20/05/2015 - 05:40

Morning Headlines

20/05/2015 - 05:40

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Morning Headlines

WA on verge of Browse deal

The Woodside Petroleum-led Browse consortium and the WA Government are understood to be close to agreeing on a domestic gas route to clear the way for a massive floating LNG project off the Kimberley to proceed. The West

Friends desert Forrest on calls for iron ore inquiry

Fortescue Metals Group chairman Andrew Forrest appears increasingly isolated in his campaign for a parliamentary inquiry into the iron ore market, with even Western Australian Premier Colin Barnett, an outspoken critic of BHP Billiton and Rio Tinto, rejecting the proposal. The Aus

Market shrugs off open-ended RBA minutes

The Reserve Bank of Australia has left open the prospect of future official interest rate cuts to curb a resurgent Australian dollar, while reinforcing the sense it remains a reluctant cutter. The Fin

Red light for Uber as tax office puts ride-sharing in taxi class

Uber’s legions of ride-sharing drivers will have to pay thousands of dollars more in tax each year after a landmark ruling by the tax office classed all ride-sourcing services as taxi travel. The Aus

Spending cuts hit social media

The number of Western Australian small to medium-sized businesses with a social media presence has dropped to 27 per cent, the 2015 Sensis social media report says, with the State sitting well below the national average. The West

Seven nears bid zone

More buying has increased Seven Group’s stakes in Cooper Basin juniors Beach Energy and Drillsearch Energy to the takeover threshold. The West

 

 

The Australian Financial Review

Page 1: Prime Minister Tony Abbott backed away from supporting a political inquiry into iron ore as divisions in his government over the issue worsened and mining giants Rio Tinto and BHP Billiton flexed their muscles.

Wotif.com’s millionaire founder, Graeme Wood, is helping to bankroll an Aboriginal group fighting coal projects in central Queensland worth more than $20 billion.

Page 3: Trips with ride-sharing services like Uber will become 10 per cent more expensive but room rentals through Airbnb will not be affected by a Tax Office ruling.

Page 5: A parliamentary inquiry into the iron ore market could consider changes to royalty regimes and approvals processes, and examine whether the competition watchdog’s test for predatory behaviour is adequate, according to a competition policy professor aligned with Andrew Forrest’s Our Iron Ore campaign.

Page 6: In his formal response to last week’s federal budget, shadow treasurer Chris Bowen will declare the government’s new strategy of ruling out super tax changes beyond the next election is neither sustainable nor believable.

Page 7: The Reserve Bank of Australia has left open the prospect of future official interest rate cuts to curb a resurgent Australian dollar, while reinforcing the sense it remains a reluctant cutter.

Page 8: State governments are bracing themselves for public sector unions to increase their demands in bargaining agreements following the plan to crack down on ‘‘double dipping’’ on paid parental leave schemes.

Page 9: Director of WestGen Richard Harris has a message for Energy Ministry Ian Macfarlane: doubling renewable energy generation by 2020 will be easy, especially out west.

Page 17: Rio Tinto’s most important growth asset has taken a major step toward development, after the Mongolian government agreed to a $US148 million ($185.5 million) settlement that will allow a $US5.4 billion expansion of the Oyu Tolgoi copper mine to go ahead.

New Orica chief executive Alberto Calderon says a more respectful and collaborative culture will be critical in improving returns at the explosives giant following the sudden departure of former boss Ian Smith for aggressive behaviour.

Woodside Petroleum chief executive Peter Coleman has spoken confidently about an expected decision mid-year to start engineering work on the Browse floating LNG project in Western Australia, while declaring the company ‘‘off and ready’’ scouting for more acquisitions.

Page 27: Woolworths’ plan to cut the price of private-label grocery brands to better compete with Aldi and Coles may cost it up to $1 billion, reducing earnings from food and liquor by almost a third, according to brokers.

 

 

The Australian

Page 1: Fortescue Metals Group chairman Andrew Forrest appears increasingly isolated in his campaign for a parliamentary inquiry into the iron ore market, with even Western Australian Premier Colin Barnett, an outspoken critic of BHP Billiton and Rio Tinto, rejecting the proposal.

Aboriginal leaders from across the country have pledged to forge a new path to lift their people out of poverty and dependence, placing property rights at the centre of a national empowerment agenda that would shuck off the bureaucratic constraints threatening to reverse the gains of land rights and native title.

Page 4: Tax breaks on superannuation will soon outstrip the Age Pension as one of the biggest burdens on the federal budget, according to a new Labor warning about the need to scale back concessions.

Page 8: Business will have greater choice between shipping companies under a “substantial” deregulation of shipping in Australia’s coastal waters to be unveiled today.

Page 19: Uber’s legions of ride-sharing drivers will have to pay thousands of dollars more in tax each year after a landmark ruling by the tax office classed all ride-sourcing services as taxi travel.

Page 21: The thousands of customers facing fines for illegally downloading the Academy Award winning movie Dallas Buyers Club could soon be receiving free legal advice, after iiNet revealed it was in talks with law firms to provide pro-bono legal services.

Page 22: Thriving live export and cattle markets along with growing corporate interest in water trading and irrigated farming have delivered an upturn in profits for listed rural services company, Ruralco.

 

 

The West Australian

Page 1: Representative bodies including the Australian Medical Association, Australian Council on Smoking and Health, WA Sports Federation and WA Arts Federation will forfeit their guaranteed positions on the Healthway board under new governance arrangements for the agency.

Page 4: The live export industry is again in damage control, with the Federal Government investigating claims that Australian cattle were killed with sledgehammers in Vietnam.

Page 6: Colin Barnett has tried a new line of defence against charges he has blown WA’s debt to record levels, telling Parliament that the Government was not in a bad position because interest rates were at record lows.

Page 12: Years of effort to breathe new life into Fremantle may be unwound if the controversial Perth Freight Link is handled badly, the city’s mayor has warned.

Page 15: Three WA companies will get millions of dollars to help upgrade their manufacturing facilities.

Page 19: Belmont Liberal MP Glenys Godfrey says the Government is speaking to the wrong racing representatives if it thinks the industry is coming around to the idea of privatising the TAB.

Business: The Woodside Petroleum-led Browse consortium and the WA Government are understood to be close to agreeing on a domestic gas route to clear the way for a massive floating LNG project off the Kimberley to proceed.

State Mines Minister Bill Marmion has fired a salvo at WA’s miners, warning them not to be “complacent” about safety matters following the second mining-related death in a week.

The gold sector has again underlined its place as the bright spot in WA’s beleaguered mining industry, with Doray Minerals green-lighting development of its Deflector project and Blackham Resources confirming a funding package for its own gold project.

The number of Western Australian small to medium-sized businesses with a social media presence has dropped to 27 per cent, the 2015 Sensis social media report says, with the State sitting well below the national average.

More buying has increased Seven Group’s stakes in Cooper Basin juniors Beach Energy and Drillsearch Energy to the takeover threshold.

Chevron, which is building $US83 billion of LNG projects in WA, has urged the support services sector to be flexible, cost-competitive and to use technology to ensure the Australian gas liquefaction boom generates long-lasting rewards.

The incoming chief executive of the Australian Petroleum Production & Exploration Association, Malcolm Roberts, says he is excited about the challenges ahead for an industry undergoing a huge transition from construction to operation, and at a time of weak commodity prices.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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