21/10/2015 - 06:59

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21/10/2015 - 06:59

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Bumper quarter gives weight to Oil Search snub

A stellar performance from the Papua New Guinea LNG project and progress on a wealth of gas development opportunities have given weight to Oil Search’s blunt rejection of Woodside Petroleum’s $11.6 billion takeover approach, although managing director Peter Botten has left the door open to better offers that reflect ‘‘compelling value’’. The Fin

Liquidator quits mine liability

The Ellendale diamond mine and its $28 million rehabilitation liability is officially the State Government’s problem, after its liquidators moved to quit any responsibility for the failed operation. The West

Competition ramps up in global iron ore

Brazil’s Vale hits production record Australia’s iron ore wars may have died down but fierce global competition in the commodity has not, with Brazil this week clocking a new production record and former Rio Tinto chief executive Tom Albanese starting exports from India after a three-year impasse. The Fin

RBA in no rush to cut

The Reserve Bank believes our low dollar and ultralow official interest rates are helping the economy adjust to the end of the resources boom and have strengthened the labour market. The Fin

Bermuda billionaire top Ten, Nine investor

Bermuda-based billionaire Bruce Gordon has positioned himself as a key player if the Federal government relaxes ownership laws by raising his stake in Nine Entertainment to 14.95 per cent, the same-sized stake he has in Ten Network Holdings. The Fin

Bunnings ready to pounce on Masters sites

Bunnings is understood to have a hit-list of 15 sites owned by archrival Masters that it would be eager to buy if Woolworths decides to pull the plug on its lossmaking hardware venture and trigger a fire sale of its stock and land holdings. The Aus

NBN dates document blocked

A document which outlines specific dates for homeowners to get access to the NBN will not be released to the public, with the NBN Co citing potential “brand damage”. The West

 

 

The Australian Financial Review

Page 1: The government plans to implement one of the most bitterly fought recommendations of the financial system inquiry and make it easier for bank-owned funds to challenge their union aligned rivals for more of the money going into default accounts.

Page 3: The government has watered down some of the harshest cuts proposed in its notorious 2014 budget in a bid to secure a passage through the Senate.

Page 4: One of the key changes Malcolm Turnbull has brought to the tax reform debate is a preparedness to at least consider superannuation tax concessions as part of the mix.

Page 6: Merchants will be banned from levying surcharges for credit and debit cards above the cost of processing them by July next year under rules enforced by the competition watchdog.

Page 7: Stockbrokers may face a radical overhaul of their pay structures, as the corporate regulator prepares to investigate whether industry commissions encourage a churn-and-burn trading culture.

Page 9: The Reserve Bank believes our low dollar and ultralow official interest rates are helping the economy adjust to the end of the resources boom and have strengthened the labour market.

Page 13: Bermuda-based billionaire Bruce Gordon has positioned himself as a key player if the Federal government relaxes ownership laws by raising his stake in Nine Entertainment to 14.95 per cent, the same-sized stake he has in Ten Network Holdings.

A stellar performance from the Papua New Guinea LNG project and progress on a wealth of gas development opportunities have given weight to Oil Search’s blunt rejection of Woodside Petroleum’s $11.6 billion takeover approach, although managing director Peter Botten has left the door open to better offers that reflect ‘‘compelling value’’.

Page 15: Australian Competition and Consumer Commission chairman Rod Sims says the initial implementation of the grocery industry code of conduct has been ‘‘disappointing’’ but has ruled out going back to the drawing board and pushing for a mandatory code.

Woolworths is expected to pull the plug on its $2.2 billion foray into the home-improvement market if joint-venture partner Lowe’s decides to exercise an option to sell its $1.1 billion stake.                                   

Page 16: Newcrest Mining has made a disappointing start to the 2016 financial year, with two workplace fatalities, mechanical failures at its two most important mines and below-par production rates.

Brookfield Infrastructure can easily pursue other acquisitions if its proposed $8.9 billion takeover of Asciano is blocked, Canadian analysts say, raising questions over whether it will bother selling assets or taking court action to complete the deal.

Page 19: Brazil’s Vale hits production record Australia’s iron ore wars may have died down but fierce global competition in the commodity has not, with Brazil this week clocking a new production record and former Rio Tinto chief executive Tom Albanese starting exports from India after a three-year impasse.

 

 

The Australian

Page 1: Workers will be promised more power to choose their superannuation funds as the federal government shatters the industrial relations rules that control at least $10 billion in annual contributions, as part of a bold move to shake up financial services.

Families will be spared some of the deepest cuts to their benefits from last year’s unpopular budget, as Social Services Minister Christian Porter stages a retreat on the policy today in the hope of securing Senate approval for more modest cuts.

Page 5: The major supermarket chains “haven’t got off to a great start’’ with the new grocery code, according to Australia’s corporate watchdog.

Page 8: Australian Press Council chairman David Weisbrot has warned investigative journalists will need to think and behave like drug dealers to do their jobs following the introduction of metadata laws.

Access for oil exploration and mining in one of the nation’s most troubled Aboriginal regions is to be improved dramatically, raising hopes of breaking a cycle of poverty and welfare dependence.

Page 19: The banking regulator has been given a little over a year by the government to clarify a key reform designed to deleverage the industry, strengthening bets that the major banks will have to raise billions of dollars of additional capital.

Page 21: Bunnings is understood to have a hit-list of 15 sites owned by archrival Masters that it would be eager to buy if Woolworths decides to pull the plug on its lossmaking hardware venture and trigger a fire sale of its stock and land holdings.

 

 

The West Australian

Page 4: Businesses will be banned from gouging credit card shoppers but homebuyers may face higher mortgage interest rates under sweeping plans for the nation’s financial sector.

Family welfare payments will be the target of a near $5 billion Budget hit under a Turnbull Government plan to be put before the Senate.

Page 9: The head of the Water Corporation has warned tighter water restrictions may need to be imposed across Perth and the South West next year after an unprecedented run of dry winters.

Page 17: Health fund members are confused and potentially misled by insurers about their cover and slugged with shock out-of-pocket costs, the competition watchdog warns.

Page 18: The fallout from Perth Lord Mayor Lisa Scaffidi’s travel scandal is threatening to scupper legislation to expand the city’s boundaries, for which she has lobbied for years.

Business: The Ellendale diamond mine and its $28 million rehabilitation liability is officially the State Government’s problem, after its liquidators moved to quit any responsibility for the failed operation.

A WA quiet achiever has gone on the market, with KPMG confirming it is seeking buyers for logistics company Coleman Transport.

The GM-Free Farmers Group and Conservation Council of WA have warned that WA’s markets for non-GM canola are at risk after genetically modified canola plants were found this week growing at five sites in the metropolitan area, in some cases more than a 100km from the closest grain farm.

A document which outlines specific dates for homeowners to get access to the NBN will not be released to the public, with the NBN Co citing potential “brand damage”.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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