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PM retreats on foreign investment
Prime Minister Kevin Rudd has flagged a new hardline approach towards foreign investment in Australian property, saying he favoured joint ventures over outright foreign ownership. The Fin
Cuts to cost business $5 billion
Business will lose almost $5 billion in tax breaks through the $31.6 billion in savings the Coalition deems necessary to restore the governments finances. The Fin
Economists cut down Coalition's plan to boost growth
The Coalition has been accused of overselling its economic plan by promising a ‘‘ stimulus’’ next year from pension increases and tax cuts, as economists warn that it would take much bigger reforms to lift economic growth. The Aus
Judge warns of court delays
WA's top judge has hit out at a state government decision not to fill a vacancy on the Supreme Court bench, warning delays in the state's highest court will blow out and the standard of service will fall. The West
Middle East crisis fuels petrol price concerns
Motorists could face huge spikes in the price of petrol amid warnings oil will surge to $US150 a barrel on the back of a US-led military attack on Syria. The West
ALP jobs approval holds up iron giant
Gina Rinehart’s bid to build a $9.5 billion iron ore project in Western Australia is being jeopardised by the Rudd government’s failure to grant her approval to import up to 1700 foreign workers in the face of a union backlash. The Aus
Pilbara group cheers native title victory
Native title claimants have won rights over a 10,000sqkm area in the resource-rich Pilbara after a 15-year fight for recognition was brought to an end yesterday by a federal court judgement. The West
Barnett offers expertise to help Africa develop its mining industry
West Australian Premier Colin Barnett has made a landmark offer to work formally with African governments to help boost their mining industries, dismissing long- held fears that the continent’s emergence as a resources powerhouse poses a genuine threat to Australia. The Aus
Butchers spared the chop
Woolworths is moving towards packaging all of its meat products for WA supermarkets at its Bunbury processing plant under a scheme which will likely result in fewer butchers in stores. The West
The West Australian
Page 1: Kevin Rudd has attempted to break Tony Abbott's stranglehold on the election campaign, using last night's debate to reveal a more populist, interventionist position on foreign investment and the Coles-Woolworths duopoly.
Page 2: WA's top judge has hit out at a state government decision not to fill a vacancy on the Supreme Court bench, warning delays in the state's highest court will blow out and the standard of service will fall.
Page 4: The state government has told principals reeling from massive cuts to their school budgets that they should raid funds stashed in their bank accounts.
Colin Barnett yesterday abandoned any pretence his government would build a rapid bus transit system to Ellenbrook, declaring it did not make economic sense when a heavy rail line was the long-term solution.
The Premier says the botched Muja AB refurbishment and the solar panel subsidy scheme are the “worst mistakes” in the five-year life of his government.
Colin Barnett revealed yesterday that he had taken personal responsibility in thrashing out the final fee framework to be slapped on 457 temporary visa holders with children in public schools.
Page 6: Motorists could face huge spikes in the price of petrol amid warnings oil will surge to $US150 a barrel on the back of a US-led military attack on Syria.
Page 7: The Coalition will go ahead with more than $10 billion in government tax increases and spending cuts including its bank levy and a hike in cigarette tax.
Page 9: Native title claimants have won rights over a 10,000sqkm area in the resource-rich Pilbara after a 15-year fight for recognition was brought to an end yesterday by a federal court judgement.
Page 11: Perth property is more affordable than it has been at any time in the past decade, the Housing Industry Association says.
Business: Woolworths is moving towards packaging all of its meat products for WA supermarkets at its Bunbury processing plant under a scheme which will likely result in fewer butchers in stores.
The founder and chief executive of iiNet, Michael Malone, will pocket at least $28.5 million after selling five million shares in the internet services provider.
Gold Fields boss Nick Holland says he will not rule out buying more Australian gold mines, but believes the South African miner needs to “digest” its most recent purchases before getting back on the acquisition trail.
CITIC Pacific, the owner of China's biggest direct investment in Australia – the struggling $8 billion Sino Iron project in the Pilbara – has turned to former Leighton Holdings boss Wal King to provide strategic advice.
The market has stripped nearly 50 per cent off the value of VDM Group after a Chinese white knight slashed his investment in the trouble-prone contractor over a project dispute.
A leading WA grain trader believes solid rain to end the month could add up to a million tonnes to this season's harvest.
Former Westpoint boss Norm Carey is considering an appeal after losing his latest legal bid to overturn five convictions of making false representations to investors over a Rivervale apartment development eight years ago.
Paladin Energy chief John Borshoff has acknowledged the disappointment of shareholders over the company's recent discounted capital raising which followed its failure to sell part of its Langer Heinrich mine.
BC Iron shares surged to an all-time high yesterday after the company surprised the market by declaring a 30c a share final dividend for the year.
The Australian Financial Review
Page 1: Prime Minister Kevin Rudd has flagged a new hardline approach towards foreign investment in Australian property, saying he favoured joint ventures over outright foreign ownership.
Business will lose almost $5 billion in tax breaks through the $31.6 billion in savings the Coalition deems necessary to restore the governments finances.
Page 3: Independent MP Bob Katter has warned he will seek support from other minor parties to impose limits on the amount of shelf space taken by private label products to combat the growing market power of supermarkets.
Page 5: Employees and businesses will bear the brunt of the Coalition's budget savings, fuelling fresh calls for a full-scale debate on how to restore a surplus without derailing the economy.
Page 21: AGL Energy has taken a $343.7 million hit on the value of its coal-seam gas assets in NSW, as chief executive Michael Fraser blamed rules proposed by the NSW government that he said “make no sense at all”.
Woolworths will invest more this year on big data and online retailing than new stores or refurbishments in a bid to achieve long-term 10 per cent profit growth targets in the face of subdued consumer sentiment and deflation.
Page 23: Transfield Services warned that delayed payments from large resources clients were creating a “domino” effect in the contracting industry, as it delivered a $254 million net loss due to hefty write-downs on its Easternwell oil and gas drilling business and other assets.
Page 24: The head of South African goldminer Gold Fields says the company will consider making more acquisitions in Australia after bedding down the $US300 million purchase of three Barrick Gold mines in Western Australaia.
Page 25: National Australia Bank has axed close to 600 jobs in an aggressive cost-cutting drive as it pushes to find hundreds of millions of dollars in savings every year.
Page 28: Iron ore junior BC Iron has been applauded by investors for paying out 60 per cent of its underlying full-year profit in dividends, but the company is yet to decide if it will maintain that ratio on a permanent basis.
The Australian
Page 1: Australian Federal Police have identified more than 20 suspected people- smugglers in Australia and will conduct raids and arrests across the country today in a dramatic assault on smuggling syndicates.
Kevin Rudd has fuelled the debate over foreign ownership in a pitch to regional Australia that includes dramatic tightening of restrictions on overseas investors buying agricultural land and a crackdown on the treatment of farmers by Coles and Woolworths.
Gina Rinehart’s bid to build a $9.5 billion iron ore project in Western Australia is being jeopardised by the Rudd government’s failure to grant her approval to import up to 1700 foreign workers in the face of a union backlash.
The Coalition has been accused of overselling its economic plan by promising a ‘‘ stimulus’’ next year from pension increases and tax cuts, as economists warn that it would take much bigger reforms to lift economic growth.
Page 2: The marine engineers union has accused the maritime union of ‘‘hypocrisy’’ over its opposition to foreign labour, claiming its officials have done deals t o allow workers from rival unions to be replaced with overseas workers.
Page 4: Labor has injected $1 billion less in equity into the National Broadband Network than the company rolling out the flagship project had officially forecast it would by now, prompting fresh Coalition warnings about delays.
Page 6: An Abbott government would use Australia’s term as chair of the G20 to help broker agreement between the world’s four major carbon polluters to cut carbon dioxide emissions.
Page 7: The Labor Party has failed for more than a week to substantiate a smear campaign against Liberal candidate and former senior NSW policeman Ray King.
Page 8: Kevin Rudd will today seek high-level security briefings on the crisis in Syria, after keeping alive the option of supporting a strike on the country without the full backing of the UN Security Council.
Business: Woolworths boss Grant O’Brien says the company’s supermarket division is consistently beating arch- rival Coles on price, but needs to get the message out to shoppers as it seeks to restore profit growth to more than 10 per cent a year
West Australian Premier Colin Barnett has made a landmark offer to work formally with African governments to help boost their mining industries, dismissing long- held fears that the continent’s emergence as a resources powerhouse poses a genuine threat to Australia.
The big banks are writing more interest-only home loans and a large number with high loan-to-value ratios, amid concerns low interest rates and hot competition is fuelling overheating in some pockets of the property market.
Manufacturers will today claim that most Australians want a policy of domestic gas reservation and that this would sway voter intentions, a move set to renew the acrimonious debate over rising gas prices.
Chinese investment in Australia’s mining sector came to a standstill in the first half of the year but the economic powerhouse has invested in other sectors, boosting its spending in the nation.
BC Iron’s share price surged to an all-time high after it hit a record production rate, increased its underlying profit and paid a healthy dividend, boosting confidence in the stock.
Transfield Services says it will not offload the Easternwell resources business at a fire- sale price as it works to deliver an expected flat operating result for the current year.
iiNet founder Michael Malone and non- executive director Simon Hackett are selling more than $63 million in shares in the internet service provider as the former “diversifies’’ his share holdings and the latter funnels some cash into a new technology incubator.
The head of South African gold major Gold Fields says the company will consider more acquisitions to add to its growing Australian asset base.