Morning Headlines

Optus plots mobile war on Telstra

SingTel-Optus’s new chief executive, Allen Lew, has pledged to break Telstra’s mobile dominance and build Australia’s leading network, a move that could trigger a multibillion-dollar construction arms race between the phone companies. The Fin

Oil plunge threatens $30b in LNG revenue

The dive in oil prices could wipe more than $30 billion off Australia’s bounty from liquefied natural gas exports in 2017-18, gouging a huge hole in revenues compared to the projections from just a year ago, according to Westpac economists. The Fin

Penalty rates keep shops shut

Many venues and businesses had to close or add surcharges of up to 15 per cent to their prices yesterday to recover rising costs of opening on public holidays, industry experts say. The West

US drilling giants take Australian energy hit

US oil drilling giants Halliburton and Baker Hughes say their Australian businesses are expected to take a hit this year as lower oil prices slice more than $1 billion off investment in the local oil and gas sector. The Aus

Rio moves to solve Mongolian standoff

Rio Tinto has offered to abandon a $US1.6 billion ($2bn) royalty it would get from the Oyu Tolgoi copper and gold mine in a bid to end a standoff with the Mongolian government over development of a stalled $US5bn underground expansion needed to unlock most of the deposit’s value. The Aus

MMG spies Mid West ground to fill Century zinc void

China’s MMG plans to dramatically expand its WA base metals exploration presence, signing a deal to take an interest in more than 300sqkm in the Mid West. The West

The Australian Financial Review

Page 1: SingTel-Optus’s new chief executive, Allen Lew, has pledged to break Telstra’s mobile dominance and build Australia’s leading network, a move that could trigger a multibillion-dollar construction arms race between the phone companies.

Page 5: Tony Abbott and Bill Shorten must exhibit the same leadership as Gough Whitlam, Bob Hawke, Paul Keating and John Howard if Australia is to restructure its economy to cope with rapidly increasing pressures, the Business Council of Australia says.

Foreign Affairs Minister Julie Bishop has capped off a series of high-level political and business meetings in the United States by dropping in on media mogul Rupert Murdoch in New York.

Page 7: The politically controversial nature of workplace relations policy makes it harder to protect Australia from economic shocks and keep vulnerable workers in work, a top mining executive says.

Page 9: Regulators need to stop companies such as Uber and Airbnb – as well as people using their services–from dodging their tax obligations, says shadow assistant treasurer Andrew Leigh.

Page 11: The dive in oil prices could wipe more than $30 billion off Australia’s bounty from liquefied natural gas exports in 2017-18, gouging a huge hole in revenues compared to the projections from just a year ago, according to Westpac economists.

Page 13: Iron ore prices may be falling but Australian producers managed to significantly increase their share of the world’s biggest market last year, accounting for 59 per cent of China’s overseas purchases.

Page 19: Telstra is set to replace its axed T-Box set-top box device with a low-cost unit that could be banned from supporting global media giant Netflix’s streaming TV service.

The Australian

Page 1: Concern is mounting inside the Abbott government that the Coalition risks being damaged by its review of the industrial relations regime unless it seizes control of the political debate, as the ACTU prepares a new, well-resourced campaign to frustrate workplace policy change.

Business is calling for Productivity Commission inquiries into the health and retirement income systems as the federal budget confronts a “pincer movement’’ because of increasing demand for services and an ageing population.

Page 15: The Australian dollar slipped to a 5½-year low yesterday after a steep fall in the euro exacerbated US dollar strength against most currencies following the European Central Bank’s decision last week to embark on a massive new money-printing plan.

Rio Tinto has offered to abandon a $US1.6 billion ($2bn) royalty it would get from the Oyu Tolgoi copper and gold mine in a bid to end a standoff with the Mongolian government over development of a stalled $US5bn underground expansion needed to unlock most of the deposit’s value.

US oil drilling giants Halliburton and Baker Hughes say their Australian businesses are expected to take a hit this year as lower oil prices slice more than $1 billion off investment in the local oil and gas sector.

Page 17: Santos’s credit rating has emerged unscathed from an oil price forecast cut by Standard & Poor’s, reducing the chances that an equity raising will be needed to protect its investment-grade rating in the near future.

Page 24: A few brave investors are betting the gloom oppressing global commodity markets is on the verge of lifting.

The West Australian

Page 3: Swimming great Ian Thorpe has blamed Aboriginal education funding cuts from successive Federal governments for the demise of the charity he founded at the peak of his success.

Page 9: Many venues and businesses had to close or add surcharges of up to 15 per cent to their prices yesterday to recover rising costs of opening on public holidays, industry experts say.

Page 11: Parents are being urged to check their children are up to date with their vaccinations before they go back to school next week amid concerns of a looming whooping cough epidemic in the Eastern States.

Hop Hog is a mysterious beast. The beer that emerged from the Baskerville bush seven years ago has tantalised brew drinkers nationwide.

Business: The first half-reporting season for the depressed mining services sector is promising to be one of reduced earnings and the odd savage writedown.

WA’s biggest locally managed investment fund increased its exposure to the oil and gas sector in the first half of 2014 only to see share prices hit by the dive in the price of crude later in the year.

National Australia Bank customers seeking to reclaim “unfair” exception fees have until this afternoon to register.

China’s MMG plans to dramatically expand its WA base metals exploration presence, signing a deal to take an interest in more than 300sqkm in the Mid West.