13/08/2015 - 06:48

Morning Headlines

13/08/2015 - 06:48

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Morning Headlines

Undeveloped Rio project starts mining

Rio Tinto has started mining at its undeveloped $US1 billion ($1.4 billion) Silvergrass iron ore project in the Pilbara ahead of the board making an investment decision next year on whether to build a new mine at the site. The Fin

Yuan fall pushes ASX to correct

The fallout from China’s decision to further weaken its currency pushed the dollar to a six-year low and share market into a correction, driven by concerns the policy change is in response to a weaker Chinese economy. The Fin

Action at WA kids hospital unlawful

Seventy-six workers at the new children’s hospital project in Perth engaged in unlawful industrial action after failing to attend work on February 28, 2013, the Federal Court has found. The Fin

PM pushed on permits to ease cost of carbon cuts

Tony Abbott will face continued pressure from business groups to allow the purchase of international permits under his climate change scheme in an effort to reduce the cost of meeting Australia’s target of cutting carbon emissions by 26-28 per cent by 2030. The Aus

Credit warnings for Emeco and Bis

Under-pressure mining contractors Emeco Holdings and Bis Industries are in danger of defaulting on their debt, credit ratings agency Moody’s warns. The West

Wellard’s partner coup for Sino cattle exports

A leading WA agribusiness has found a powerful partner in China under a ground breaking deal to export and process cattle. The West

 

 

The Australian Financial Review

Page 1: The fallout from China’s decision to further weaken its currency pushed the dollar to a six-year low and share market into a correction, driven by concerns the policy change is in response to a weaker Chinese economy.

In the first indication from a bank chief executive that the glory days for bank investors may have ended, Commonwealth Bank of Australia chief executive Ian Narev said higher capital reserves being imposed by regulators would crimp shareholder returns in coming years.                                                  

Page 3: Wages in the private sector grew at a record low 2.2 per cent over the past year, forcing workers chasing high pay through different jobs to lower their expectations.

Page 5: The national obsession with property won’t make Australia better-off, Reserve Bank of Australia deputy governor Philip Lowe said in a speech that shows policymakers are looking towards the day when they can begin raising interest rates to normal levels.

Page 6: AGL chief executive Andrew Vesey has suggested following the US and Canada and setting minimum carbon emissions standards for power generators to help meet climate change targets.

Page 7: Green groups effectively blocking the $16 billion Adani coalmine were engaged in ‘‘lawfare’’ that jeopardised Australia’s chances of doing a free trade deal with India, Trade Minister Andrew Robb says.

Page 11: Seventy-six workers at the new children’s hospital project in Perth engaged in unlawful industrial action after failing to attend work on February 28, 2013, the Federal Court has found.

Page 13: Former Woolworths chairman John Dahlsen has backed small business calls for stronger competition laws, saying independent hardware retailers are ‘‘failing’’ at a rapid rate because they cannot compete against Bunnings.

Page 21: CSL chief executive Paul Perreault will interrupt a decade of 10 per cent-plus profit growth to expand the biotechnology giant’s manufacturing and sales force.

Page 25: Computershare chief executive Stuart Irving says the world’s biggest share registry needs to expand into new areas such as loan origination in the US, but concedes the group is battling multiple macroeconomic setbacks.

Page 28: Rio Tinto has started mining at its undeveloped $US1 billion ($1.4 billion) Silvergrass iron ore project in the Pilbara ahead of the board making an investment decision next year on whether to build a new mine at the site.

 

 

The Australian

Page 1: Australians have been unwittingly exposed to potentially large quantities of illegally imported building products containing asbestos, with no records of where the killer substance has been used and little chance of preventing its spread.

Page 2: Tony Abbott will face continued pressure from business groups to allow the purchase of international permits under his climate change scheme in an effort to reduce the cost of meeting Australia’s target of cutting carbon emissions by 26-28 per cent by 2030.

Page 6: The Business Council of Australia has comprehensively rejected union claims that the China-Australia free-trade agreement will erode safeguards over the use of foreign workers on major projects.

Page 7: The Medical Research Future Fund — a signature initiative of the Coalition’s first budget that Treasurer Joe Hockey hoped would help find cures for cancer and dementia — has finally passed the Senate, despite the government’s dumping the GP co-payment that had been designed to bankroll it.

Page 19: REA Group chief Tracey Fellows will step up the pace of international expansion with ambitious plans to create a global network, and seize a growing revenue opportunity in the US and Asia as real estate advertisements shift online.

Page 20: New York-based buyout company Blackstone is believed to be in vigorous pursuit of Arrium’s Moly-Cop consumables business, according to sources.

Page 21: Primary Health Care’s new boss, Peter Gregg, has outlined his strategy to investors: divestment of noncore assets, the establishment of a property trust and an expansion of its pathology interests offshore.

Page 27: Dexus Property Group, one of the nation’s biggest office tower landlords, expects offshore investment will continue to drive up commercial property values, after yesterday posting a 52.2 per cent boost in net profit to $618.7 million last financial year.

 

 

The West Australian

Page 1: The partner of sacked Legislative Council deputy clerk Nigel Lake pleaded with the parliamentary committee that sealed his fate not to terminate his employment while he was in a psychiatric hospital.

Page 3: WA’s top judge has urged the State Government to consider restricting the sale of alcohol to “problem drinkers” by introducing an identification system at liquor outlets across the State.

Page 4: Tony Abbott has been warned the gay marriage issue will hound him until the next election and beyond, distracting the Government from its core business.

Page 7: Western Power has been hit with a multimillion-dollar lawsuit from almost 140 residents whose homes were damaged or destroyed in the Parkerville blaze.

Page 9: Myer almost lost the shining star of its new season fashion launch when Jennifer Hawkins learnt that her mother had been diagnosed with cancer.

Page 11: Regional electricity provider Horizon Power has hit back at claims of another cost blowout in its troubled Pilbara underground power project after a report by the State Government’s watchdog.

Page 13: The State Government has moved to restrict access to powdered alcohol after a controversial new product was approved for sale in the US this year.

Page 15: Perth freight link opponents have accused Main Roads of hypocrisy for removing roadside placards criticising the project, citing safety concerns, but authorising a neon sign featuring models in underwear above a critical freeway merge point.

Page 16: China could walk away from its free trade deal with Australia and another agreement with India may be at risk, Trade Minister Andrew Robb has warned.

Business: Under-pressure mining contractors Emeco Holdings and Bis Industries are in danger of defaulting on their debt, credit ratings agency Moody’s warns.

The outlook for super fund returns took a turn for the worse yesterday after a second shock Chinese currency devaluation knocked the Australian sharemarket into the red for 2015.

A leading WA agribusiness has found a powerful partner in China under a ground breaking deal to export and process cattle.

Shopping centre mogul Stan Perron has weighed into the $200 million royalty battle of Rio Tinto and the heirs of the prospecting partnership between Lang Hancock and Peter Wright, winning High Court approval yesterday to intervene in the dispute.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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