Morning Headlines

BHP borrows cheap

The world’s largest miner BHP Billiton has raised a quick-fire $1 billion of debt at its cheapest ever rate in the Australian bond market, a day after rival ore producer Fortescue Metals Group came up empty-handed in the US bond market. The Fin

FMG’s balance sheet blues deepen

Fortescue Metals Group’s first day following its failure to refinance $US2.5 billion ($3.2bn) in debt had a strong sense of familiarity about it: another fall in iron ore prices; another set of analyst price forecast cuts; and another angry outburst from Western Australian Premier Colin Barnett. The Aus

Ore rebate relief on the way     

WA’s embattled junior iron ore sector is hoping the first of a series of cash injections from the State Government will arrive as early as next week to provide much-needed breathing space from a steel commodity price anchored at $US55 a tonne. The West

WA faces big GST interest bill

WA taxpayers face paying tens of millions of dollars in interest on massive loans to prop up Eastern States unless the GST carve-up is changed, Treasurer Mike Nahan has warned. The West

Budget gets $80b worse under Libs

The federal budget’s forecast bottom line has gone backwards by at least $80 billion over four years since the Coalition came to office, challenging the Prime Minister’s promise that a tough budget is not needed this year because the nation’s finances are under control. The Fin

Murdoch eyes radio assets in APN play

Rupert Murdoch’s News Corporation has intrigued its rivals by swooping on a 14.99 per cent stake in APN News & Media, which owns strong-performing radio assets, positioning Australia’s biggest media company for further consolidation of the struggling media sector. The Fin

Major iiNet shareholder labels TPG bid price ‘absurd’

One of iiNet’s largest shareholders is objecting to the pricing and structure of billionaire David Teoh’s TPG Telecom bid in a move that threatens to complicate the $1.4 billion deal. The Fin

The Australian Financial Review

Page 1: The federal budget’s forecast bottom line has gone backwards by at least $80 billion over four years since the Coalition came to office, challenging the Prime Minister’s promise that a tough budget is not needed this year because the nation’s finances are under control.

A single penalty rate and one universal award would apply across the economy under a blueprint for labour market reform proposed by big business.

Page 3: The federal government will ramp up its pitch to small business on Friday by making good on an election promise to extend legal protections from unfair contracts to a million small operators.

Page 5: Big companies that promise to employ at least 400 more indigenous people will gain financial support from the government in what it describes as a ‘‘call to arms’’.

Page 6: Laws seeking the publication of the tax data of large companies were intended to capture multinationals, not private firms, Australian Tax Office commissioner Chris Jordan says.

Page 13: Two weeks after taking the helm of Myer Holdings, chief executive Richard Umbers is under pressure on multiple fronts after handing down a worse than expected 23 per cent fall in first-half profit which highlighted the retailer’s fragile balance sheet, dented its corporate governance record and triggered renewed takeover talk.

Rupert Murdoch’s News Corporation has intrigued its rivals by swooping on a 14.99 per cent stake in APN News & Media, which owns strong-performing radio assets, positioning Australia’s biggest media company for further consolidation of the struggling media sector.

One of iiNet’s largest shareholders is objecting to the pricing and structure of billionaire David Teoh’s TPG Telecom bid in a move that threatens to complicate the $1.4 billion deal.

Page 15: The world’s largest miner BHP Billiton has raised a quick-fire $1 billion of debt at its cheapest ever rate in the Australian bond market, a day after rival ore producer Fortescue Metals Group came up empty-handed in the US bond market.

Leighton Holdings could shed the name it has used for more than 60 years. Leighton has applied for trademarks for the words ‘‘Cimic’’ and ‘‘Pacific Construction Contractors’’, suggesting the contractor may be considering changing its name potentially to distance itself from corruption allegations.

Page 19: Colin Barnett has launched a fresh attack on Rio Tinto and BHP Billiton, labelling their iron ore expansion strategies ‘‘dumb’’, as he nurses deep wounds inflicted on the Western Australian state budget by his Treasury’s wildly optimistic price forecasts for the commodity.

The Australian

Page 1: Signals that US interest rates will remain close to zero for longer than expected have sent a jolt through global markets, sparking wild buying of shares and bonds and sending currencies including the Australian dollar soaring against the greenback.

Journalists face two years in jail for reporting on a warrant system under new national security laws aimed at protecting press freedom.

Page 2: Clive Palmer’s $500 million plan to build the Titanic II remains high and dry, with little sign that work has even started on the project, which is already at least two years behind schedule.

The construction industry watchdog has sounded the alarm on unlawfulness on building sites, producing new figures showing a 150 per cent rise in investigations and a 380 per cent jump in prosecutions in the past year.

Page 20: BHP Billiton managing director Andrew Mackenzie says the US shale oil and gas sector the company spent $US20 billion entering into in 2011 in its biggest acquisition since the 2001 Billiton merger is not looking as profitable in the long-term as was initially thought.

China’s Western Australian iron ore project, Karara Mining, has slashed its workforce on the back of the continued slump in the iron ore price.

The polarising effect of Orica’s departing managing director Ian Smith was evident in broker reports yesterday following the explosive maker’s announcement on Wednesday that it had started looking for a new chief executive in the wake of a January outburst from Mr Smith at a senior staff member.

Fortescue Metals Group’s first day following its failure to refinance $US2.5 billion ($3.2bn) in debt had a strong sense of familiarity about it: another fall in iron ore prices; another set of analyst price forecast cuts; and another angry outburst from Western Australian Premier Colin Barnett.

The West Australian

Page 1: Health Minister Kim Hames said yesterday the State Government would commit almost $600,000 to the booster program as soon as it received the final safety tick from a national expert committee in the next fortnight.

Page 3: WA taxpayers face paying tens of millions of dollars in interest on massive loans to prop up Eastern States unless the GST carve-up is changed, Treasurer Mike Nahan has warned.

Page 6: Tony Abbott is being urged to quickly implement electoral reform with debate within Government about the virtues of a double dissolution election.

Page 11: The RAC wants the State Government to start planning for a network of bridges around Perth for the sole use of buses, cyclists and pedestrians.

Business: WA’s embattled junior iron ore sector is hoping the first of a series of cash injections from the State Government will arrive as early as next week to provide much-needed breathing space from a steel commodity price anchored at $US55 a tonne.

InterGrain chief executive Tress Walmsley said WA produced about one million tonnes of the wheat a year for export to Japan and Korea.

Copper hopeful Hot Chili has long argued it is undervalued by investors. The $42 million company’s claim gained support yesterday from independent expert BDO, which valued Hot Chili’s flagship Productora project in Chile at between $245 million and $297 million.

Federal Treasurer Joe Hockey has approved the proposed $6.5 billion takeover of Toll Holdings by Japan Post.