Hancock wants ‘bad apples’ removed
John Hancock has backed Hancock Prospecting’s strategy, including the development of the semi-constructed Roy Hill iron ore mine, despite promising to clean out the ‘‘bad apples’’ at the company. The Fin
Fortescue pushes for ore inquiry in WA
After failing to convince the Abbott government to run an inquiry into the iron ore market, Fortescue Metals Group is understood to be quietly agitating for Plan B – an inquiry in the Western Australian Parliament. The Fin
Future Fund figures fudged in budget
Treasury blundered the accounting treatment of how Future Fund earnings would bolster long-run surplus projections by failing to include the increase in three of its last four budget updates. The Fin
MinRes coup with fund chief on board
Chris Ellison’s Mineral Resources has scored a major boardroom coup, recruiting Resource Capital Funds managing partner James McClements as a nonexecutive director. The West
Iron ore inquiry not needed, says Murray
The federal government was right to stay away from any form of intervention in the iron ore market, according to David Murray, the former chief executive of Commonwealth Bank who recently chaired the Financial System Inquiry. The Aus
WA farmers positive, nervous about rain
Confidence is soaring among WA farmers as they contemplate another big grains harvest and take advantage of a record run in cattle and sheep prices. The West
The Australian Financial Review
Page 1: Political pressure is building on the major banks to reduce interest rates on credit cards, which have become some of the most lucrative products in the entire banking industry.
Page 3: Australian Industry Group chief executive Innes Willox has called for an end to the ‘‘rabid debate’’ over the alleged exploitation of foreign workers after being appointed to head the Abbott government’s advisory panel on skilled migration.
Page 5: Treasury blundered the accounting treatment of how Future Fund earnings would bolster long-run surplus projections by failing to include the increase in three of its last four budget updates.
John Hancock has backed Hancock Prospecting’s strategy, including the development of the semi-constructed Roy Hill iron ore mine, despite promising to clean out the ‘‘bad apples’’ at the company.
Page 9: UGL’s shares jumped 10 per cent to $2.56 after new chief executive Ross Taylor said the engineering group had cut 200 jobs to boost profits, tightened its risk management and promised to hit ambitious profit targets.
Embattled education group Vocation will slash the number of courses it offers by almost half and rebadge most of its remaining businesses in a two-year turnaround plan under new chief executive Stewart Cummins, which he says will have the company making a profit again in 2015-16.
Page 11: After failing to convince the Abbott government to run an inquiry into the iron ore market, Fortescue Metals Group is understood to be quietly agitating for Plan B – an inquiry in the Western Australian Parliament.
Savage cost cuts announced across the energy sector, most recently by AGL Energy last week, have increased pressure on debt-laden Origin Energy to similarly get tough on its cost base, with an investor briefing next week shaping up as the ideal opportunity.
Chinese investors are circling distressed Australian iron ore miners, according to local deal makers fielding growing interest in the commodity’s struggling mid-tier ranks.
Page 12: Australian mining exploration expenditure hit a near-decade low of $381 million in the three months to March, down 76 per cent in three years.
The Australian
Page 1: The Abbott government is actively considering conducting its own “freedom of navigation” exercises near artificial islands built by China in disputed territory in the South China Sea.
Page 2: Companies have responded to falling profits by cutting their wage bills for the first time since the global financial crisis, raising concern about the strength of consumer spending.
Page 3: There has been no mention of dinosaurs or the expected price tag but Clive Palmer’s plan to build a mini-city on a Gold Coast flood plain is set to be characteristically controversial.
Page 19: The grand plans that Myer entertained on the eve of its float — that it would have 100 department stores by 2020 — were snuffed out by new chief executive Richard Umbers yesterday as he unpicked the spluttering empire built by his predecessor Bernie Brookes.
The federal government was right to stay away from any form of intervention in the iron ore market, according to David Murray, the former chief executive of Commonwealth Bank who recently chaired the Financial System Inquiry.
Page 20: Newcrest Mining is beefing up its gold exploration portfolio, moving into the historic Hauraki goldfields of New Zealand’s North Island through an exploration farm-in deal with minnow Laneway Resources, just a week after a deal with Mungana Goldmines to farm in to north Queensland ground.
Page 29: Australia is miles behind Hong Kong when it comes to internet speeds and even areas lucky enough to get full fibre have premises where consumers get little more than ADSL2 speeds.
Page 30: Property developer and investor Mirvac Group has called in management consultant Accenture as it reviews its internal structure and seeks to satisfy investor demands for higher earnings growth.
The West Australian
Page 6: Gay marriage advocates and opponents are stepping up their lobbying of MPs as momentum for a parliamentary vote garnering cross-party support continues to build.
Opposition Leader Mark McGowan has committed to launching an independent inquiry into the Claremont serial killings if Labor wins office in March 2017 and the crimes remain unsolved.
Page 14: Vincent mayor John Carey says Perth councils should be more transparent “across the board” as he pushes ahead with plans to introduce a developer register at the inner-city authority.
Page 16: One of the Barnett Government’s most senior MPs has lashed out at the decision to axe a rebate scheme for WA winemakers, saying it had “sideswiped” the industry and should be reversed.
Business: Confidence is soaring among WA farmers as they contemplate another big grains harvest and take advantage of a record run in cattle and sheep prices.
Chris Ellison’s Mineral Resources has scored a major boardroom coup, recruiting Resource Capital Funds managing partner James McClements as a nonexecutive director.
Energia shares surged 12 per cent yesterday after the company cut a $15.8 million cash and share deal to sell its WA uranium project to Paladin Energy.
Investors quickly forgot last week’s euphoria yesterday, with shares suffering heavy early losses as weak US data negated the gains over past days.