BHP spin-off to exclude Nickel West
BHP Billiton will be forced to exclude its Nickel West division from its $US15 billion spin-off of unwanted assets because the giant rehabilitation liabilities could damage the new company’s credit rating, analysts say. The Fin
FMG has ‘mature’ diversification plans: Forrest
Fortescue Metals Group has “mature” plans to diversify into other industries, with chairman Andrew Forrest confirming that the company is running the ruler over opportunities in six different commodities. The Fin
Aurizon retains faith in West Pilbara potential
Queensland coal hauler Aurizon Holdings says it has no regrets about joining Baosteel for a $1.4 billion cash bid for Aquila Resources in May just before the iron ore market collapsed. The West
TWU funds spent on $150k trucks
The Transport Workers Union says it will examine its financial controls after two former Western Australian officials were found to have misused members’ money to buy trucks worth $300,000. The Fin
Outback shame blamed for remote closures
Western Australian Premier Colin Barnett has cited child neglect and abuse and violence that he characterises as “civil war” in a strident defence of his plan to close more than half the state’s 274 remote Aboriginal communities. The Aus
Glencore writes down $6bn on Aussie assets
Trading and mining giant Glencore has been forced into an extra $6 billion of 2013 write-downs on its Australian subsidiary beyond those already booked by the Swiss-based parent company, because of a weak economic environment since taking over Xstrata last year. The Aus
Chaney, Tilbrook together again
Eight months into his final term as Woodside Petroleum chairman, Michael Chaney has injected more Wesfarmers expertise into his boardroom as the search begins for his successor. The West
The Australian Financial Review
Page 1: Australia should raise more revenue from the goods and services tax and diversify its industries to ride out the end of the mining boom and fragile world economic recovery, managing director of the International Monetary Fund Christine Lagarde says.
Australians and Australian companies face higher taxes unless the world’s largest economies clamp down on tax evasion together, Prime Minister Tony Abbott warned.
Page 5: Global accounting firm PwC was advising the Australian Taxation Office how to run its transfer pricing unit at the same time that its Luxembourg office was cutting favourable tax agreements for Australian companies.
Page 7: The Transport Workers Union says it will examine its financial controls after two former Western Australian officials were found to have misused members’ money to buy trucks worth $300,000.
Page 9: The oil and gas sector’s contribution to the economy will more than double to $67 billion by 2030, underlining the need to resist calls for policy measures such as gas reservation, according to new research.
Page 14: South African President Jacob Zuma was the first world leader to arrive in Brisbane on Wednesday ahead of the G20 summit this weekend.
Page 21: BHP Billiton will be forced to exclude its Nickel West division from its $US15 billion spin-off of unwanted assets because the giant rehabilitation liabilities could damage the new company’s credit rating, analysts say.
Ten Network deputy chairman Brian Long has denied there is a split in the television broadcaster’s board and said that it has yet to consider any firm offer to acquire the company.
Page 24: Commonwealth Bank chief executive Ian Narev has urged policymakers not to rush in implementing tougher bank capital rules, highlighting a new global plan to make “too big to fail” banks safer.
Page 25: Computershare’s stock fell more than 5 per cent on Wednesday after chief executive Stuart Irving told shareholders he expected first-half earnings per share to fall below the same period in 2014.
Page 26: The lower oil price will have little effect on Qantas Airways’ results in the first half, but it could provide a helpful boost for the full year if it remains low, says chief executive Alan Joyce.
Page 27: Fortescue Metals Group has “mature” plans to diversify into other industries, with chairman Andrew Forrest confirming that the company is running the ruler over opportunities in six different commodities.
The Australian
Page 1: Joe Hockey has accused Labor of consistently vacating the field on crucial policy negotiations, saying the opposition’s decision to walk away from talks on the renewable energy target is part of an ongoing problem.
Page 2: Jacquie Lambie has become so estranged from the Palmer United Party that she no longer plans on attending partyroom meetings.
Page 4: One of the world’s most powerful mining executives has warned that there is “no room for complacency” as he urges G20 leaders to remove barriers to growth.
Page 7: Western Australian Premier Colin Barnett has cited child neglect and abuse and violence that he characterises as “civil war” in a strident defence of his plan to close more than half the state’s 274 remote Aboriginal communities.
Page 8: One of the three workers taking unprecedented bullying action against the maritime union last night declared the trio had been “crucified’’ by the union.
Page 19: Commonwealth Bank chairman David Turner has blamed the bank’s focus on survival in the financial crisis for its failure to pick up the seriousness of the financial planning debacle.
Trading and mining giant Glencore has been forced into an extra $6 billion of 2013 write-downs on its Australian subsidiary beyond those already booked by the Swiss-based parent company, because of a weak economic environment since taking over Xstrata last year.
Page 21: Myer has blamed misfired marketing campaigns, threats from international retailers and a general decline in the womenswear category for ringing up one of its worst performances in nearly five years.
Fortescue Metals chairman Andrew Forrest says mining giants BHP Billiton and Rio Tinto are threatening Australia’s relationship with China by flooding the market with iron ore in a bid to kill off their rivals, including Chinese producers of the commodity.
Page 22: The competition regulator has cleared Woolworths of any wrongdoing over its fresh food campaign featuring high-profile British celebrity chef Jamie Oliver after complaints from vegetable farmers alleging they were being forced to partly fund the campaign.
The West Australian
Page 6: Tony Abbott is beginning to look isolated on climate change after the US and China used the eve of the G20 meeting in Brisbane to strike an agreement on cutting emissions.
Page 9: An engineering graduate is suing the University of WA for allegedly sharing his final-year thesis on an award-winning invention with other students.
Page 11: The State-owned TAB is increasingly shifting its business towards the growing online sports betting market amid a decline in trackside punting that is undermining local race clubs.
Page 15: WA Senator Joe Bullock has again put himself at odds with Labor policy in declaring himself firmly opposed to Australia becoming a republic.
Page 17: National Australia Bank has moved to settle a multi-million dollar class action over unfair fees, which consumer advocate Choice says should encourage other businesses to stop punishing customers excessively.
Page 19: Morley Liberal Ian Britza yesterday retreated from his admission that he was considering becoming an independent, then poured fuel on the fire by claiming most of his colleagues had contemplated the same thing.
Page 23: WA Local Government Association president Troy Pickard will step down from the role after being tapped to lead the group’s national equivalent, the Australian Local Government Association.
Business: BHP Billiton has abandoned development of its Venus project, touted as one of the most promising WA nickel discoveries in a decade.
Fortescue Metals Group founder Andrew Forrest says he remains bullish on the outlook for the Chinese economy, playing down suggestions the party is over for Australian iron ore producers.
Subdued retail trading conditions and easing demand for CBD office space has dented profit at Stan Perron’s property empire.
Eight months into his final term as Woodside Petroleum chairman, Michael Chaney has injected more Wesfarmers expertise into his boardroom as the search begins for his successor.
The Department of Transport is facing big changes at the top with its two leading executives set to depart in the space of six months.
Queensland coal hauler Aurizon Holdings says it has no regrets about joining Baosteel for a $1.4 billion cash bid for Aquila Resources in May just before the iron ore market collapsed.
Stung by the weak gold price, Northern Star Resources announced a high-grade discovery at its annual meeting yesterday. NST said drilling of the Millennium target, at its Kundana project near Kalgoorlie-Boulder, had returned hits of 15m at 6.2 grams per tonne gold and 3.2m at 26.6gpt.
Independent expert KPMG has declared fair and reasonable a deal under which Empire Oil & Gas will buy biggest shareholder ERM Power out of the Perth Basin.