31/07/2013 - 07:05

Morning Headlines

31/07/2013 - 07:05

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Morning Headlines

RBA: poor policy hits confidence

Poorly conceived regulation and inconsistent policies with ill-defined goals risk undermining business confidence and contributing to a post- resources boom slump, the Reserve Bank warned as it signalled a rate cut as early as next week. The Aus

BCA urges prosperity agenda

The Business Council of Australia will urge both major political parties to embrace meaningful reforms to taxation, industrial relations, foreign investment and federal-state relation, or risk Australia slipping into an economic stasis it would never recover from. The Fin

Barnett bins councils and mayors in dramatic cleanout

WA ratepayers have been promised better services with no increase in rates under historic reforms to local government that will slash metropolitan councils from 30 to 14. The West

Woodside's Israeli deal up in air

Doubts have intensified around Woodside Petroleum's planned $US1.3 billion acquisition of a stake in Israel's large Leviathan gas field, with increasing speculation the deal may collapse and the company may instead return up to $US1 billion of capital to shareholders. The Fin

Grocer wary of legal stoush

Woolworths has defended its use of petrol discount vouchers in the face of the competition regulator's concerns, but hinted it would rather rein in the shopper dockets than engage in a legal battle. The West

Nine seeking $1.2bn IPO raising

Nine Entertainment is looking to raise up to $1.2 billion when it floats on the Australian Securities Exchange before the end of the year, and is close to mandating banks to handle the initial public offering. The Aus

Kingsgate, Resolute join list of gold mining misery

The cooling conditions in the gold sector have flushed out more write-downs, job losses and salary cuts, with Kingsgate Consolidated and Resolute Mining the latest miners to detail the pain being felt in the current climate. The Aus

CBD vacancy rate creeping up

Office leasing agents are bracing for a CBD vacancy rate of about 10 per cent when the Property Council of Australia releases official vacancy figures tomorrow. The West

 

The West Australian

Page 1: WA ratepayers have been promised better services with no increase in rates under historic reforms to local government that will slash metropolitan councils from 30 to 14.

Page 3: Gina Rinehart is withholding hundreds of thousands of dollars in family trust payments meant to go to two of her children, court documents claim.

The second shutdown of Perth's train network starts this afternoon.

Page 4: Mayors have expressed anger at being “ignored” in the biggest shake-up of council boundaries in WA history after the state government announced sweeping changes yesterday.

Page 10: Opposition Leader Tony Abbott has been accused of allowing a private company to write his “tent city” policy for asylum-seekers after Toll Holdings paid for an opposition trip to Nauru.

The nation's biggest businesses have demanded wholesale changes to the way government operates – starting with a deep cut in company tax.

Page 15: The Reserve Bank is all but assured to deliver an interest rate cut next week in a bid to salvage the rest of the economy from the slowdown across the resources sector.

Page 19: The WA government has made a last-ditch bid to change the federal government's ambitious marine park system, urging Canberra to scrap or reduce areas where fishing is banned.

Page 24: A contentious proposal to build one of Australia's biggest wind farms near a Wheatbelt town has moved a significant step closer after getting the nod from a state planning watchdog.

Business: Woolworths has defended its use of petrol discount vouchers in the face of the competition regulator's concerns, but hinted it would rather rein in the shopper dockets than engage in a legal battle.

Emeco Holdings says Keith Gordon's departure as managing director later this year has nothing to do with a slump in the mining equipment supplier's performance.

Resolute Mining has put shareholders on notice that it expects to take a big write-down on the value of its investment portfolio, with most of the losses coming from its move on troubled Ghana-focused gold miner Noble Mineral Resources.

Navitas is ready to capture stronger profits after a modest return from what it termed “a year of recovery and consolidation”.

Indonesia's appeal for thousands of cattle to ease a beef shortage has failed to create a spike in sales for WA producers.

Office leasing agents are bracing for a CBD vacancy rate of about 10 per cent when the Property Council of Australia releases official vacancy figures tomorrow.

 

 

The Australian Financial Review

Page 1: The Business Council of Australia will urge both major political parties to embrace meaningful reforms to taxation, industrial relations, foreign investment and federal-state relation, or risk Australia slipping into an economic stasis it would never recover from.

Reserve Bank of Australia governor Glenn Stevens issued a rare plea for the government to stop hurting business confidence, a sign of his growing frustration that the central bank is being relied on to drive economic growth.

Page 4: Two United States Democrat campaign experts who helped secure the re-election of President Barack Obama have been enlisted to bolster Labor's strategy for the federal election, now tipped to be held on September 7.

Liberal leader Tony Abbott promised to release a fiscal statement during the election campaign as questions began to build about how the Coalition will pay for its growing list of policies.

Page 5: Mining services companies providing housing for Australia's once-booming resources industry are switching to another market: detention centres.

Page 7: The federal government should slash the company tax rate to 25 per cent and comprehensively overhaul the tax system, including consumption and land taxes, the nation's biggest businesses say.

Page 8: The farming sector should embrace foreign investment that, combined with free trade agreements, would make it a bigger engine for economic growth, Agriculture Minister Joel Fitzgibbon has urged.

Page 9: Former competition regulator Graeme Samuel says shopper dockets have had “almost zero” effect on Coles's and Woolworths' share of the petrol market and as yet untested predatory pricing laws were unlikely to protect smaller businesses.

Page 13: Woolworths chief executive Grant O'Brien has dismissed investor concerns that Australia's largest retailer is running out of growth options and says he remains confident of restoring profit growth to more than 10 per cent.

Page 15: Doubts have intensified around Woodside Petroleum's planned $US1.3 billion acquisition of a stake in Israel's large Leviathan gas field, with increasing speculation the deal may collapse and the company may instead return up to $US1 billion of capital to shareholders.

Page 16: A more stable policy environment and the falling Australian dollar are expected to spark further growth for international education provider Navitas in the coming year.

 

 

The Australian

Page 1: Poorly conceived regulation and inconsistent policies with ill-defined goals risk undermining business confidence and contributing to a post- resources boom slump, the Reserve Bank warned as it signalled a rate cut as early as next week.

Australia's multi-billion-dollar coal-seam gas industry lacks public trust and poses considerable challenges for government and the companies involved.

Page 2: Australia's hand- picked civil society arm of the G20 will lobby the world’s biggest nations next year, urging them to strike out against corporations who use tax havens, to combat income and job inequality and to check on progress of the world’s millennium goals.

Opposition Treasury spokesman Joe Hockey has again declared the Coalition will not release its costings until after the pre- election fiscal outlook, during the campaign, despite saying last week that the document may not be worth the paper it is written on.

More tourists are expected to head to Australia with the dollar plunging to three-year lows.

Page 3: Gina Rinehart allegedly has failed to pay two of her children from the multi-billion-dollar family trust fund for the past two years, instead using the funds to pay off loans.

Page 4: The policy fight on border protection has turned to competing vows to prevent asylum- seekers being settled in Australia: the Coalition has aired plans to “encourage’’ refugees to settle elsewhere, while Labor claims it will stop them altogether.

Page 5: Kevin Rudd has recruited three senior campaign advisers to US President Barack Obama.

Page 6: An Australian scientific breakthrough is being heralded as delivering t he unprecedented double benefit of preserving depleted wild fish stocks in the world’s seas while also making prawn farming more profitable and environmentally sustainable.

Business: Nine Entertainment is looking to raise up to $1.2 billion when it floats on the Australian Securities Exchange before the end of the year, and is close to mandating banks to handle the initial public offering.

Woolworths chief Grant O’Brien has signalled there will be no let- up in the price war with rival supermarket giant Coles, as worsening economic conditions continue to undermine consumer sentiment.

The Business Council of Australia’s policy launch marks the culmination of an extraordinary project empowering the business community to sell the reform benefits they support, but the key task remains to engage the broader community and government to complete the journey.

Investors have savaged Rio Tinto’s Mongolian-focused subsidiary Turquoise Hill, wiping $ 1.16 billion from its market value over the mothballing of the Oyu Tolgoi underground expansion.

The cooling conditions in the gold sector have flushed out more write-downs, job losses and salary cuts, with Kingsgate Consolidated and Resolute Mining the latest miners to detail the pain being felt in the current climate.

Foreign Minister Bob Carr has declared Australia can still capitalise on China’s future economic growth, despite fears of a slowdown and the reality that the commodity boom is over.

Cost control and management is the No1 issue keeping Australia’s mining leaders awake at night.

Fairfax Media’s largest shareholder, Gina Rinehart’s Hancock Prospecting, has endorsed ongoing printed editions of the company’s venerable mastheads as long as it ‘‘ makes commercial sense’’.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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