$300b black hole
Treasurer Joe Hockey has threatened to go around the Parliament to cut government spending as figures suggest the Budget is facing a $300 billion hole. The West
Rio, FMG ramp up production rates
Fortescue Metals Group and Rio Tinto will push production beyond current record levels in the next 12 months, as the iron ore giants shrug off falling prices and discounting, and focus on driving down costs. The Fin
Fox in $85bn bid for Warner
Rupert Murdoch’s film and entertainment group 21st Century Fox is negotiating one of the world’s biggest-ever media mergers, making an offer for Time Warner that would create a $US160 billion ($170bn) media entertainment juggernaut. The Aus
Bank rules ‘threaten’ economy
ANZ Banking Group chief executive Mike Smith has hit back at David Murray’s suggestion that banks be made safer by holding more capital, saying the flow of funding to the economy would be put at risk. The Fin
TPG’s broadband plan under fire
TPG Telecom’s plan to compete against NBN Co by connecting 500,000 apartments is under threat by a government-appointed panel. The Fin
Nickel find sparks Sirius share climb
Shares in Sirius Resources rose 14 per cent on Wednesday after the nickel aspirant made another potentially exciting discovery near the Fraser Range region of Western Australia. The Fin
Senate blocks gas project visas
The $200 billion offshore oil and gas industry has been thrown into limbo after the Greens and Labor won support in the Senate to strike down several categories of foreign-worker visas. The Aus
Furniture Spot sold to son
A liquidator is investigating the sale of the Furniture Spot business to the owner’s son shortly before the trading company collapsed owing creditors about $6 million. The West
The Australian Financial Review
Page 1: ANZ Banking Group chief executive Mike Smith has hit back at David Murray’s suggestion that banks be made safer by holding more capital, saying the flow of funding to the economy would be put at risk.
The government risks another $4 billion blowout to its budget from key independent senators, who want to keep business tax breaks supposed to be removed with the mining tax.
Page 4: Clive Palmer’s plan to push for a zero-price emissions trading scheme may never get off the ground amid concerns it is unconstitutional.
Page 5: TPG Telecom’s plan to compete against NBN Co by connecting 500,000 apartments is under threat by a government-appointed panel.
Communications Minister Malcolm Turnbull is pushing ahead with media sector reform that could trigger mergers and acquisitions among the major players but aims to retain diversity in key markets.
Page 7: Real estate agents advising self-managed super funds to borrow and invest in property might be breaking the law, the corporate regulator has warned.
Page 9: EBay, the world’s biggest consumer marketplace, has a new argument against expanding taxes on internet purchases: it would be unfair on Australians who can’t afford to go overseas to buy cheap goods.
Page 11: The Australian Security Intelligence Organisation will get enhanced powers to spy on Australians overseas in an effort to thwart terror attacks on Australian soil.
Page 17: Fortescue Metals Group and Rio Tinto will push production beyond current record levels in the next 12 months, as the iron ore giants shrug off falling prices and discounting, and focus on driving down costs.
Discount grocer Aldi may soon be facing competition from cut-price European rivals or local players if trends in the $88 billion Australian grocery market mirror those in the United Kingdom.
Page 19: Qantas’s foreign ownership laws will be relaxed but aircraft maintenance will not be allowed to go offshore, Labor’s transport spokesman said.
Page 23: Shares in Sirius Resources rose 14 per cent on Wednesday after the nickel aspirant made another potentially exciting discovery near the Fraser Range region of Western Australia.
Optimism about an improving outlook for mineral sands helped buoy sentiment towards Iluka Resources following the release of its June quarter production data.
The increase in Rio Tinto’s full-year copper guidance shows what a focus on sweating existing assets can achieve, but analysts say the target is still conservative.
The Australian
Page 1: Rupert Murdoch’s film and entertainment group 21st Century Fox is negotiating one of the world’s biggest-ever media mergers, making an offer for Time Warner that would create a $US160 billion ($170bn) media entertainment juggernaut.
Wealthier families would take the biggest hit from a key budget saving that Labor and the Greens are blocking, according to a confidential analysis that reshapes a political fight over the budget’s fairness.
Page 2: A Centrelink office in Western Australia had planned to time its employees’ work calls using stopwatches, in a move a union has described as taking “micromanagement to a new level”.
Page 4: The $200 billion offshore oil and gas industry has been thrown into limbo after the Greens and Labor won support in the Senate to strike down several categories of foreign-worker visas.
Page 17: John Rice, vice-chairman of US multinational GE, one of Australia’s largest foreign investors, says its $3.5 billion pipeline of investment in green energy in this country is at risk because of possible changes to the renewable energy target.
Page 18: Rio Tinto has revealed it will add about $US700 million ($749m) to revenue this year as it runs down iron ore stockpiles ahead of more supplies coming on to the global market and ramps up production at two of its big copper mines.
A Government review into the regulations underpinning the $41 billion National Broadband Network has pushed for tougher oversight of the competition watchdog as well as a raft of new measures to bolster the mammoth infrastructure project’s defence against cherry-picking competitors.
Page 19: Heavyweight travel and entertainment players Flight Centre and Event Cinemas are among 40 Australian brands to adopt Visa’s new mobile wallet — but it has a long way to go before unseating rival PayPal.
Page 23: James Packer’s Melco Crown has vaulted to prominence in the race to win a casino licence in Tokyo and its success would pave the way for a wave of Australian investment in Japan.
The West Australian
Page 1: Treasurer Joe Hockey has threatened to go around the Parliament to cut government spending as figures suggest the Budget is facing a $300 billion hole.
Page 3: Two private schools in Perth that still use corporal punishment to discipline students have fallen under the national spotlight after an education adviser to the Federal Government reignited debate about the merits of the cane.
The WA Cricket Association has appointed businessman Mike Smith to head a committee charged with delivering a review on the future of its East Perth headquarters by the end of the year.
Page 4: More than 300 of the world’s senior business figures, including Shell chief executive Ben van Buerden and media mogul Rupert Murdoch, are descending on Sydney for a conference on jobs, investment and economic growth.
Page 13: Mandurah doctor Frank Jones wants to use his new role as head of Australia’s peak GP group to push for wider debate on health funding, including end-of-life care.
Business: A liquidator is investigating the sale of the Furniture Spot business to the owner’s son shortly before the trading company collapsed owing creditors about $6 million.
Fifth Element Resources should be able to update market regulators on its mystery shareholders and whether it is compliant with listing rules within days after the corporate watchdog fired off tracing notices to nominee holders of 50.5 per cent of its equity.
Fortescue Metals Group is promising to sweat its assets after ending its $10 billion Pilbara expansion, flagging an aggressive production target of 155 to 160 million tonnes of iron ore this financial year.
After a number of false starts, WA coffee company Muzz Buzz will today announce what it claims to be Australia’s first nonbank drive-through ATM, at its Canning Vale site.
Dairy farmers are considering a legal challenge to long-term supply contracts with Brownes as they prepare for a showdown with the leading milk processor.