25/02/2015 - 05:45

Morning Headlines

25/02/2015 - 05:45

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Morning Headlines

Atlas Iron may need to source additional funds

Auditors for Atlas Iron have warned that the junior miner might have to sell assets or raise funds to repay debt if it fails to meet its latest cash flow forecasts. The Fin

Rio boss: Glencore merger is ‘fantasy’

Rio Tinto managing director Sam Walsh says a merger with Ivan Glasenberg’s Glencore will never happen because it would not clear regulatory hurdles even if Glencore came up with an offer that provided value for Rio. The Aus

EPA urges joint effort to combat NW impact

WA’s environmental regulator is urging resources companies in the Pilbara to jointly fund green projects in a bid to offset the effects of mining in the region. The West

ACCI wants tax breaks for childcare

Childcare subsidies should be replaced with loans or tax deductions for wealthier families, the Australian Chamber of Commerce and Industry has told Social Services Minister Scott Morrison. The Fin

BHP defies price crashes

BHP Billiton chief executive Andrew Mackenzie insists the company is not hurting its growth prospects by slashing investment in new and existing projects, and says the more conservative mining group will now get 30 per cent higher returns from investments because of improved management. The Fin

Action on rogues as study loans hit $1.6bn

HECS-style loans for diplomas have skyrocketed beyond all expectation, with the federal government last year channelling more than $1.6 billion to almost 200,000 students — many of them unlikely to repay it. The Aus

WA grain handler stumbles

A major grain storage and handling business long considered a prime target for overseas interests looking for supply chain control in WA has fallen into the hands of receivers. The West

 

 

The Australian Financial Review

Page 1: BHP Billiton chief executive Andrew Mackenzie insists the company is not hurting its growth prospects by slashing investment in new and existing projects, and says the more conservative mining group will now get 30 per cent higher returns from investments because of improved management.

Page 3: The Australian Securities and Investments Commission is investigating 33 companies for inflated valuations and dodgy accounting treatment following large write-downs this reporting season.

eBay customers will be able to collect online orders from more than 90 Woolworths supermarkets and BIG W stores under a deal that is designed to increase sales at Woolworths’ physical stores and fuel online sales by giving shoppers more options for receiving orders.

Page 5: Attorney-General George Brandis’ offer of an alternative government job to Human Rights Commissioner Gillian Triggs on the condition she resign from the commission has been referred to the federal police for allegedly corrupt conduct.

The clean-up of asbestos at the federal government’s Manus Island detention centre was mishandled, putting workers at risk in the rush to complete staff accommodation blocks, three sources say.

Page 6: An official report designed to improve how the welfare system operates could lock in high upfront costs by guaranteeing no one on welfare would get less money from changes to the system.

Page 7: Childcare subsidies should be replaced with loans or tax deductions for wealthier families, the Australian Chamber of Commerce and Industry has told Social Services Minister Scott Morrison.

Page 9: Business has sharply criticised the Abbott government for ruling out changes to penalty rates or the minimum wage, accusing the Coalition of backing down in the face of union opposition.

Farmers will be able to employ more guest workers from South Pacific countries to fill seasonal fruit-picking jobs under changes to a scheme that has resulted in backpackers taking the available jobs.

Page 10: A grocery industry code of conduct aimed at curbing unfair treatment of suppliers by the major supermarket chains will be enacted within days, more than two years after talks commenced between Coles, Woolworths and the food and grocery industry.

Page 11: The cost of connecting a single existing home or business to the national broadband network has risen to $4316 thanks to higher construction costs and a change in accounting rules, according to NBN Co.

Page 15: The collapse in crude oil prices has driven BHP Billiton to cut its petroleum shale spending by $US2.4 billion ($3 billion) over the next 18 months, putting doubt around future production and forecasts for cash flows.

Spotless Group is eyeing 20 potential acquisition targets as the nation’s biggest cleaning and catering contractor positions itself for major consolidation over the next three years.

Page 18: Global ports operator DP World plans to eventually automate all its ports in Australia to make its national and international supply chains more efficient, global chief executive Mohammed Sharaf has revealed.

Page 20: Auditors for Atlas Iron have warned that the junior miner might have to sell assets or raise funds to repay debt if it fails to meet its latest cash flow forecasts.

 

 

The Australian

Page 1: Eligibility for the Disability Support Pension would be dramatically tightened and government payments simplified into five streams under a blueprint for the biggest welfare overhaul in a generation.

A funding crisis is threatening to deepen Tony Abbott’s political woes as donors hold back from supporting the Liberal Party amid new questions over its financial affairs.

Page 2: China has failed in its quest to steal classified secrets about Australia’s new Joint Strike Fighters, but America’s “adversaries” are constantly seeking information about the warplane, the US head of the JSF program has revealed.

Page 4: HECS-style loans for diplomas have skyrocketed beyond all expectation, with the federal government last year channelling more than $1.6 billion to almost 200,000 students — many of them unlikely to repay it.

Page 6: Cabinet has been unable to resolve how much to concede to the economic nationalism of the Nationals in a dispute over a planned crackdown on foreign investment in the rural sector.

Page 7: Unemployment benefit recipients would be given a “passport for work’’ showing them how their income support would change if they got a job as part of a plan to reduce the “fear’’ of entering the workforce.

Page 19: Investors chasing yield in Australia are ignoring the increased risks they are taking, according to Australia’s most senior fund managers, including Chris Cuffe and John Sevior.

Scentre Group, the $20 billion shopping centre giant created from the Westfield restructure, is on track to meet forecasts as mall sales improve and the value of its portfolio increases.

QBE is pinning its hopes this year on further gains for its US business and continued discipline in underwriting risks after chief executive John Neal declared that two years of restructuring and investor disappointment had ended with a turnaround in net profit of almost $US1 billion ($1.3bn).

Page 20: Rio Tinto managing director Sam Walsh says a merger with Ivan Glasenberg’s Glencore will never happen because it would not clear regulatory hurdles even if Glencore came up with an offer that provided value for Rio.

 

 

The West Australian

Page 1: Doctors say the lives of patients are at risk because some staff cannot get mobile phone reception at Fiona Stanley Hospital.

Page 4: The country’s top law officer could face a Federal police investigation after the head of the Human Rights Commission said she was offered another government job if she resigned.

Page 7: Government-appointed interim administrators will run Healthway indefinitely after chairwoman Rosanna Capolingua resigned yesterday and Colin Barnett called on its board of directors to follow her.

The AFL Players’ Association has been forced to reveal some of the secrets of how it licenses football agents after a WA Supreme Court judge ruled it had to release exam papers to the manager of a Collingwood star.

Business: Atlas Iron has warned shareholders it could be forced to return to equity markets or sell down its assets if iron ore prices keep falling.

A major grain storage and handling business long considered a prime target for overseas interests looking for supply chain control in WA has fallen into the hands of receivers.

WA’s environmental regulator is urging resources companies in the Pilbara to jointly fund green projects in a bid to offset the effects of mining in the region.

Fleetwood Corp shares jumped almost 12 per cent yesterday to $1.38 after it struck a new, more favourable agreement with Rio Tinto over its Searipple accommodation village in Karratha.

Northern Star Resources will buy the Hermes gold project as part of a broader deal with Alchemy Resources.

BHP Billiton’s Nickel West division returned to profitability for the first time in at least two years, as the global mining giant’s half-year underlying profit fell 31 per cent to $US5.4 billion on lower commodity prices.

A State Government-funded report into the future of the grains industry has rejected claims from Transport Minister Dean Nalder that a freight blueprint drawn up six years ago remains relevant.

The owner of Nanna’s Frozen Berries is waiting for test results before deciding whether to switch suppliers.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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