06/02/2015 - 06:14

Morning Headlines

06/02/2015 - 06:14

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Morning Headlines

HR director quits amid Murdoch Uni turmoil

The power struggle at Perth’s Murdoch University has taken another twist with the resignation of one of its most senior executives, human resources director Karen Lamont, after she was targeted by an internal investigation into alleged misconduct among staff. The Aus

Bank boom ‘won’t bust’

Westpac Banking Corp’s new chief executive, Brian Hartzer, says the huge volume of money being printed by central banks around the world will drive up the price of Australian assets, including banks, which are already some of the highest-valued financial stocks in the world. The Fin

Cuts, tax hikes critical to AAA rating

Ratings agencies say the Abbott government will need to deliver further spending cuts or tax hikes to ensure Australia maintains its AAA credit rating over the longer term. The Fin

Profits dip as Downer eyes more takeovers

Downer EDI chief executive Grant Fenn has signalled the contractor is eyeing takeovers of troubled companies as it reported a 4.4 per cent drop in first-half net profit to $94.7 million. The Fin

Companies facing two tax rates

The Coalition is moving towards the introduction of a two-tiered corporate tax system for the first time in 40 years after Social Services Minister Scott Morrison confirmed the levy designed to fund the now-abandoned paid parental leave scheme would not be redirected to childcare. The Aus

Mongolia flags Rio mine exit

Mongolia has flagged plans to sell some or all of its 34 per cent stake in Rio Tinto’s giant Oyu Tolgoi copper and gold mine in return for royalties, in a move that would increase Rio’s stake in and share of spending on a $US5 billion ($6.4bn) underground expansion over which the two partners are at loggerheads. The Aus

Doray moves to compulsory acquisition

Doray Minerals says it will move to compulsorily acquire Mutiny Gold after securing more than 90 per cent of its issued capital. The West

 

 

The Australian Financial Review

Page 1: Westpac Banking Corp’s new chief executive, Brian Hartzer, says the huge volume of money being printed by central banks around the world will drive up the price of Australian assets, including banks, which are already some of the highest-valued financial stocks in the world.

Page 3: The “secret daughter” of the late Perth billionaire Michael Wright wants the Western Australian Supreme Court to award her $12 million, which would be the biggest court-ordered payout from a deceased estate.

Page 4: Prime Minister Tony Abbott has reportedly admitted for the first time that buying a Japanese submarine could raise tensions with China.

Page 5: Ratings agencies say the Abbott government will need to deliver further spending cuts or tax hikes to ensure Australia maintains its AAA credit rating over the longer term.

Page 7: Palmer United Party Senate leader Glenn Lazarus declared his party would not pass key budget measures no matter who was in charge of the government, indicating a switch in leadership may not make the upper house any easier to handle.

Page 9: The Future Fund’s assets have swelled to $109 billion after investments in private equity and infrastructure and a shift into US dollars helped it generate a 13.2 per cent return in 2014.

Less than two months after Coles agreed to settle unconscionable conduct claims, Metcash is embroiled in a legal stoush with a major supplier who has accused the food and liquor distributor of demanding excessive rebates and payments.

Page 13: The absence of nasty surprises in National Australia Bank’s trading update helped catapult the share price to a seven-year high on Thursday as investors applauded the turnaround led by chief executive Andrew Thorburn.

Page 15: Downer EDI chief executive Grant Fenn has signalled the contractor is eyeing takeovers of troubled companies as it reported a 4.4 per cent drop in first-half net profit to $94.7 million.

Page 16: Australia’s No 1 online real estate company is hunting for acquisitions to expand internationally after it reported a surge in net profit and revenue for the six months to December 31.

 

 

The Australian

Page 1: The Coalition is moving towards the introduction of a two-tiered corporate tax system for the first time in 40 years after Social Services Minister Scott Morrison confirmed the levy designed to fund the now-abandoned paid parental leave scheme would not be redirected to childcare.

Page 2: Hundreds of small internet service providers are at risk of collapse under proposed new metadata laws, as industry warns the scheme is “half-baked” and will burden business with red tape.

Page 3: Working families are spending a quarter of their pay packets on childcare as costs spiral three times faster than inflation.

Page 6: The power struggle at Perth’s Murdoch University has taken another twist with the resignation of one of its most senior executives, human resources director Karen Lamont, after she was targeted by an internal investigation into alleged misconduct among staff.

Page 19: Rupert Murdoch’s entertainment giant 21st Century Fox delivered better-than-expected results for the December quarter driven by continued strong growth in its cable network and film studio businesses.

Page 21: Mongolia has flagged plans to sell some or all of its 34 per cent stake in Rio Tinto’s giant Oyu Tolgoi copper and gold mine in return for royalties, in a move that would increase Rio’s stake in and share of spending on a $US5 billion ($6.4bn) underground expansion over which the two partners are at loggerheads.

Downer EDI boss Grant Fenn has warned Australia’s mining services industry remains under intense pressure but he advises against predictions on the death of the sector.

Tabcorp has joined the push to boost investor yields with a rights issue to fund a $236 million special dividend following its best interim profit in three years.

Page 22: Australia risks high-cost, low-quality taxi services if tardy regulators allow Uber to dominate the market, a competitor to the ride-sharing service has warned.

Page 23: China’s steel industry is experiencing a ‘‘crisis of confidence’’ that will affect iron ore prices unless activity picks up after Chinese New Year, according to Morgan Stanley.

The Reserve Bank of Australia’s decision to cut the official cash rate to a new record low sent the local sharemarket to a near seven-year high.

 

 

The West Australian

WA Police’s approach to liquor licensing is under scrutiny amid revelations it intervened in an application to serve alcohol at the National Anzac Centre in Albany.

A bushfire is hampering mining operations for BHP Billiton and Newmont Mining at two sites south of Perth.

Rio Tinto has shrugged off worries about the diving iron ore price, saying it looks forward to the other products it mines enjoying a boom.

US fund management giant The Capital Group has taken a 5 per cent stake in the world's fourth biggest iron ore miner Fortescue Metals Group.

Gina Rinehart's Roy Hill project faces fresh concerns about safety standards after supporting jacks gave way beneath a heavy construction module at the project's processing plant yesterday.

Doray Minerals says it will move to compulsorily acquire Mutiny Gold after securing more than 90 per cent of its issued capital.

Australians are paying down their mortgages rather than spending their cash in a sign the Reserve Bank's interest rate cut may fail to boost the economy.

Senior Supreme Court judge and former director of public prosecutions John McKechnie is the frontrunner to become WA’s new Corruption and Crime Commissioner.

Premier Colin Barnett and Nationals leader Terry Redman have attacked resistance to forest burn programs, saying it contributed to the scale and intensity of the weeklong emergency near Northcliffe.

The vast reserves of Wellington Dam will be used to create thousands of hectares of irrigated farmland under a plan backed by the State Government and a leading co-operative that supplies water to key industries in the South-West.

 

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