Rinehart set to sign in $65m Kimberley spree
Gina Rinehart’s Hancock Prospecting is close to finalising the purchase of four Kimberley cattle stations worth $65 million in a deal that would see her end up with nearly 1.5 million hectares across Western Australia. The Aus
Palmer took money, covered up, court told
Clive Palmer dishonestly removed money from a bank account which was supposed to be used for port services in Western Australia and then created a sham account to cover it up, the Supreme Court in Brisbane has heard. The Fin
WA rezoning yields windfall
Colin Barnett is targeting a second billion-dollar windfall from a massive Browse Basin gas field after a surprise rezoning of exploration acreage off the Kimberley coast gifted the State part of the Poseidon find. The West
Budget will slide into red: Barnett
WA households are being softened up for a horror State Budget next year after Colin Barnett conceded the Government’s finances were “not pretty” and higher fees and charges would be needed. The West
Abbott puts the onus on business
Tony Abbott last night appealed to the business community to help the government sell its economic agenda following a decision to dump or water down key budget measures and new evidence the budget is far more vulnerable than previously thought. The Fin
Directors quit as iron ore price falls again
Former Rio Tinto chief Tom Albanese says weak iron ore prices will stay longer than expected and “volatility is the new normal”. The Fin
Santos hits investment brakes
Santos is planning to slash costs, rein in investment, and embark on a hybrid fundraising in the face of slumping oil prices that threaten more than $1 billion of the company’s annual cash-flow if they don’t recover by 2016. The Aus
Woodside adds acreage off Morocco
The Woodside Petroleum-led North West Shelf joint venture will reserve 15 per cent of gas supply for the domestic market as part of a new deal struck with the Western Australian government. The Fin
The Australian Financial Review
Page 1: Tony Abbott last night appealed to the business community to help the government sell its economic agenda following a decision to dump or water down key budget measures and new evidence the budget is far more vulnerable than previously thought.
Oil and gas group Santos is considering raising €500 million ($730 million) in hybrid debt to shore up its balance sheet from the fall in oil prices.
Page 3: Clive Palmer dishonestly removed money from a bank account which was supposed to be used for port services in Western Australia and then created a sham account to cover it up, the Supreme Court in Brisbane has heard.
Page 4: Finance Minister Mathias Cormann has firmly rejected suggestions he short-changed investors over the Medibank Private sale, saying he got the balance right between securing a good price for taxpayers and keeping buyers happy.
Page 6: Campaigners are not giving up hope a $20 billion medical research future fund will proceed if the government dumps the $7 GP charge that was meant to fund it.
Page 8: Victoria’s moratorium on onshore gas exploration is blocking affordable gas that could help struggling manufacturers keep more jobs, developers and customers said.
Page 11: Tax Commissioner Chris Jordan expects the Australian Tax Office’s $1.5 billion crackdown on multinational profit-shifting to result in major court cases in the new year.
Page 13: Australian Competition and Consumer Commission chairman Rod Sims has staunchly defended the regulator against plans to split its functions into a separate agency.
Page 19: Former Rio Tinto chief Tom Albanese says weak iron ore prices will stay longer than expected and “volatility is the new normal”.
Page 21: The Woodside Petroleum-led North West Shelf joint venture will reserve 15 per cent of gas supply for the domestic market as part of a new deal struck with the Western Australian government.
Page 23: In a victory for fund manager Perpetual and activist investor Mark Carnegie, the Federal Court of Australia will hear allegations that the cross-ownership structure of Brickworks and Washington H. Soul Pattinson is oppressive to shareholders.
Page 29: Qantas Airways shares have risen an extraordinary 40 per cent over the past three months as the airline reaps the benefits of cost-cutting, falling oil prices and the end of a damaging capacity war against Virgin Australia Holdings.
The Australian
Page 1: Clive Palmer’s lawyers are trying to block a Supreme Court judge from ruling on whether the resources tycoon acted dishonestly or fraudulently when allegedly siphoning millions of dollars of Chinese funds to his election campaign.
Page 2: The journalists union will not rule out large-scale industrial action if ABC management does not stand down in its fight with members over 400 forced job cuts.
Page 3: Hypnotherapy, aromatherapy and Christian proselytising courses have been approved for taxpayer-funded student loans, which are set to balloon over the next three years.
Page 5: Labor immigration spokesman Richard Marles has left open the prospect of considering support for special visas that encourage refugees to live and work in regional areas experiencing acute labour shortages.
Foreigners would face immigration checks, heavy fines and new application fees under plans to end the exploitation of laws governing the Australian property market.
Page 6: The federal government will put a new price signal on visits to the doctor by using regulations to overcome a Senate veto of its $7 GP co-payment amid confusion yesterday over the fate of its controversial health reform.
Labor has shelved plans for a new mining tax as tumbling commodity prices undermine the case for taking the policy to the next election.
The nation’s biggest union has launched a rear-guard action against plans to abolish bans on shop trading hours, setting the scene for a showdown with retail giants.
Page 19: Santos is planning to slash costs, rein in investment, and embark on a hybrid fundraising in the face of slumping oil prices that threaten more than $1 billion of the company’s annual cash-flow if they don’t recover by 2016.
Medibank Private shares continued to slide after the private health insurer’s hyped-up debut, sending institutional investors deeper into the red and eating into early gains enjoyed by smaller mum-and-dad shareholders.
Page 20: Western Australian iron ore miner BC Iron has cut three positions from its board, including that of founding director Mike Young, due to the slump in the price of the steelmaking commodity.
Page 21: Further falls in revenue from Sizzler restaurants have contributed to a $23 million half-year loss for its parent company.
Page 22: Former ABC and Sydney Airports chief executive Russell Balding revealed the extent of taxi group Cabcharge’s concerns about upstart Uber by devoting almost half his address as Cabcharge chairman yesterday to why the new global ride-sharing service should not be allowed to flourish in Australia.
Page 26: Gina Rinehart’s Hancock Prospecting is close to finalising the purchase of four Kimberley cattle stations worth $65 million in a deal that would see her end up with nearly 1.5 million hectares across Western Australia.
The West Australian
Page 1: Rorting, overcharging, duplication and delays are rife in the Aboriginal heritage approval process that is costing an estimated $100 million a year.
Page 3: The State Government is giving a tax break to Crown Perth so casino mogul James Packer can lure international high rollers away from Singapore’s new gambling resorts and back to WA.
The eating habits of footy fans at Patersons Stadium are set to change — and WA farmers and food producers will be given a boost — under a plan to be announced by the WA Football Commission and the stadium today.
Page 6: Colin Barnett has ended an embarrassing delay in moves to ban tanning beds, announcing the State Government will close commercial solarium operators.
Page 12: Clive Palmer fabricated a “sham document” to camouflage his withdrawal of $12 million of his Chinese business partner’s money, a court was told yesterday.
Page 14: WA households are being softened up for a horror State Budget next year after Colin Barnett conceded the Government’s finances were “not pretty” and higher fees and charges would be needed.
Page 20: Rental property owners need to adjust their expectations amid falling rent prices and increasing vacancy rates, the president of the Real Estate Institute of WA has warned.
Business: Colin Barnett is targeting a second billion-dollar windfall from a massive Browse Basin gas field after a surprise rezoning of exploration acreage off the Kimberley coast gifted the State part of the Poseidon find.
Disaster has struck again at the worst possible time for Mount Gibson Iron, with its Koolan Island mine flooding as iron ore dipped beneath $US70/t for the first time in more than five years.
Competition in the airline industry made Perth more attractive to tourists, even if it was relatively expensive once they got here, tourism insiders claim.
Ertech Holdings is facing stiffening competition for road works contracts from civil contractors redeploying out of mining in search of new revenues.
Banks are turning the screws on station owners and asking to deal directly with the Department of Lands amid growing fears that scores of pastoral leases will not renewed because of over-stocking and other issues.
The major miners shrugged off five-year lows in iron ore prices yesterday, helped by renewed speculation Glencore still had its takeover sights set on Rio Tinto.