03/06/2015 - 05:38

Morning Headlines

03/06/2015 - 05:38

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Morning Headlines

Blame market, not BHP: Wilson

BHP Billiton iron ore boss Jimmy Wilson has set out to demolish criticism by Fortescue’s Andrew Forrest that increases in its supply, along with additions by Rio Tinto, have been responsible for the rout in prices of the steelmaking raw material. The Aus

Palmer says Citic has no claim over port facilities

Clive Palmer’s Mineralogy has argued that its estranged Chinese business partner Citic has no legal right to claim ‘‘exclusive access and control’’ over port facilities at the $12 billion Sino Iron project. The Fin

Abbott under attack for sticking by super rules

The Coalition government risks making Australia’s $2 trillion superannuation system more Cashed-

vulnerable by refusing to reform the regime, the chairman of the financial system inquiry warned. The Fin

Cashed-up backer for Yeeda abattoir vision

WA’s Yeeda Pastoral Company has won the financial backing of a major private equity fund based in Hong Kong as it pushes ahead with plans to process 60,000 cattle a year at a new abattoir between Broome and Derby. The West

Mining exec says RBA advice ‘irresponsible’

Andrew Michelmore, chairman of the Minerals Council of Australia and CEO of Chinese-owned copper miner MMG, said it would be irresponsible to follow the Reserve Bank of Australia’s advice and accept lower returns on investment because mining companies would have to load up on cheap debt when commodity prices are low. The Fin

Apple aims to eat Spotify’s lunch with shift to music streaming

With its dominant position in music threatened by a decline in download sales, Apple is preparing to launch a direct rival to Spotify and other popular services that let users stream songs instead of buy them. The Aus

 

 

The Australian Financial Review

Page 1: Soaring house prices in Sydney and parts of Melbourne pose a risk to the economy if the boom is followed by a crash in prices, said prominent businessman David Murray, who predicted the Australian Prudential Regulation Authority would impose tighter lending controls.

The Coalition government risks making Australia’s $2 trillion superannuation system more vulnerable by refusing to reform the regime, the chairman of the financial system inquiry warned.

Page 3: Businesses said they could be forced to cut staff or reduce employee hours after the Fair Work Commission awarded a $16-a-week increase to low-paid workers from July 1.

The Fair Work Commission has reinstated a Comanchero bikie and Construction, Forestry, Mining and Energy Union member to his explosives job at a BHP Billiton-owned coal mine in Newcastle after finding company management could not substantiate allegations he engaged in threatening and intimidating conduct.

Page 5: Clive Palmer’s Mineralogy has argued that its estranged Chinese business partner Citic has no legal right to claim ‘‘exclusive access and control’’ over port facilities at the $12 billion Sino Iron project.

Page 9: A top tax official with Treasury says Labor’s policy on multinational tax avoidance would, if implemented, cost jobs because it represents a quasi-increase in the 30 per cent corporate tax rate.

Page 13: Andrew Michelmore, chairman of the Minerals Council of Australia and CEO of Chinese-owned copper miner MMG, said it would be irresponsible to follow the Reserve Bank of Australia’s advice and accept lower returns on investment because mining companies would have to load up on cheap debt when commodity prices are low.

Page 15: Retail Food Group will take an $18.5 million hit to earnings this year and has put in place a new structure to speed up overseas expansion and streamline its Australian operations after splashing out more than $200 million on acquisitions in the past year.

Page 16: Atlas Iron has concluded a deal with BGC Contracting that will give the iron ore junior the ability to return to full production at its Pilbara mines at a breakeven price of $US50 a tonne.

 

 

The Australian

Page 2: The Reserve Bank is holding out for consumer spending and rising mineral exports to keep the economy growing over the year ahead but has not eliminated the possibility it may yet have to lower its benchmark cash rate even further than its current record low of 2 per cent.

Business is sounding the alarm on a $16 per week minimum wage increase, warning it will push up costs, force shop closures and prevent jobseekers from obtaining work.

Page 3: The Abbott government is facing internal calls for a crackdown on environmental activists who are using tax-deductible donations to pay fines for illegal protests and to run political campaigns in marginal electorates.

With its dominant position in music threatened by a decline in download sales, Apple is preparing to launch a direct rival to Spotify and other popular services that let users stream songs instead of buy them.

Page 8: The Indigenous Land Corporation has asked Tony Abbott to hand its $2 billion land account to the Future Fund in the aftermath of its acquisition of the Ayers Rock Resort.

Page 21: BHP Billiton iron ore boss Jimmy Wilson has set out to demolish criticism by Fortescue’s Andrew Forrest that increases in its supply, along with additions by Rio Tinto, have been responsible for the rout in prices of the steelmaking raw material.

Page 22: Rio Tinto’s merger of its Brisbane coal unit into its London-based copper unit, and the associated removal of an Australian-based executive committee position, will save $US20 million ($26m) from the company’s $US3.11 billion in annual coal costs, most likely through job cuts in Brisbane.

Australian regulators are shaping up as one of the major hurdles for Royal Dutch Shell’s friendly $91 billion takeover of BG Group, with analysts tipping coal-seam gas sales may be needed for Shell’s plan to create a world-dominating LNG business to get through.

Page 23: Seven West Media chief executive Tim Worner has heralded a new growth phase for the media company after raising capital to bolster his balance sheet.

 

 

The West Australian

Page 3: The number of people queued for publicly funded elective surgery in WA has soared to more than 18,000, fuelled by a downturn in operations in April.

Page 4: Perth trails the nation in child care, with the fewest places per capita of any Australian capital.

Page 7: A Liberal backbencher has broken ranks to slam the potentially “devastating consequences” of the State Government’s plan to sell the TAB, demanding an independent study of the economic impact of the decision.

Page 10: The nation’s 1.9 million lowest paid will get a 42¢ an hour pay increase in a move that has been attacked by business groups and unions.

Page 15: The Barnett Government faces a damaging brawl with WA’s powerful recreational fishing sector over claims it raided a key amateur fishing fund to prop up its ailing Budget.

Business: WA’s Yeeda Pastoral Company has won the financial backing of a major private equity fund based in Hong Kong as it pushes ahead with plans to process 60,000 cattle a year at a new abattoir between Broome and Derby.

The State Government has won the right to intervene in the long-running brawl between China’s CITIC and Clive Palmer’s Mineralogy, with the Federal Court yesterday ruling it had a direct interest in the case.

 

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