Forrest talks to banks over sale of Pilbara hub
Fortescue Metals may be preparing to put one of its largest iron ore mining assets up for sale, with talk company chairman Andrew Forrest is in discussions with investment banks about options for its $11.7 billion Chichester Hub. The Aus
Gas and coal giants at war over carbon
Woodside Petroleum chief executive Peter Coleman chose a high-profile meeting of global gas leaders in Paris to attack the environmental impact of coal and said the gas industry had ‘‘historically been too timid to aggressively address the shortcomings of coal’’ and now needed to ‘‘stand up’’. The Fin
Raiders eye Metcash after $640m shock
Struggling grocery wholesaler Metcash could face a tilt by private equity and dismemberment of its spluttering business model after it conceded it had lost out in the supermarket wars and would be forced to slash goodwill and intangible assets by $640 million. The Aus
Apache buyers move into Quadrant
Australia’s newest oil and gas company, the $US2.1 billion ($2.7 billion) Quadrant Energy, is expected to be launched today when a consortium of Brookfield Asset Management, Macquarie Capital and Angela Bennett settles its acquisition of Apache’s WA business unit. The West
ACCI call to rein in bracket creep
The Abbott government faces business calls to tie personal income tax brackets to inflation to curb bracket creep, which erodes incentives to work. The Aus
WA ready to stage World Cup
Australia will launch a fresh bid for the chance to host the soccer World Cup only when it is assured that FIFA has been cleaned of corruption, Federal Sports Minister Sussan Ley says. The West
The Australian Financial Review
Page 1: Woodside Petroleum chief executive Peter Coleman chose a high-profile meeting of global gas leaders in Paris to attack the environmental impact of coal and said the gas industry had ‘‘historically been too timid to aggressively address the shortcomings of coal’’ and now needed to ‘‘stand up’’.
Page 5: Treasurer Joe Hockey has dismissed evidence the nation’s living standards are deteriorating – even as fresh data showed Australia suffered its biggest trade deficit on record after a collapse in exports last month and further softness in retail spending.
Page 10: At around $53 million a year, workers’ compensation premiums cost the Tax Office 14 times what other organisations pay, Commissioner Chris Jordan told an estimates hearing.
Page 11: In the April quarter, Apple’s iOS sales made up 36.8 per cent of the total smartphone sales in Australia, compared to Android’s 53.8 per cent, says Kantar Worldpanel ComTech.
Page 13: Grocery wholesaler Metcash has underscored the challenges facing independent retailers as the large supermarket chains cut prices to contain the growing threat from Aldi, slashing the value of assets and withholding dividends to preserve cash.
Page 15: Singtel-Optus chief executive Allen Lew has detailed how the company will turn up the heat on Telstra, while telling investors that, much like the supermarket and airline industries, Australia’s telecommunications market could end up as a duopoly.
Logistics group Qube Holdings has warned its cargo handling and bulk transport business faces tough trading conditions in 2016 as contracts with iron ore miners cease.
Page 16: SEEK will take to Asia the secrets to success of its-high growth Mexican education business, Online Career Centre, which the online juggernaut has taken close to full control of.
Page 23: The overall market value of the world’s biggest miners has more than halved in four years as the companies are faced with the challenging task of balancing shareholder demand for returns and reining in costs.
The Australian
Page 1: Bill Shorten has been challenged to reveal any connection to allegations besetting his former union of fraudulent transactions and scams that boosted its political power by signing up phantom members.
The aviation watchdog has buckled to more than a decade of pressure from aviators including businessman Dick Smith, agreeing to allow airport ground staff including firemen to provide air traffic information to pilots as they do in the US.
Page 2: The Minerals Council of Australia, in a submission to a federal parliamentary inquiry, said it wants organisations that pay court fines and fund trips to observe international protest activity to be stripped of tax-deductible status.
Julie Bishop has tried to ease fears about cost blowouts in the resources sector and emphasise Australia as a “high-quality’’ investment destination.
Page 4: Some federal MPs have refused to disclose the reasons for spending taxpayers’ money on travel, ignored requests to justify expenses and claimed money to appear on television on election night, according to the Australian National Audit Office.
Page 6: The first group of refugees from Nauru who accepted resettlement in Cambodia touched down yesterday in the country’s capital, Phnom Penh, nine months after the Southeast Asian nation agreed to a deal with Australia.
Page 7: Laws to strip people of their citizenship appear certain to pass the parliament as Bill Shorten confirms Labor’s “in-principle” support amid growing concern over judicial checks on the new powers.
Page 19: Struggling grocery wholesaler Metcash could face a tilt by private equity and dismemberment of its spluttering business model after it conceded it had lost out in the supermarket wars and would be forced to slash goodwill and intangible assets by $640 million.
The most senior local executive at Swiss trading and mining giant Glencore has waded into the iron ore debate, saying rapid Australian expansions have driven down prices and cost the nation tax, royalties and superannuation dollars.
The Abbott government faces business calls to tie personal income tax brackets to inflation to curb bracket creep, which erodes incentives to work.
Page 20: Fortescue Metals may be preparing to put one of its largest iron ore mining assets up for sale, with talk company chairman Andrew Forrest is in discussions with investment banks about options for its $11.7 billion Chichester Hub.
The West Australian
Page 3: Taxpayers will spend $15.5 million replacing dodgy escalators at Perth Underground and Esplanade train stations 12 years short of their operational lifetime — but the State Government has chosen not to sue the maker.
Page 4: Thousands of low-paid women will be worse off because of the Federal Government’s crackdown on so-called double-dipping of paid parental leave, bureaucrats have confirmed.
Treasurer Joe Hockey fears that moves to curb prices may hit WA homeowners as the Organisation for Economic Co-operation and Development cautions the country against inflating a housing bubble.
Page 6: Australia will launch a fresh bid for the chance to host the soccer World Cup only when it is assured that FIFA has been cleaned of corruption, Federal Sports Minister Sussan Ley says.
Page 7: East Fremantle will soon have a new dress circle neighbourhood on the banks of the Swan River with the historic Leeuwin Barracks to be put on the market.
Page 12: The State Government will spend $23 million on three Doppler radars in the Wheatbelt in a major boost for farmers and emergency services working in fickle weather.
Business: With a share price rise of more than 100 per cent in its opening day, it is no wonder the board members of fibre infrastructure play Superloop are smiling.
Australia’s newest oil and gas company, the $US2.1 billion ($2.7 billion) Quadrant Energy, is expected to be launched today when a consortium of Brookfield Asset Management, Macquarie Capital and Angela Bennett settles its acquisition of Apache’s WA business unit.