Laing O’Rourke walks over Roy Hill port delay
Fresh cracks are appearing in Roy Hill’s ambitious bid to start shipping iron ore from Port Hedland by September, after major construction contracts at its port operations were torn up yesterday. The West
Hockey pushes for cuts
Treasurer Joe Hockey has urged rattled Coalition MPs to hold their nerve over the budget by warning that there is no chance of a return to surplus if the government abandons unresolved and controversial policies from last year’s federal budget. The Fin
Eyes on prize as Telstra heads for $2b net profit
Telstra is expected to report about $2 billion in net profit and could give shareholders a 16¢ dividend for the six months ending December 31, 2014 thanks to its strong mobiles division and payments relating to the national broadband network, according to leading analysts. The Fin
Cochlear amplifies profit result
Cochlear chief executive Chris Roberts says investors must have patience with R&D-driven companies after sales of a new, more powerful sound processor, which can help users hear better in noisy environments such as a party or a bar, helped double underlying first-half profit. The Fin
Bradken tumbles to $92m loss
Mining services group Bradken has reported a crash in its half-year results and managing director Brian Hodges has warned further commodity price slides remain a risk for the company. The Aus
Uber seeks regulatory solution to ride sharing
Uber says it can create 20,000 jobs across Australia by the end of the year if state governments legalise its UberX service and transport authorities stop cracking down on its drivers. The Aus
The Australian Financial Review
Page 1: Treasurer Joe Hockey has urged rattled Coalition MPs to hold their nerve over the budget by warning that there is no chance of a return to surplus if the government abandons unresolved and controversial policies from last year’s federal budget.
Page 3: The Australian economy will barely rank among the world’s top 30 by the middle of the century if there isn’t a fresh focus on education, particularly in science and technology, according to a study by British economists.
Page 4: By trying to shore up support ahead of Monday’s spill motion, Tony Abbott has been accused of making another disastrous ‘captain’s call’ on the purchase of a new submarine fleet.
Page 5: The national competition watchdog is concerned the federal government’s asset recycling program will encourage the swift sell-off of public assets to maximise budget proceeds at the expense of good outcomes for consumers, and is urging tougher regulation to make sure that does not happen.
Page 6: Reserve Bank board member Heather Ridout has offered Prime Minister Tony Abbott advice on how to stimulate economic activity – give businesses tax breaks for investing in new equipment and assets.
Australian Taxation Office workers might be the next public service agency to take industrial action following a pay deal that has angered many of the agency’s 21,000 staff and which its union says will result in an extra 300 job losses.
Page 15: Cochlear chief executive Chris Roberts says investors must have patience with R&D-driven companies after sales of a new, more powerful sound processor, which can help users hear better in noisy environments such as a party or a bar, helped double underlying first-half profit.
Page 20: Three Australian iron ore mines are at risk of closure as the profitability gap between the major producers and the rest of the sector widens, says resources consultancy Wood Mackenzie.
Page 21: Telstra is expected to report about $2 billion in net profit and could give shareholders a 16¢ dividend for the six months ending December 31, 2014 thanks to its strong mobiles division and payments relating to the national broadband network, according to leading analysts.
The Australian
Page 1: Tony Abbott will today declare “profound” disappointment with the nation’s efforts to lift indigenous Australians out of disadvantage as his centrepiece Closing the Gap report shows stalled progress on half its indicators.
Peter Costello has warned that any retreat from the federal government’s savings push could “completely break the budget and the country in the years ahead”.
Page 5: Childcare centres are offering cars, extra holidays and bonuses to stop teachers defecting to schools.
Page 6: The government has achieved its first budget win for the year, gaining Senate assent for a $1.4 billion cut to research tax incentives for large companies that was originally proposed by Labor in last year’s budget but then opposed following the change of government.
Page 19: Uber says it can create 20,000 jobs across Australia by the end of the year if state governments legalise its UberX service and transport authorities stop cracking down on its drivers.
Page 20: An Oil Search bid to lever French oil major Total out of the $5 billion Elk/Antelope gas project in PNG appears to have failed, with a London arbitration court deciding Oil Search has no pre-emptive rights over partner InterOil’s $US400m-plus ($513m-plus) stake sale to Total.
Page 21: Mining services group Bradken has reported a crash in its half-year results and managing director Brian Hodges has warned further commodity price slides remain a risk for the company.
The West Australian
Page 1: WA’s much-hyped anti-bikie laws could be radically overhauled or replaced with even tougher legislation designed to make it easier for police to put criminal gangs out of business.
Page 6: Colin Barnett has lashed out at WA’s local government sector as “incapable of reforming itself” as he effectively abandoned the Government’s reform process.
Councils that have spent millions planning for reform were yesterday demanding compensation from the State Government if it does not happen.
Foreign Minister Julie Bishop says Tony Abbott must respond to “valid” concerns from backbenchers about his powerful chief of staff Peta Credlin.
Page 11: WorkSafe is investigating the death of a Public Transport Authority worker who was struck by a train — carrying about 50 passengers — in Guildford yesterday.
Page 19: Western Australians have $600 billion tied up in their houses and units and signs are emerging the prices of both are rising again.
Business: Fresh cracks are appearing in Roy Hill’s ambitious bid to start shipping iron ore from Port Hedland by September, after major construction contracts at its port operations were torn up yesterday.
AusGroup boss Stuart Kenny says the oil and gas-focused contractor has avoided the brunt of the energy price slump through cost cutting and a limited exposure to exploration.
Investors have reacted with alarm to Coventry Group’s review of its dividend commitments, wiping 25 per cent from the value of the group’s shares.
Vocus Communications and Amcom Telecommunications are “getting on like a house on fire” and already cross-selling products ahead of the planned completion of their merger in April.
Mining billionaire Andrew Forrest is banking on Harvey Beef becoming a handy cash cow over the next few years judging by documents lodged with the corporate regulator.
