03/09/2013 - 06:52

Morning Headlines

03/09/2013 - 06:52

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Morning Headlines

Fourth Gorgon train on ice

Chevron and its partners in the Gorgon LNG project are expected to postpone work on detailed design and engineering of a fourth processing line at the mega project until at least next year as they battle to contain the soaring cost of the foundation development. The West

Post-poll carbon tax showdown

Labor says it will call Tony Abbott's bluff over the carbon tax and force him to call a double dissolution election, which he has vowed to do if he wins the election but is blocked by the Senate. The Fin

Labor may keep only two seats in Rudd's state

Labor faces the prospect of losing at least four seats, with a fifth at risk, in Kevin Rudd’s home state of Queensland, which was meant to be an electoral springboard for an ALP recovery and the only real hope of winning Coalition seats. The Aus

Libs' claim of $7bn boost 'flawed'

Tony Abbott has vowed to add at least $7 billion a year to economic growth, but has come under fire for using a disputed forecast to back his claim, as he sets out the benchmarks for voters to judge him if he becomes prime minister. The Aus

Leaders put WA last on itinerary

West Australian voters have been ignored by Kevin Rudd and Tony Abbott in a campaign that has put the concerns of the state last. The West

Train drivers reject pay offer

Pay negotiations between rail drivers and BHP Billiton have hit a stumbling block, after the miner failed to meet union demands for guaranteed pay rises, cheap Pilbara rental homes and extra annual leave. The West

Building boost credited to low interest

Record-low official interest rates appear to have boosted the home building industry in July, adding to tentative signs that the economy could provide a likely incoming Abbott government with a modest tailwind. The Fin

Rio trims iron ore forecasts

Rio Tinto has dramatically lowered the bottom end of its Australian iron production guidance over the next five years, raising the possibility it may not approve any new mines or expansions after current projects are finished despite healthy demand. The Aus

WACA dumps booze, fast food

WA cricket is dumping its alcohol and junk food promotion in return for a record $2.1 million sponsorship deal with Healthway. The West

 

The West Australian

Page 3: WA cricket is dumping its alcohol and junk food promotion in return for a record $2.1 million sponsorship deal with Healthway.

Page 6: West Australian voters have been ignored by Kevin Rudd and Tony Abbott in a campaign that has put the concerns of the state last.

Page 7: Tony Abbott has been plotting the post-election landscape, declaring Saturday's poll a referendum on the carbon tax.

Page 9: The Barnett government will flex its planning muscle to take over 100ha of the Scarborough beachfront and hinterland in a move aimed at a radical densification of the underperforming oceanside suburb.

Page 11: Pay negotiations between rail drivers and BHP Billiton have hit a stumbling block, after the miner failed to meet union demands for guaranteed pay rises, cheap Pilbara rental homes and extra annual leave.

Page 14: Fifty-year low interest rates have finally proved enticing enough for West Australians to build new homes but the business community is struggling to turn a profit.

Business: Chevron and its partners in the Gorgon LNG project are expected to postpone work on detailed design and engineering of a fourth processing line at the mega project until at least next year as they battle to contain the soaring cost of the foundation development.

Mining services group Ausdrill yesterday moved to reassure investors about its management structure while founder and top executive Ron Sayers fights a tax conspiracy charge.

Simultaneous sale programs for a string of failed, recycled WA gold mines are providing a timely test for investor appetite as the yellow metal rebounds from year-lows.

Billabong International, the Australian surfwear company that has fielded five takeover and refinancing offers since February last year, says its fourth-biggest shareholder is seeking a board shake-up.

Andrew Harding's Rio Tinto Iron Ore team has spelt out in fine detail some of the cost initiatives it has implemented across the company's Pilbara operations, such as saving $2 million a year on airline and catering contractors at the Yandicoogina mine and fixing a conveyor belt.

Gindalbie Metals will once again tap the debt market for working capital at its half-owned Karara magnetite project, with further operational problems forcing it to slow down production for at least the next three months.

Japanese and Chinese interests in the Woodside Browse LNG joint venture have put paid to suggestions by Premier Colin Barnett that they are concerned about the safety of the as-yet untested floating gas processing technology.

In a move reflecting the broad rationalisation sweeping WA's gold sector, Mutiny Gold has reduced the capital cost of its Deflector project by 32 per cent as it searches for a funding solution.

Corporate director Diane Smith-Gander's elevation to chairman of Transfield Services has led her to quit the board overseeing the National Broadband Network.

A joint venture formed by Southern Cross Electrical Engineering to target work on big LNG projects has won its first contract.

 

The Australian Financial Review

Page 1: Labor says it will call Tony Abbott's bluff over the carbon tax and force him to call a double dissolution election, which he has vowed to do if he wins the election but is blocked by the Senate.

Pay television group Foxtel has approached the commercial free-to-air television networks about forming an online video-on-demand platform in a bid to stymie potential platform from foreign interlopers such as Netflix.

Page 4: Failed listed forestry company Great Southern Corporation's own experts warned that its predicted harvests were unrealistic years before its collapse, a Victorian court has heard.

Page 5: Record-low official interest rates appear to have boosted the home building industry in July, adding to tentative signs that the economy could provide a likely incoming Abbott government with a modest tailwind.

Page 8: Opposition Leader Tony Abbott has attacked the national school curriculum for being too left-leaning, failing to deal adequately with the conservative side of politics and favouring unions over business.

Page 9: The federal Coalition believes it is “absolutely” feasible to re-establish the Australian Building and Construction Commission within 100 days if it wins Saturday's federal election.

Page 12: Advisers to the resources sector are reporting signs of new life just one year after the iron ore price crashed below $US100 a tonne, marking the transition away from boom conditions.

Page 15: The Australian Securities Exchange has defended a wave of initial public offerings from emerging markets, including China, despite concerns that indexes around the world may be lowering standards in a bid to attract companies and fees.

Page 19: Rio Tinto has told analysts it will focus on reducing capital intensity and increasing returns, if, as expected, it formally approves a project to lift annual production at its Pilbara iron ore operations to 360 million tonnes later this year.

Page 22: Duet Group is expected to attract strong support from investors for a $100 million share sale to help fund a new pipeline linked with Chevron's $29 billion Wheatstone liquefied natural gas project in Western Australia.

 

The Australian

Labor faces the prospect of losing at least four seats, with a fifth at risk, in Kevin Rudd’s home state of Queensland, which was meant to be an electoral springboard for an ALP recovery and the only real hope of winning Coalition seats.

Craig Thomson’s repeated denials that he used union credit cards to pay for prostitutes and pornographic movies have been undermined by a magistrate, who claims his lawyers have already ‘‘ agreed’’ the former Labor MP was responsible.

Malcolm Turnbull’s fibre-copper hybrid internet solution has achieved 100 megabits per second download speeds in an enormous inner-Sydney apartment block, in what he sees as a vindication of Coalition policy.

Tony Abbott has vowed to add at least $7 billion a year to economic growth, but has come under fire for using a disputed forecast to back his claim, as he sets out the benchmarks for voters to judge him if he becomes prime minister.

Tony Abbott has rejected fears of a Coalition "austerity" drive if he takes power at the coming election, declaring he is planning only minor spending cuts this week to add to $31.6 billion in savings he has already announced

The peak group representing non-profit job agencies has declared Kevin Rudd's changes to mainstream employment services show that the government has rejected the British "prime contracting" model for reform and carved out its own path.

Tony Abbott has urged a rethink of the national history curriculum, saying it underplays the heritage of Western civilisation, gives too much focus to trade unions and overlooks conservative prime ministers.

Up to 40,000 undecided union members in marginal seats across the country will be targeted by the ACTU in the final days of the campaign, as unions seek to convince workers not to vote for Tony Abbott.

Rio Tinto has dramatically lowered the bottom end of its Australian iron production guidance over the next five years, raising the possibility it may not approve any new mines or expansions after current projects are finished despite healthy demand.

Most Australian corporate leaders believe the federal Labor government has been working against business and more than 90 per cent of them say the economy is either stagnant or shrinking, according to a major survey to be released today.

Future Fund managing director Mark Burgess says investors need to review their risk appetite after booming investment returns added nearly $12 billion to the coffers of the fund and helped it register returns above its benchmark for the first time since it was founded in 2006.

 

 

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