BHP iron ore boss defends expansion
BHP Billiton iron ore president Jimmy Wilson says pulling back its bullish production targets would do more damage to the miner’s shareholders, even though prices for the steelmaking ingredient are in free-fall. The Fin
Shock no vote spells chaos for Range board
Range Resources has been thrown into turmoil and a $US50 million ($59 million) funding deal with a Chinese private equity firm under a cloud after a dissident shareholder voted off most of the Perth oil hopeful’s board. The West
Nalder did not disclose investment
Besieged Finance and Transport Minister Dean Nalder failed to disclose a $400,000 investment this year in a property company linked to two of his senior advisers and close business associates. The West
NBN’s WA rollout suburbs revealed
NBN announced today construction in 48 WA suburbs and towns, including areas of Cannington, Doubleview, Kelmscott, Rockingham and Armadale will commence by “mid-2016” in its push to cover 240,000 homes in WA by June 2016. The West
Iron ore prices could stay depressed for 10 years
A prominent Chinese fund manager has grimly forecast that the global iron ore price could remain under pressure for 10 years as oversupply continues to hit the market and the Chinese residential property market slumps. The Aus
Secret Fair Work talks on NDIS ‘workplace’ reform
Unions and employers are in secret talks with the Fair Work Commission about controversial changes to workplace laws considered vital to give the National Disability Insurance Scheme the flexibility it needs to survive. The Aus
Murdoch academic takes quit invitation
One of Murdoch University’s most respected academics has resigned in direct response to the turmoil that has engulfed the institution, telling colleagues he had decided to take up chancellor David Flanagan’s “invitation” for disgruntled staff to leave. The Aus
The Australian Financial Review
Page 2: NBN Co is pushing ahead with plans to deliver broadband to an extra 1.9 million homes by the middle of 2016, in a sign the company’s chief executive is counting on a successful renegotiation of Telstra’s $11.2 billion access deal.
Page 4: Foreign aid cuts are back in the government’s sights as it spends the next two weeks looking for more savings to tackle a budget deficit worsened by plunging revenues and the Senate blocking measures.
A push is under way to give the Parliamentary Budget Office more authority to scrutinise long-term economic and budget costs of pre-election promises, to stop politicians making costly and reckless commitments.
Page 9: Two-thirds of Australian companies have no plans to change their approach to doing business in Asia despite the federal government paving the way for increased links with three trade and investment deals in one year.
Page 17: UGL will update investors “as soon as it can” on any write-downs related to the contractor’s troubled Ichthys power project in Darwin, new chairman Kate Spargo has said.
Page 18: National Australia Bank and ANZ are leading the major banks in the race to grab a bigger slice of the mortgage market, as home and business lending continue to strengthen.
Page 20: BHP Billiton iron ore president Jimmy Wilson says pulling back its bullish production targets would do more damage to the miner’s shareholders, even though prices for the steelmaking ingredient are in free-fall.
The Australian
Page 1: The torrent of revenue delivered by the resources boom to the federal government has dried up sooner than expected, all but destroying Tony Abbott’s promise to return the federal budget to surplus even if he manages to convince the Senate to pass his controversial savings.
Page 4: Unions and employers are in secret talks with the Fair Work Commission about controversial changes to workplace laws considered vital to give the National Disability Insurance Scheme the flexibility it needs to survive.
Page 5: One of Murdoch University’s most respected academics has resigned in direct response to the turmoil that has engulfed the institution, telling colleagues he had decided to take up chancellor David Flanagan’s “invitation” for disgruntled staff to leave.
Page 6: Senior minister Andrew Robb says the government is prepared to “knock off some of the rough edges’’ around its $7 GP co-payment in order to negotiate its passage through a hostile Senate.
Page 21: The nation’s commodity wealth is coming under growing pressure as the outlook for iron ore and oil-linked LNG prices worsens, threatening shareholder returns, state and federal government revenues and prospects for new investment.
Despite the excited rhetoric generated by a succession of free trade deals with key Asian countries, Australian business is walking away from its opportunities to engage with the world’s engine of economic growth.
Page 22: A prominent Chinese fund manager has grimly forecast that the global iron ore price could remain under pressure for 10 years as oversupply continues to hit the market and the Chinese residential property market slumps.
Page 23: The local troubles facing failed Australian fast food chain Pie Face have extended to its ill-fated push into the US, with its operations now being pursued in the New York courts for unpaid bills.
Page 28: Political divisions have opened and motivations behind the budget cuts forced upon the ABC have become clearer after the release of the ABC and SBS efficiency study overnight.
The West Australian
Page 1: Besieged Finance and Transport Minister Dean Nalder failed to disclose a $400,000 investment this year in a property company linked to two of his senior advisers and close business associates.
Page 3: WA shoppers will splash out this Christmas to the tune of an extra $100 million, as economists forecast festive season spending will reach a record $3.52 billion.
Page 10: Joe Hockey is facing a $36 billion Budget blowout as collapsing commodity prices and the Government’s own policies pour red ink over the nation’s finances.
Page 14: Local governments could have to hand over control of rubbish collection to bigger regional councils in a bid to streamline the sector and boost WA’s low recycling rates.
Business: Range Resources has been thrown into turmoil and a $US50 million ($59 million) funding deal with a Chinese private equity firm under a cloud after a dissident shareholder voted off most of the Perth oil hopeful’s board.
NBN announced today construction in 48 WA suburbs and towns, including areas of Cannington, Doubleview, Kelmscott, Rockingham and Armadale will commence by “mid-2016” in its push to cover 240,000 homes in WA by June 2016.
