Morning Headlines

Two dead as police storm siege gunman

At least two people, including the gunman, were killed and three others gravely injured as police stormed a Sydney café last night to end the terrorist siege. The West

BHP demerger plan in doubt amid iron ore, oil price slump

BHP Billiton’s grand plan to conduct a demerger in 2015 is facing a new wave of scepticism, with some pundits believing the recent slump in commodity prices is undermining the rationale for the concept. The Fin

Financial probe into UberX

More than 40 drivers and vehicle owners linked to controversial ride sharing company Uber will be issued with notices ordering them to hand over financial records and documents today as part of a State Government crackdown. The West

Acid slurry spill forces nickel mine shutdown

First Quantum Minerals’ 640 WA workers face weeks of uncertainty as investigators assess the damage caused by an acid tank rupture which shut its Ravensthorpe nickel mine at the weekend. The West

Australia living beyond means, says industry

Australians need to realise that the nation is living beyond its means and the Mid-Year Economic and Fiscal Outlook is a stark reminder that good economic times do end, business leaders say. The Fin

Newcrest trims goldmine plan

Newcrest Mining believes it can build one of the world’s lowest-cost goldmines at Wafi-Golpu in Papua New Guinea for $US2.5 billion less than previously thought, under a smaller, revised plan announced on Monday. The Fin

Commodity dive hits Canberra

Plunging iron ore prices have led the government to slash forecasts for company tax receipts by $14.4 billion over four years, reigniting the debate on tax reform. The Aus

Super jumbo era comes to WA

The super jumbo era will touch down in Perth on May 1 when Emirates introduces its 489-seat A380 to Perth daily. The West

The Australian Financial Review

Page 1: Food and liquor giant Coles faces penalties of $10 million and may have to pay as much as $16 million in refunds after admitting that it engaged in unconscionable conduct with small grocery suppliers.

Page 3: Pet-sitting may sound like the kind of job a teenager may dream up, but two of Australia’s most successful technology investors are willing to bet it is the next billion dollar business.

Page 4: Australians need to realise that the nation is living beyond its means and the Mid-Year Economic and Fiscal Outlook is a stark reminder that good economic times do end, business leaders say.

Page 13: Recall Holdings boss Doug Pertz said his board is open to an improved offer from Iron Mountain, but he dismissed the US paper storage giant’s $2.2 billion takeover bid as inadequate, given the “huge amount” of value that would be created in a merger.

Page 15: Troubled miner Yancoal’s plan to raise $US2.3 billion ($2.8 billion) through a controversial rights offering has been thrown into doubt, after the Takeovers Panel upheld concerns from minority shareholders that the plan was “unacceptable” and likely to be “highly dilutive”.

Newcrest Mining believes it can build one of the world’s lowest-cost goldmines at Wafi-Golpu in Papua New Guinea for $US2.5 billion less than previously thought, under a smaller, revised plan announced on Monday.

Competition regulator Rod Sims says the potential for Telstra to be more involved with the installation of the National Broadband Network “makes perfect sense” as long as the proper provisions are in place to ensure its retail arm is not given unfair advantage over rivals.

Page 16: BHP Billiton’s grand plan to conduct a demerger in 2015 is facing a new wave of scepticism, with some pundits believing the recent slump in commodity prices is undermining the rationale for the concept.

Page 17: Prospects for an increase in equity trading volumes across the Australian Securities Exchange and Chi-X are slim next year, as investment banks and broking houses pencil in a reasonable but not stellar 2015.

The Australian

Page 6: Ambitious forecasts for revenue growth have again resulted in a massive blowout in the deficit, while spending has proven hard to contain and is approaching the peak reached during the Rudd government’s stimulus program in 2009-10.

Having learned the hard way, the Treasury is now expecting the price of iron ore, Australia’s biggest export, to stay at five-year lows for the next two years, helping to insulate Joe Hockey’s budget projections from any further slowdown in China’s economy.

Page 7: Spending on national security to counter home-grown terrorism and fight Islamic State extremists in Iraq will top $1.3 billion over the next four years.

Page 17: Plunging iron ore prices have led the government to slash forecasts for company tax receipts by $14.4 billion over four years, reigniting the debate on tax reform.

Former Reserve Bank governor Ian Macfarlane has called for a major reform of the tax system, including the introduction of a tax on “wealth” to help cut the ballooning federal deficit.

Page 19: Telstra’s reworked $11.2 billion deal to participate in the National Broadband Network has helped the telco giant’s shares defy a market sell-off precipitated by government revelations that the budget deficit would blow out to $40.4bn.

Page 26: The Australian sharemarket closed substantially lower, as the fallout from the Sydney hostage situation weighed over airline, consumer staple and financial stocks.

The West Australian

Page 2: At least two people, including the gunman, were killed and three others gravely injured as police stormed a Sydney café last night to end the terrorist siege.

Page 16: More than 40 drivers and vehicle owners linked to controversial ride sharing company Uber will be issued with notices ordering them to hand over financial records and documents today as part of a State Government crackdown.

Page 18: RugbyWA will promote alcohol health messages as part of a new sponsorship deal with Healthway worth up to $1 million.

Page 24: The super jumbo era will touch down in Perth on May 1 when Emirates introduces its 489-seat A380 to Perth daily.

Page 25: Hamilton Senior High School students will have to travel to South Fremantle from 2018 when their school is closed and the land sold.

Business: First Quantum Minerals’ 640 WA workers face weeks of uncertainty as investigators assess the damage caused by an acid tank rupture which shut its Ravensthorpe nickel mine at the weekend.

A management revolt has led to a court putting a subsidiary of resources services provider Viento Group into provisional liquidation.

MEO Australia has ended days of silence, yesterday dismissing a hostile $12.4 million takeover bid from John Barr’s London-listed vehicle Mosman Oil and Gas as inferior to a preferred merger with cash box Neon Energy.