09/01/2015 - 06:05

Morning Headlines

09/01/2015 - 06:05

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Morning Headlines

Sage gets lucky with green light to explore Minderoo

Perth mining entrepreneur Tony Sage has labelled his win in a long battle with rival Andrew Forrest as “very lucky”, an unexpected boon for the man who has described current trading conditions for explorers as the worst in 30 years. The Fin

Exxon JV asks for more time

Australia’s use-it-or-lose-it crackdown on the owners of gas resources discovered off WA decades ago is set for another test after ExxonMobil and BHP Billiton quietly asked for an extension to their stranglehold on the massive Scarborough field. The West

Robb puts GST on table

Trade Minister Andrew Robb says the goods and services tax should be extended to products like fresh food and education, making him the first cabinet minister to echo three Liberal backbenchers who this week called for the big shift in taxation policy. The Fin

Mine jobs on hold as FMG shares the pain

Fortescue Metals Group has temporarily cut up to 60 positions from its Cloudbreak mine in the Pilbara, though it is understood no workers have lost their jobs. The West

Rio told to reveal takeover defence

Rio Tinto, which is being stalked by smaller rival Glencore, is being forced to divulge confidential takeover defence strategies used when it was pursued by BHP Billiton, as it presses a case of alleged conspiracy and theft over a valuable Guinea iron ore deposit. The Aus

Oil Search sees hope in slump

Oil Search managing director Peter Botten said the oil and gas industry would emerge from the oil price slump stronger after reviewing spending plans and cutting costs from an “almost unprecedented” oil price fall. The Fin

Co-ed school rises to the top

All Saints’ College, an Anglican school in Bull Creek, was first on a top-50 schools list released by the School Curriculum and Standards Authority yesterday. The West

Harvard investors buy into good oil

One of the world’s top universities is pumping tens of millions of dollars into a Perth sandalwood company expanding its plantations across northern Australia. The West

 

 

The Australian Financial Review

Page 1: Trade Minister Andrew Robb says the goods and services tax should be extended to products like fresh food and education, making him the first cabinet minister to echo three Liberal backbenchers who this week called for the big shift in taxation policy.

Page 5: The steep decline in world oil prices could be a double boon for Australian consumers in 2015, who are likely to enjoy sustained low interest rates as well as cheaper petrol.

Page 7: The Australian Medical Association wants Prime Minister Tony Abbott to back down from funding cuts for short doctor visits and has threatened to ramp up its campaign against Medicare cuts with public rallies in February.

Page 11: Oil Search managing director Peter Botten said the oil and gas industry would emerge from the oil price slump stronger after reviewing spending plans and cutting costs from an “almost unprecedented” oil price fall.

Programmed Maintenance Services chairman Bruce Brook has implored Skilled Group to engage with his $700 million merger proposal and said the roles of chief executive and chairman are up for discussion.

Page 13: Franklin Resources, the largest shareholder in Qantas Airways, has lowered its stake to 14.2 per cent from 15.4 per cent as it took advantage of the airline’s recent share price gains as a result of the lower fuel price and its improved financial position.

Perth mining entrepreneur Tony Sage has labelled his win in a long battle with rival Andrew Forrest as “very lucky”, an unexpected boon for the man who has described current trading conditions for explorers as the worst in 30 years.

Page 15: Investing in distressed debt as the oil price plunges is among the most attractive hedge fund strategies in 2015, alternative investment expert Fred Ingham says.

Page 21: The Reserve Bank of Australia is likely to ignore the impact of lower petrol prices in the December quarter when it considers its next move on interest rates, says Commonwealth Bank of Australia chief economist Michael Blythe.

 

 

The Australian

Page 2: Business groups are calling for key tax reforms, including changes to the GST, to be implemented immediately rather than deferred to the next election as part of the broader taxation white paper process.

Exploitation of trafficked people working in agriculture, construction, domestic services and hospitality is now being investigated at almost the same rate as those in the sex industry.

Page 3: An alleged $110 million home loan scam that has rocked the banking sector may have been twice as big as previously thought, as it emerges a fourth person linked to the scandal left Australia two days after being raided by the Australian Federal Police on behalf of the corporate regulator.

Page 15: One of the only remaining legacy assets in James Packer’s portfolio of private equity investments, the Pretty Girl Fashion Group, has posted its best result in more than a decade, but its liabilities continue to exceed its assets.

Rio Tinto, which is being stalked by smaller rival Glencore, is being forced to divulge confidential takeover defence strategies used when it was pursued by BHP Billiton, as it presses a case of alleged conspiracy and theft over a valuable Guinea iron ore deposit.

Page 16: Foxtel and Seven West Media joint venture Presto is banking on children’s and family entertainment programming to give it a competitive edge as a string of TV and movie streaming services launch in Australia in the first quarter of 2015.

Page 17: The rare-earths slump that has brought some miners, including Lynas, to their knees was not affecting producers of so-called heavy rare-earths, according to the chief executive of an emerging Australian miner.

 

 

The West Australian

Page 3: All Saints’ College, an Anglican school in Bull Creek, was first on a top-50 schools list released by the School Curriculum and Standards Authority yesterday.

The first new antibiotic to be discovered in nearly 30 years has been hailed as a “paradigm shift” in the fight against bacterial resistance to drugs.

Page 18: Concerns have been raised over Parliament’s ability to scrutinise WA Police amid a Liberal boycott of its oversight committee and lingering tension over last year’s controversial report into Troy Buswell.

Business: Australia’s use-it-or-lose-it crackdown on the owners of gas resources discovered off WA decades ago is set for another test after ExxonMobil and BHP Billiton quietly asked for an extension to their stranglehold on the massive Scarborough field.

One of the world’s top universities is pumping tens of millions of dollars into a Perth sandalwood company expanding its plantations across northern Australia.

Panoramic Resources says nickel output fell 7 per cent in the December quarter after corrosion discoveries at its Savannah processing plant forced an extension of a maintenance shutdown.

Sydney investor Timpetra Resources has quit the Saracen Mineral Holdings register after selling its last remaining shares to complete a $16.1 million sell-out from the WA gold miner.

Amex Resources has pulled the plug on a $US100 million ($123 million) deal for the funding and construction of its Fijian iron sands project, saying China’s MCC Overseas had failed to deliver its half of the bargain.

Iluka Resources says it has not struck a deal with Kenmare Resources, more than six months after first launching an $845 million bid for the London-listed mineral sands miner.

The cost of drilling rigs is expected to drop by about 40 per cent as the market adjusts to lower spending on projects, according to Karoon Gas Australia.

Fortescue Metals Group has temporarily cut up to 60 positions from its Cloudbreak mine in the Pilbara, though it is understood no workers have lost their jobs.

Laverton gold hopeful Stone Resources has hit fresh trouble after Nex Metals launched legal action over a failed 2011 ore processing agreement.

 

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