Morning Headlines

Evolution contender for $400m mine buy

Egyptian billionaire Naguib Sawiris is quietly shopping around his Goldfields gold operation with an asking price of up to $400 million, with Evolution Mining understood to be the leading suitor. The West

Azure strikes deal with ChinaAMC

Perth-based Azure Capital has struck a deal with one of China’s biggest asset managers to create an investment fund tapping growth in the world’s second-biggest economy using Chinese-based analysts and expertise. The Fin

New GST formula is ‘no solution’

Carving up the GST based on a five-year average of the iron ore price would assist WA’s financial position next year but it is not the ultimate solution that Treasurer Mike Nahan or Premier Colin Barnett want. The West

BHP, Rio dividend growth not sustainable: Morgan Stanley

A top international investor has questioned the ability of BHP Billiton and Rio Tinto to sustain their dividend growth as their pricing power erodes with declining commodity prices in a world gripped by low inflation. The Fin

‘Hare-brain’ Twiggy hard to prosecute

Leading competition lawyers said it would be very difficult for the competition watchdog to prosecute Fortescue chairman Andrew Forrest for suggesting producers cut iron ore production to drive prices up. The Fin

CFMEU drug-test flip amid ice blight

The CFMEU has back-flipped on its stance against drug-testing on Australian building sites because of the ice epidemic. The Aus

Budget’s $27b in dead measures

The Federal Parliament has sat for the last time before the May budget, leaving more than $27 billion in measures from the last budget either blocked, unresolved or abandoned. The Fin

Collapsed Carna’s total debt tops $70m

The mining contractor at the heart of a dispute with Griffin Coal owed more than $70 million when it collapsed two weeks ago. The West

The Australian Financial Review

Page 1: Financial planners could lose hundreds of millions of dollars each year and many would likely retire if the industry adopts a sweeping plan to scrap hefty life insurance commissions.

The large-scale solar industry is fighting growing momentum to agree on a new Renewable Energy Target, fearing it will lose out because its projects are not due to begin until the end of the decade.

Page 3: Hundreds of foreign workers employed in the country’s $200 billion offshore oil and gas sector have had their work arrangements deemed invalid by the Federal Court.

Page 4: Household wealth surged to $333,061 per capita at the end of last year as rising property and stock valuations pushed holdings to a record $7.9 trillion.

The Federal Parliament has sat for the last time before the May budget, leaving more than $27 billion in measures from the last budget either blocked, unresolved or abandoned.

Page 8: Qantas wants to stop unions jeopardising ticket sales by using the media to make threats about disruptive industrial action that may never take place.

Page 10: Leading competition lawyers said it would be very difficult for the competition watchdog to prosecute Fortescue chairman Andrew Forrest for suggesting producers cut iron ore production to drive prices up.

The Australian Tax Office has opened talks with the resources industry to provide more tax certainty about what expenses can be written off in advance as exploration on long-term projects.

Page 11: A former Japanese navy chief says Prime Minister Shinzo Abe is determined to win the deal to build Australia’s next generation of submarines but it will be complex to get right.

Page 13: A top international investor has questioned the ability of BHP Billiton and Rio Tinto to sustain their dividend growth as their pricing power erodes with declining commodity prices in a world gripped by low inflation.

Page 16: Former Leighton Holdings chief executive Hamish Tyrwhitt has emerged as the new chief executive of Indonesian coal miner Asia Resource Minerals a year after he was fired by the contractor’s new Spanish owners.

Page 17: Perth-based Azure Capital has struck a deal with one of China’s biggest asset managers to create an investment fund tapping growth in the world’s second-biggest economy using Chinese-based analysts and expertise.

The Australian

Page 1: The Harper competition policy review will provide a clear “road map’’ for unlocking additional economic growth of up to 2.5 per cent of GDP over the coming decade if its recommendations are fully embraced by the Abbott government.

Page 3: The CFMEU has back-flipped on its stance against drug-testing on Australian building sites because of the ice epidemic.

Page 4: After months of resistance to the government’s planned storage of phone and internet records, new metadata legislation sailed through the Senate last night with the support of Labor and Palmer United Party senator Dio Wang.

Page 6: More than $25 million in funding for frontline community legal services for the most vulnerable will be restored as the Abbott government bows to pressure and performs its sixth budget reversal since last month’s aborted leadership spill.

Page 8: The nation’s peak union body is pushing for a $27 increase to the weekly pay packets of 800,000 low paid award-reliant workers that would increase the minimum wage from $640.90 to $667.90 a week.

Page 19: It’s unlikely that department store Myer would sell rabbit’s feet or four-leaf clovers, but maybe new chief executive Richard Umbers should fill his office with the lucky charms after his first three weeks in the role saw him issue a profit downgrade, unveil a 23 per cent dive in half-year profit, witness a one-third slide in the share price and now face a shareholder class action lawsuit.

Telstra notched up its 15th investment for its growing Health division after the telco acquired British-based health analytics business Dr Foster in the latest step towards turning its standalone health unit into a billion-dollar-a-year business.

Page 20: US iron ore miner Cliffs Natural Resources has given its balance sheet some breathing space after selling $540 million in five-year notes in the credit market.

Page 23: Mortgage brokers have attacked the Reserve Bank after it inferred that the growing industry added risk to the system, accusing the government agency of not providing evidence to back the claims.

The West Australian

Page 3: Trinity College has warned that the prestigious Catholic boys’ school will have to call in debt collectors if parents do not pay overdue fees.

Page 9: At least two asylum seeker boats have been turned back to Indonesia in recent weeks as people smugglers try to depict Immigration Minister Peter Dutton as soft on border protection.

The public will be encouraged to upload smartphone videos of crimes and WA Police will get real-time access to businesses’ security cameras under the State’s new CCTV strategy.

Page 14: Carving up the GST based on a five-year average of the iron ore price would assist WA’s financial position next year but it is not the ultimate solution that Treasurer Mike Nahan or Premier Colin Barnett want.

Page 17: Pressure on the State Budget is increasing the risk of corruption and misconduct because it prompts public agencies to outsource or get corporate sponsorship to deliver services.

Page 20: Nationals leader Terry Redman has refused to endorse the Premier’s rhetoric on remote Aboriginal communities, saying his party will not support proposed changes without the support of Aboriginal leaders.

Page 22: Restaurants, cafes and takeaway shops could be forced to display country of origin labelling for seafood dishes to make consumers better informed about where the fish on their plate came from.

Page 28: Freed journalist Peter Greste has paid warm tribute to Foreign Minister Julie Bishop during a thought provoking speech that questioned whether balanced reporting on terrorism from conflict zones was any longer possible.

Business: Egyptian billionaire Naguib Sawiris is quietly shopping around his Goldfields gold operation with an asking price of up to $400 million, with Evolution Mining understood to be the leading suitor.

The mining contractor at the heart of a dispute with Griffin Coal owed more than $70 million when it collapsed two weeks ago.

The iron ore price may be against Gina Rinehart but at least her $10 billion Roy Hill project has gained power.