11/06/2015 - 06:00

Morning Headlines

11/06/2015 - 06:00

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Morning Headlines

Creasy forces WA law change

Mark Creasy’s stake in nickel company Sirius Resources recently increased to about $600 million, cementing his reputation as one of Australia’s most successful prospectors. But his name is about to be attached to something less desirable, a change to Western Australia's mining laws. The Fin

Como group to debut with Perth boutique hotel

World-renowned luxury Como Hotel and Resorts group, operated by entrepreneur Christina Ong, is shaping to make its first entry into Australia, replacing rival Asian hospitality group Aman Resorts as the operator of a boutique hotel, the centrepiece of the city’s redeveloped Treasury buildings. The Aus

NBN rollout reward incentive

NBN Co has heeded calls for more transparency by yesterday announcing new “incentive-based” contracts for WA as part of its push to deliver a more efficient rollout of the National Broadband Network. The West

Brace for surging ore rivals, BHP chief says

BHP Billiton chief executive Andrew Mackenzie has warned Australian miners to expect a surge of competition from rival countries selling to China, as the Asian giant strengthens business and diplomatic ties with a number of mineral-producing nations. The Aus

Palmer’s ship bid to lock out Citic

Clive Palmer’s Mineralogy tried to kick Citic out of its $12 billion iron ore project over a failure by the Chinese company to provide shipping schedules, despite the MP’s company having received numerous updates on shipping movements from the operation. The Aus

Payment ‘should have rung alarm bells’

Senator Nick Xenophon has said AusAID’s refusal to back a controversial $500,000 payment for a stadium in Trinidad should have set alarm bells ringing for Frank Lowy and Australia’s failed 2022 World Cup bid. The Fin

Economy needs help: RBA

Reserve Bank governor Glenn Stevens has stunned financial markets with a new warning on economic growth that came with a rebuke to both Labor and the Coalition for doing too little to lift the nation’s performance. The Aus

 

 

The Australian Financial Review

Page 1: Reserve Bank of Australia governor Glenn Stevens condemned parts of Sydney’s property market as ‘‘crazy’’ but reopened the prospect of interest rate cuts that could drive prices higher.

Page 3: A second senior employee with superannuation fund Cbus has been sacked for leaking private information of fund members to the Construction, Forestry, Mining and Energy Union.

Page 4: Liberal Party conservatives are devising a strategy to stop gay marriage being addressed by this Parliament, by pressuring their colleagues to back away from pushing for a policy change in the knowledge they will lose.

The Australian Workers’ Union will seek substantial pay rises for the cleaners who lost $6 million in penalty rates under a corrupt 2010 union deal.

Page 5: Senator Nick Xenophon has said AusAID’s refusal to back a controversial $500,000 payment for a stadium in Trinidad should have set alarm bells ringing for Frank Lowy and Australia’s failed 2022 World Cup bid.

Page 6: Labor has flagged changes to capital gains tax concessions for investors as part of its housing affordability policy, while some Liberal MPs believe Tony Abbott should consider replacing Joe Hockey as Treasurer when Parliament rises.

Page 8: NBN was forced to spend over $100,000 and drill through 300 metres of solid rock just to connect just three Queensland homes to the national broadband network and caused a house in Wollongong to sink after contractors drilled through a drain, according to Communications Minister Malcolm Turnbull.

Page 10: Mark Creasy’s stake in nickel company Sirius Resources recently increased to about $600 million, cementing his reputation as one of Australia’s most successful prospectors.

Page 11: Anglo American’s international coal chief executive Seamus French has offered the Baird government a possible solution over a controversial Hunter Valley project.

Moody’s Investors Service may cut Western Australia’s credit rating if the cash-strapped Barnett government does not cut spending or increase revenue – a downgrade that would be a big financial and political blow.

Page 13: Australia is going to produce a lot less carbon than the federal Department of Environment predicts over the next five years because electricity prices are going up and demand is slowing, according to a consulting firm.

Page 21: Australian companies planning sharemarket listings in the coming weeks will struggle to fetch the prices they want and the flow of new deals could be on hold for months after insurance re-seller Greenstone was forced to scotch what was to be one of the biggest initial public offerings of the year.

Hartzer reshuffles; branch cuts coming? Westpac chief executive Brian Hartzer has vowed to lift efficiency and sharpen the bank’s focus on its customers, unveiling a management overhaul in two of the lender’s largest divisions.

Page 23: Confirmation that the corporate regulator is looking into Nine Entertainment Co and the sale of more than $1.5 million worth of shares by chief executive David Gyngell in the weeks preceding a downgrade to profit guidance creates a ‘‘stigma’’ that can be hard to shake, corporate governance experts warn.

Origin Energy has declared its ambition to reach the No.1 spot in rooftop solar power and is carrying out trials on batteries, as it taps into keen customer appetite for new energy services that should also allow it to build loyalty and fend off competition.

Page 26: Telstra decided not to seek national broadband network construction contracts worth billions after its alternative set of construction terms was rejected.

Oil Search may sell down part of its stake in the P’nyang gas field in Papua New Guinea to Santos in a move that will give the Adelaide-based company a more lucrative role in a planned expansion of the $US19 billion ($24.7 billion) PNG LNG venture.

 

 

The Australian

Page 1: Reserve Bank governor Glenn Stevens has stunned financial markets with a new warning on economic growth that came with a rebuke to both Labor and the Coalition for doing too little to lift the nation’s performance.

Page 2: Cleanevent founder Craig Lovett has spoken out about his disappointment over allegations in the trade union royal commission that the company entered into anti-worker sweetheart deals with the AWU after he left as chief executive in 2008.

Page 3: New barriers are emerging to a Coalition vote on same-sex marriage as Tony Abbott cautions his colleagues against a rush to decide the matter, sending a signal that it would be better to wait until after the next election.

Page 5: Well-resourced schools with computers and iPads could have a head start over poorer schools in the next round of tests for the National Assessment ProgramLiteracy and Numeracy, the Australian Curriculum Assessment and Reporting Agency has admitted.

Clive Palmer’s Mineralogy tried to kick Citic out of its $12 billion iron ore project over a failure by the Chinese company to provide shipping schedules, despite the MP’s company having received numerous updates on shipping movements from the operation.

Page 19: BHP Billiton chief executive Andrew Mackenzie has warned Australian miners to expect a surge of competition from rival countries selling to China, as the Asian giant strengthens business and diplomatic ties with a number of mineral-producing nations.

The supermarket wars will escalate when German powerhouse Lidl enters the Australian market, with the global discount chain applying for hundreds of trademarks covering thousands of supermarket products as a precursor to opening its doors here.

Page 21: BT Investment Management, one of Australia’s largest companies, gorged on shares in the Nine Network as the stock bounced back after being torched by investors despite rising shareholder disquiet about a shock earnings downgrade.

Page 23: Western Australia’s rising debt burden has prompted ratings agency Moody’s to revise its outlook on the state’s credit rating to negative from stable, in the latest blow to the Barnett government’s fiscal credentials.

Page 27: World-renowned luxury Como Hotel and Resorts group, operated by entrepreneur Christina Ong, is shaping to make its first entry into Australia, replacing rival Asian hospitality group Aman Resorts as the operator of a boutique hotel, the centrepiece of the city’s redeveloped Treasury buildings.

 

 

The West Australian

Page 3: Perth motorists are out of pocket because of the disintegration of the city’s traditional petrol price cycle.

Page 6: Colin Barnett says Treasurer Joe Hockey must have “forgotten” how tough it can be to afford your first home, amid a warning from Reserve Bank governor Glenn Stevens about “acutely concerning” increases in housing costs.

Page 14: Transport Minister Dean Nalder has offered to waive the rent for the next three months for all the 15 Barrack Square traders being hurt by ongoing works on Elizabeth Quay.

Page 18: Dodgy share trading and sports betting services based in the Eastern States have scammed more than $200,000 out of just 15 Western Australians this year.

Business: NBN Co has heeded calls for more transparency by yesterday announcing new “incentive-based” contracts for WA as part of its push to deliver a more efficient rollout of the National Broadband Network.

One of Australia’s biggest cattle producers has valued its herd at more than $117 million ahead of an historic sale expected before the end of the year.

Country-of-origin labels must be considered for pearls to boost their value and help improve tourism, a Federal inquiry in Broome has been told.

The Perth-based founders of Mineler, an online marketplace for mine workers and companies, are in talks with investors about a potential stock market listing.

AnaeCo has won Western Power’s approval to connect its waste-to-energy plant in Shenton Park to the electricity grid.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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