29/10/2014 - 05:47

Morning Headlines

29/10/2014 - 05:47

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Morning Headlines

Iron ore supply back in balance but price slow to respond

Fortescue Metals Group chief executive Nev Power says high-cost iron ore supply in China will continue to come out of the market, but conceded it was happening “much more slowly” than Fortescue had anticipated. The Fin

PM snares Milne in petrol trap

Australian Greens leader Christine Milne has opened the door to negotiating a permanent increase in petrol tax after the government intensified pressure by enacting special powers to raise the excise for the next 12 months. The Fin

Value seen in WA power asset sales

Privatising WA Government’s electricity assets could generate at least $10 billion and possibly much more to help pay down record State debt or cover the next wave of infrastructure. The West

RAC hits the road in search of park sites

The RAC is casting “a broad net” for new sites as it seeks to develop a new business pillar in holiday and caravan parks. The West

Warmer seas a threat to fish stocks

Scientists from the CSIRO and WA’s Fisheries Department are studying the effects of abnormal ocean temperatures amid evidence they are playing havoc with fish stocks. The West

Fare’s fair: Uber’s plea for reform

Uber has urged state governments to introduce new regulation to allow its drivers to pick up passengers without fear of hefty fines from transport authorities that continue to crack down on users who share rides on the service. The Aus

Tabcorp pushes for offshore bets ban

Tabcorp is in talks with the federal government to ban unlicensed offshore bookmakers from taking bets from Australian residents, citing concerns about the integrity of sporting and racing events, consumer protections and the leakage of industry fees and tax revenue. The Aus

 

 

The Australian Financial Review

Page 1: Australian Greens leader Christine Milne has opened the door to negotiating a permanent increase in petrol tax after the government intensified pressure by enacting special powers to raise the excise for the next 12 months.

Page 4: Former federal treasurer and GST architect Peter Costello has warned the tax should only be broadened in scope or increased in rate if other taxes were either abolished or lowered.

Page 6: Labor will seek minor amendments to the Abbott government’s so-called foreign fighters bill to seek greater oversight of intelligence agencies and get a clearer definition of what constitutes “promoting” terrorism.

Page 7: Trade union royal commissioner Dyson Heyson, QC, has suggested a senior Cbus employee lied about her involvement in a leak from the industry super fund to the militant building union, calling her evidence “farcical”.

Page 8: A growing thicket of business red tape is creating a new class of workers devoted solely to complying with rules and regulations, potentially costing the economy more than $250 billion a year, new research shows.

Page 13: As he marks his 20-year anniversary at the helm of Oil Search, Peter Botten could be forgiven if he felt he had done his bit, having successfully delivered Papua New Guinea’s champion oil and gas player onto a transformational growth path.

Page 15: The prospect of improved shareholder returns at BHP Billiton appears to be rising, with the miner revealing that further cuts to capital spending could follow its plan to divest a US shale gas asset.

Virgin Australia will step up the search for a new chairman after Neil Chatfield declared his intention to relinquish the reins after seven years.

Page 17: Fortescue Metals Group chief executive Nev Power says high-cost iron ore supply in China will continue to come out of the market, but conceded it was happening “much more slowly” than Fortescue had anticipated.

Page 18: Origin Energy’s flagship Queensland coal seam gas venture is facing a legal challenge from the Texas company that sold it acreage 12 years ago, over rights to large chunks of its CSG resources.

The relationship between cleaning products company Oates and Coles is in a “better place” following the consumer watchdog’s allegations of unconscionable conduct against the supermarket, parent company GUD Holdings said.

Page 24: A broader market recovery provided some positive momentum for Asciano in recent weeks after its shares plummeted from a 12-month high of $6.61 at the end of August to trade as low as $5.61 in mid-October.

 

 

The Australian

Page 1: Unemployed Aborigines in remote communities will be forced into work for the dole five days a week, with tough new sanctions for failing to participate, under changes that have in-principle cabinet agreement.

Tony Abbott has smashed through a $2.2 billion Senate roadblock on his government’s plans to increase fuel excise, signalling he will use all means available to implement his budget agenda.

Lifting university fees is likely to help more students from poorer families gain tertiary education, provided the extra income is ploughed back into needs-based scholarships and bursaries, says one of Australia’s leading young economists.

Page 5: One of the nation’s leading employer groups is urging the federal government not to use corruption within some unions as an excuse to impose “unfair laws” that would treat officials the same as company directors.

Page 6: The value of the landmark class action by the northern cattle industry against the commonwealth’s “reckless’’ one-month ban on live exports to Indonesia in 2011 could exceed $1 billion.

Page 19: Tony Abbott has promised his tax white paper is not about “extracting more revenue’’ as he declared community acceptance would set the pace of the government’s reform agenda.

Bluescope chairman Graham Kraehe will tell shareholders at next month’s annual meeting this will be his last term pending the selection of his replacement.

Uber has urged state governments to introduce new regulation to allow its drivers to pick up passengers without fear of hefty fines from transport authorities that continue to crack down on users who share rides on the service.

Page 21: Tabcorp is in talks with the federal government to ban unlicensed offshore bookmakers from taking bets from Australian residents, citing concerns about the integrity of sporting and racing events, consumer protections and the leakage of industry fees and tax revenue.

The tide of confidence in Australian agriculture is building, with a new survey by the Commonwealth Bank showing farmers in all states are now positive about the future.

Page 29: The Abbott government seems likely to continue facing pressure to provide some insurance against potential big hikes in fees after Clive Palmer yesterday insisted his party would vote against the higher education changes and continued to call for a return to free university education.

 

 

The West Australian

Page 6: Scientists from the CSIRO and WA’s Fisheries Department are studying the effects of abnormal ocean temperatures amid evidence they are playing havoc with fish stocks.

Food trucks will be trading in the City of Perth from February after the council last night approved a four-month test.

Page 10: Western Australians spend more than eight hours a week, eight weeks a year battling self-imposed red tape and dumb rules, draining the State of $37 billion a year.

Page 11: The owners of a redeveloped hotel at the Old Treasury site wanted a 24-hour licence — the second in WA — for its bars and restaurants to service a “high-class” and “sophisticated” clientele.

Page 12: A halving of smoking rates in WA in the next decade could save $1.3 billion — the equivalent of the cost of building Perth’s new children’s hospital.

Page 14: Australian mining companies would have to report payments to foreign governments under proposed new laws.

Page 16: Mining billionaire Andrew Forrest has joined a beefed-up board of the Art Gallery of WA as it works to reclaim ground lost after the collapse of its series of exhibitions from the Museum of Modern Art in New York.

Page 17: Privatising WA Government’s electricity assets could generate at least $10 billion and possibly much more to help pay down record State debt or cover the next wave of infrastructure.

Page 18: A veteran pastoralist who lost everything in the fallout from the ban on live cattle exports to Indonesia says a damages claim against the Federal Government has come too late to bring back her beloved Kimberley station.

Business: The RAC is casting “a broad net” for new sites as it seeks to develop a new business pillar in holiday and caravan parks.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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