Vale’s thrust to shunt FMG aside: Citi
Despite Fortescue Metals Group’s race to crunch its production costs, the miner will inevitably become the marginal producer of the large iron ore players once Brazil’s Vale brings its new mega expansion project on line, Citigroup says. The Fin
Woodside sets its sights on east Africa
Woodside Petroleum’s head of exploration says the company will look to build its presence in Africa, despite a falling oil price and an early setback to its efforts in Tanzania. The Aus
‘Sack your Aussies, employ foreign sailors’ for Kimberley cruises
A Western Australian cruise ship company has made explosive allegations it was advised by senior government officials to lay off its local workers and employ cheaper foreign labour to remain competitive under Tony Abbott’s changes to coastal shipping rules. The Aus
Major win for banks, big business
Business pressure, a restive backbench and pre-election politics have caused the government to dump a bank deposit tax and kill off plans to crack down on the use of market power by corporate giants. The Fin
Drones ready to become a common sight above Australian mines
The growing use of drones in industrial settings will go under the microscope at a conference in Perth on Tuesday, where mining companies and aviation regulators meet. The Fin
Myer asks investors to pay for revival strategy
Myer has unveiled a $600 million blueprint to revive the department store chain’s fortunes with its centrepiece a narrowing of its focus to upmarket stores and customers. The West
The Australian Financial Review
Page 1: Business pressure, a restive backbench and pre-election politics have caused the government to dump a bank deposit tax and kill off plans to crack down on the use of market power by corporate giants.
Myer’s plan to invest $600 million to reverse 20 years of falling sales, by chasing wealthy customers and unwinding strategies put in place over the past few years, puts it on a collision course with David Jones.
Page 3: The federal government should write off part of its investments in the national broadband network to help boost its chances of being profitable, according to NBN analyst.
Page 4: The Reserve Bank of Australia left official interest rates unchanged for a fourth meeting after a month of turmoil on financial markets and amid rising concern about China’s economy.
Page 7: China’s ambassador to Australia, Ma Zhaoxu, has called on both sides of politics to embrace the free trade agreement, saying he would like it ratified sooner rather than later.
Page 13: Big four professional services firms are ramping up their climate change and sustainability practices at a rate not seen since 2007 when Kevin Rudd ratified the Kyoto Protocol.
Page 15: Qantas Airways has revealed a strong start to the new financial year in its domestic and international divisions and has given investors more comfort about its ability to return capital to shareholders beyond the $505 million initiative announced alongside its results last month.
Page 17: Despite Fortescue Metals Group’s race to crunch its production costs, the miner will inevitably become the marginal producer of the large iron ore players once Brazil’s Vale brings its new mega expansion project on line, Citigroup says.
Page 18: Canberra has been forced into a fresh review of the Interactive Gambling Act because outdated laws have been rendered too ambiguous for new forms of controversial sports betting through smartphones and online poker services.
The growing use of drones in industrial settings will go under the microscope at a conference in Perth on Tuesday, where mining companies and aviation regulators meet.
Page 29: The biggest oil price surge in 25 years appears mainly driven by supply-side factors, according to analysts, despite the rebound in global equity markets once again igniting demand for commodities.
The Australian
Page 1: The Abbott government is expected to move before Christmas to overhaul Australia’s outdated online gambling regime, with tougher rules to target the business models of offshore bookmakers who currently operate beyond the reach of regulation and tax laws.
Page 4: Australians will be spared a $1.5 billion fee on their savings as Tony Abbott dumps a proposed charge on bank deposits in order to sharpen his political attacks on Labor for proposing higher taxes.
A Western Australian cruise ship company has made explosive allegations it was advised by senior government officials to lay off its local workers and employ cheaper foreign labour to remain competitive under Tony Abbott’s changes to coastal shipping rules.
Page 5: The chairman of convenience store chain 7-Eleven has conceded that significant underpayment of staff happened on the watch of management and head office, but disputed the extent of the alleged exploitation and the role played by the company’s franchise model.
Page 6: Fines of up to $1.8 million for businesses that flout emissions baselines have been included in the government’s carbon pollution safeguards mechanism to be announced today.
Page 7: Increases in military spending are stimulating an otherwise weak economy, prompting economists to upgrade their estimates for today’s June-quarter growth figures.
Page 19: Investors are sceptical about Myer’s latest bid to reverse its long-term decline in sales and profits, despite an ambitious, $600 million plan to lift growth and improve productivity over five years.
Page 20: Woodside Petroleum’s head of exploration says the company will look to build its presence in Africa, despite a falling oil price and an early setback to its efforts in Tanzania.
Page 21: A move by electric car company Tesla Motors to invest directly in a lithium project for the first time has stirred excitement among Australian players working to supply materials needed for batteries of the future.
Page 23: Australia does not need another review of the superannuation system, according to Jeremy Cooper, the former head of the federal government’s 2010 superannuation review.
The West Australian
Page 1: WA wants to run a localised National Disability Insurance Scheme, saying it can deliver more comprehensive services than the proposed Commonwealth-controlled model and up to $10,000 cheaper.
Page 4: Almost 90 per cent of Perth residents think an efficient public transport network is critical to the future — but just 17 per cent think the city is equipped with one.
Page 11: A Broome-based luxury cruise company says one of Canberra’s top bureaucrats told it to sack its Australian workers and register its ship overseas to save costs.
Page 17: Australia’s chances of winning gold at next year’s Olympic Games in Brazil have been boosted, with the State Government contributing $400,000 towards the WA-based national hockey program and its elite athletes.
Page 19: The Federal Government is under more pressure to overhaul superannuation taxes, with a report warning many Australians will face a tough retirement.
Page 20: The Reserve Bank may cut official interest rates by year’s end to offset an economic slowdown, one of Perth’s top property investors has warned.
Business: Myer has unveiled a $600 million blueprint to revive the department store chain’s fortunes with its centrepiece a narrowing of its focus to upmarket stores and customers.
A longstanding WA company is backing plans to build a $300 million processing plant to make water from Wellington Dam drinkable again.