Low rates secure Fortescue to 2021
Fortescue Metals Group’s chief financial officer, Stephen Pearce, is exploiting low global interest rates to push as much as $US2.5 billion in debt repayments beyond 2021. The Fin
Green tick for Kintyre U-mine
Cameco has been granted a five-year window to start construction of the Kintyre uranium mine in the east Pilbara as two of the State’s most anticipated next wave resources projects received key environmental backing. The West
Business giants to front Senate over bribery
Some of corporate Australia’s top figures, including former BHP Billiton and Leighton Holdings executives, will be called to a Senate inquiry and grilled about allegations the firms bribed foreign officials. The Fin
Iron ore glut hits new highs
Port Hedland, the world’s largest bulk-export terminal, shipped the most iron ore on a daily basis last month as suppliers increased output through the facility despite the slump in prices. The Aus
States agree to ‘declutter’ too-broad curriculum
A back-to-basics national curriculum that “de-clutters” subject material and focuses on reading and writing will be rolled out next year, after winning the support of state and territory governments. The Aus
Virgin predicts lag before revival
Virgin Australia chief executive John Borghetti says the full impact of a boost in the number of foreign tourists enticed here by a weaker Australian dollar won’t be felt until the second half of this year. The Fin
Rate cuts failing to bite: RBA
Interest rate cuts are losing the ability to stimulate the economy, with the Reserve Bank warning that it is up to the government to take measures to help revitalise growth. The Aus
The Australian Financial Review
Page 1: The federal government will use the latest intergenerational report to convince voters of the need for policy reform and the renewed pursuit of billions in stalled budget cuts – or face another 40 years of debt and deficit.
Fortescue Metals Group’s chief financial officer, Stephen Pearce, is exploiting low global interest rates to push as much as $US2.5 billion in debt repayments beyond 2021.
Page 3: The community services arm of the Uniting Church is weighing into the most controversial issue in the NSW election, rising electricity prices, on the opposite side to the union movement.
Page 4: A triple-whammy of an ageing population, bracket creep and the GST exemption for fast-growing health spending will make it difficult to raise enough tax to run the federal government.
Page 8: Significant progress was made negotiating the future of the scheme that subsidies wind, solar and other types of renewable energy this week and an agreement between the major parties and industry looks likely in the next parliamentary sitting session.
Page 11: The Reserve Bank concedes that the extreme policies of other central banks have held up the dollar and forced it to cut interest rates to record lows, even at the risk of inflating asset prices.
Page 13: Private equity executives have identified surging asset prices as one of the biggest challenges confronting the industry in 2015, particularly as competition for assets remains fierce and globally firms have $US1.2 trillion ($1.5 trillion) in funds to deploy.
Some of corporate Australia’s top figures, including former BHP Billiton and Leighton Holdings executives, will be called to a Senate inquiry and grilled about allegations the firms bribed foreign officials.
Page 15: Virgin Australia chief executive John Borghetti says the full impact of a boost in the number of foreign tourists enticed here by a weaker Australian dollar won’t be felt until the second half of this year.
BHP Billiton is looking to increase its investment in low-emissions technologies and has called for clarity from governments on climate change policy, saying ‘‘We want to know what the rules of the game are and get on and play’’.
Australia’s pipeline of new infrastructure projects will tumble over the next year unless politicians work more closely together to develop new roads, railways and hospitals and agree on how to pay for them, professional services group EY has warned.
Page 16: The Future Fund is flexing its muscles as one Australia’s largest venture capital investors, tipping funds into a high-end fashion website as it seeks to take more direct stakes in promising technology start-ups.
Page 18: The national competition watchdog has sounded a warning that further consolidation of the Western Australian gas supply industry will face close examination after waving through Woodside Petroleum’s $US3.75 billion ($4.8 billion) purchase of some of Apache’s oil and gas assets.
The Australian
Page 1: Interest rate cuts are losing the ability to stimulate the economy, with the Reserve Bank warning that it is up to the government to take measures to help revitalise growth.
Page 4: A back-to-basics national curriculum that “de-clutters” subject material and focuses on reading and writing will be rolled out next year, after winning the support of state and territory governments.
Page 5: The Abbott government has clashed with the head of the Clean Energy Finance Corporation over a new investment mandate that calls for higher returns but no increase in risk from the body it still wants to scrap.
Page 6: Workers can forget personal income tax cuts for the next six years and look forward to relentless annual tax increases for the next 40 years if the government cannot pass its budget savings, the Intergenerational Report shows.
Page 7: Australia’s population is on track to reach 39.7 million in the next four decades, with more than 40,000 people projected to become centenarians.
Page 21: Chinese Premier Li Keqiang has warned that the country’s economy faces substantial hurdles to meet its 7 per cent growth rate target this year, but hopes a fresh round of financial market reform will help drive development plans.
Fortescue Metals is looking to shore up its balance sheet in a tough market for iron ore, saying it will refinance debt with a $US2.5 billion ($3.2bn) senior secured note issue.
David Gyngell has received a $1.5 million share windfall as he takes another award under a controversial scheme that has seen the Nine Network boss pull in more than $20m since last year.
Page 22: Port Hedland, the world’s largest bulk-export terminal, shipped the most iron ore on a daily basis last month as suppliers increased output through the facility despite the slump in prices.
The West Australian
Page 5: Australia will lodge a diplomatic protest with Jakarta after a senior Indonesian police officer posed for a macabre “selfie” with the condemned members of the Bali Nine.
Page 6: Perth will have to find space for at least another two million people by the middle of the century, putting pressure on the city’s transport, health and education systems.
Page 7: A cut to the growth rate applied to the age pension would be reversed once the Budget got back into surplus, Treasury’s Intergenerational Report reveals.
Page 11: A light-rail transport system would make Perth a more liveable city, according to Melbourne Lord Mayor Robert Doyle.
Business: Cameco has been granted a fiveyear window to start construction of the Kintyre uranium mine in the east Pilbara as two of the State’s most anticipated next wave resources projects received key environmental backing.
Former Xstrata chief executive Mick Davis has raised an initial $US5.6 billion ($7.2 billion) to fund new plays by his comeback company, X2 Resources.
The WA Government has injected first financial aid for the State’s embattled iron ore juniors, with the Chinese-controlled magnetite producer Karara Mining receiving almost $2 million in royalty rebates.