Morning Headlines

Regis warns of $280m whack

Regis Resources has flagged one of the biggest impairments to hit the local gold sector in many years, capping a horror year for the erstwhile market darling. The West

Woodside buyback in doubt

Woodside Petroleum’s proposed $US2.68 billion ($2.85 billion) buyback of shares from Royal Dutch Shell is hanging by a knife edge, as evidence grows that some large super funds are prepared to vote against the proposal rather than sacrifice good corporate governance principles. The Fin

Forrest’s revolution for welfare

About 2.5 million welfare recipients on “working-age payments”, including disability support pensioners and carers, would be forced into a cashless world where 100 per cent of their payments were income managed and they were banned from purchasing “prohibited” goods. The radical proposal is contained in mining magnate Andrew Forrest’s blueprint for indigenous welfare and employment, which he has delivered to the Abbott government. The Aus

DP World avoids WA port lockout

Port operator DP World has backed down from a threat to lockout more than 200 employees at Fremantle port on Thursday. The Fin

Senators tell Hockey to axe parental leave

Key Senate crossbenchers say the government must scrap Tony Abbott’s prized paid parental leave scheme if it is serious about securing support to fix the budget. The Fin

Ore reserves up but exploration down

Tough market conditions have not stopped miners increasing their ore reserves but a report has warned that the low level of exploration expenditure raises concerns about future mines. The Aus

The Australian Financial Review

Page 1: Rio Tinto has washed its hands of the disastrous $3.9 billion Riversdale Mining acquisition by selling the Mozambique coal project for $US50 million ($53 million).

Key Senate crossbenchers say the government must scrap Tony Abbott’s prized paid parental leave scheme if it is serious about securing support to fix the budget.

Page 3: Treasury is considering the impact on the federal budget of closing some of the tax breaks enjoyed by millions of Australians such as capital gains tax and negative gearing.

Page 4: Treasurer Joe Hockey’s signature global economic goal for the Group of 20 could be wiped out in the blink of an eye by an unexpected rise in interest rates or rapidly slowing emerging nation growth, an International Monetary Fund report shows.

Page 6: Directors would get greater protection against lawsuits from investors and regulators under a proposal being considered by the federal government.

Page 8: Port operator DP World has backed down from a threat to lockout more than 200 employees at Fremantle port on Thursday.

Page 10: The chairman of the panel reviewing the Renewable Energy Target, Dick Warburton, has asked the federal government for an extension of a few weeks for the final report that will help determine the fate of the renewable energy industry.

Page 21: Australia’s big banks raised $125 billion from wholesale markets last financial year, the highest level of borrowing in several years, as lenders move to lock in cheap funding to fight for a bigger slice of the booming mortgage market.

Woodside Petroleum’s proposed $US2.68 billion ($2.85 billion) buyback of shares from Royal Dutch Shell is hanging by a knife edge, as evidence grows that some large super funds are prepared to vote against the proposal rather than sacrifice good corporate governance principles.

Page 23: The fifth biggest iron ore business in Australia is in limbo after an apparent boardroom coup saw a hedge fund take control of American company Cliffs Natural Resources on Wednesday morning.

Page 24: Lenders mortgage insurance giant Genworth expects property sales to heat up and demand for housing to continue in the second half of 2014, as record low interest rates encourage Australians to turn to the bricks and mortar market.

Page 27: Australia’s third-largest beer group Coopers Brewery has valued itself at about $500 million as it prepares to undertake another share buy-back, with internal documents showing shares in the company are worth $357 each.

Australia’s third biggest goldminer by market capitalisation, Regis Resources, has warned it may face an impairment of up to $280 million as its year of woe continues.

Liquefied Natural Gas Ltd has extended the meteoric rise in its share price this year after completing a $38.6 million capital raising to fund a Canadian LNG export project, but some are querying the logic behind the gains.

The Australian

Page 1: About 2.5 million welfare recipients on “working-age payments”, including disability support pensioners and carers, would be forced into a cashless world where 100 per cent of their payments were income managed and they were banned from purchasing “prohibited” goods. The radical proposal is contained in mining magnate Andrew Forrest’s blueprint for indigenous welfare and employment, which he has delivered to the Abbott government.

Page 2: State government road and rail works are propping up Australia’s investment pipeline as the share contributed by mining, oil and gas is set to fall below half the total for the first time since 2011.

Page 4: Senators are urging Treasurer Joe Hockey to rethink key savings in the mining tax repeal as they push back against his renewed campaign to win their support for controversial budget cuts.

Page 6: The days of illegally downloading fantasy saga Game of Thrones could soon be numbered as the government releases a discussion paper on copyright law seeking to protect jobs and investments lost to online piracy.

Page 17: The nation’s most powerful company directors are demanding a new legal shield for defending actions alleging they have fallen foul of any part of the corporations law — including criminal matters — arguing this is crucial to reviving Australia’s spirit of entrepreneurialism.

Page 18: Tough market conditions have not stopped miners increasing their ore reserves but a report has warned that the low level of exploration expenditure raises concerns about future mines.

Page 19: A Surge in the number of technology start-ups using unloved exploration companies for backdoor listings has caught the attention of the corporate watchdog, with the Australian Securities & Investments Commission warning investors and directors to use caution.

An Origin Energy plan to access $800 million of Bass Strait gas from onshore Victoria has drawn accusations of double standards from the Gina Rinehart-backed Lakes Oil, which has been banned from drilling nearby.

Page 25: Investa Property Group has provided a strong signal that it will continue to do business across its $8 billion office platform in the face of speculation about its future ownership.

The West Australian

Page 4: Clive Palmer spent months publicly accusing election officials of incompetence and corruption but he has baulked at the chance to back up his claims before an inquiry into the conduct of last year’s Federal Election.

Tony Abbott has indicated the Government will water down plans that would force the unemployed to apply for 40 jobs a month.

The WA economy is facing its toughest run in a decade but signs are growing the State’s non-mining sector is set to grow, a report out today suggests.

Page 7: WA is the only Australian Government that still owns a bookmaking business after the ACT Government yesterday offloaded its TAB for $105 million.

Page 9: More than a quarter of WA’s public primary schools no longer teach students a foreign language, even though four years ago all of them did.

Page 14: Nurses have had a major win in their prolonged industrial claim, securing not only a 14 per cent pay rise but also a review of soaring parking fees at hospitals.

Business: Regis Resources has flagged one of the biggest impairments to hit the local gold sector in many years, capping a horror year for the erstwhile market darling.

The Australian Securities and Investments Commission has put investors on heightened alert over the renewed popularity of backdoor listings.

Heading into Kalgoorlie-Boulder’s Diggers & Dealers this time last year, Northern Star Resources was a one-mine company, though managing director Bill Beament had made no secret that he wanted new assets.

Neptune Marine Services chairman Boon Wee Kuah admits he faces a bit of a quandary over the company’s ownership.

The future of Cliffs Natural Resources’ Koolyanobbing iron ore operation is up in the air after dissident investors won a battle for control of the $US2.7 billion ($2.9 billion) valued US miner.