Morning Headlines

Sirius vows to ‘spurn’ Nickel West buyer

Nickel developer Sirius Resources says it will avoid signing up a customer that intends to purchase BHP Billiton’s unloved Nickel West business in an attempt to keep competition for its output alive. The Aus

Budget woos small firms, start-ups

The federal government is planning to extend a promised tax cut to all small businesses, regardless of whether they pay company tax or personal income tax, a move that will avoid two-thirds of businesses missing out because they are not incorporated. The Fin

Chevron in blunt job warning

Chevron has told its 4000-strong WA workforce to prepare for the harsh reality of a lean operating team on another dark day for the State’s resources sector. The West

Senate probes Google, Apple, BHP, Glencore

Pressure is growing on the world’s biggest technology, accounting, media and mining companies – from Google, Apple and Microsoft to BHP Billiton, Glencore and News Corp – to face Senate questioning over tax avoidance strategies. The Fin

Rio donates 170,000ha national park

Rio Tinto chief executive Sam Walsh has returned 175,000 hectares of bauxite-rich land to the Western Australian government to help create Australia's largest national park, admitting he believes community opposition would have never allowed a mine and refinery to be built. The Fin

TPG’s Teoh expected demand to raise $1.4b bid

TPG Telecom executive chairman David Teoh said he had expected some iiNet shareholders to demand more than his $1.4 billion bid for the company but would not state if he would be willing to increase the offer price or include TPG shares in exchange for iiNet shares. The Fin

Nahan gives in and sells shares

Treasurer Mike Nahan yesterday caved to Opposition pressure over conflict of interests concerns, announcing he would divest his shareholdings in four publicly listed companies. The West

The Australian Financial Review

Page 1: The federal government is planning to extend a promised tax cut to all small businesses, regardless of whether they pay company tax or personal income tax, a move that will avoid two-thirds of businesses missing out because they are not incorporated.

Page 3: As the Abbott government backtracks on its warnings of ‘‘a budget emergency’’, David Murray said he was frustrated that the importance of strengthening the nation’s fiscal position, which is a key defence in protecting an economy reliant on foreign funding, was being ignored.

Page 4: Australia’s largest carpet manufacturer is seeking to use the Abbott government’s proposed national construction code to try to cut the workplace conditions of low-paid textile workers.

Page 5: The government’s ability to uncover and prosecute foreigners for buying property illegally in Australia is ‘‘sorely limited’’ and breaches are inevitable, according the man who enforces the rules, Foreign Investment Review Board chairman Brian Wilson.

Page 8: The widespread adoption of cloud computing, smartphones, tablets and social networks has helped drive a surge in the value of Australia’s so-called digital economy, with it contributing $79 billion or 5.1 per cent of gross domestic product this year, new research has found.

Rio Tinto chief executive Sam Walsh has returned 175,000 hectares of bauxite-rich land to the Western Australian government to help create Australia's largest national park, admitting he believes community opposition would have never allowed a mine and refinery to be built.

Page 10: Jobs are growing in agriculture, mining and services businesses operating in China in an indication that the economy is making the much-debated transition from dependence on mining construction employment after the end of the commodities boom.

Page 12: Pressure is growing on the world’s biggest technology, accounting, media and mining companies – from Google, Apple and Microsoft to BHP Billiton, Glencore and News Corp – to face Senate questioning over tax avoidance strategies.

BlueScope Steel has settled a $174 million tax bill that arose from a fraud case orchestrated by a former Ernst & Young principal who was jailed for 11 years.

Page 17: TPG Telecom executive chairman David Teoh said he had expected some iiNet shareholders to demand more than his $1.4 billion bid for the company but would not state if he would be willing to increase the offer price or include TPG shares in exchange for iiNet shares.

Page 19: Department store chain Myer has argued a fall in first-half profit was insufficient reason for it to downgrade its full-year profit guidance, and it only knew late in the day before its results that a downgrade was necessary.

Page 20: Private equity investors are calling the bottom for commodity prices, but have excluded Australia’s two key exports, coal and iron ore, from their optimistic view.

A move into Australian iron ore continues to haunt Hong Kong-listed company Citic, which has confirmed a $US2.5 billion ($3.2 billion) impairment on the book value of its Sino Iron operation in Western Australia.

Page 23: Japanese oil and gas producer Inpex Corporation has written down the value of its Kitan oil field in the Timor Sea after the plunge in crude oil prices, signalling the decline in the outlook for one of the few petroleum fields providing revenue for Timor-Leste.

The Australian

Page 1: The biggest Defence shake-up in 40 years is coming after an expert panel found the department was rife with “waste and inefficiency’’ but resisted change because of complacency and inertia.

Australia is expected to join China’s massive development bank as early as this week, with Tony Abbott to personally explain the nation’s position to US President Barack Obama before a final decision is made.

Page 3: Rio Tinto and Alcoa have agreed to allow huge swaths of prime mining land in the remote Kimberley to become part of Australia’s biggest national park, in a move hailed as one of the most important conservation measures in decades.

Airfares to Los Angeles are believed to be at their lowest level in five years after Air New Zealand launched a bold bid for Australian travellers with an $899 return economy-class fare.

The most common chemical used in Australia by farmers and gardeners to kill weeds “probably” causes cancer, according to the World Health Organisation.

Page 5: Clive Palmer insists he is not at all worried about his wealth being slashed by the plunging iron ore price, saying he is a “happy chappy” who still has $40 million a year to live off and “have a good time”.

Page 6: The Abbott government has taken another step to soften its stance on budget cuts by assuring voters it will produce a surplus “as soon as possible” but not at the expense of economic growth.

Page 8: Port Hedland — the dust-coated Pilbara town at the heart of the nation’s economic miracle of the past decade — grew at breakneck speed during the boom as thousands of people poured in to seek their fortunes.

Page 19: TPG Telecom’s media-shy boss David Teoh has broken his silence on the company’s $1.4 billion takeover of iiNet, pledging not to rip the heart out of its customer-centric culture and saying his company has much to learn from the rival broadband provider.

Bankers and company directors, cruise bosses, casino moguls and lawyers are among those in the running for two of the most powerful roles in tourism currently up for grabs: the chairman role at Tourism Australia and the chair of Sydney Airport.

Page 20: The future for Western Australia’s oil and gas workers is becoming bleaker as the two biggest Perth-based operators, Woodside Petroleum and US oil giant Chevron, announced their first job-slashing programs since oil prices took a big turn for the worse in the middle of last year.

Nickel developer Sirius Resources says it will avoid signing up a customer that intends to purchase BHP Billiton’s unloved Nickel West business in an attempt to keep competition for its output alive.

Page 21: The chief executive of US streaming giant Netflix has admitted its newly launched Australian service will take time to sign up viewers amid suggestions it has failed to secure enough must-watch TV in a crowded local market.

Australian Competition & Consumer Commission chairman Rod Sims says he will keep “an open mind’’ in talks with Qantas and China Eastern about a surprise draft decision to reject a proposed alliance between the carriers.

Page 22: New Hope Coal is looking to diversify its product base with its $1.1 billion war chest and managing director Shane Stephan says the market downturn creates ripe conditions for deal activity.

The West Australian

Page 4: 5: Organised crime syndicates traditionally specialising in heroin or cocaine are turning to methylamphetamine to feed a booming Australian market, classified police intelligence reports show.

Page 10: A report to be released today by Australia’s Chief Scientist Ian Chubb puts the value of advanced physical and mathematical science at 11 per cent of GDP.

Page 12: Joe Hockey has significantly wound back his expectations of getting the Budget back in the black as falling commodity prices deny the Government vital tax dollars.

Page 14: Treasurer Mike Nahan yesterday caved to Opposition pressure over conflict of interests concerns, announcing he would divest his shareholdings in four publicly listed companies.

Page 19: WA consumers and small businesses will be able to choose who they buy electricity from within four years under a shake-up of the power sector.

Page 20: A McGowan Labor government would publish a 20-year State infrastructure strategy, establish an independent advisory body with private representatives and put big plans through a public cost-benefit process.

Business: Chevron has told its 4000-strong WA workforce to prepare for the harsh reality of a lean operating team on another dark day for the State’s resources sector.

The Australian head of German multinational Wirtgen has criticised political leaders for staying away from the opening of a $70 million company facility today.

Doppler radar coverage of the Wheatbelt would deliver a $108 million windfall to farmers over the next two decades as well as untold benefits in emergency services and environmental management, according to an independent report prepared for the State Government.