12/02/2015 - 05:37

Morning Headlines

12/02/2015 - 05:37

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Morning Headlines

Fresh feelgood factors: rates, fuel

The Reserve Bank’s surprise interest rate cut, a booming sharemarket and cheaper petrol have rekindled some optimism among Australia’s gloomy consumers, but at the risk of driving unsustainable debt-fuelled investment in property. The Aus

Forrest wants ‘seismic change’

Andrew Forrest has lashed governments of both persuasions for an “incremental, itsy-bitsy” approach to closing the gap of indigenous disadvantage, saying Aboriginal misery will continue without seismic change. The Aus

Political chaos hits business

Commonwealth Bank chief executive Ian Narev has warned that the political gridlock in Canberra and a lack of coherent policy is undermining business confidence and putting jobs at risk. The Fin

Abbott honours foreign farm pledge

The Abbott government has acted on an election promise to make it harder for foreigners to buy Australian agricultural land – putting the majority of purchases under Treasury scrutiny. The Fin

Domino’s eyes rivals as pizza sales sizzle

After doubling sales and earnings over the last few years, Domino’s Pizza is chasing a bigger share of the $11 billion fast-food market by taking sales from fried chicken outlets and drive-through formats such as McDonald’s and Hungry Jack’s. The Fin

Housing boom puts 55pc rocket up Stockland profit

Australia’s largest residential developer Stockland is cashing in on a booming housing market, delivering a 55.1 per cent jump in net profit to $462 million. The Aus

 

 

The Australian Financial Review

Page 1: Commonwealth Bank chief executive Ian Narev has warned that the political gridlock in Canberra and a lack of coherent policy is undermining business confidence and putting jobs at risk.

Page 3: Billionaire buddies to list on NYSE Software developer Atlassian is speeding up plans to list the $US3.3 billion ($4.3 billion) company in the United States, following the appointment of an experienced chief financial officer, in a move set to blast the founders into the realms of the 20 richest Australians.

Disgraced former MP Craig Thomson will be questioned in the Federal Court, after the Fair Work Commission relaunched elements of its case against him for using union credit cards for prostitutes.

Page 4: Santos’s top driller says high labour costs and union disruption are obstacles to doing business in the Australian oil and gas industry.

Page 7: Joe Hockey has accused the departments of Treasury and Finance of bungling the independent budget forecast produced during the federal election campaign because they failed to anticipate decisions the new government took later, such as the $8.8 billion Reserve Bank cash injection.

Page 9: The Abbott government has acted on an election promise to make it harder for foreigners to buy Australian agricultural land – putting the majority of purchases under Treasury scrutiny.

Page 21: After doubling sales and earnings over the last few years, Domino’s Pizza is chasing a bigger share of the $11 billion fast-food market by taking sales from fried chicken outlets and drive-through formats such as McDonald’s and Hungry Jack’s.

Page 23: Boral chief executive officer Mike Kane says any further interest rate cuts will have a muted impact on Australia’s hot housing market as the construction materials giant reported a 23 per cent jump in underlying half-year profit to $112 million.

Page 25: Computershare chief Stuart Irving has cut the company’s full year earnings per share forecast because of higher interest rates, a strengthening US dollar and choppy corporate activity, despite delivering what he described as an ‘‘incredible’’ first half result.

Page 31: Oil’s recent surge came to a sudden end after the International Energy Agency warned that the price of crude was unlikely to return to the levels seen over the past five years and that a recovery would take time.

 

 

The Australian

Page 1: The Reserve Bank’s surprise interest rate cut, a booming sharemarket and cheaper petrol have rekindled some optimism among Australia’s gloomy consumers, but at the risk of driving unsustainable debt-fuelled investment in property.

Page 4: The political fiasco for Tony Abbott surrounding the multibillion-dollar submarine proposal is a direct result of the Prime Minister’s weakened leadership, an internal Liberal Senate preselection battle, an inability to shut down brewing trouble and confusion from an ill-considered election promise.

Page 5: Budget pressures will crush the country if Australians do not accept further action to fix the nation’s finances, Joe Hockey has warned, in an attempt to clear the way for new measures to cut spending or raise revenue.

Page 6: Andrew Forrest has lashed governments of both persuasions for an “incremental, itsy-bitsy” approach to closing the gap of indigenous disadvantage, saying Aboriginal misery will continue without seismic change.

Page 19: Iron ore giant Rio Tinto is about to embark on another round of heavy cost-cutting, which could see jobs axed and wages squeezed, as the miner warns that the external landscape is changing rapidly.

Page 20: AGL Energy has flagged a continued tough market for electricity demand but claims it is well placed to take advantage of surging Queensland gas purchases and a revitalised aluminium sector in NSW and Victoria.

Changes under OZ Minerals’ new chief executive Andrew Cole continue to come thick and fast.

Page 22: Leighton Holdings has for the first time set aside $675 million relating to debts on problem projects that may never be paid but says it is confident of recovering significant sums owed.

Page 26: Australia’s largest residential developer Stockland is cashing in on a booming housing market, delivering a 55.1 per cent jump in net profit to $462 million.

 

 

The West Australian

Page 1: Detailed planning for more than half of the $1.5 billion, 13.4km Perth Freight Link is yet to be done, fuelling Opposition claims the project is being rushed to meet political deadlines.

Page 3: The City of Perth will be the only metropolitan council to change its boundaries unless the Premier reneges on his vow not to force unwanted mergers.

Page 11: Metal joints from bodies cremated in Perth are being recycled to raise money for charity.

Page 12: Industry leaders fear a Federal Government move to crack down on foreign ownership could stifle investment in agriculture and cause a fall in the value of WA farmland.

Business: The curse of Windimurra has struck again, with Atlantic calling in administrators to the vanadium mine’s operating subsidiaries after bondholders and its major shareholder failed to agree on a rescue package.

Craft beer maker Duckstein Brewery may say auf wiedersehen to Margaret River if it can find a buyer for the struggling hospitality venue.

A pick-up in business lending has helped Bankwest combat the impact of what Commonwealth Bank warns is the “significant” threat” of weak confidence.

Orbis Gold has given up its defence of a takeover bid by SEMAFO, recommending shareholders accept an improved cash offer from its Canadian suitor.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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