Page 12: WA’s environment watchdog is facing a big test over plans for an iron ore mine in an ecologically sensitive part of the Goldfields it has previously vowed to safeguard.

Page 28: The developer at the centre of the plan to rezone the Rosehill Golf Club for housing just north of Perth Airport claims the homes will be “library quiet” and “a showcase” of what can be achieved next to airports.

Business: Just days out from announcing the results of a definitive feasibility study into development of its Nova-Bollinger project, Sirius Resources yesterday began the environmental approvals process for its nickel-copper development on the fringe of the Nullarbor.

Silver Lake Resources has hinted it may sell its Lakewood processing plant after yesterday announcing plans to mothball the 900,000 tonne-a-year mill.

Norton Gold Fields has secured victory in its hostile $28 million takeover bid for Bullabulling Gold after the target’s board yesterday conceded defeat.

 

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