Morning Headlines

Brazilian miner in Fraser Range play

Vale’s Perth-based exploration unit is understood to have joined a long list of explorers in the Fraser Range region of Western Australia, in the hope of making a new major nickel discovery. The Fin

MUA exposed

Construction companies paid the militant Maritime Union of Australia up to $1 million to buy industrial peace in the offshore oil and gas industry, the royal commission investigating trade union corruption has been told. The West

Medibank may be a $5.7b tonic for Abbott

The Abbott government could reap a windfall of up to $5.7 billion from the float of Medibank Private after banks marketing the privatisation valued the health insurer at more than $1 billion higher than expectations. The Fin

Qantas has a new friend: the falling Australian dollar

A fall in the Australian dollar to the low-US80¢ range would place Qantas Airways in a “sweet spot” because it would weaken international competitors and increase the number of domestic holidays without having too much effect on the airline’s fuel bill, says chief executive Alan Joyce. The Fin

Fortescue demands action over reports

Fortescue Metals Group has reacted strongly to searing research reports from China focused J Capital Research, calling in lawyers and complaining to the corporate regulator. The Aus

VDM ventures into Africa with copper stake deal

Chinese-controlled VDM Group, once best known as a civil engineering contractor, has struck a deal to buy 65 per cent of a copper project in Angola. The West

The Australian Financial Review

Page 1: The Australian dollar has plunged through US87¢,close to a four-year low, but needs to lose as much as 8 per cent more to reach levels the Reserve Bank of Australia and Treasury believe would help the economy weather falling commodity prices.

The Abbott government could reap a windfall of up to $5.7 billion from the float of Medibank Private after banks marketing the privatisation valued the health insurer at more than $1 billion higher than expectations.

Page 3: Treasurer Joe Hockey is pressing the Tax Office to tackle “location specific profits” by technology companies such as Apple, which charges Australian consumers 9 per cent more for its iPhone 6 than the price it sets for the same phone in the United States.

Page 4: Health insurer Bupa will open its own branded GP clinics in its first major foray into primary care, following Medibank’s controversial pilot program.

Page 5: The Abbott government is hoping for a face-saving compromise at the G20 leaders’ summit in which Russian President Vladimir Putin gets the message he is unwelcome and stays away.

Page 6: The Australian Industry Group is set to re-open the debate on sovereign wealth by questioning whether taxes in the petroleum industry are set at the appropriate level.

Page 21: Bankers and fund managers expect the window for initial public offerings will remain open for at least another 12 months, despite the shelving of several floats and the unravelling of the local equity market this month.

A fall in the Australian dollar to the low-US80¢ range would place Qantas Airways in a “sweet spot” because it would weaken international competitors and increase the number of domestic holidays without having too much effect on the airline’s fuel bill, says chief executive Alan Joyce.

Page 23: Vale’s Perth-based exploration unit is understood to have joined a long list of explorers in the Fraser Range region of Western Australia, in the hope of making a new major nickel discovery.

Rio Tinto appears unlikely to be ready to push ahead with the second stage of the Oyu Tolgoi mine this week, despite an imminent deadline and improving relations with the Mongolian government.

Page 24: Shares in troubled rare metals group Lynas Corp dived on Monday on news of another full-year loss and a deeply discounted share issue, this time to raise as much as $83 million via a placement and rights issue.

The Australian

Page 1: The Maritime Union of Australia is battling claims that it extracted $3 million in payments from companies involved in Western Australian offshore gas projects as the price of “industrial peace”.

A bipartisan parliamentary committee chaired by a Liberal senator has severely embarrassed the Abbott government by ruling two of its proposed changes to youth welfare payments in the May budget incompatible with human rights obligations.

Page 4: New bans on trading and stockpiling National Rental Affordability Scheme incentives are poised to come into effect, aimed at stamping out a “disturbing” trade between developers in the $10,000-a-year income entitlements.

Page 17: Treasury Wine Estates boss Michael Clarke has moved swiftly to reassure investors that the company’s turnaround strategy is on track after the group failed to lock in a $3.4 billion takeover bid from its private equity suitors.

Fortescue Metals Group has reacted strongly to searing research reports from China focused J Capital Research, calling in lawyers and complaining to the corporate regulator.

Page 18: Former Rio Tinto chief Tom Albanese is the latest former mining executive to dismiss the prospect of an iron ore rebound, saying prices will remain weak and could be driven lower.

Page 27: Mobile payments start-up ingogo has secured more than $9 million in funding, attracting several high-profile investors including one with links to Alibaba, the Chinese e-commerce player making waves on the New York Stock Exchange.

The West Australian

Page 1: Construction companies paid the militant Maritime Union of Australia up to $1 million to buy industrial peace in the offshore oil and gas industry, the royal commission investigating trade union corruption has been told.

The futures of dozens of workers are in limbo after the Water Corporation said it was considering the sale of its in-house construction division.

Page 8: The Federal Government is under pressure to target Australian companies that are using a who’s who of international tax havens to avoid paying their share of tax.

Page 13: Gambling taxes should be counted in the Commonwealth Grants Commission’s calculation of the States’ own-source revenues for the purposes of the GST carve-up, shadow parliamentary secretary for WA Alannah MacTiernan says.

Business: BHP Billiton’s big acreage position in four of America’s most prospective shales has not tempted the resources giant to join the US LNG push.

Chinese-controlled VDM Group, once best known as a civil engineering contractor, has struck a deal to buy 65 per cent of a copper project in Angola.

Toro Energy has struck an exploration farm-in deal with French nuclear giant Areva over its Wiso tenements in the Northern Territory. Toro, which said Wiso was underexplored but highly prospective, will cede up to 80 per cent of the tenement package if Areva spends $2 million over six years.

One of WA’s biggest privately owned power stations has hosed down concerns over the future of the State’s coal supplies, saying there are “sufficient” reserves to last for decades.

The mysterious chairman of Australia’s most mysterious listed stock says he is pleased with Fifth Element Resources’ progress since listing in May, “notwithstanding” the corporate plod’s decision to suspend the company from share trading in July.