Morning Headlines

Two-step China FTA plan

Australia is preparing to sign a staged trade agreement with China to enable Prime Minister Tony Abbott to meet his self-imposed deadline while leaving more time to resolve disputed issues. The Fin

Nickel West sale off as lowball bids miss target

BHP Billiton has shelved the $800 million sale of Nickel West after bids for the struggling unit failed to meet its price expectations. The West

Iron ore drop won’t cause instant cuts

Treasurer Joe Hockey has vowed to protect the economy over summer by avoiding short-term spending cuts to reverse the impact of falling iron ore prices on the budget deficit, forecast to exceed $100 billion over four years. The Fin

Mother and child court reunion for Rinehart

The future of Gina Rinehart’s most prized mining assets, including Roy Hill and Hope Downs, are under threat after it emerged her two estranged children are attempting to claw back profits from the giant iron ore mines dating back more than two decades. The Fin

PTA boss slams CBH over rail backtrack

Public Transport Authority boss Reece Waldock has lashed out at CBH in the wake of revelations about the closure of Wheatbelt rail lines known as Tier 3. The West

Protest forces Aurizon change

Aurizon is likely to avoid a second hit against its remuneration report at its annual meeting in Perth on Wednesday after the board changed executive performance hurdles and improved disclosure of pay packages. The Fin

Workers will trade wages for time off

Thousands of workers on the $US54 billion Gorgon project could strike for a new contract that would give them more time off but leave them thousands of dollars a year worse off. The West

The Australian Financial Review

Page 1: Australia is preparing to sign a staged trade agreement with China to enable Prime Minister Tony Abbott to meet his self-imposed deadline while leaving more time to resolve disputed issues.

Wealthy Chinese people seeking residency in Australia will be required to inject money into venture capital funds under proposed changes to investor visa rules.

Page 3: Hopes for an imminent deal on the future of the Renewable Energy Target were dashed when Labor said it would walk away from talks, blaming the government for inflexibility in its negotiating position.

Page 6: Retail boss Gerry Harvey has slammed Australia Post for “aiding and abetting” GST-dodging online shoppers.

Treasurer Joe Hockey has vowed to protect the economy over summer by avoiding short-term spending cuts to reverse the impact of falling iron ore prices on the budget deficit, forecast to exceed $100 billion over four years.

Page 8: The future of Gina Rinehart’s most prized mining assets, including Roy Hill and Hope Downs, are under threat after it emerged her two estranged children are attempting to claw back profits from the giant iron ore mines dating back more than two decades.

Page 15: Furious minority shareholders in Chinese-controlled coal producer Yancoal claim they were approached by management over a buyout just weeks before the Australian-listed coalminer announced a dilutive $US2.3 billion debt-for-equity swap on Monday.

Page 17: Outgoing Fortescue Metals Group founding director Graeme Rowley says the miner should “stick to its knitting” and ignore the temptation to diversify into other commodities.

Page 21: Seven Group Holdings chief executive Don Voelte said he has “no idea” whether control of Nexus Energy will end up with his company or if it will be placed in liquidation.

Aurizon is likely to avoid a second hit against its remuneration report at its annual meeting in Perth on Wednesday after the board changed executive performance hurdles and improved disclosure of pay packages.

Page 28: Heavy falls in the biggest miners pushed the Australian sharemarket lower, as the outlook for commodity prices continues to worsen while the local currency remains resilient.

The Australian

Page 1: Workers defecating in the boots of colleagues, urinating on helmets and overalls and making expletive-laden threats against “laggers” and “dogs” are among explosive allegations by three waterfront employees taking unprecedented bullying action against the Maritime Union of Australia.

Page 2: Indigenous Affairs Minister Nigel Scullion has acknowledged there may be no future for some remote indigenous communities in Western Australia as Premier Colin Barnett yesterday revealed he plans to close up to 150 of the state’s 274 tiny settlements.

Page 7: Fresh light has been shed on the failure of the Foreign Investment Review Board’s regulation of foreign property purchases, with immigration officials admitting they don’t tell FIRB when temporary residents who have bought homes leave the country, or when their visas expire.

It is being touted as the Grange Hermitage of the food world, and from next week Australia’s first raw milk blue vein cheese will hit the market at a cool $300 a kilo.

Page 21: The head of one of the world’s biggest mining companies has declared that investment in trade related infrastructure will be “pivotal” to this week’s Group of 20 talks.

Oil refineries are coming under additional pressure because of costs related to Labor’s coastal shipping law, the Coalition will argue today.

One of the leaders of the Australian accounting profession and a highly respected adviser to corporate Australia has warned of dire consequences if any local or global crackdown on profit shifting by multinationals creates rules that drive investment out of the country.

Page 23: Incitec Pivot shares logged their biggest jump in a year after the explosives and fertiliser-maker beat full-year profit expectations with a strong performance from its recently opened Moranbah explosives plant.

Page 24: Rio Tinto’s attempts to overcome an impasse with Mongolia over the $US5 billion ($5.8bn) expansion of the Oyu Tolgoi copper and goldmine will be delayed by the departure of the Mongolian prime minister, according to the departing chief executive of the Rio subsidiary that runs the mine.

The West Australian

Page 3: Liberal marginal seat MP Ian Britza is considering contesting the next election as an independent, declaring that his Morley constituents “don’t like my party or its leadership”.

Page 9: Tony Abbott has pressed Russian President Vladimir Putin to follow the lead of his country’s Cold War nemesis by apologising and paying compensation to the families of the victims of the Flight MH17 disaster.

Page 14: The price war between WA’s competing natural gas retailers has hit fever pitch, with Wesfarmers-backed Kleenheat offering discounts of up to 20 per cent in a bid to lure customers.

Thousands of workers on the $US54 billion Gorgon project could strike for a new contract that would give them more time off but leave them thousands of dollars a year worse off.

Page 17: Parents at WA’s biggest private school are up in arms about a fee rise of 7 per cent a year for the next three years, with many saying they will be forced to withdraw their children.

Business: BHP Billiton has shelved the $800 million sale of Nickel West after bids for the struggling unit failed to meet its price expectations.

Public Transport Authority boss Reece Waldock has lashed out at CBH in the wake of revelations about the closure of Wheatbelt rail lines known as Tier 3.

With construction of Inpex’s company-defining Ichthys LNG project past the half way mark, the investment community’s focus has inevitably shifted to whether the ambitious venture can be delivered within its $US34 billion ($39.4 billion) budget, and by its target deadline of late 2016.

TPG Telecom has underlined its intent by spending a further $8 million to increase its stake in Amcom Telecommunications ahead of a possible bid.

Rio Tinto has again swung the axe at the Argyle diamond mine, cutting up to 40 positions from the Kimberley operation only weeks after sharply downgrading production expectations for the mine.