Banks’ huge profits on notice
David Murray has challenged the big four banks’ dependence on housing, suggesting that they need to hold more capital against mortgage lending in order to reduce the risks to the stability of Australia’s financial system. The Fin
Fire on two new fronts in milk wars
WA’s dairy wars have taken two explosive twists, with leading processor Brownes facing a revolt from producers in the South West and Woolworths preparing to source milk directly from farmers for a new premium local brand. The West
Marmion keeps faith
A day after helping Atlas Iron open its $212 million Mt Webber mine in the Pilbara, Mines and Petroleum Minister Bill Marmion will today focus on another embattled part of WA’s resources industry by urging uranium players to keep the faith. The West
Telstra flags profit share deals in Asia
Telstra Corporation is seeking to launch profit-sharing agreements with major Asian telecommunications providers in exchange for building their 4G mobile networks. The Fin
Greens, Labor vote could halt offshore rigs
The $200 billion offshore oil and gas industry will be brought to its knees if the Senate votes in favour of striking out regulations relating to foreign workers, the federal government warns. The Fin
Repeal deal likely on carbon
The government is on the verge of repealing the carbon tax but faces defeat in its bid to scrap the mining tax after the Palmer United Party held firm on a threat to oppose it unless $8.2 billion in linked spending measures were retained. The Aus
Coles, GE partner up on cards
Coles is pushing deeper into British supermarket-style financial services with a joint venture that will give it a 50 per cent share of $800 million income from existing credit card holders. The West
The Australian Financial Review
Page 1: David Murray has challenged the big four banks’ dependence on housing, suggesting that they need to hold more capital against mortgage lending in order to reduce the risks to the stability of Australia’s financial system.
Page 3: The $200 billion offshore oil and gas industry will be brought to its knees if the Senate votes in favour of striking out regulations relating to foreign workers, the federal government warns.
Page 4: Clive Palmer attracted an avalanche of criticism from seniors groups after he cut a deal with the federal government to save its changes to water down Labor’s Future of Financial Advice laws.
The federal government is using the last week of Parliament to mount a push to pass key legislation, including a partial easing of the foreign-ownership restrictions on Qantas Airways.
Page 6: Australia’s superannuation system is failing to provide enough choice to allow people to manage risk in retirement, and failing to give guidance to retirees as they make complex financial decisions, the Murray inquiry has found in a damning verdict.
Page 15: Telstra Corporation is seeking to launch profit-sharing agreements with major Asian telecommunications providers in exchange for building their 4G mobile networks.
Page 17: Shares in South Africa’s Woolworths have soared after the retailer secured strong support from David Jones shareholders for its $2.2 billion acquisition, which promises to transform the group into one of the world’s largest clothing retailers.
Online travel group Webjet plans to build a large business-to-business division focused on selling hotel products to travel agents, after fierce competition in the consumer market led Wotif.com Holdings to accept a $703 million bid from US giant Expedia last week.
Page 18: OZ Minerals has raised its full-year copper guidance, as it prepares to extend some short-term pain for long term gain.
Foxtel has tipped the advertising market will only improve in the December quarter, after advertising figures showed another double-digit decline in pay TV revenue.
Page 29: Whitehaven Coal says metallurgical coal prices will continue to fall this quarter but is betting on a “modest recovery” later this year, with a string of mine closures and delays cutting into its competitors’ production.
The Australian
Page 1: Rupert Murdoch has called for Australia to throw open its doors to immigration and welcome those who “cherish the values of the country”.
Page 4: The government is on the verge of repealing the carbon tax but faces defeat in its bid to scrap the mining tax after the Palmer United Party held firm on a threat to oppose it unless $8.2 billion in linked spending measures were retained.
Page 8: The nation has moved a step closer to recognising indigenous Australians in the Constitution, with a parliamentary committee recommending sections of the Constitution be removed or amended.
Page 19: Japan’s megabanks are poised to swing in behind the country’s top trading houses in their hunt for fresh investments in Australia.
Page 20: The bizarre two-month rise of Fifth Element Resources from an unknown explorer into a $330 million company on the back of no news whatsoever has prompted the Australian Stock Exchange to exercise rarely used powers and suspend the stock from trading.
Page 20: Foreign ownership of Australian uranium has moved up another notch with Chinese state-owned Sinosteel snapping up the 40 per cent interest held by ASX-listed Pepin-Nini in South Australia’s Curnamona project area.
Page 21: Australian wine exports continued to decline in both volume and value terms over the 12 months to the end of June, but sales of ultra-premium plonk priced at $66 a bottle or above are surging.
Page 29: New figures have put the spotlight on institutions that flood the medical research grants system with uncompetitive applications.
The West Australian
Page 7: The appetite for high-end bricksand-mortar retail and hospitality space in Perth is about to be tested, with tenancies at the Old Treasury Buildings redevelopment put out to market for the first time.
Page 9: Embattled Carabooda market gardener Michael Le and his family have begun liquidating assets, with millions of dollars of real estate put on the market at heavily discounted prices.
Page 10: The Federal Government has warned that hundreds of workers on oil and gas rigs and support ships could be forced to down tools this week if Labor and the Palmer United Party vote to kill off a new visa regime.
Page 16: Sports groups across WA are celebrating a multimillion-dollar windfall today, with the State Government agreeing to tip in $7.2 million over the next three years.
Business: WA’s dairy wars have taken two explosive twists, with leading processor Brownes facing a revolt from producers in the South West and Woolworths preparing to source milk directly from farmers for a new premium local brand.
Fleetwood’s new boss is looking beyond the resources sector to revive the 50-year-old company’s fortunes.
Coles is pushing deeper into British supermarket-style financial services with a joint venture that will give it a 50 per cent share of $800 million income from existing credit card holders.
The dissident shareholder trying to roll the board of Antares Energy has taken his campaign to the corporate regulator.
A day after helping Atlas Iron open its $212 million Mt Webber mine in the Pilbara, Mines and Petroleum Minister Bill Marmion will today focus on another embattled part of WA’s resources industry by urging uranium players to keep the faith.
Papillon Resources has opened up a sweetener for small Australian holders reluctant to take scrip in Canadian-listed suitor B2Gold, offering yesterday to vary the friendly takeover scheme to make it easier for small holders to walk away with cash.