Atlas Iron feels debt load after equity miss
Pilbara iron ore producer Atlas Iron will plunge into fresh talks this week on how to deal best with its debt burden, after revealing on Monday it fell almost $100 million short of its target in a critical equity raising. The Fin
Shorten backs unions on FTA
Bill Shorten has endorsed a union-led assault against the China-Australia free-trade pact, revealing Labor will take up the fight in parliament to rewrite labour standards, conditions and skills testing in the historic multibillion-dollar agreement. The Aus
DJs soars under new ownership
Ian Moir, the boss of South Africa’s Woolworths Holdings, has plenty to celebrate as he approaches the first anniversary of his $2.2 billion takeover of David Jones, confirming both the department store and its Country Road brand are enjoying double-digit sales growth after stripping market share from a range of rivals including Myer. The Aus
Super plan to save on project
Transport Minister Dean Nalder has revealed plans to sell the income stream from tolls on heavy vehicles on the Perth Freight Link to a superannuation company, meaning the $1.6 billion project would not cost WA a cent. The West
Control of $20b NDIS on leaders agenda
Talks have opened up between the federal and state governments about giving the states early access to a share of $20 billion of funds set aside for the National Disability Insurance Scheme, but there are concerns the states may have to cede control over the massive scheme in return. The Fin
Abbott launches food origin labels
Food manufacturers will be required to include new country-of-origin food labels that will include a bar-chart displaying what proportion of the ingredients is locally grown. The Fin
Commodity rout to dog miners
A steady flow of write-downs across most metals and oil and gas is tipped over the next year, as many of the mining majors tweak their medium-term price forecasts and try to offload noncore assets in a depressed market. The Fin
State eases pressure for apartments
The Barnett Government has conceded that planning policies to encourage more apartments in the suburbs went too far and is preparing to wind them back. The West
The Australian Financial Review
Page 1: Plans by NSW to increase the GST rate to 15 per cent to fund public health would still leave a shortfall of up to $3 billion a year once compensation was factored in, putting pressure on a cash-strapped federal government to make up the difference, according to modelling to be presented at today’s leaders’ summit.
Page 3: Foreigners bought 9.4 per cent of established homes sold in April, May and June, nearly twice the expected level, shows a survey that may raise doubts that rules against foreign purchases are working.
The Reserve Bank of Australia has kept the door open to another official interest rate cut amid growing concern faltering population growth is acting as a fresh drag on the economy.
Page 5: Talks have opened up between the federal and state governments about giving the states early access to a share of $20 billion of funds set aside for the National Disability Insurance Scheme, but there are concerns the states may have to cede control over the massive scheme in return.
Page 6: The Australian Industry Group tried to elbow its way back into the tax debate by proposing any GST increase be used to fund cuts to more than $50 billion in state taxes.
Page 8: Food manufacturers will be required to include new country-of-origin food labels that will include a bar-chart displaying what proportion of the ingredients is locally grown.
Under a week-long deal ending on Tuesday, a receipt for any seafood, fresh meat or deli item entitles shoppers to $10 six packs of Heineken or Hahn Super Dry at Woolworths-owned BWS bottle shops, or a $10 discount on cartons of the same beers.
Page 9: Alibaba will be teaming up with alternative finance lender Capify to target small business lending to 1.9 million Australian customers.
Page 11: Echo Entertainment chief executive Matt Bekier laid down the gauntlet to James Packer’s Crown Resorts by declaring that its new $2 billion Brisbane casino will target Asian high rollers for a third of its revenues.
Page 17: Brookfield Infrastructure Partners could afford to pay as much as $9.8 billion for Asciano if the Canadian group makes a formal takeover bid for the Australian company, according to new analyst forecasts.
An upgrade to production guidance and a bullish assessment of prospects for the Antelope gas field in Papua New Guinea have been welcomed by investors in Oil Search and more than offset sentiment around a drop in liquefied natural gas prices.
Page 18: DUET Group is paying a ‘‘full’’ price for remote power project developer Energy Developments but the $1.4 billion deal will improve its ability to cover distributions from cash flow, making the stock more attractive, analysts say.
A plan to send up to 1 million live cattle to China is unlikely to offset the dramatic reduction in Indonesian exports, industry participants predict.
Page 20: A steady flow of write-downs across most metals and oil and gas is tipped over the next year, as many of the mining majors tweak their medium-term price forecasts and try to offload noncore assets in a depressed market.
Pilbara iron ore producer Atlas Iron will plunge into fresh talks this week on how to deal best with its debt burden, after revealing on Monday it fell almost $100 million short of its target in a critical equity raising.
The Australian
Page 1: Bill Shorten has endorsed a union-led assault against the China-Australia free-trade pact, revealing Labor will take up the fight in parliament to rewrite labour standards, conditions and skills testing in the historic multibillion-dollar agreement.
Page 2: Resistance to increasing the rate of GST is building in the Senate, as big business decried proposals to simply increase the tax to sustain higher spending as a “comprehensive cop-out”.
Page 5: Taxpayers would guarantee child support payments to victims of family violence, under radical reforms proposed by a parliamentary inquiry yesterday.
Page 19: Ian Moir, the boss of South Africa’s Woolworths Holdings, has plenty to celebrate as he approaches the first anniversary of his $2.2 billion takeover of David Jones, confirming both the department store and its Country Road brand are enjoying double-digit sales growth after stripping market share from a range of rivals including Myer.
Page 20: OZ Minerals’ war chest for acquisitions has grown substantially but finding the right sort of deal is proving to be as elusive as ever for the single-mine company.
Page 21: The chief executive of the US document storage giant poised to merge with Australian rival Recall has suggested the cost benefits of putting together the pair’s real estate operations could push the synergies from the merger well above a forecast $US155 million ($210m).
Vodafone Hutchison Australia has declared it remains on the path to significant revenue and customer growth despite ongoing growing pains that have hurt the company, with $184 million in losses and 47,000 customer defections in the first half of this year.
Page 27: The frustrated boss of Western Areas has lamented the poor state of the nickel market after weak prices continued to overshadow the miner’s strong operational performance.
The West Australian
Page 5: Police Commissioner Karl O’Callaghan says Western Australians will have to put up with rising crime for at least the next three to five years while solutions to the methamphetamine crisis are developed and implemented.
Page 11: The Barnett Government has conceded that planning policies to encourage more apartments in the suburbs went too far and is preparing to wind them back.
Page 13: Colin Barnett will use a leaders’ retreat in Sydney to resume his campaign for a GST shake-up, with the Premier to focus on what he says is a disincentive for States to invest in building their economies.
Page 19: Transport Minister Dean Nalder has revealed plans to sell the income stream from tolls on heavy vehicles on the Perth Freight Link to a superannuation company, meaning the $1.6 billion project would not cost WA a cent.
Business: You know the citrus industry is going through change when oranges aren’t orange any more. A brown orange is one of the new citrus varieties that could soon be grown commercially in WA.
Evolution Mining’s Edna May operation has again been the stand-out performer in a strong quarter for the growing gold miner.