Rio denies claims over $100m securities grab
Rio Tinto executives have rejected allegations the miner misled receivers and financiers of the failed Forge Group over the seizure of $100 million in security bonds. The West
Secrecy sparks law change call
Auditor-General Colin Murphy has taken the extraordinary step of calling for the law to be changed after he found himself unable to form an opinion on whether it was reasonable or not for the Barnett Government to refuse to release financial information relating to the $1.4 billion Perth Stadium. The West
Cattle boost for stations sale
South African interests are looking to offload four cattle stations covering more than one million hectares of the Kimberley after reaching a breakthrough deal on stocking levels. The West
Stakes high as China FTA cut-off looms
Trade Minister Andrew Robb has admitted “hundreds of millions” of dollars are on the line as both Canberra and Beijing scramble to ratify the free trade agreement by the end of December. The Fin
Broome to test casino waters
Broome will test the case for a casino in the Kimberley town in a move that could have it tapping the lucrative Asian gambling market. The West
Big business will have to pay for ASIC
Banks, big business and the financial services sector will bear the brunt of a $260 million user-pays system to fund the corporate regulator. The Fin
Swell time as Billabong posts profit
Billabong is not interested in acquisitions after a string of poor deals nearly destroyed it and will instead focus narrowly on its core youth apparel brands — Billabong, RVCA and Element — after posting its first full-year profit in four years. The Aus
The Australian Financial Review
Page 1: Banks, big business and the financial services sector will bear the brunt of a $260 million user-pays system to fund the corporate regulator.
Page 3: Treasurer Joe Hockey said his agreement to campaign for a republic was ‘basically drinks in an MP’s office’ after getting a hostile reception from other ministers.
Page 7: Both main parties need to devise policies to prevent the fees charged by superannuation funds carving large chunks out of people’s retirement savings, National Seniors Australia says.
Page 9: Trade Minister Andrew Robb has admitted “hundreds of millions” of dollars are on the line as both Canberra and Beijing scramble to ratify the free trade agreement by the end of December.
Page 11: Some of Australia’s top fund managers may get guided tours of asylum-seeker detention centres on Nauru and Papua New Guinea’s Manus Island under a plan by Transfield Services to demonstrate it is not committing human rights abuses.
Page 13: Ramsay Health Care chief executive Chris Rex said private hospitals cannot accept risk for patient events outside their control, as he criticised Medibank Private and Calvary hospitals for damaging the reputation of Australian private healthcare.
Flight Centre Travel Group says its earnings will climb as much as 8 per cent this year as it adds new stores and rolls out a popular new airfare product, helping to put to rest some concerns about its business model raised when it issued a profit downgrade in June.
Page 16: Perpetual Group CEO Geoff Lloyd has embarked on a plan to turn the traditionally-recognised Australian equities specialist into a global funds manager as investors look to further correct their home equities bias.
Page 18: Nine Entertainment Co chief executive David Gyngell has backed Foxtel, along with Fox Sports, to hold on to the pay television rights to the National Rugby League, throwing cold water on suggestions the free-to-air broadcaster is looking to secure them for its subscription video on-demand service Stan.
Page 19: South African retailer Woolworths has reversed a four-year slide in earnings at department store chain David Jones, reporting a28.8 per cent increase in operating profit to $161 million in the 11 months ending June 30.
The Australian
Page 1: Bob Hawke has issued a stern warning to the Labor Party and the trade union movement not to oppose the China-Australia Free Trade Agreement, arguing it is in the national interest that it be adopted.
Page 3: Health officials have been savaged over the failure to adequately account for the payment of $14 billion to pharmacists, with a parliamentary committee hearing that just one page documented negotiations around the nation’s medicines supply-chain deal.
The Reserve Bank will consider whether there are barriers driving consumers to pay high credit card interest rates of 20 per cent, even though “significant competition” had led to far better deals in the market.
Page 4: The Construction Forestry Mining and Energy Union has fallen under the control of “criminal elements” who are using black bans to send a message to the sector that they are in charge and the law doesn’t apply to them, according to Boral chief executive Mike Kane.
Page 8: Governments are dramatically short-changing vocational education and training even as they talk up the need for skills and pursue regulatory crackdowns to stamp out rorts partly being driven by underfunding.
Page 19: Nine Network executives have admitted they got it wrong over the Australian advertising market, saying the free-to-air network’s gloom in a shock earnings downgrade was a mistake.
Page 20: Papua New Guinea is fighting to throw off the perception its economy is ridden with fraud, corruption and money laundering, with Prime Minister Peter O’Neill insisting his cabinet does no “favours”.
Page 21: Billabong is not interested in acquisitions after a string of poor deals nearly destroyed it and will instead focus narrowly on its core youth apparel brands — Billabong, RVCA and Element — after posting its first full-year profit in four years.
Page 22: Former Lion Nathan chief executive Rob Murray was greeted like a potential liberator by Metcash shareholders yesterday after he was voted in as the new chairman by a convincing 99.6 per cent majority.
Page 27: The flow of tax-deductible donations that helps finance anti-coal litigation is under threat after the Minerals Council called for an immediate crackdown to ensure tax concessions worth up to $45 million are not being misused.
The West Australian
Page 3: Auditor-General Colin Murphy has taken the extraordinary step of calling for the law to be changed after he found himself unable to form an opinion on whether it was reasonable or not for the Barnett Government to refuse to release financial information relating to the $1.4 billion Perth Stadium.
Page 9: Broome will test the case for a casino in the Kimberley town in a move that could have it tapping the lucrative Asian gambling market.
Page 11: Colin Barnett says he is concerned by findings of an Auditor-General report that reveals former public servants are retaining access to State Government information systems long after their employment is terminated.
Page 20: Mark McGowan thinks the WA Labor Party membership is too blokey and has started a recruitment drive to attain a 50-50 gender split among the rank and file.
Business: South African interests are looking to offload four cattle stations covering more than one million hectares of the Kimberley after reaching a breakthrough deal on stocking levels.
Australian gold miners have underlined the commodity as one of the few bright spots in the resources sector, providing some relief from the grim fight for survival elsewhere in the beleaguered sector.
Coventry Group believes an overhaul that has included more than 100 job cuts has positioned the company for a return to profit this financial year.
Struggling uranium miner Paladin Energy narrowed its losses last financial year, booking a full-year net loss of $US267.8 million ($375 million).
Rio Tinto executives have rejected allegations the miner misled receivers and financiers of the failed Forge Group over the seizure of $100 million in security bonds.