21/05/2015 - 05:41

Morning Headlines

21/05/2015 - 05:41

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Morning Headlines

Beijing turns to Brazil in iron ore deal

China will help bankroll a major expansion by Brazil’s iron ore giant Vale and invest in huge ships to transport high-quality ore to North Asia, a deal that will reshape the global industry and put more pressure on Fortescue Metals Group. The Fin

Iron ore inquiry ‘of no use’

Andrew Forrest’s controversial push for an inquiry into the iron ore market has drawn even more criticism from senior business figures, with leading Queensland businessman Keith DeLacy adding to warnings that an inquiry could lead the nation “into dangerous territory”. The Aus

AWE adds weight to gas reserve criticism

AWE, the Perth Basin explorer which hopes to supply almost 10 per cent of WA’s domestic gas needs, has added to voices against the State’s reservation policy as it emerged the policy had played a part in Inpex taking its $US34 billion Ichthys project to Darwin. The West

Uber told to play by rules as tax ruling is appealed

The federal tax commissioner has said ride-sharing company Uber must learn to play by the same rules as everyone else, after the Australian chief of the US-based company said it would appeal a ruling to force its drivers to collect GST. The Fin

Services sector ‘well placed’ for LNG boom

Andrew Wood, Worley Parsons chief executive, has taken issue with warnings that the oil and gas services sector is ill-prepared to cope with the coming surge in the liquefied natural gas production and risks wasting hundreds of millions of dollars over the next several years because of a lack of collaboration. The Fin

Sage takes gander at old Swan

Tony Sage’s Caeneus Minerals yesterday swooped on the mothballed Silver Swan nickel mine near Kalgoorlie-Boulder in a surprise cash and scrip deal worth $2.7 million with Poseidon Nickel. The West

More on line in pension changes

Workers will lose more than first thought from the pension changes in last week’s budget, as research reveals that older Australians who retire soon could miss out on $5500 a year from the tougher assets test. The Aus

AMA admits being paid to recruit doctors

WA’s peak medical body has admitted being paid thousands of dollars to recruit overseas-trained doctors but denies it has influenced its fierce opposition to a new medical school. The West

 

 

The Australian Financial Review

Page 1: China will help bankroll a major expansion by Brazil’s iron ore giant Vale and invest in huge ships to transport high-quality ore to North Asia, a deal that will reshape the global industry and put more pressure on Fortescue Metals Group.

Wesfarmers managing director Richard Goyder has welcomed a bounce in consumer sentiment after the Abbott government’s second budget but says there will have to be a sustained spending improvement before the owner of Coles, Bunnings, Kmart and Officeworks ramps up expansion plans.

Page 5: The Labor opposition would likely restore full paid parental leave in government if the Coalition gets a $1 billion cut to the scheme through the Senate.

Social Services Minister Scott Morrison says he is happy to lose $500 million from the budget if it leads it to more people vaccinating their children.

Page 6: Colleagues of the Prime Minister say despite his public advocacy for an inquiry last Friday, he had never pushed hard internally for one and the ferocity with which BHP Billiton and Rio Tinto had reacted to the proposal had put any decision beyond doubt.

Page 7: The federal tax commissioner has said ride-sharing company Uber must learn to play by the same rules as everyone else, after the Australian chief of the US-based company said it would appeal a ruling to force its drivers to collect GST.

Page 11: Any company in the Tax Office’s high-risk category for tax avoidance needs to show a ‘‘willingness to open up about what you are doing’’ if it wants to get off the list, tax commissioner Chris Jordan says.

Page 17: Andrew Wood, Worley Parsons chief executive, has taken issue with warnings that the oil and gas services sector is ill-prepared to cope with the coming surge in the liquefied natural gas production and risks wasting hundreds of millions of dollars over the next several years because of a lack of collaboration.

Page 19: Fortescue Metals Group has flagged it may increase the export of iron products from the Pilbara by a further 20 million tonnes, but insists such an increase would be not a case of oversupplying a weak market.

Incoming Boral chairman Brian Clark says the board he leads will stand behind chief executive Mike Kane in his fight with the militant Victorian branch of the Construction, Forestry, Mining and Energy Union.

Page 21: Small Business Minister Bruce Billson is pushing ahead to extend unfair contract laws to cover more of the dealings between banks and small-business customers, despite bank threats the move will push up borrowing costs.

Page 23: Overseas companies are taking note of Australian digital start-ups and, according to Dimmi chief executive Stevan Premutico, they can not get enough.

GrainCorp managing director Mark Palmquist said the grain giant’s $500 million of growth projects will provide earnings stability in drought years and allow GrainCorp to tap into major global growth trends.

 

 

The Australian

Page 1: Workers will lose more than first thought from the pension changes in last week’s budget, as research reveals that older Australians who retire soon could miss out on $5500 a year from the tougher assets test.

Page 3: Indonesia and Malaysia appear to have bowed to international pressure, agreeing to offer temporary shelter to thousands of stranded boatpeople as Australia announced humanitarian aid to ease the crisis in Southeast Asia.

Page 3: Sensitive information from the Australian Federal Police and the Department of Foreign Affairs and Trade may have been exposed in a major security breach that struck one of Telstra’s key Asian subsidiaries, Pacnet.

Page 4: The Abbott government could refer the controversy over the iron ore market to the Productivity Commission in a move aimed at appeasing Fortescue Metals Group chairman Andrew Forrest.

Labor’s plan to hike superannuation tax could affect more than twice as many people as it claims, raise less money than estimated, and hurt low-income earners as super funds pass on massive new compliance costs to all members, new analysis shows.

Page 7: An ALP campaign strategist says it’s time for the party to accept Australia now has a three-party system, with the Greens gathering strength and posing a serious threat to the Liberal Party as well as Labor.

Page 19: Andrew Forrest’s controversial push for an inquiry into the iron ore market has drawn even more criticism from senior business figures, with leading Queensland businessman Keith DeLacy adding to warnings that an inquiry could lead the nation “into dangerous territory”.

Page 20: Origin Energy managing director Grant King says construction costs are set to rise under the new renewable energy target deal as the industry scrambles to build $10 billion to $15bn of new capacity in about four years.

Former federal resources minister and now Seven Group Holdings executive Martin Ferguson has blasted the industrial relations regime and the push to reserve domestic gas, saying they could set the nation on the road to major decline similar to one in the 1890s that took a century to reverse.

Page 27: Shopping centre giant Scentre Group has embarked on a major retail and apartment play in Western Australia after proposing redevelopments at Innaloo and Whitford City that could include more than 1200 units.

 

 

 

The West Australian

Page 3: Importers of frozen berries will have to prove their fruit comes from farms and factories with strict sanitation standards after the nationwide hepatitis A outbreak this year.

Page 6: WA’s peak medical body has admitted being paid thousands of dollars to recruit overseas-trained doctors but denies it has influenced its fierce opposition to a new medical school.

Page 7: Two Vietnamese importers have been banned from receiving Australian cattle as Labor pressures the Federal Government to do more to investigate claims animals are being slaughtered with sledgehammers.

The Sultan of Johor has emerged as an unlikely player in plans to restore historic Sunset Hospital after paying $8.5 million for a slice of the prime riverside site.

Page 10: Opposition Leader Mark McGowan used his Budget-in-reply speech yesterday to tell a tale of two States — of where WA is at today and where he says it “could have been”.

Page 13: Premier Colin Barnett says big public works need State Government involvement as he revealed plans for City of Perth legislation that would expand its boundaries but deny the council extra planning powers.

Westfield Innaloo will almost double in size and gain a second storey and a new cinema complex under a $450 million overhaul that could include Japanese fashion giant Uniqlo making its first foray into Perth.

Page 18: Anger is building among teachers in Catholic schools who are yet to receive the pay rise that public school teachers got six months ago.

Business: More than 37 per cent of Australia’s junior exploration companies had less than $500,000 left in the bank at the end of March, and almost 70 per cent were holding less than $2 million.

Tony Sage’s Caeneus Minerals yesterday swooped on the mothballed Silver Swan nickel mine near Kalgoorlie-Boulder in a surprise cash and scrip deal worth $2.7 million with Poseidon Nickel.

Woodside Petroleum has formally scrapped Darwin from its list of potential supply bases for the Browse floating LNG project and not included any plans for a logistics operation at James Price Point.

AWE, the Perth Basin explorer which hopes to supply almost 10 per cent of WA’s domestic gas needs, has added to voices against the State’s reservation policy as it emerged the policy had played a part in Inpex taking its $US34 billion Ichthys project to Darwin.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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