Barnett, Stokes lead condemnation of Palmer’s anti-Chinese outburst
Colin Barnett and Kerry Stokes have led an unprecedented intervention to reassure China that a string of “abhorrent” and “racist” comments from businessman Clive Palmer should not undermine ties with Australia’s most important trade partner. The West
BHP spin-off’s bumpy birth
BHP Billiton’s historic $15 billion spin off has been given an instant thumbs down by the company’s London investors as a plan to create a new Perth-based miner combined with a lower than expected profit disappointed shareholders. The Fin
Treasury sinks budget crisis talk
Treasury figures have punctured claims of a crisis over the passage of the federal budget, revealing that 98.9 per cent of expense measures are already legislated despite a savage political fight over a handful of reforms. The Aus
BHP leaves its nickel workforce in limbo
Almost 2000 Nickel West workers across the Goldfields and in Perth face an uncertain future after their division was yesterday surprisingly excluded from BHP Billiton’s plans to create a $14 billion diversified mining giant. The West
$3b bill for Creek berths: TPI
The cost of building a new export terminal at Port Hedland for junior iron ore companies could top $3 billion, the Supreme Court heard yesterday. The West
Call on Abbott to expand RET
The Abbott government should seek bipartisan support to expand the renewable energy target to include gas and clean coal as a way of gaining Labor’s support and avoiding minor party horse-trading and investment uncertainty, one of Australia’s top energy experts says. The Fin
Iron ore exports lift Arrium profit 83pc
Arrium chief executive Andrew Roberts said Chinese steel output is robust and he is not concerned that the record earnings in its mining business are at their peak, despite analysts’ expectations for lower iron ore prices and concerns about Arrium’s debt levels. The Fin
IAG focuses on the bottom line
Insurance Australia Group chief Mike Wilkins is not planning to flex his muscles to put pressure on challenger brands taking share in personal lines, arguing a healthy bottom line is more important than chasing growth over the long term. The Aus
The Australian Financial Review
Page 1: BHP Billiton’s historic $15 billion spin off has been given an instant thumbs down by the company’s London investors as a plan to create a new Perth-based miner combined with a lower than expected profit disappointed shareholders.
The federal government has been forced to reassure Beijing that its relationship with Australia’s largest trading partner was still valued, but Clive Palmer remained unrepentant over his outburst in which he labelled the Chinese “mongrels” and “bastards”.
Page 3: Reserve Bank of Australia board member and economist John Edwards says Australia should cut its company tax rate to boost global competitiveness.
Page 4: The political establishment had to stop treating the budget debate like a spectator sport because Australia could end up like Europe if debt and deficit were allowed to keep growing, Finance Minister Mathias Cormann said.
Page 5: The Abbott government should seek bipartisan support to expand the renewable energy target to include gas and clean coal as a way of gaining Labor’s support and avoiding minor party horse-trading and investment uncertainty, one of Australia’s top energy experts says.
Page 7: The economy is being held back by banks favouring home loans over lending to productive businesses, industry super funds say.
Page 9: Litigation funders could make up to $180 million if a class action against ANZ, Citibank and Westpac over bank fees goes ahead.
Page 15: QBE Insurance Group is boosting its balance sheet by $US1.5 billion ($1.6 billion) in a last-ditch effort by chief executive John Neal to restore market confidence in a company that has disappointed investors over the past four years.
Oil Search managing director Peter Botten has warned of an 18-monthwindow for energy companies in Papua New Guinea to develop the next phase of liquefied natural gas growth without a wasteful duplication of investment.
Page 17: After losing sales for five years, retailer Dick Smith is finally showing rival JB Hi-Fi a clean pair of heels, stealing sales of tablets and computers and triggering fears of another price war in the consumer electronics market.
Page 18: Arrium chief executive Andrew Roberts said Chinese steel output is robust and he is not concerned that the record earnings in its mining business are at their peak, despite analysts’ expectations for lower iron ore prices and concerns about Arrium’s debt levels.
Page 19: Australians will face only marginal price increases to their home and vehicle policies in the new financial year as fewer claims, plummeting reinsurance costs and increased competition temper the cost of premium hikes.
Page 21: Seven West Media has bought the broadcast rights to the Gold Coast Commonwealth Games in 2018 for an estimated $43 million.
The Australian
Page 1: Treasury figures have punctured claims of a crisis over the passage of the federal budget, revealing that 98.9 per cent of expense measures are already legislated despite a savage political fight over a handful of reforms.
The Abbott government has warned Clive Palmer against using his elected position to pursue a private feud with Chinese investors, amid deepening fears of diplomatic and economic fallout from his vitriolic attack on China.
Page 2: Transport Workers Union leader Tony Sheldon asked his Victorian branch to use an “international funds transfer” to shift $20,000 from its election slush fund to help a political ally from another union in NSW.
Page 4: Australian business leaders in China have urged their counterparts to ignore the racist outbursts of Clive Palmer and Jacqui Lambie and called for stronger political and diplomatic ties between the two countries.
Page 5: Australia must build missile systems and defence shields to prepare for an invasion from China even if it costs $60 billion a year, Palmer United Party senator Jacqui Lambie has warned in a dramatic escalation of her party’s claims about the rising threat from Asia.
Page 6: A plan to save Australia’s ship building industry by bringing forward construction of eight potent new frigates for the Royal Australian Navy is being considered by the Abbott government.
Page 19: BHP Billiton has delivered a 10 per cent gain in full-year profit and confirmed the $US14 billion ($14.9bn) spin-out of unloved Australian, South African and Colombian assets, but stopped short of delivering a big capital management program many investors were expecting.
Page 20: Toll Holdings believes there remains a range of organic growth opportunities in the Australian market, especially in pharmaceuticals and agriculture, that will help build revenues in the years ahead as the company continues to battle weak domestic demand.
Page 21: Insurance Australia Group chief Mike Wilkins is not planning to flex his muscles to put pressure on challenger brands taking share in personal lines, arguing a healthy bottom line is more important than chasing growth over the long term.
The West Australian
Page 1: Colin Barnett and Kerry Stokes have led an unprecedented intervention to reassure China that a string of “abhorrent” and “racist” comments from businessman Clive Palmer should not undermine ties with Australia’s most important trade partner.
Page 6: WA business leaders have roundly condemned Clive Palmer’s tirade against China, with some warning of the potential for it to affect trade ties.
Page 8: Parliament House has a roof that leaks, a floor that sags, deteriorating century-old stonework and wooden sash windows that are held together with putty and paper.
Almost 2000 Nickel West workers across the Goldfields and in Perth face an uncertain future after their division was yesterday surprisingly excluded from BHP Billiton’s plans to create a $14 billion diversified mining giant.
Page 11: Perth is among the world’s 10 most liveable cities but continues to be let down by its culture and environment.
Page 13: Claremont Showground, known to most people as the home of the Perth Royal Show, could host short-stay apartments, pop-up markets and agricultural education and research facilities as part of the biggest proposed facelift in its 109-year history.
First pictures of a $100 million recreation hub, which will become the Fremantle Dockers’ new headquarters, have been unveiled.
Page 17: The latest health snapshot of WA shows a worrying rise in the number of obese adults, now at almost 28 per cent.
Business: The cost of building a new export terminal at Port Hedland for junior iron ore companies could top $3 billion, the Supreme Court heard yesterday.
The company at the centre of plans to introduce fracking in the Mid-West to open up what is thought to be one of Australia’s most prospective regions for unconventional gas has moved to defend the practice amid a vocal campaign against it.
Olympic great Herb Elliott has embarked on a final lap of the Fortescue Metals Group boardroom, indicating yesterday he would quit the $14.4 billion iron ore miner following its annual meeting in November.
Confusion about the $7 co-payment for GP visits appears to be deterring some from going to the doctor and others from having pathology tests.
Local internet services provider ASG Group has returned to profit, reporting a $9 million surplus after a $26.9 million loss for the 2013 financial year.
