Big deficit looms despite bailout
A Federal WA bailout package will not be enough to avert the Barnett Government’s fiscal crisis, with the State facing a $2 billion Budget deficit. The West
Rio tipped to beat iron ore guidance
Rio Tinto is tipped to scale back sales of its arsenal of stockpiled iron ore this year, but the world’s lowest-cost producer of iron ore is still likely to beat its shipping guidance of 350 million tonnes in calendar 2015. The Fin
Global traders sign for CBH ports
More than a dozen grain traders, including some of the world’s biggest players, are close to signing long-term agreements for access to CBH’s port terminals in WA. The West
RBA backs slow deficit cut strategy
Reserve Bank of Australia governor Glenn Stevens has raised the prospect of an official interest rate cut as early as next month but hinted it would only be worthwhile if the government can spur business and consumer confidence. The Fin
OZ Minerals mulls base metals assets
Copper and gold miner OZ Minerals has joined the flock of buyers trying to acquire assets during the downturn in commodity prices and may expand its horizons into base metals such as lead, tin, nickel and zinc under a new strategy outlined on Monday. The Fin
Leighton sells JH
Leighton has concluded the $1.15 billion sale of its John Holland unit to China Communications Construction Company, putting the cash to cutting debt. Leighton shareholders meet in Sydney today for the annual meeting, at which a name change to CIMIC Group will be voted on. The West
The Australian Financial Review
Page 1: Reserve Bank of Australia governor Glenn Stevens has raised the prospect of an official interest rate cut as early as next month but hinted it would only be worthwhile if the government can spur business and consumer confidence.
Page 3: Universities are accused of using dodgy education agents, ignoring plagiarism and dropping education standards in a desperate effort to boost international student numbers, an export industry now worth nearly $17 billion a year.
Page 4: The Western Australian government says it has secured a pledge from the Abbott government for up to $660 million in additional funding to make up for what it claims is a shortfall in GST revenue.
Page 9: ‘‘Australia does not need to impose a new tax, but certainly there are ways that we can beef up the integrity measures around our own taxation system,’’ Mr Hockey said. ‘‘We can learn a lot from what the British are doing with their so-called Google tax.’’
Page 10: Granting the union movement’s claim for a minimum wage increase of $27 a week would generate a $3.1 billion economic stimulus as low-paid workers would spend their pay rise, the Australian Council of Trade Unions said on Monday.
Page 15: Copper and gold miner OZ Minerals has joined the flock of buyers trying to acquire assets during the downturn in commodity prices and may expand its horizons into base metals such as lead, tin, nickel and zinc under a new strategy outlined on Monday.
Asciano chief executive John Mullen has forecast the group’s Pacific National coal haulage business will continue to generate ‘‘reasonable growth’’ despite a slowdown in new mining projects and tumbling prices as some miners export coal at faster rates.
Page 17: Fund manager Allan Gray said the Arrium board should be discussing a possible end to mining iron ore for export after the company reported hefty cash losses in its mining arm.
Page 18: Rio Tinto is tipped to scale back sales of its arsenal of stockpiled iron ore this year, but the world’s lowest-cost producer of iron ore is still likely to beat its shipping guidance of 350 million tonnes in calendar 2015.
Singtel-Optus is planning to charge Netflix, Facebook or other popular internet services more for higher quality connections, a change that could ultimately reshape the internet in Australia.
Page 20: Analysts are slashing their earnings forecasts for steel giant BlueScope Steel as depressed steel prices and excess global supply threaten the company’s margins.
Page 21: The government should show ‘‘genuine leadership’’ by taking on the supermarket duopoly to make it more difficult for large companies to crush smaller ones, independent grocers and liquor retailers say.
The Australian
Page 2: Aged-care operators have asked state governments for $653 million in payroll tax exemptions as they seek to cover the effects of cuts from last year’s federal budget.
Cambodian officials say they are not ready to accept the first cohort of refugees from Nauru despite the Immigration Department telling asylum-seekers the first planeload could land in Phnom Penh early this week.
Page 4: Reserve Bank governor Glenn Stevens has paved the way for a cut in interest rates as early as next month, telling an audience in New York that commentary on the state of the economy was “too focused” on soaring Sydney house prices.
Page 19: China has pumped 1.2 trillion yuan ($248 billion) into its domestic financial system to kick-start economic growth and lift lending, but the decision prompted economists to warn the extra capital could increase the risk of a damaging equities market bubble emerging.
The Australian stockmarket is ripe for the rise of activist hedge funds — but only if local investors are prepared to embrace them.
Page 21: Optus has flagged a significant increase in its annual mobile and fixed-line infrastructure spend as the telco ramps up its assault on Telstra and comes to grips with being relegated to the third place as a provider of the nation’s broadband services.
Page 22: Emirates president and chief executive Tim Clark believes there is demand for more capacity between Dubai and Australia and has signalled that the Gulf carrier will look at expanding its alliance with Qantas beyond the initial five-year period.
Page 29: The Abbott government has been sharply criticised for dragging its feet in creating a viable environment for technology start-ups to flourish — a far cry from countries like New Zealand, US, Britain, China and South Korea.
The West Australian
Page 1: Hundreds of WA police officers could be hit with criminal charges over allegations they unlawfully accessed information from the police computer system about former West Coast Eagles players Ben Cousins and Daniel Kerr.
Page 3: Health Minister Kim Hames conceded that it was “probably a mistake” to award the Fiona Stanley Hospital sterilisation contract to Serco, as he stripped the private company of some of its duties yesterday.
Page 4: A Federal WA bailout package will not be enough to avert the Barnett Government’s fiscal crisis, with the State facing a $2 billion Budget deficit.
Page 7: WA patients are among the first in the world to get access to a potential cure for hepatitis B using a cocktail of antiviral and anticancer drugs.
Page 9: Radio astronomy, biodiversity, and health and medicine are among five areas identified by the State Government as priorities for scientific research.
Business: Evolution Mining has positioned itself for further expansion on the back of yesterday’s $300 million all-scrip deal with Egyptian billionaire Naguib Sawiris’ La Mancha Resources.
Leighton has concluded the $1.15 billion sale of its John Holland unit to China Communications Construction Company, putting the cash to cutting debt. Leighton shareholders meet in Sydney today for the annual meeting, at which a name change to CIMIC Group will be voted on.
More than a dozen grain traders, including some of the world’s biggest players, are close to signing long-term agreements for access to CBH’s port terminals in WA.
The ripple effect from the commodity downturn has spread to Perth Airport, with a major credit ratings agency warning gloomy times could impact on the airport’s credit outlook.
