22/05/2015 - 06:57

Morning Headlines

22/05/2015 - 06:57

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Morning Headlines

Forrest maintains iron rage

Fortescue Metals Group founder Andrew Forrest has vowed to continue his calls for greater scrutiny of mining giants BHP Billiton and Rio Tinto, despite the federal government’s official rejection of an inquiry into the iron ore market. The Aus

Woodside rebuffs Barnett over Browse

Woodside has officially faced down Colin Barnett over his demand that the company build a supply base at James Price Point for the huge Browse gas field. The West

Abbott may still take action on super tax

The Abbott government has reserved the option to close ‘‘loopholes’’ and improve the ‘‘integrity’’ of the superannuation tax system, while at the same time attacking Labor for its proposed tax increases. The Fin

Warships cost blows out to $9bn

The Air Warfare Destroyer program will run about $2 billion over budget and be nearly three years late, according to a forensic audit to be released today. The Aus

China gives Brazil nod to resume beef sales

A trade and investment deal thrashed out between China and Brazil is expected to win Brazilian farmers up to $500 million a year in extra beef exports, raising fears that Australian producers could lose out. The Fin

Perth gridlock to top nation

Perth’s roads will become Australia’s most congested and its key rail lines approach “crush capacity”, an audit of Australia’s infrastructure needs reveals. The West

 

 

The Australian Financial Review

Page 1:  Banks are finally putting the brakes on lending to housing investors, implementing tougher policies that experts expect to remove some of the heat from the booming housing market.

Analysts are tipping the iron ore price will return to historic lows following a supply agreement between China and Brazil that could put more pressure on Andrew Forrest’s Fortescue Metals Group.

Page 3: UBS Australasia chief executive Matthew Grounds and five other UBS employees are one vote away from an extraordinary second grilling by a NSW parliamentary inquiry into why the investment bank altered research critical of a state power sale after being contacted by a journalist.

Page 4: The Abbott government has reserved the option to close ‘‘loopholes’’ and improve the ‘‘integrity’’ of the superannuation tax system, while at the same time attacking Labor for its proposed tax increases.

Page 5: Prime Minister Tony Abbott has been offered a compromise on his unpopular plans to cut paid parental leave amid a growing backlash among child health experts and women’s groups.

Page 9: Fortescue chairman Andrew Forrest has issued a thinly veiled threat of legal action to Brendan Pearson, head of the Minerals Council of Australia, over Mr Pearson’s public attacks on the billionaire.

Page 10: A trade and investment deal thrashed out between China and Brazil is expected to win Brazilian farmers up to $500 million a year in extra beef exports, raising fears that Australian producers could lose out.

Page 11: The ACTU will seek an extra $10 million from unions over the next three years by increasing the amount they pay to be ACTU members by 50 per cent, a change that would convert a temporary levy into permanent revenue.

Page 13: Woodside Petroleum is grasping the opportunity presented by the depressed oil price to accelerate an oil project off Western Australia and scour the market for acquisitions, while taking an axe to costs in its transition to a ‘‘smaller, leaner, smarter’’ business.

Page 18: Wesfarmers is facing its slowest earnings growth since 2010, but analysts have given a tick of approval to the conglomerate’s decision to redistribute resources from low-growth coal and industrial businesses into its retail powerhouses, Bunnings and Coles.

 

 

The Australian

Page 1: The Air Warfare Destroyer program will run about $2 billion over budget and be nearly three years late, according to a forensic audit to be released today.

Page 2: A funding boost for the Australian Federal Police has not been sustained over the next four years, with the agency facing a $220 million reduction by 2018-19.

Page 3: Without action, car travel times are expected to increase by at least 20 per cent in the most clogged parts of Sydney, Melbourne, Brisbane, Perth, Adelaide and Canberra. The times for some trips could more than double.

Australia is not only one of the wealthiest countries in the world but also has one of the most equal distributions of wealth.

Page 4: Senators are threatening to veto $7 billion in savings in the budget as the federal government admitted defeat on last year’s $1.3bn plan to charge patients more for subsidised medicines.

Page 19: Fortescue Metals Group founder Andrew Forrest has vowed to continue his calls for greater scrutiny of mining giants BHP Billiton and Rio Tinto, despite the federal government’s official rejection of an inquiry into the iron ore market.

Page 21: Struggling hardware business Masters continues to be a drag on the accounts of supermarket chain Woolworths and US joint venture partners Lowe’s after recording its worst ever quarterly loss of $66 million for the three months to May 1.

Page 30: Qantas is set to deploy a new revenue management system it says will help it squeeze extra yield from passengers as it moves to boost the profitability and resilience of its international business.

 

 

The West Australian

Page 3: Perth’s roads will become Australia’s most congested and its key rail lines approach “crush capacity”, an audit of Australia’s infrastructure needs reveals.

Page 6: Woodside has officially faced down Colin Barnett over his demand that the company build a supply base at James Price Point for the huge Browse gas field.

Page 20: Redundancy savings of $360 million for 17 State Government agencies have yet to be allocated to individual departments — meaning the true extent of Budget cuts is yet to be revealed, the Opposition says.

Page 26: A $5 rise in co-payments for medicines will not go ahead after staunch Senate opposition forced the Federal Government to dump the proposal.

Page 27: The head of Royal Perth Hospital has reassured staff he believes it will remain a tertiary hospital despite uncertainty over the site’s future.

Business: Bankwest has tightened its investment lending limits as mortgage lenders step up a push to take the heat out of the investor property market.

Shareholders at yesterday’s annual meeting in Perth backed the electric scooter maker converting every 10 of its shares into one. Vmoto has 1.33 billion shares on issue pre-consolidation.

Children should learn computer coding and Mandarin in schools, the local chief of General Electric says, or Australia could fall behind regional heavyweights in the battle to stay competitive.

China’s biggest gold miner, Zijin Mining, has been forced to defer a vote on its bid to mop up control of Norton Gold Fields after failing to win the support of minority shareholders for its 23¢-a-share offer.

 

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