Morning Headlines

Debt poised to hurt McAleese earnings

McAleese is owed nearly $10 million by a key customer in its heavy haulage and lifting division, which in turn is owed money as part of a creditor chain linked to Gina Rinehart’s Roy Hill iron ore mine project. The Fin

Independence wins Sirius funding

Independence Group has secured a $550 million finance facility to fund its proposed acquisition of Sirius Resources and the development of the Nova nickel mine in Western Australia. The Fin

Scentre plans $1bn splurge in Perth shopping malls

The Scentre Group has outlaid plans for more than $1 billion of shopping centre developments in Perth as it steps up its investments in premium malls and seeks to drive the benefits of owning its management platform after it was borne out of the $70bn Westfield global empire last year. The Aus

Infrastructure drought as miners retreat

The end of the resources boom will cut infrastructure spending on large projects by $17 billion this financial year, a report commissioned by an infrastructure lobby group says. The Fin

Gina’s gift: millions may go to charity as part of family settlement

Gina Rinehart and estranged son John Hancock are discussing a plan for the billionaire to give away half of her massive wealth to philanthropic causes as part of a proposed settlement of their long running legal action over the family fortune. The Aus

Telstra set for multi-billion start-up float

Telstra is preparing its Silicon Valley-based video start-up Ooyala for a multi-billion-dollar float in the US as the telco giant looks to bank some lucrative returns on the half-a-billion-dollar investment it has made in the company. The Aus

Barnett backs penalty cut bid

Colin Barnett has described as “music to my ears” the campaign by the WA Chamber of Commerce and Industry to cut penalty rates. The West

The Australian Financial Review

Page 1: ING Direct will force property investors around Australia to stump up bigger deposits and AMP Bank has ceased all new lending to landlords, a sign that minor lenders may be worried about being swamped by loan requests from borrowers rejected by the big banks.

Page 3: The corporate watchdog spends a lot of money investigating wrongdoers and now it wants the targets to help pick up that bill.

Page 5: Cabinet ministers are refusing to back Bronwyn Bishop and in some cases calling on her to resign as Speaker of the House of Representatives, in developments which escalate the pressure on Tony Abbott to confront the issue before Parliament resumes.

Page 6: Fears of a cost of living crisis are hugely exaggerated, according to official data that indicates typical prices paid by workers, pensioners and welfare recipients are growing at less than a third of the historical average.

Page 7: Some of the world’s biggest oil and gas companies have been let off the hook from a possibly embarrassing grilling by a Senate committee – for now.

Page 10: The end of the resources boom will cut infrastructure spending on large projects by $17 billion this financial year, a report commissioned by an infrastructure lobby group says.

Page 15: Australia’s beleaguered coal industry must continue to hang on and wait for an inevitable recovery as prices bounce along the bottom, industry veteran Keith De Lacy says.

Page 17: McAleese is owed nearly $10 million by a key customer in its heavy haulage and lifting division, which in turn is owed money as part of a creditor chain linked to Gina Rinehart’s Roy Hill iron ore mine project.

There is more work for Programmed Maintenance in property maintenance and painting than in a rapidly souring resources sector as the firm heads towards its $750 million-plus merger with Skilled Group, in which it will be hit with $11 million in one-off integration costs as duplication is sliced.

Page 18: Myer is clearing private label brands such as Piper, Regatta and Basque to make room for new labels in a reversal of the retailer’s profit growth strategy over the past few years.

Page 21: Independence Group has secured a $550 million finance facility to fund its proposed acquisition of Sirius Resources and the development of the Nova nickel mine in Western Australia.

The Australian

Page 1: Gina Rinehart and estranged son John Hancock are discussing a plan for the billionaire to give away half of her massive wealth to philanthropic causes as part of a proposed settlement of their long running legal action over the family fortune.

Page 4: Mining union boss Tony Maher has amplified his warning to a future Labor government to fund income support for workers left jobless by the shift to renewable energy through a “dedicated agency”, or lose union backing for its energy package.

Page 6: Concerns about the capability of Soryu-class submarines have been raised by Defence Minister Kevin Andrews a day after Japan’s ambassador promoted the vessel as the closest to fulfilling Royal Australian Navy requirements.

Page 19: Telstra is preparing its Silicon Valley-based video start-up Ooyala for a multi-billion-dollar float in the US as the telco giant looks to bank some lucrative returns on the half-a-billion-dollar investment it has made in the company.

Page 21: Virgin Australia is in the process of a “major earnings” turnaround, analysts say, as the airline improved its bottom line on the back of lower fuel costs and a boost in premium customers.

Page 22: There could be more bad news in store for Woolworths, the nation’s biggest supermarket chain, after it was whacked by shoppers for its poor-quality fresh food on offer and relatively higher prices.

Page 26: The Scentre Group has outlaid plans for more than $1 billion of shopping centre developments in Perth as it steps up its investments in premium malls and seeks to drive the benefits of owning its management platform after it was borne out of the $70bn Westfield global empire last year.

The West Australian

Page 3: Colin Barnett has described as “music to my ears” the campaign by the WA Chamber of Commerce and Industry to cut penalty rates.

Page 11: The Department of Corrective Services has called in debt collectors to help recoup at least $550,000 it has overpaid former employees since 2009 in a major payroll bungle.

Page 12: Despite figures showing an increase in international visitors, tourism officials fear too many people are skipping WA for other States.

Business: Wellard chief executive Mauro Balzarini has had talks with potential investors in Hong Kong and the Eastern States as he weighs up options for growth and paying down debt, including a sharemarket listing that could be worth up to $300 million.

Offenders may think twice about drawing out an investigation if they have to foot the bill, according to the corporate regulator.

Kimberley Diamonds has proposed a deal to regain control of its failed Ellendale mine, but the offer could see the company pay less cash into a creditors fund than it claims it is already owed.

Sandfire Resources has signed off on arguably the best year since its DeGrussa mine north of Meekatharra was built, with record quarterly output and the prospect of a significant new nearby copper discovery.

Empire Oil & Gas says it has more than enough gas at its Red Gully project near Gingin to meet foundation customer Alcoa’s demands.