Morning Headlines

Gorgon LNG looks ‘fine’: Chevron

Chevron chief executive John Watson has voiced confidence in the economics of the severely over-budget Gorgon liquefied natural gas project in Western Australia while acknowledging that pricing in the LNG market is under “a lot of pressure” with the drop in oil prices. The Fin

MUA bid to represent Toll workers

A Toll Holdings logistics joint venture in the Pilbara has come under pressure from the Maritime Union of Australia to involve the union in bargaining for a new enterprise agreement. The Fin

Cup triumph a win all round

Now for the financial goals Australian soccer officials will move to capitalise on the Socceroos Asian Cup final victory by seeking a boost for the sport in financial and popularity terms. The Fin

PM fights for his political life

Tony Abbott will continue to face damaging backbench destabilisation unless he can reassure nervous MPs, in a crucial speech today, that he can clearly explain his policies to voters and restore the government’s standing with a hostile electorate. The Aus

Packer takes CPH past the $5bn mark

The value of James Packer’s private company has risen over the $5 billion mark after it reported another strong annual profit result last year, allowing the billionaire to reap more than $25 million in extra dividend payments. The Aus

Downbeat Chevron slows Kitimat spend

US oil giant Chevron will slow spending on the Canadian LNG project that Woodside Petroleum recently agreed to buy half of because LNG prices depressed by excess supply and low oil prices will not support it. The Aus

Land deal may settle $50m bill

The Barnett Government is dangling undeveloped residential lots at the Perry Lakes redevelopment in lieu of cash in an attempt to settle an outstanding $50 million compensation bill with the Town of Cambridge. The West

The Australian Financial Review

Page 1: Business leaders have been blind-sided by the size of the swing against the one term Newman government in Queensland, warning the state’s economy could falter with the scrapping of the $37 billion privatisation program.

Page 3: Now for the financial goals Australian soccer officials will move to capitalise on the Socceroos Asian Cup final victory by seeking a boost for the sport in financial and popularity terms.

Genuine start-ups including listed companies and businesses backed by successful venture capitalists are set to miss out on lucrative tax breaks, under proposed reforms designed to re-ignite employee share schemes.

Page 5: Tony Abbott’s decision to reintroduce knights and dames to the honours system has become even more unpopular since he bestowed a knighthood of the Order of Australia on Prince Philip.

Page 10: Superannuation tax breaks cost taxpayers almost $30 billion a year but are dwarfed by tax breaks on the family home, which are worth $46 billion this year, according to new Treasury figures.

Page 15: Falling $A shifts profit season outlook A lower Australian dollar and the plunge in commodity prices bring added drama to the first profit season for 2015, setting up another year of single-digit company earnings growth in uncertain conditions and at odds with record share prices.

Page 17: Telstra is set to sell the once-iconic Trading Post brand just over a decade after it bought the classifieds rag for more than half a billion dollars.

Chinese airlines swooping on Australia Chinese carrier Xiamen Airlines is poised to launch Boeing 787 flights from Xiamen to Sydney later this year, becoming the first airline from a second-tier Chinese city to take advantage of a major expansion of air capacity between Australia and China.

A Toll Holdings logistics joint venture in the Pilbara has come under pressure from the Maritime Union of Australia to involve the union in bargaining for a new enterprise agreement.

Page 20: Chevron chief executive John Watson has voiced confidence in the economics of the severely over-budget Gorgon liquefied natural gas project in Western Australia while acknowledging that pricing in the LNG market is under “a lot of pressure” with the drop in oil prices.

Page 22: Most economists think the Reserve Bank of Australia should keep rates unchanged when board officials meet on Tuesday, despite financial markets pricing in an increased chance of a cut just as the Australian dollar trades closes in on a six-year low.

The Australian

Page 1: Tony Abbott will continue to face damaging backbench destabilisation unless he can reassure nervous MPs, in a crucial speech today, that he can clearly explain his policies to voters and restore the government’s standing with a hostile electorate.

Page 3: The elite Group of Eight universities have sought to hose down a Labor-fuelled backlash to deregulated fees by backing a government proposal to give the Australian Competition and Consumer Commission powers to crack down on excessive charges.

The competition watchdog is reviewing allegations of price-fixing involving Australia’s biggest chicken supplier, Baiada.

Foxtel has ignited a new battle for the nation’s 12.5 million internet subscribers, unveiling long awaited broadband plans and renewed intent to greatly expand its pay-TV penetration.

Page 4: When the Wevers rented a cabin on the shores of Longreach Bay for the last of the school holidays, they were taking part in a uniquely Perth summer tradition.

Page 19: The value of James Packer’s private company has risen over the $5 billion mark after it reported another strong annual profit result last year, allowing the billionaire to reap more than $25 million in extra dividend payments.

Calls to boost energy security by increasing fuel stockpiles and protecting a struggling oil refining sector are misguided and naive, according to Caltex Australia boss Julian Segal, who says the nation’s energy security is actually stronger after recent refinery closures.

Page 20: US oil giant Chevron will slow spending on the Canadian LNG project that Woodside Petroleum recently agreed to buy half of because LNG prices depressed by excess supply and low oil prices will not support it.

Mining giant Anglo American risks a downgrade to “junk” status as it faces billions of dollars of write-downs and plunging profits as commodity prices tumble.

Page 21: The Australian Competition and Consumer Commission will consider investigating AirAsia X for misleading and deceptive conduct after the airline took bookings for flights yet to gain regulatory approval, resulting in the cancellation of its maiden Melbourne to Bali flight on Christmas Day.

Page 25: Nine Network has rescued its relationship with Australia from the brink of collapse after the British newspaper threatened to dissolve the partnership after just a year of operation.

US streaming video-on-demand service Netflix has hammered a big stake in this territory and gaining a jump on its rivals, confirming it has struck a deal with The Walt Disney Company for Australian SVOD rights.

Page 27: Macquarie Radio Network boss John Singleton says doing business in Australia is a disgrace as he criticised the bureaucratic delay of up to four months for approval of the merger with Fairfax Radio.

The West Australian

Page 1: Tony Abbott’s leadership crisis deepened last night as Liberal backbenchers urged Julie Bishop to tell the Prime Minister that he had lost their confidence.

Page 3: Egypt has deported jailed reporter Peter Greste to Australia after he served 400 days in a Cairo prison.

Page 8: Motorists may be enjoying cheaper petrol but Canberra will claw a little of it back today with an increase in fuel tax.

Page 9: The State’s corruption watchdog has been forced to pay out at least three investigators who claimed they were the victims of harassment and intimidation by colleagues.

Page 12: The Barnett Government is dangling undeveloped residential lots at the Perry Lakes redevelopment in lieu of cash in an attempt to settle an outstanding $50 million compensation bill with the Town of Cambridge.

Page 14: A record number of graduates have picked up teaching jobs in public schools this year and universities are reporting increased enrolments in teaching courses because of the slowing economy.

Twenty-eight public high schools will start the year with at least $200,000 less than they were expecting last July, as the impact of the Government’s new student-centred funding model washes through the education system.

Page 21: Short-listed bidders for the Forrestfield-Airport rail link who miss out on winning the project’s construction contract will be paid $1 million by the State Government to reimburse them for their work.

The WA Government has sought environmental approval from Federal and State authorities for the demolition and replacement of the 63-year-old Mandurah traffic bridge.

Australian Federal Police officers are set to examine some of the State’s biggest land development ventures as they probe the financial affairs of companies linked to businessman Allen Caratti and his partner Tina Bazzo.