21/10/2014 - 05:49

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21/10/2014 - 05:49

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Hughes puts brakes on listing John Hughes has again delayed the highly anticipated public listing of his car sales empire to the second half of next year. The West Palmer faces trial over $12m port transfer

Hughes puts brakes on listing

John Hughes has again delayed the highly anticipated public listing of his car sales empire to the second half of next year. The West

Palmer faces trial over $12m port transfer

Clive Palmer has failed in his bid to strike out court action regarding the alleged misappropriation of $12 million from a port fund at an iron ore project in Western Australia. The Fin

Medibank pushed to slash costs

Medibank Private managing director George Savvides will be under pressure from investors to boost earnings by cutting costs after the $4 billion-plus privatisation, despite calls for the savings to be used to contain premium rises. The Fin

Rinehart aide ‘set to take Ten seat’

Mining magnate Gina Rinehart’s key adviser on her $73 million investment in Network Ten has been tipped to take her place on the board, as revelations of merger talks with Fairfax Media boost the company’s stock. The Aus

Miner looks to diesel as power costs skyrocket

Mining and exploration company Mincor is considering switching to diesel to power its operations, as domestic gas proves too costly. The Fin

Stokes upbeat on China, WA

Kerry Stokes says he remains confident in China’s economic growth phenomenon and says WA should rebound from its relative downturn within two years, provided the public and corporate sectors embark on an efficiency drive. The West

 

 

 

The Australian Financial Review

Page  1: A raft of proposals including tax breaks, permanent cheap loans and a clamp down on supermarket dominance contained in a paper commissioned by Agriculture Minister Barnaby Joyce are unlikely to ever see the light of day because they are either unaffordable or conflict with government philosophy.

Medibank Private managing director George Savvides will be under pressure from investors to boost earnings by cutting costs after the $4 billion-plus privatisation, despite calls for the savings to be used to contain premium rises.

Page 3: Australian National University chancellor Gareth Evans has conceded that Santos contributes to “the social good” despite the university culling the oil and gas producer from its investments for causing “social harm”.

Page 4: The rapidly ageing population may not be the huge drag on economic growth and government coffers that many believe, according to a senior Reserve Bank of Australia official.

Page 6: The corporate watchdog will target the financial planning arms of the big four banks and Macquarie and AMP as part of its future surveillance of financial advice laws.

Page 9: Mining and exploration company Mincor is considering switching to diesel to power its operations, as domestic gas proves too costly.

Advice from the Grattan Institute against government intervention to ensure gas supplies for local users has been attacked by the Australian Workers’ Union and manufacturers, which say the think tank is ignoring the harsh consequences of spiralling prices.

Page 10: Clive Palmer has failed in his bid to strike out court action regarding the alleged misappropriation of $12 million from a port fund at an iron ore project in Western Australia.

Page 15: A lucrative source of income for Coles and Woolworths could come under threat from a proposed grocery code of conduct and the competition watchdog’s crackdown on profit gouging in the $111 billion food and grocery trade.

Transfield Services’ biggest shareholder, Allan Gray, has backed the board’s decision to keep negotiations open with Spanish infrastructure giant Ferrovial, after it rejected a $1 billion takeover bid but agreed to grant the suitor limited access to its books.

Page 17: Downer EDI plans to accelerate the growth of contractor Tenix to take advantage of the privatisation of electricity assets in NSW and Queensland following its purchase from Sydney’s wealthy Salteri family for $300 million.

Australia’s largest automotive parts supplier to mechanics and trade customers, Burson Group, is in talks with the owner of the Veale Auto Parts retail chain in Western Australia as it reverts to an alternative strategy for expansion in the state.

Page 21: The remuneration package paid to Newcrest Mining managing director Sandeep Biswas has been labelled excessive by an influential proxy adviser, raising the pressure on the gold miner ahead of its annual meeting of shareholders later in October.

Glencore’s massive iron ore deposits in Africa are understood to be among the mounting pile of project hopefuls across the globe being shut out of the market by Rio Tinto and BHP Billiton’s expansion push that is flooding a depressed market with iron ore.

Page 30: The Australian Taxation Office’s decision to define crypto currency Bitcoin as a commodity has had a fatal ripple-on effect for some small businesses.

 

 

The Australian

Page 1: Only 277 indigenous jobseekers have found employment that lasted more than six months in remote regions in the past year, prompting the Abbott government to devise an overhaul of Labor’s remote jobs scheme.

The judge who will rule on claims that Clive Palmer acted dishonestly by using $12 million of China’s money to bankroll his political party and his private company has thrown out the tycoon’s legal bid to stop the case.

Page 2: Australia must repair the federal budget and confront global risks, including falling commodity prices, according to a new alert from the Parliamentary Budget Office that sharpens the political fight over controversial savings.

Page 5: The federal government is preparing to crack down on supermarkets, retailers and processors who deal unfairly with farmers, or who exploit and bully them.

Agriculture Minister Barnaby Joyce remains concerned about many recent big-spending forays by foreign companies into Australian farming.

Page 6: Japan is preparing to change the sub-surface propulsion system for its Soryu submarines, dumping German and Swedish technology in a move that could clear a potential barrier to Australia purchasing the Japanese boats.

Page 21: Wesfarmers, the 100-yearold retail and resources conglomerate that owns Coles, has done a string of reviews since 2011 into the treatment of food and grocery suppliers by its supermarket chain, including an external audit of emails penned by senior Coles executives that have now caught the eye of the regulator.

Moody’s Investors Service could downgrade its credit ratings on Australia’s more marginal iron ore producers in the coming weeks after the ratings agency slashed its price expectations.

Mining magnate Gina Rinehart’s key adviser on her $73 million investment in Network Ten has been tipped to take her place on the board, as revelations of merger talks with Fairfax Media boost the company’s stock.

Page 22: Telstra will roll out new-look stores across the country after yesterday unveiling its $112 million Sydney flagship store.

Page 23: Reserve Bank of Australia assistant governor Christopher Kent has called on Australians to work later into their lives to combat the productivity loss associated with ageing populations.

Page 30: Singapore’s City Developments Limited is edging closer to Leighton Holdings’ property business, with the group establishing Australian entities in preparation of its purchase.

 

 

The West Australian

Page 3: Speed limits in parts of Fremantle could fall to as low as 10km/h and walkers could be encouraged to share the road with motorists under plans to make pedestrians king in the port city.

Page 4: The independent Budget watchdog has warned both sides of politics the nation’s finances face new risks that could constrain spending plans for the next decade.

Page 7: WA women will be able to use the sperm of a dead partner legally to get pregnant under proposed WA laws.

Page 9: Farmers will rely on insurance to cover big losses after hail took only minutes to wipe out thousands of hectares of crops ready for harvest.

Business: John Hughes has again delayed the highly anticipated public listing of his car sales empire to the second half of next year.

Former Lihir Gold boss Graeme Hunt has found himself back in the takeover spotlight after Transfield Services yesterday dismissed a $1 billion offer from Spanish suitor Ferrovial Servicios as too cheap.

Kerry Stokes says he remains confident in China’s economic growth phenomenon and says WA should rebound from its relative downturn within two years, provided the public and corporate sectors embark on an efficiency drive.

Talisman Mining boss Gary Lethridge has played down talk of a quick return to mining at its newly acquired Sinclair nickel project, saying the company sees the $10 million buy as an advanced exploration project.

Perth’s most talked-about stockbroking firm, DJ Carmichael, is again turning over the rumour mill amid suggestions of a tie-up with Argonaut.

Chevron chief executive John Watson spends an hour talking about the future of global energy and does not once mention the price of oil.

Bargain hunting extended to miners yesterday as buying volume waned in the major banks.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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