01/10/2014 - 05:51

Morning Headlines

01/10/2014 - 05:51

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Morning Headlines

Rio defies crunch with new mine

Rio Tinto is set to push ahead with a new mine expansion at its flagship Pilbara iron ore division in a show of defiance against sliding iron ore prices and the current supply glut. The Fin

Fortescue’s long delay questioned

Fortescue Metals Group has sat on a potentially lucrative Pilbara iron ore deposit for more than seven years in another apparent breach of the “use it or lose it” principle that governs the mining sector. The Fin

Hockey’s budget retreat

The Abbott government has raised the white flag on up to $30 billion of four year budget savings, deciding to push the remaining few measures which have Senate support through the Parliament before recasting its budget strategy in December. The Fin

BHP backing for budding scholars

BHP Billiton indigenous engineering graduate Judd Harris knows the importance of attracting young Aboriginal people to his field, a task he says will be boosted by BHP’s $28.8 million investment into a new education program. The Aus

Union boss: Payments for training

The Maritime Union of Australia has hit back at accusations it forced companies to pay millions of dollars for industrial peace for offshore oil and gas projects. The West

Metals X cashes in on gold pre-pay

Metals X has secured $40.445 million in a gold pre-pay arrangement with Citibank. The West

 

 

The Australian Financial Review

Page 1: The Abbott government has raised the white flag on up to $30 billion of four year budget savings, deciding to push the remaining few measures which have Senate support through the Parliament before recasting its budget strategy in December.

Medibank Private managing director George Savvides has threatened to cut off private hospitals that aren’t up to scratch, as part of cost-cutting strategies to be rolled out after privatisation.

Page 3: Online car hire business Uber will step up its battle with taxi giant Cabcharge on Wednesday, launching an app that aims to take the hassle out of the way companies order and pay for car travel.

Page 4: Palmer United Party senator Jacqui Lambie is not happy with the deal struck by her leader Clive Palmer on the Future of Financial Advice reforms and may try to amend the bill in the Senate.

Page 11: The ageing pay phone network could be brought back from the brink of redundancy to become Wi-Fi hotspots as part of a $100million Telstra program.

Page 15: Rio Tinto is set to push ahead with a new mine expansion at its flagship Pilbara iron ore division in a show of defiance against sliding iron ore prices and the current supply glut.

The man who built WoolworthsDan Murphy’s chain into a liquor powerhouse and also ran Coles’s liquor business has now teamed up with listed retailing heavyweight Metcash.

Page 17: Fortescue Metals Group has sat on a potentially lucrative Pilbara iron ore deposit for more than seven years in another apparent breach of the “use it or lose it” principle that governs the mining sector.

Liquefied Natural Gas Ltd chief executive Maurice Brand admits to being surprised at the timing of the company’s spectacular sharemarket surge, rather than the magnitude, but says the pressure is now on to keep delivering on its flagship US export project.

Page 18: Aurizon has warned future investment in Queensland’s freight rail tracks could be scaled back after regulators knocked back a proposal that would have allowed it to generate almost $5 billion in annual networks revenues.

Page 21: The new boss of Newcrest Mining, Sandeep Biswas, will take home the biggest base salary of the big miners.

 

 

The Australian

Page 1: Federal schools funding should be conditional on the states requiring primary students to meet minimum literacy and numeracy standards before entering high school, the Business Council of Australia has urged.

Page 3: The nation is on the verge of its third consecutive severe summer with heightened risk of bushfire and heatwave, scanty rainfall and warm ocean temperatures.

Page 4: The International Monetary Fund has backed the Abbott government’s strategy of boosting infrastructure investment, saying it can achieve a big boost in growth, particularly when activity elsewhere in the economy is weak.

Page 8: BHP Billiton indigenous engineering graduate Judd Harris knows the importance of attracting young Aboriginal people to his field, a task he says will be boosted by BHP’s $28.8 million investment into a new education program.

Page 9: Coal-seam gas has been given the green light by NSW Chief Scientist Mary O’Kane, who says its risks can be managed by careful engineering, management and monitoring.

Page 21: News Corp last night agreed to a takeover of listed US online property business Move in a cash deal that values the company at $US950 million ($1.08 billion).

Diversified miners Rio Tinto and Glencore could target $500 million in annual savings if they merge their NSW coal operations, analysts on a site tour of the Swiss giant’s assets have flagged.

Page 22: Assets unloaded by some of the world’s biggest mining houses for less than $250 million created more than $1 billion in value in months for a handful of junior Australian mining companies.

Page 23: The chief executive of $1.3 billion takeover target Goodman Fielder has shaken off concerns by independent senator Nick Xenophon that Woolworths’ 85c bread could spell a death blow to independent retailers.

Page 26: Beef sales to China and the US are booming, the live cattle trade is set for its biggest year ever after Indonesia ordered a record 264,000 head in the next three months, sheep are selling for $200 a head and dairy companies are struggling to keep up with demand for milk and dairy products from Asia.

Page 29: Australia’s most mysterious listed company, Fifth Element Resources, has been ordered to hand over records associated with its controversial IPO.

Page 31: Payments under the vocational education equivalent of the HECS loan scheme have multiplied 50-fold in five years, in a warning of what may happen when the government extends higher education loans to private college students.

 

 

The West Australian

The woman the Government sacked as chief of the Department of Fire and Emergency Services has been promoted to the Public Sector Commission's corporate executive and is now in charge of public sector excellence.

Foreign Minister Julie Bishop has sought to shore up David Johnston's grip on the Defence ministry and kill off any consideration of a US-style homeland security portfolio.

The head of the country's largest wealth manager has warned Australians will end up poorer and paying more tax to fund pensions if something isn't done to boost superannuation savings.

The Maritime Union of Australia has hit back at accusations it forced companies to pay millions of dollars for industrial peace for offshore oil and gas projects.

Payphones in the Perth CBD will become Wi-Fi hotspots in the first stage of a $100 million Telstra plan to provide internet access in public spaces across the nation.

Metals X has secured $40.445 million in a gold pre-pay arrangement with Citibank.

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.

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.

Virgin Australia boss John Borghetti earned $2.78 million last financial year despite the airline's $355.6 million loss.

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