Morning Headlines

MinRes close to mothballing iron ore mines

The iron ore price crunch could soon force Mineral Resources to put its mines on care and maintenance, according to managing director Chris Ellison, who said that the current trigger price is “not too far away”. The Fin

Roy Hill kicks on despite Rinehart kids, ore price

The construction of Gina Rinehart’s prized $10 billion Roy Hill mine in Western Australia is now two-thirds complete and not even the twin threats of fresh litigation and a plunging iron ore price appear able to derail the massive project. The Aus

Sims U-turn attack on the CFMEU

The Australian Competition and Consumer Commission has launched legal action against the construction union over an alleged black ban on Boral that cost the company $10 million and became a symbol of the legal system’s apparent powerlessness over the industry. The Fin

Iron ore expansion era ‘over’ for BHP

BHP Billiton chief executive Andrew Mackenzie has declared that the era of big expansions in iron ore production for the world’s largest miner has ended. The Fin

Wesfarmers off to good start: Goyder

Wesfarmers’ two largest divisions, Coles and Bunnings, have started 2015 on a strong note, with strong sales growth in groceries and hardware countering a downturn in coal and ongoing weakness at Target. The Fin

Minister gives shire deadline

The Shire of York has 21 days to respond to a State Government show-cause notice asking why the council should not be suspended for up to six months. The West

Nickel West uncertainty no distraction

Local nickel producers have no concern about industry talk BHP Billiton will wind down its WA nickel business over the next five years, according to Independence Group managing director Peter Bradford. The West

The Australian Financial Review

Page 1: The Australian Competition and Consumer Commission has launched legal action against the construction union over an alleged black ban on Boral that cost the company $10 million and became a symbol of the legal system’s apparent powerlessness over the industry.

BHP Billiton chief executive Andrew Mackenzie has declared that the era of big expansions in iron ore production for the world’s largest miner has ended.

Page 9: Finance Minister Mathias Cormann vowed to reinstate his future of financial advice laws but faces internal resistance from nervous Coalition MPs who feel the politics are too fraught.

Jacqui Lambie’s separation from the Palmer United Party is headed for a divorce.

Page 11: The Abbott government wants to shift the balance of power in electricity pricing away from network owners and towards the Australian Energy Regulator and consumers, the chairman of the energy white paper expert panel said.

Page 13: Wesfarmers’ two largest divisions, Coles and Bunnings, have started 2015 on a strong note, with strong sales growth in groceries and hardware countering a downturn in coal and ongoing weakness at Target.

The iron ore price crunch could soon force Mineral Resources to put its mines on care and maintenance, according to managing director Chris Ellison, who said that the current trigger price is “not too far away”.

Page 16: Goodman Fielder chairman Steven Gregg has been forced to defend the board’s recommendation of a $1.3 billion takeover offer from Singapore oils company Wilmar International and Hong Kong investment company First Pacific after facing a barrage of criticism from retail shareholders.

Page 17: The share price of “no-interest ever” financier Flexigroup fell almost 12 per cent on Thursday after a broker said it would be hard to maintain its high growth and the company got a first strike against its remuneration report.

Page 18: McAleese Group chief executive Mark Rowsthorn has signalled more acquisitions for the trucking group as he forecast a return to profit in 2014-15 at its annual meeting in Melbourne.

The threat of strikes at Australia’s busiest iron ore port could be over, after the union representing tugboat engineers struck a deal with shipping company Teekay on Thursday.

Page 19: The Chinese company that is the frontrunner to buy Leighton Holdings’ John Holland business was banned from building any road or bridge projects for the World Bank three years ago after being accused of corruption.

The Australian

Page 1: The Coalition is unlikely to revive its financial advice laws next week after their shock repeal in the Senate, as Tony Abbott tries to clear away politically damaging obstacles in the last sitting of parliament this year.

The ABC and SBS could cut $100 million a year through efficiencies, without any programming changes, significantly more than the cuts to the broadcasters’ budgets announced this week.

Page 5: The construction of Gina Rinehart’s prized $10 billion Roy Hill mine in Western Australia is now two-thirds complete and not even the twin threats of fresh litigation and a plunging iron ore price appear able to derail the massive project.

Page 19: The nation’s largest retail and corporate superannuation provider believes fewer Australians will take financial advice — and those who do will pay more without receiving any additional levels of protection — following the Senate’s shock decision that will see a return to the former Gillard government’s Future of Financial Advice regime.

Page 21: Advisers to the world’s foremost economic group have issued a call to arms to the international business community to argue for reforms involving painful readjustments, and warned that governments cannot be expected to “shoulder this burden” alone.

Page 23: The competition watchdog has launched a separate investigation into alleged manipulation of the bank bill swap rate (BBSW), as the Australian Securities & Investments Commission continues its probe.

Australia’s pool of superannuation money, already the fourth biggest in the world, climbed by 9.6 per cent, or about $164 billion, to a massive $1.87 trillion in the 12 months to the end of September, according to statistics released by the Australian Prudential Regulation Authority.

The West Australian

Page 6: Julie Bishop has gently chided US President Barack Obama for his remarks about climate change during the G20 summit in Brisbane, exposing continued sensitivity about the issue inside the Federal Government.

The State Government has pulled out of a planned $19.65 million investment in an apartment development in the Pilbara because of a lack of demand for housing.

Page 7: The ABC will prioritise rural and regional programming as the broadcaster scrambles to find hundreds of millions in savings after government funding cuts.

Page 10: Dozens of nurses at Swan District Hospital are angry they were not offered jobs or because they face reduced hours when Midland public hospital opens next year.

Page 11: A Labor-only parliamentary committee has attacked the State Government for its lack of planning for 2021 when more than a fifth of WA’s ageing population will be older than 60.

Page 12: The Shire of York has 21 days to respond to a State Government show-cause notice asking why the council should not be suspended for up to six months.

Page 14: Clive Palmer has offered an olive branch to his rebel senator Jacqui Lambie, saying she is a team player whom he wants to keep in the fold.

Page 16: Battle lines are being drawn in the Swan Valley ahead of legislation aimed at safeguarding the character of the region and its $200 million wine industry.

Page 18: The State Government hopes development of Australia’s “most expensive sandpit” will begin within a year after it bought the former Esplanade Hotel site in Albany from its Singaporean owners for $7 million.

Business: Local nickel producers have no concern about industry talk BHP Billiton will wind down its WA nickel business over the next five years, according to Independence Group managing director Peter Bradford.