Aditya: Disclosure sound
Embattled Pilbara copper miner Aditya Birla Minerals has defended its decision not to reveal a takeover offer five months ago, declaring there was no legal requirement to disclose Metals X’s confidential and detail-light approach. The West
Future Fund reduces EM exposure
The $118 billion Future Fund moved some of its cash into new hedge funds in the September quarter, as the fund’s managers continued to avoid risk in choppy markets. The Fin
Rinehart mine would damage groundwater
A mine in central Queensland proposed by Australia’s richest woman Gina Rinehart would cause significant damage to groundwater and should not proceed, a court has heard. The Fin
Corona, Stella Artois in sights of ACCC
The licensing deal for Australia’s No.1 selling imported beer, Corona, will come under close scrutiny by the Australian competition regulator in the wake of an in-principle agreement for a $146 billion global mega-merger between Anheuser-Busch InBev and SAB Miller. The Fin
Exports fear as China growth falls below 7pc
In a worrying sign for Australia, China’s economic growth rate has fallen below Beijing’s 7 per cent target for the first time since the global financial crisis, as its heavily resource-dependent industrial sector continues to sputter. The Aus
WA fails to respond on projects
WA is the only State or Territory in the nation that is yet to provide a list of priority infrastructure projects to the Federal Government’s peak advisory body. The West
The Australian Financial Review
Page 1: Prime Minister Malcolm Turnbull left open the door to further delays returning the budget to surplus – one of the biggest challenges facing his government – after the independent Budget Office warned slow economic growth would mean less money for government services.
Page 3: The $118 billion Future Fund moved some of its cash into new hedge funds in the September quarter, as the fund’s managers continued to avoid risk in choppy markets.
Page 5: Opposition leader Bill Shorten could find himself in trouble should Labor’s sudden poll deficit become entrenched over the long term, party heavyweights believe.
Page 6: Australia’s regulated and uncompetitive markets are failing to breed a culture of digital competitiveness, especially in banking and telecommunications, a new report by PricewaterhouseCoopers says.
Page 9: A secret deal to pay the Australian Workers Union $25,000 a year from a cleaning company was kept out of a workplace agreement because it would look bad for the employer and the union, the trade union corruption inquiry has heard.
Page 10: A mine in central Queensland proposed by Australia’s richest woman Gina Rinehart would cause significant damage to groundwater and should not proceed, a court has heard.
Supermarket giant Coles and online retailer Kogan have become the latest companies to sell self-branded mobile services to their large base of customers.
Page 13: No companies will be forced to reduce carbon emissions under the federal government’s new climate change rules, a new report says.
Page 17: While much of corporate Australia shuns offshore investment, CSL chief executive Paul Perreault says an outward focus and global reach are critical to success. In 1994, when CSL listed in a $300 million float the company had revenue of $US136 million. Today the blood products and vaccines maker has a market value of $42 billion and annual revenue of $US5.5 billion.
James Packer’s Crown Resorts will invest in a new six-star hotel brand across a $10 billion pipeline of casino developments in a bid to lure a greater share of big-spending gamblers and tourists to its resorts by 2020.
Page 19: The licensing deal for Australia’s No.1 selling imported beer, Corona, will come under close scrutiny by the Australian competition regulator in the wake of an in-principle agreement for a $146 billion global mega-merger between Anheuser-Busch InBev and SAB Miller.
Page 22: Woolworths has kicked off a new price-based marketing campaign – its fourth in as many years – to reinforce its $500 million investment into lower grocery prices.
Page 25: The Australian Competition and Consumer Commission is investigating why Australian banks are closing the accounts of bitcoin businesses, amid concerns banks are colluding to block emerging competitors.
The Australian
Page 1: Malcolm Turnbull risks a fight with the major banks over new measures aimed at boosting competition, as he prepares his government’s first major economic statement amid cabinet concerns about an industry backlash over the changes.
Page 2: Construction union organiser John Lomax walked away from a blackmail charge in the ACT Magistrates Court yesterday after the prosecutor withdrew the action.
Page 19: In a worrying sign for Australia, China’s economic growth rate has fallen below Beijing’s 7 per cent target for the first time since the global financial crisis, as its heavily resource-dependent industrial sector continues to sputter.
Small banks are exploiting Westpac’s rate increase to try to lure customers with cheaper deals as the $1.3 trillion market adjusts to the first out-of-cycle rise to mortgages in 3½ years.
Page 20: BHP Billiton’s $US6.5 billion ($8.9bn) hybrid debt-raising will cost it up to an estimated $US200 million ($275m) in extra annual interest payments at a time when it is focused on keeping down costs at its operations but committed to paying its progressive dividend and keeping a “solid A” credit rating.
The West Australian
Page 3: Prospective taxi drivers can take fares before they are fully qualified under a new scheme to produce more experienced and competent drivers.
Page 4: WA is the only State or Territory in the nation that is yet to provide a list of priority infrastructure projects to the Federal Government’s peak advisory body.
Page 7: Votes in future council elections could be cast online, Local Government Minister Tony Simpson revealed yesterday after WA’s worst voter turnout in decades.
Page 11: Federal debt has soared to $402 billion amid warnings Australia will remain mired in debt because the world has slashed the nation’s income.
Business: Embattled Pilbara copper miner Aditya Birla Minerals has defended its decision not to reveal a takeover offer five months ago, declaring there was no legal requirement to disclose Metals X’s confidential and detail-light approach.
More than 8000 Commonwealth Bank customers will share in $7.6 million in refunds after the bank failed to deliver on a promise of lower fees and interest rates.
Newmont Mining is pushing ahead with a $400 million pit wall cutback at the Boddington mine.
Blackham Resources has placed its shares in a halt, at 23.5¢, amid industry talk it has finalised a pre-feasibility study of its Matilda gold project near Wiluna.
