05/12/2014 - 05:49

Morning Headlines

05/12/2014 - 05:49

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Morning Headlines

Rio Tinto, Glencore not a match: Walsh

Rio Tinto chief executive Sam Walsh has questioned the merits of any £100 billion merger with Glencore, saying the market did not think a deal would happen and arguing the two resources houses had different strategic priorities. The Fin

Rout claims another 170 jobs    

The mining industry has shed another 170 jobs as Dampier Salt, Atlas Iron and Macmahon Holdings all cut workers in response to the commodity price crisis gripping the sector. The West

Unis feeling the squeeze of Senate gridlock

University of Western Australia vice-chancellor Paul Johnson said his Group of Eight institution was facing “not a dollar of surplus” over the next five years, with an unprecedented funding squeeze looming as a result of the stalled reforms. The Aus

Pardoo sale on cards as foreign buyers stock up

A Hong Kong-based investor has joined the stampede to secure prime cattle country in WA’s north in a deal which includes an 80km stretch of coast between Port Hedland and Broome. The West

Coalition shelves $1.3b drugs initiative

The federal government is looking at alternative ways to reduce the number of free GP visits for Australians after Health Minister Peter Dutton finally conceded his plan to charge $7 a visit was politically dead. The Fin

I’ve been proven right: Joe

Joe Hockey has gone on the offensive in the row over the budget, insisting he had been “proven absolutely right” on the economy throughout the past year and rubbishing demands that he embark on a mini-budget within weeks to recast his message to voters. The Aus

 

 

The Australian Financial Review

Page 1: James Packer and Ryan Stokes have described peer-to-peer lending as a global force triggering a transformation of banking as they back Sydney start-up SocietyOne to eat into the profits and margins of the major banks.

Momentum is building for official interest rate cuts with Westpac’s Bill Evans becoming the first of the big four bank economists to predict the Reserve Bank of Australia will move as early as February.

Page 4: Prime Minister Tony Abbott flagged the dumping or amending of more budget measures as Treasurer Joe Hockey expressed hope a four-decade budget forecast to be released early next year will convince the Senate of the severity of the structural problems in the budget.

Page 5: The federal government is looking at alternative ways to reduce the number of free GP visits for Australians after Health Minister Peter Dutton finally conceded his plan to charge $7 a visit was politically dead.

Page 8: The Abbott government has hinted it could remove limits on the number of nursing home beds, which would significantly boost the profit potential of three sharemarket debutantes in the $13 billion aged care sector.

Page 10: Farmers and agriculture executives have warned there will be little benefit from a free trade deal with China unless railways carting produce to ports for export are urgently upgraded.

Page 13: Santos’s promise to progressively grow its dividend in 2015 is under threat and marginal exploration projects could be axed, as the oil and gas producer battles to hold on to its investment grade credit rating following a slump in the oil price.

Rio Tinto chief executive Sam Walsh has questioned the merits of any £100 billion merger with Glencore, saying the market did not think a deal would happen and arguing the two resources houses had different strategic priorities.

Page 18: The end of the capacity war between Qantas and Virgin Australia has already resulted in higher domestic airfares and could lead to significant rises like those that have occurred in the United States over time, Travelport chief executive Gordon Wilson said.

 

 

The Australian

Page  1: Joe Hockey has gone on the offensive in the row over the budget, insisting he had been “proven absolutely right” on the economy throughout the past year and rubbishing demands that he embark on a mini-budget within weeks to recast his message to voters.

University of Western Australia vice-chancellor Paul Johnson said his Group of Eight institution was facing “not a dollar of surplus” over the next five years, with an unprecedented funding squeeze looming as a result of the stalled reforms.

Page 5: Investment banker John Fraser will be appointed as Treasury secretary within days, after months of uncertainty and delay.

Page 9: Family Day Care Australia says parents’ rights will be undermined by a change to the Family Assistance Law.

Page 19: Pay-TV operator Foxtel has notified the ACCC of its intention to buy a stake in the Ten Network in a move that signals the company is preparing to convince the competition regulator that any issues can be managed.

Embattled Vocation chief executive Mark Hutchinson has vowed to stay at the struggling education provider despite the company halving its financial year earnings forecast and yesterday’s 61 per cent plunge in the share price.

Page 21: Australian farmers risk missing a chance to supply hungry Asian markets unless governments and businesses boost food production in the nation’s north.

 

 

The West Australian

Page 1: WA motorists would fork out the equivalent of an extra tank of petrol a year to help the State pay for more roads and public transport under a radical Budget fix being considered by the Government.

Page 4: Tony Abbott’s relationship with his deputy Julie Bishop has strained over perceived interference from the Prime Minister’s office in her portfolio.

Page 5: One hundred years after Perth’s Savoy Hotel was built and almost three decades after it closed, the hotel once dubbed “the Ritz of Australia” could be reopened under plans being considered by its Singaporean owners.

Page 9: Finance and Transport Minister Dean Nalder’s former chief of staff alerted the Premier’s office about the minister planning a private business trip to China with his policy adviser and investment partner Sarah Boska.

Page 15: High schools will get more money for vocational education and training next year, but principals say it is still unclear whether it will cover the extra students expected to enrol in vocational courses.

Page 17: Security at Australia’s airports will come under scrutiny after the Senate voted to hold an inquiry in response to a Seven West Media investigation revealing almost 300 serious breaches at capital city airports since 2012.

Page 18: The Abbott Government is claiming a much-needed parliamentary victory after winning support from Clive Palmer and crossbench senators to reintroduce temporary protection visas.

Page 22: Clive Palmer told journalists to “stick it” after again ducking questions about legal action against him over his business dealings.

Business: The mining industry has shed another 170 jobs as Dampier Salt, Atlas Iron and Macmahon Holdings all cut workers in response to the commodity price crisis gripping the sector.

Wesfarmers is preparing to exit its centenary year by consigning part of Kleenheat Gas to history.

A Hong Kong-based investor has joined the stampede to secure prime cattle country in WA’s north in a deal which includes an 80km stretch of coast between Port Hedland and Broome.

Carnarvon Petroleum expects to emerge with a cash pile of more than $100 million once it completes its exit from Thailand to leave it as a North West Shelf exploration pure-play.

Minter Ellison’s inaugural Perth managing partner says the firm is fielding renewed interest from Asian buyers scouting for deals in the WA resources sector.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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