Bell talks turning into right ding dong
Peace talks to resolve an impasse over the carve-up of the $1.7 billion Bell litigation proceeds are set to collapse amid a backlash against State Government plans to seize control of the loot. The West
iiNet boss hits back as shareholders mull offer
Long-term iiNet chairman Michael Smith has hit back at criticism of the board’s decision-making process, saying every board in the country would have recommended TPG’s revised bid. The West
Wealthy hit hardest by pension changes
Home-owning couples with assets of between $700,000 and $800,000 will be hardest hit by pension changes in next week’s budget. The Fin
Childcare to include $800m safety net
Australia’s revamped childcare system will include an $800 million-a year childcare safety net to ensure the provision of care for children from the nation’s most disadvantaged families – but some of the funding will depend on the Senate passing cuts to family payments still languishing from last year’s federal budget. The Fin
BHP’s Mackenzie eyes oil acquisitions
BHP Billiton chief executive Andrew Mackenzie says the miner is prepared to make opportunistic acquisitions of conventional oil projects, but ‘‘it would have to be one hell of a deal’’. The Fin
Barnett unveils plan for bush settlements
The Barnett government has unveiled a radical overhaul of services and spending in the state’s 274 remote communities, declaring the $4.9 billion rolled out each year on indigenous programs in Western Australia was like a “noodle nation” of duplication and waste that was delivering poor results. The Aus
Caltex targets growth as margins swell bottom line
Caltex Australia chief executive Julian Segal says the company is hungry to participate in corporate activity, with growth a priority for the group following the recent exit of majority shareholder Chevron. The Aus
The Australian Financial Review
Page 1: National Australia Bank’s core reserves will rise to 10 per cent – making it the best-capitalised bank in Australia – after it raises $5.5 billion as part of a deal to exit operations in the United Kingdom that have hurt its performance for over a decade.
Page 3: The tax office said it is going after companies that raise capital to make franked distributions to shareholders.
Page 4: The luxury yacht market is showing steady improvement as buyers again turn to local boats because the drop in the Australian dollar has made overseas buys too expensive.
Page 5: Chinese buyers could pump as much as $60 billion into Australian housing over the next six years, with much of that investment going into new housing, according to a Credit Suisse report.
Business leaders have called for greater clarity on how Australia will manage the post-mining boom economy in next week’s budget, warning the Coalition not to rattle consumer and investor confidence with a badly communicated fiscal roadmap.
Page 6: Home-owning couples with assets of between $700,000 and $800,000 will be hardest hit by pension changes in next week’s budget.
Page 7: Australia’s revamped childcare system will include an $800 million-a year childcare safety net to ensure the provision of care for children from the nation’s most disadvantaged families – but some of the funding will depend on the Senate passing cuts to family payments still languishing from last year’s federal budget.
Page 8: Tax experts have called for exemptions to Joe Hockey’s $1 billion Netflix tax saying the government should learn from the mistakes of other countries that have already gone down this route.
Page 13: Australia will make a ‘‘serious and credible’’ offer to cut greenhouse gas emissions beyond its current target at an international climate change summit in Paris, says Environment Minister Greg Hunt, a move likely to upset some in the Coalition who believe big cuts could damage the economy.
Page 15: Rio Tinto chief executive Sam Walsh says about 22 million tonnes of iron ore production was pushed out of the market in the three months to March, as the controversial production expansion from Rio and other mining giants took its predicted toll on high cost producers.
Page 16: Woolworths’ ‘‘diet-lite’’ version of a price war has underwhelmed analysts and investors, who have called on the retailer to bite the bullet and cut prices harder to reinvigorate sales growth sooner rather than later.
Page 20: BHP Billiton chief executive Andrew Mackenzie says the miner is prepared to make opportunistic acquisitions of conventional oil projects, but ‘‘it would have to be one hell of a deal’’.
Fortescue Metals Group chairman Andrew Forrest says a decision to abandon the miner’s family-friendly fly-in, fly-out roster was ‘‘personally devastating’’, laying the blame on his larger competitors.
Beach Energy chief Rob Cole said the oil and gas company would look to pursue acquisitions and that its core Cooper Basin oil operations would likely surprise the market ‘‘on the upside’’ after tapping new prospects.
The Australian
Page 1: The federal government is being urged to find more cuts to the $45 billion Age Pension and to tackle the growing cost of superannuation tax breaks after confirming a budget plan to tighten pension eligibility for wealthier retirees.
The Barnett government has unveiled a radical overhaul of services and spending in the state’s 274 remote communities, declaring the $4.9 billion rolled out each year on indigenous programs in Western Australia was like a “noodle nation” of duplication and waste that was delivering poor results.
Page 2: Federal cabinet last night agreed to seek a deal with Labor on the renewable energy target at 33,000GWh at a meeting today.
Page 4: Communications regulator ACMA is investigating complaints after two large online betting companies unveiled a lucrative way to sidestep the ban on betting on live sport on the internet in Australia.
Page 7: The budget battle over proposed cuts to medicine prices has deepened, with Health Minister Sussan Ley vowing to stare down drug company protests amid warnings from the industry that the cuts will harm cancer patients and the vulnerable elderly.
Page 19: Just when it seemed possible Australia’s most expensive and longest-running lawyers’ picnic might head to a mediation session between the four remaining protagonists next week, the government’s last-minute legislation could prove a game-changer.
Page 21: Qantas has hit out at proposed changes to credit card surcharges that apply to online plane ticket booking fees.
Page 22: Caltex Australia chief executive Julian Segal says the company is hungry to participate in corporate activity, with growth a priority for the group following the recent exit of majority shareholder Chevron.
Page 25: Australia’s biggest listed property trust, the $19.6 billion Scentre Group, was a “very interested observer” in what will be Australia’s biggest recent property merger between shopping centre groups Novion and Federation Centres, says chairman Frank Lowy.
Page 28: AirAsia X acting chief executive Benyamin Ismail has been meeting Australian travel agents and tourism bodies to find ways to boost tourism through AirAsia Group’s extensive network.
The West Australian
Page 6: The Barnett Government will target known congestion hotspots across the city with a $40 million Main Roads investment to be announced in next week’s State Budget.
Page 10: The nation’s peak welfare group has given cautious backing for the Abbott Government’s proposed overhaul of pension assets tests that will affect about 500,000 people.
The head of the RSPCA has lashed out at critics who accuse it of lacking accountability and being driven by ideology, saying they are “trying to cast aspersions” and “playing politics”.
Page 24: Joe Hockey is facing an interest bill blowout, with the Budget set to reveal that the Government will soon owe $500 billion to the world.
Page 26: Battle lines are being drawn on the future of a slice of land near the Rockingham coast as opponents to a planned marina development vow to fight each stage of the approvals process.
Business: Three independents, including the chairman, have quit the board of Southern Cross Electrical Engineering in an apparent show of force by founder and biggest shareholder Frank Tomasi.
Peace talks to resolve an impasse over the carve-up of the $1.7 billion Bell litigation proceeds are set to collapse amid a backlash against State Government plans to seize control of the loot.
Long-term iiNet chairman Michael Smith has hit back at criticism of the board’s decision-making process, saying every board in the country would have recommended TPG’s revised bid.
