05/02/2015 - 05:24

Morning Headlines

05/02/2015 - 05:24

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Morning Headlines

CAER to reveal Sandfire file

Sandfire Resources won the first skirmish in its legal battle with CAER, a Canberra consulting firm it alleges issued misleading press releases about the Perth miner and six other resource companies. The Fin

Cliffs holds WA iron ore mines

Cliffs Natural Resources chief executive Lourenco Goncalves says the company has “no need” to sell its WA iron ore mines, in a sign the company may be backing away from a sale of the assets. The West

Hockey’s budget retreat

The Abbott government has abandoned the search for big May budget savings, will not meet its forecast 2018 return to surplus and is privately acknowledging collapsing revenue means it is highly unlikely to offer tax cuts at the next federal election. The Fin

We pay our share of tax, tech titans claim

Technology giants Apple and Google have defended the amount of tax they pay in Australia, with Apple calling for a new agreement between the company and the Australian Taxation Office. The Aus

Price dip to wipe $60bn from oil projects

Sliding oil prices are expected to slice $US60 billion off operating profits from Asia-Pacific oil and LNG projects this year alone, highlighting why the likes of Santos, Origin Energy and Oil Search could report big write-downs this month in their earnings reports. The Aus

State sitting on $200m for reserves

The Government is sitting on a $200 million pile of cash meant for the purchase of Perth’s future parks and road reserves, prompting WA’s urban development think tank to warn the city’s orderly expansion is at risk. The West

 

 

The Australian Financial Review

Page 1: The Abbott government has abandoned the search for big May budget savings, will not meet its forecast 2018 return to surplus and is privately acknowledging collapsing revenue means it is highly unlikely to offer tax cuts at the next federal election.

The biggest building boom in Australian history is going to accelerate, predicts BIS Shrapnel, which raised its forecast for housing and apartment commencements following the Reserve Bank’s interest rate cut.

Page 7: Commonwealth Bank of Australia and Westpac Banking Corp will slice their mortgage rates following the reduction in official interest rates, but customers will have to wait more than two weeks for the cuts to come into effect.

Page 9: Sandfire Resources won the first skirmish in its legal battle with CAER, a Canberra consulting firm it alleges issued misleading press releases about the Perth miner and six other resource companies.

Page 17: Outgoing Nufarm boss Doug Rathbone said he had no intention of being a lame duck chief executive after his sudden departure from the crop protection group he helped build over four decades.

Page 19: An American iron ore miner says Australia is ‘‘manipulating’’ its currency in a bid to save its iron ore exporters, who are so desperate for cash they are ‘‘putting even the kangaroos up for sale’’.

Page 20: BHP Billiton is planning to follow rival Rio Tinto’s uncommon display of tax transparency by releasing a voluntary annual taxes-paid report, which could show every tax it pays over $1 million in every jurisdiction it operates in around the world.

Page 33: Property tycoon Lang Walker has launched due diligence on Leighton Properties’ development business, which was put on the market after its parent company fell to Spanish control last year.

 

 

The Australian

Page 1: The federal budget faces further massive write-downs, with some estimates suggesting that up to $40 billion will be added to the deficit over four years as commodity prices fall and the economy slows.

Page 3: Technology giants Apple and Google have defended the amount of tax they pay in Australia, with Apple calling for a new agreement between the company and the Australian Taxation Office.

Page 5: The schools with the biggest boost in funding for students with a disability are some of the nation’s most elite, with 10 private schools allocated more than $30,000 extra per student.

Page 19: THE nation’s only Australian-owned poppy processing company, TPI Enterprises, is planning to list on the Australian Securities Exchange with a market value of over $200 million after a capital raising backed by its biggest investors that include Washington Soul Pattinson and the Ashok Jacob-led Ellerston Capital.

Page 20: China’s crude steel production is forecast to dip this year, putting further pressure on the iron ore price as the head of a US miner says Australian producers “don’t know what to do anymore”.            

Sliding oil prices are expected to slice $US60 billion off operating profits from Asia-Pacific oil and LNG projects this year alone, highlighting why the likes of Santos, Origin Energy and Oil Search could report big write-downs this month in their earnings reports.

Page 21: Western Australian police have begun an investigation into the founder of medical cannabis company Phytotech Medical over online threats posted on his Facebook page.

Page 22: Cut-price broadband provider TPG Telecom is ready to launch a bundle of 10 Foxtel channels in a bid to capture a piece of the increasingly crowded pay-TV and streaming video market.

Page 27: Law firms are making moves in Perth’s struggling office market, with Slater and Gordon close to pre committing to the Golden Square office development in the central business district.

Page 29: Australia’s office landlords are feeling the brunt of a slowdown in the resources sector, with poorly performing Perth and Brisbane pushing the national CBD office vacancy rate to its highest level in 18 years.

 

 

The West Australian

Page 1: Firefighters were last night battling to save two South West towns from what authorities fear will become the biggest bushfire in WA’s history.

Page 4: Malcolm Turnbull would make no change to the Government’s climate change policy in a major concession designed to extinguish lingering doubts about a return to him as Liberal leader.

Page 9: The Government is sitting on a $200 million pile of cash meant for the purchase of Perth’s future parks and road reserves, prompting WA’s urban development think tank to warn the city’s orderly expansion is at risk.

Page 11: Colin Barnett has revived first-term ambitions of restructuring the Corruption and Crime Commission to tackle organised crime after declaring yesterday the watchdog had long underperformed.

Business: Cliffs Natural Resources chief executive Lourenco Goncalves says the company has “no need” to sell its WA iron ore mines, in a sign the company may be backing away from a sale of the assets.

Canada’s First Quantum Minerals has cut 50 jobs from its Ravensthorpe nickel mine as a result of the burst acid tank that forced the temporary closure of the mine in December.

Bannister Downs owner Sue Daubney has not lost her sense of humour despite being forced to notify customers the leading dairy is shutting down its processing operations because of the fires around Northcliffe.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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