BHP takes $428m nickel hit
BHP Billiton will write off as much as $US350 million ($428 million) from the value of its Nickel West operations, following its failure last year to find a buyer for the troubled division. The West
Chevron locks in SK for LNG
Chevron has signed up South Korea’s SK Group as a customer for its $US54 billion ($66 billion) Gorgon liquefied natural gas venture in Western Australia, reducing the volume of gas from the megaproject that still has no committed buyer. The Fin
Watchdog censures Pluton on reporting
Troubled Kimberley iron ore miner Pluton Resources has been censured by the corporate watchdog after allegedly breaching its market disclosure obligations last year. The West
Education cuts up for negotiation
Education Minister Christopher Pyne has confirmed the government is willing to negotiate over almost $2 billion in higher education cuts to win support for the deregulation of university fees. The Fin
Moffatt to chair Leighton’s JV
David Moffatt, the man once tipped to lead Telstra, is set to become the chairman for Leighton’s newly minted services and construction joint venture with international private equity giant Apollo Global Management. The Aus
Green light for Perth-based firm’s rubbish to power plant
Hundreds of thousands of tonnes of Perth rubbish could soon be turned into electricity after WA’s Environment Minister gave the city’s first “waste-to-energy” project the go-ahead. The West
The Australian Financial Review
Page 1: BHP Billiton may have to make deep cuts to investments in projects designed to drive growth as price crashes in its two biggest earners, iron ore and oil, hit cash flows.
Page 3: The private health insurance industry expects new Health Minister Sussan Ley to approve increases in premiums as high as 7 per cent this year.
Soft sentiment and increasingly unaffordable house prices are starting to drag on the residential property market, which fell below its long-term average on the NAB Residential Property Index in the fourth quarter.
Page 6: The value of wine exports has risen for the first time since 2007, driven by rising sales of premium wines.
Page 7: Education Minister Christopher Pyne has confirmed the government is willing to negotiate over almost $2 billion in higher education cuts to win support for the deregulation of university fees.
Page 11: Qantas Airways, which delayed an expansion of its international fleet when it faced financial difficulties, could be back in growth mode later this year with a firm order for Boeing 787-9 aircraft to be delivered from 2017.
Four former National Australia Bank executives have established a new peer-to-peer lender, Money Place, and expect the fledgling industry to be writing $50 billion of loans within a decade.
Page 13: Chevron has signed up South Korea’s SK Group as a customer for its $US54 billion ($66 billion) Gorgon liquefied natural gas venture in Western Australia, reducing the volume of gas from the megaproject that still has no committed buyer.
Embattled education company Vocation has asked that its shares be suspended from trading on the Australian Securities Exchange for at least a week as it continues serious talks with its bankers and attempts to finalise the extent of a hefty profit downgrade.
Page 20: Analysts are highlighting the strength of nickel miner Western Areas after it revealed its cash costs hit a three-year low during the December quarter.
Safety concerns have escalated at Gina Rinehart’s $10 billion Roy Hill iron ore mine after a crane tipped over during a test to demonstrate its safety.
The Australian
Page 2: University heads have urged crossbench senators to back a proposed government compromise on higher education reform, saying the new deal will moderate fee increases and appease students.
Page 4: Industry has criticised the government’s process for costing its new metadata laws, saying estimates have been rushed and risk being inaccurate.
Page 17: BHP Billiton has joined the global pullback in oil spending, shelving its new US shale oil Permian growth project and cutting drilling in other areas in the face of plunging crude prices.
The country’s largest privately held fruit and vegetable empire founded by the wealthy Costa family could be about to be turned into a public company or fall entirely into foreign hands.
Bruce Gordon’s refusal to countenance a takeover offer from a raft of media companies stalking Ten Network has stalled the sale process as the network’s board met yesterday.
Page 19: David Moffatt, the man once tipped to lead Telstra, is set to become the chairman for Leighton’s newly minted services and construction joint venture with international private equity giant Apollo Global Management.
Saracen Mineral Holdings says its earnings are finding support from lower energy and labour costs and higher gold prices.
Page 21: The GPT Group has raised $325 million from institutional investors after agreeing to buy back a perpetual note held by its onetime “white knight”, Singaporean sovereign wealth fund GIC.
The West Australian
Page 3: Perth researchers want to test a ground-breaking autism therapy that could prevent some children from developing the condition.
Page 4: US President Barack Obama, who took office six years ago amid a recession and two wars, has declared unequivocally that the nation has clawed its way out of those dire straits, praising Americans for their resilience but also pointedly taking credit for leading the way.
Page 6: Hundreds of thousands of tonnes of Perth rubbish could soon be turned into electricity after WA’s Environment Minister gave the city’s first “waste-to-energy” project the go-ahead.
Page 7: The State’s public pathology service has been forced to apologise for delays in processing test results, after a senior doctor complained that a woman waited more than two weeks to get basic biopsy results for possible breast cancer.
Page 12: Universities have welcomed signs the Government may back down on slashing higher education funding by 20 per cent as a trade-off for winning Senate support for deregulating tuition fees.
Page 15: The first major review of the regulation of Australian live animal exports has revealed gaping holes in the system and called for authorities to be given powers to fine rogue operators.
Business: BHP Billiton will write off as much as $US350 million ($428 million) from the value of its Nickel West operations, following its failure last year to find a buyer for the troubled division.
Goldfields prospectors have vowed to go into battle with the Department of Mines and Petroleum over a planned fee rollout which some local miners say will put them out of business.
Troubled Kimberley iron ore miner Pluton Resources has been censured by the corporate watchdog after allegedly breaching its market disclosure obligations last year.
Financial services minnow Unicredit has acted on a need to find greater scale by proposing to join a bigger fish in the education sector.
As BHP Billiton mulls more write-downs at its struggling WA nickel assets, WA’s other nickel miners showcased the strength of the industry’s mid-tier sector.
