Fortescue’s ore piles up at China’s ports
Fortescue Metals Group is struggling to sell lower-quality iron ore in the oversupplied China market and is believed to be holding at least 6 million tonnes of iron ore at Chinese ports, a report says. The Fin
Setback for Rinehart in dispute over royalties
Gina Rinehart and iron ore rival turned ally Angela Bennett have had a setback in their pursuit of Rio Tinto for $200 million, with a Supreme Court appeal decision possibly wiping $80m off their royalties payment. The Aus
Tax office ponders action at Griffin Coal
The Australian Taxation Office is understood to be considering a second wind-up action against Griffin Coal in as many years as the financial crisis engulfing the loss-making Collie coal miner intensifies. The West
FIRB failing on property says Liberal
Wealthy foreigners are illegally buying property because of Foreign Investment Review Board ineptitude, according to the federal MP leading an inquiry into the huge surge in property prices that has split Treasurer Joe Hockey and the Reserve Bank of Australia. The Fin
Rio touted as possible takeover target
Rio Tinto is on Glencore chief Ivan Glasenberg’s wish list, but a takeover attempt at current prices would blindside the market, fund managers say. The Fin
More sceptical investors and analysts short weak Myer
Department store Myer is re-emerging as one of the most heavily shorted stocks on the market as investors discount takeover rumours and factor in the growing threat to sales from a reinvigorated David Jones. The Fin
Nelson Point positions become BHP casualties
BHP Billiton has cut more jobs from its Port Hedland operations as part of its iron ore division efficiency drive, with about 35 positions made redundant late last week. The West
The Australian Financial Review
Page 1: Wealthy foreigners are illegally buying property because of Foreign Investment Review Board ineptitude, according to the federal MP leading an inquiry into the huge surge in property prices that has split Treasurer Joe Hockey and the Reserve Bank of Australia.
Page 3: The federal government is starting a review of the $3 billion in annual fees for visas and other border taxes and charges in an attempt to make the system more efficient and business friendly.
Former NAB foreign exchange trader Lukas Kamay denies he used profits from a $7 million insider trading scandal to snap up a $2.375 million luxury apartment from the reality television show The Block.
Page 6: The federal government will officially extend an olive branch to Labor next week in a bid to end the uncertainty which threatens to kill billions in investment in the renewable energy sector and drive up power prices.
Page 9: The arrival of Russia’s two top economic officials at this weekend’s Group of 20 meeting suggests Prime Minister Tony Abbott will be also now be shaking Vladimir Putin’s hand in Brisbane in November.
Page 17: Department store Myer is re-emerging as one of the most heavily shorted stocks on the market as investors discount takeover rumours and factor in the growing threat to sales from a reinvigorated David Jones.
Page 19: Origin Energy chief executive Grant King has singled out geothermal energy and hydropower as targets for long-term investment but will stay away from markets where projects rely on subsidies as they “always send in grief”.
Australian coal producers will be hit by a Chinese ban on low-quality coal, which is likely to force costs higher and could drive demand to Indonesia.
Page 20: Rio Tinto is on Glencore chief Ivan Glasenberg’s wish list, but a takeover attempt at current prices would blindside the market, fund managers say.
Page 24: Gold giant AngloGold Ashanti has scrapped plans for a $2.5 billion demerger just a week after they were announced, after investors led by billionaire hedge fund manager John Paulson fought the move.
Fortescue Metals Group is struggling to sell lower-quality iron ore in the oversupplied China market and is believed to be holding at least 6 million tonnes of iron ore at Chinese ports, a report says.
The Australian
Page 1: The Australian Workers Union has called for the aluminium industry to be exempted from the renewable energy target, a move that will increase pressure on Labor to negotiate a bipartisan deal with the Coalition on changes to the scheme.
One of China’s biggest milk companies is buying up dairy farms in Australia, convinced it can generate higher milk production and bigger profits here than most local dairy farmers are achieving.
Page 2: Plans for a $2 trillion boost to global growth are under threat as Joe Hockey tries to head off European concerns about a new reform agenda to be agreed by world economic leaders in Cairns this week.
Page 3: Joe Hockey has played down fears record-low interest rates and a stampede of foreign investors are fuelling an unsustainable bubble in house prices at the same time the Reserve Bank signals it is becoming more concerned.
Page 5: The ABC has not explained why it failed to mention the Coalition’s plan to invest $20 billion in medical research in a prime-time television program that aired repeated criticisms of government funding cuts.
Page 19: Reforms to encourage more small companies to issue shares to employees could reap hundreds of millions of dollars in new tax revenue and help reverse a drain of “innovation economy’’ employees overseas.
Qantas International boss Simon Hickey says the business unit is becoming more flexible and nimble as it moves to boost aircraft utilisation as part of its strategy to slash losses.
The technology venture capital firm backed by James Packer, Seek co-founder Paul Bassat and the billionaire Liberman family plans to invest up to $100 million a year on new investments in Israel and the US in its biggest push on to the international stage.
Page 20: The companies behind the $70 billion of liquefied natural gas projects being built in Queensland are continuing to scour the Cooper Basin for alternative sources of gas, Drillsearch managing director Brad Lingo says.
Australia’s iron ore miners received a boost on the sharemarket yesterday after a surge in the commodity’s price, but talk of a rally could be premature.
Page 21: Gina Rinehart and iron ore rival turned ally Angela Bennett have had a setback in their pursuit of Rio Tinto for $200 million, with a Supreme Court appeal decision possibly wiping $80m off their royalties payment.
Iron ore miner Fortescue Metals Group has walked away from its efforts to open up new fronts in New Zealand and Queensland, abandoning the tenement positions it built up in the two areas.
The West Australian
Page 3: A $30 million taxpayer-funded investment into the Pilbara property market has turned sour as the State Government struggles to sell 28 apartments at a complex in Karratha.
Page 6: Australian special forces sent to Iraq could take part in combat operations rather than just training of Iraqi and Kurd forces, Prime Minister Tony Abbott has suggested.
Page 7: The minister in charge of promoting tourism in WA says he would not go surfing or swimming far off South West beaches for fear of sharks.
Page 14: A Perth GP says the health system failed a mentally unwell patient who was taken by ambulance to Joondalup Health Campus last week after reporting suicidal thoughts but sent home, where she tried to take her own life.
Page 17: The State Government has backed away from plans to impose mandatory inspections on property owners with private power poles and fine those who fail to maintain the assets.
Page 18: WA grain growers’ hopes of full deregulation of the wheat export industry have been dashed.
Page 19: The Perth Concert Hall will have “fresh life” blown into it under a management plan approved by City of Perth last night.
Page 21: Training requirements for WA councillors could be reviewed after the City of Canning was yesterday dismissed for the second time in 13 years.
Business: The Australian Taxation Office is understood to be considering a second wind-up action against Griffin Coal in as many years as the financial crisis engulfing the loss-making Collie coal miner intensifies.
BHP Billiton has cut more jobs from its Port Hedland operations as part of its iron ore division efficiency drive, with about 35 positions made redundant late last week.
A banker told his partner in an insider trading scheme to keep his spending under wraps, despite buying a property from a reality TV show and reaping millions from a secret second account.
Deutsche Bank economists have warned the plunging iron ore price could put the State Government’s credit rating at further risk as Standard & Poor’s prepares to release a new round of credit assessments of State governments in coming weeks.