Teoh ignites tech wars with late Amcom spoil
A fierce billion-dollar bidding war has engulfed WA’s two biggest tech stocks, with iiNet’s under-pressure suitor TPG Telecom late yesterday moving to spoil Amcom’s $1.3 billion merger with Vocus Communications. The West
AAA rating at risk, says Goldmans
The government is running out of time to contain another $55 billion blowout in the budget on May 12 and faces its first credit ratings downgrade since 1989, warns global investment bank Goldman Sachs. The Fin
Wesfarmers on attack as price war looms
Wesfarmers took market share from Woolworths in supermarkets, home improvement and department stores in the March quarter and vowed to undercut rivals on key grocery products, setting the scene for an all-out price war that analysts fear could hit profit margins across the industry. The Fin
Aurizon lifts iron ore haul forecasts
Rail group Aurizon has raised its full-year iron ore haulage forecast by 2 million tonnes after starting a new contract with Perth-based miner Top Iron. The Fin
Iron ore margins tumble for Cliffs
March-quarter margins from Cliffs Natural Resources’ Western Australian iron ore operation all but disappeared for the US-based producer. The Aus
The Australian Financial Review
Page 1: The government is running out of time to contain another $55 billion blowout in the budget on May 12 and faces its first credit ratings downgrade since 1989, warns global investment bank Goldman Sachs.
Page 3: Low interest rates have allowed some of the country’s 1.3 million landlords to cut back their tax deductions on investment properties and make a profit for the first time, slashing the cost of the nation’s negative gearing regime by almost a third as the political debate heats up over the future of the tax breaks.
A ranking of 100 universities by Times Higher Education put 16 Australian institutions, led by the University of Technology, Sydney, among the world’s top-100 universities.
Page 5: Traditional economic policy settings are being rendered obsolete by rapid advances in technology and unless Australia adapts it will be overwhelmed within a decade and suffer hits to living standards, the Business Council of Australia warned.
Page 7: New Primary Health Care chief executive Peter Gregg says if the government does not remove its freeze on rebates paid to doctors, bulk billing GPs will be forced to charge a co-payment to cover their costs.
Page 8: The chairman of the Future Fund, Peter Costello, has urged politicians to stop messing around with the country’s $1.9 trillion superannuation system, warning increasing super taxes will worsen the burden of the age pension with younger Australians forced to bear the cost of the tinkering.
Page 17: Wesfarmers took market share from Woolworths in supermarkets, home improvement and department stores in the March quarter and vowed to undercut rivals on key grocery products, setting the scene for an all-out price war that analysts fear could hit profit margins across the industry.
Recall Holdings boss Doug Pertz said a sweetened takeover offer from US rival Iron Mountain worth $8.50 a share is the best outcome for shareholders, even though the company said last year it could be worth as much as $11 a share.
Page 19: iiNet is set to announce it has judged M2 Group’s $1.6 billion takeover bid as superior to TPG Telecom’s $1.4 billion offer.
$160 million rights issue rescue Seven West Media says it will be better placed for mergers and acquisitions if cross media ownership rules are abolished, as the company was set to receive more than $200 million from institutional investors in the first part of its rights issue to resolve its preference share overhang.
Page 20: Andrew Forrest is not one to give up the fight. And in his epic attempt to win the escalating iron ore wars, he has landed a new recruit – broadcaster Alan Jones.
The company behind Australia’s first floating bank of solar panels, a $17.5 million project in the mid-north of South Australia, aims to list on the stock exchange in the next few years as it expands into the mining and agriculture sectors with a system that it says produces 57 per cent more power than land-based solar panels.
Page 21: Emilio Gonzalez, the managing director of Westpac-owned fund manager BT Investment Management, said it will continue its global expansion to offset fee cuts in Australia driven by reforms to the superannuation sector.
Page 23: Crop protection manufacturer Nufarm is suing the federal government for negligence after confidential information about two of its weed killer products was handed to its competitors.
Fortescue Metals Group has sacked about 200 people with hundreds more jobs expected to go in the coming weeks as the iron ore miner rushes to cut operating costs.
Rail group Aurizon has raised its full-year iron ore haulage forecast by 2 million tonnes after starting a new contract with Perth-based miner Top Iron.
The Australian
Page 1: Indonesia has dismissed Australia’s fury at the executions of Andrew Chan and Myuran Sukumaran and the way they were carried out, insisting Canberra respect its sovereignty above all.
Page 2: China will likely post more submarines close to Australia’s waters in response to our deepening defence relations with the US and Japan, one of the world’s leading China experts has warned.
Page 4: CSIRO workers will launch a campaign of administrative disobedience after talks yesterday failed to reboot enterprise negotiations with management.
Page 5: Carmaker Mitsubishi is in turmoil following the sudden death of one of its most senior executives in Australia, amid allegations of fraud and kickbacks also implicating one of the country’s largest motoring groups.
Page 19: The iiNet board will today green-light M2’s scrip-and-cash deal for the No 3 broadband provider, triggering a frenetic three days for rival bidder TPG Telecom to increase its $1.4 billion bid or miss out on its long sought after prize.
Primary Health Care’s new chief, Peter Gregg, might lack a medical background but he says his time at Qantas and Leighton has given him a solid base to lead a new chapter at the 30-year-old family business.
March-quarter margins from Cliffs Natural Resources’ Western Australian iron ore operation all but disappeared for the US-based producer.
The West Australian
Page 3: One of WA’s top fisheries experts has called for a portion of the State’s rock lobster catch to be set aside for the local market amid fears consumers cannot afford skyrocketing prices.
Page 9: The State Government is paying higher rent to developers of Karratha’s twin Pelago apartment towers, despite average rents in the Pilbara city falling 55 per cent.
Page 13: Fifty-five Australians who made more than $1 million each have managed to not pay income tax.
Page 16: Sir Charles Gairdner Hospital spent almost twice as much as some major Australian hospitals to treat patients with the same medical condition, a report shows.
Business: A fierce billion-dollar bidding war has engulfed WA’s two biggest tech stocks, with iiNet’s under-pressure suitor TPG Telecom late yesterday moving to spoil Amcom’s $1.3 billion merger with Vocus Communications.
Wesfarmers has conceded the expansion of its successful Kmart chain is taking business away from struggling stablemate Target.
Accountancy firm Moore Stephens is muscling up by merging with the Perth office of UHY Haines Norton.
Seven West Media has embarked on a billion-dollar restructure of its balance sheet which chief executive Tim Worner says will position the company to handle the fast-changing media landscape.