09/07/2014 - 05:48

Morning Headlines

09/07/2014 - 05:48

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Morning Headlines

Union settles with BGC over case of the concrete pour

Perth-based builder BGC has reached an out-of-court settlement with the construction union over allegations union officials delayed a crucial concrete pour at one of its sites. The Fin

BHP nickel sale hits hurdle

A native title ruling could throw a shadow over BHP Billiton’s attempts to sell its Nickel West assets, after the Federal Court last week paved the way for claims over BHP’s Kambalda nickel concentrator and Gold Fields’ St Ives mine. The West

PM urges passing of $34b in policies

Prime Minister Tony Abbott has told Senate parties frustrating his budget to suggest alternative ways to raise revenue rather than just blocking savings. The Fin

Fremantle tipped as a cruising hotspot

Fremantle has been identified as one of the world’s cruising hotspots of the future, with passenger growth expected to add more than $30 million to the local economy over the next two years. The West

The grumpy State

Premier Colin Barnett believes Western Australians are grumpy with his Government after a luckless period in which “relatively insignificant” issues have accumulated to cause him political headaches. The West

Rowe prepares for exit with warning for nation

Outgoing UGL chairman Trevor Rowe has warned that the level of spending by the federal government and the current dynamics playing out with minority parties are a threat to corporate Australia, and will ultimately lead to major local firms missing out on business to other major global rivals. The Aus

Backing for $703m Wotif takeover bid

Analysts have thrown their weight behind Expedia’s $703 million offer to buy Australian listed online travel agency Wotif, saying the deal seems positive for shareholders at a time when global groups are increasing their market share. The Aus

 

 

The Australian Financial Review

Page 1: Japanese Prime Minister Shinzo Abe accused China of posing a direct threat to regional peace and stability during a visit to Australia in which Canberra and Tokyo elevated their military and economic relationship to historic levels.

The newly formed Scentre group has begun what could be the biggest nonbank bond raising by an Australian company in Europe.

Page 3: The Commonwealth Bank and its executives face the prospect of a new Senate inquiry – and a move to link its financial advice scandal to the Coalition’s FoFA amendments – after the Abbott government blocked a Labor push to torpedo its reforms.

Page 8: Prime Minister Tony Abbott has told Senate parties frustrating his budget to suggest alternative ways to raise revenue rather than just blocking savings.

Page 9: Perth-based builder BGC has reached an out-of-court settlement with the construction union over allegations union officials delayed a crucial concrete pour at one of its sites.

Page 15: NathanTinkler has missed a scheduled payment on his $150 million acquisition of Peabody Energy’s Wilkie Creek coal mine, casting doubt once more on the fallen tycoon’s ability to stage a return to the resources sector.

Kate Spargo will become the eleventh woman to chair an ASX 200 company after outgoing UGL chairman Trevor Rowe confirmed his retirement.

Page 17: Elders chief executive Mark Allison has confirmed that a number of interested parties have been looking at the company, but says no formal offer has been put to the board and he is focused on day-to-day operations rather than any potential sale.

As part of its strategy to become a “super-regional” bank, ANZ has set itself the target of obtaining 25 per cent to 30 per cent of profits from outside Australia and New Zealand by 2017.

Page 20: Altona Mining is cashed up and looking for its next project after Swedish mining company Boliden Mineral AB bought Altona’s Finnish mining operations for $106 million.

Page 21: Rag-trader Solomon Lew is yet to confirm if he will accept Woolworths’ $2.2 billion offer for David Jones or its $213 million mop-up bid for Country Road, but there is little doubt he is already planning his next move.

 

 

 

The Australian

Page 1: Global renewable energy companies have stepped up the fight with the Abbott government, saying $15 billion worth of new infrastructure projects in Australia are at risk if the Renewable Energy Target is scrapped or watered down and warning the nation’s foreign investment credentials are on the line.

Clive Palmer personally signed off on documents that explicitly state that money in an administrative fund could only be used in the administration of a port, contradicting his claim that the money in the account was his to use as he pleased.

Page 2: National Disability Insurance Scheme chairman Bruce Bonyhady will drop the biggest hint yet that the $22 billion program could be delayed, even as the Queensland government quickens the pace on its planned 2016 rollout.

Page 3: The Queensland government could be forced to pay up to $2 billion to victims of the 2011 Brisbane floods if international hydrology experts convince a judge the disaster should have been prevented by Wivenhoe Dam’s operators.

Page 4: In surely one of the greatest speeches delivered in our parliament, Abe unveiled a new Japan — forthright, friendly, deeply aligned with Australia, now, as Tony Abbott says, a “normal nation”.

Page 19: The advertising agency given a controversial contract handling online rate negotiations in the property sector on behalf of a group of real estate agents has broken its silence, as competition law breach concerns continue to cloud the agency.

Behind the flurry of big-ticket initial public offerings, a growing cohort of smaller enterprises are availing of backdoor listings as a perceived faster and cheaper means of achieving a listing.

Page 20: Outgoing UGL chairman Trevor Rowe has warned that the level of spending by the federal government and the current dynamics playing out with minority parties are a threat to corporate Australia, and will ultimately lead to major local firms missing out on business to other major global rivals.

Qantas’s moves to retire old aircraft and consolidate its Australian engineering operations have led to a further 167 jobs being cut from its engineering division as part of the airline’s $2 billion cost-cutting program.

Page 21: Analysts have thrown their weight behind Expedia’s $703 million offer to buy Australian listed online travel agency Wotif, saying the deal seems positive for shareholders at a time when global groups are increasing their market share.

 

 

The West Australian

Page 1: Premier Colin Barnett believes Western Australians are grumpy with his Government after a luckless period in which “relatively insignificant” issues have accumulated to cause him political headaches.

Page 3: Fremantle has been identified as one of the world’s cruising hotspots of the future, with passenger growth expected to add more than $30 million to the local economy over the next two years.

Page 6: Private car users would save $1 billion in reduced travel time if the Perth Freight Link were built, a partial analysis has found.

Page 7: Household electricity bills are poised to be cut up to 8 per cent — or $126 a year on average — as the new Senate moves to axe the carbon tax within days.

Page 15: Manjimup will get a $31.4 million hospital to replace the ageing Warren District Hospital as part of a $325.8 million regional health spending spree by the State Government.

Business: A native title ruling could throw a shadow over BHP Billiton’s attempts to sell its Nickel West assets, after the Federal Court last week paved the way for claims over BHP’s Kambalda nickel concentrator and Gold FieldsSt Ives mine.

The value of Australia’s livestock export industry is tipped to jump more than $300 million to $1 billion over the next 12 months as markets open up and the Federal Government prepares to review regulations introduced to improve animal welfare standards.

Investors betting on Perth-based airline technology company Structural Monitoring Systems have pushed its share price into the stratosphere, with the onetime penny dreadful’s stock jumping more than 2000 per cent over the past 12 months.

Euroz’s profit recovery has fuelled handsome paper profits for the broking and financial services group’s new directors.

 

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