28/10/2015 - 06:51

Morning Headlines

28/10/2015 - 06:51

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Woodside claims misreporting, keeps door open for Oil Search

Woodside Petroleum has made it crystal clear it wants to keep all options on the table to pursue a takeover of Oil Search, issuing a formal correction to a newswire story in which chief executive Peter Coleman appeared to rule out raising its $11.6 billion scrip offer. The Fin

Coalition warms to nuclear

The federal government is keeping open the possibility of adopting nuclear energy to fulfil Australia’s baseload electricity needs while asserting the central role of coal to global energy needs. The Fin

Asciano’s Broomhead to stay until Brookfield deal finalised

Asciano has moved to reassure investors that its chairman Malcolm Broomhead will stay at the company until the outcome of its $8.9 billion takeover from Brookfield Infrastructure is known, despite him returning to explosives maker Orica. The Fin

Premier vows to build road

Colin Barnett has backed a group led by one of Australia’s biggest contracting firms to build the first stage of the Perth Freight Link amid deepening protests against the project. The West

WA broker, lender caught in ASIC sting

The corporate watchdog said last night it was continuing its investigation of Victoria Park-based car loan broker Get Approved Finance and lender Esanda after striking a compensation deal over loans for people with poor credit histories. The West

Santos considers its options with $2.5b in offers

Santos could come under pressure from investors to pick up the pace and deliver a first debt-cutting deal as part of its strategic review after it emerged yesterday $2.5 billion worth of asset proposals had been submitted. The West

 

 

The Australian Financial Review

Page 1: The federal government is keeping open the possibility of adopting nuclear energy to fulfil Australia’s baseload electricity needs while asserting the central role of coal to global energy needs.

Page 3: Billionaire James Packer says he is shocked by the steep fall in gaming revenues in Macau, the world’s biggest gambling hub, but expects the rise of the Chinese middle class in the next few decades will ensure his $4 billion Studio City casino, which opened Tuesday, is profitable long term.

Page 4: Tax breaks designed to foster closer cooperation between business and science will form a key part of the Turnbull government’s innovation statement due before Christmas.

Page 6: Universities should be like Netflix and allow students to ‘‘binge watch’’ their courses, according to Deakin University deputy vice-chancellor Beverley Oliver.

Page 12: Wine industry lobby group Winemakers Federation of Australia is urging the federal government to force Coles and Woolworths to identify their home brand wine labels for consumers.

Page 19: Woodside Petroleum has made it crystal clear it wants to keep all options on the table to pursue a takeover of Oil Search, issuing a formal correction to a newswire story in which chief executive Peter Coleman appeared to rule out raising its $11.6 billion scrip offer.

Asciano has moved to reassure investors that its chairman Malcolm Broomhead will stay at the company until the outcome of its $8.9 billion takeover from Brookfield Infrastructure is known, despite him returning to explosives maker Orica.

Page 21: Hurricanes, hail storms wipe $1b in profits Australian insurers are hoping for a more benign season in 2016 and for mitigation work to ease losses, after five catastrophes wiped more than $1 billion of profit from the industry last financial year.

Page 31: Andrew Forrest-backed nickel junior Poseidon Nickel is down to its last $2.8 million but chief executive David Singleton says the company is ‘‘not stressed’’ about its dwindling cash reserves.

 

 

The Australian

Page 2: Tax reform will be at the heart of the federal government’s looming innovation policy as ministers weigh up far-reaching changes, while universities call for an overhaul of the almost $3 billion spent each year on research and development tax concessions.

Page 6: A 45 per cent stake of fast-growing family-owned Australian meat company Bindaree Beef has been sold to giant Chinese pork processor and retailer Shandong Delisi Food for $140 million.

Page 7: Universities are pulling the wool over school leavers’ eyes by publishing unrealistic ATAR cut-off scores, forcing prospective students to make decisions about what and where to study based on misleading information, says the head of the federal government’s Higher Education Standards Panel.

Page 10: Trade and Investment Minister Andrew Robb warmly welcomed yesterday’s announcement by President Joko Widodo that Indonesia wished to join the 12 nation Trans-Pacific Partnership.

Page 19: National Australia Bank is set to unveil a “material” sell-down of the group’s life insurance business and update the market on its exit from Britain, as chief Andrew Thorburn steps up efforts to clean up underperforming divisions.

Australia’s 6000 dairy farmers must be encouraged by a combination of carrot and stick approaches to dramatically fast-track increased milk production, or risk losing the Asian dairy food boom opportunity to European rivals.

Page 21: Angry Pacific Brands shareholders yesterday refused to be pacified by pledges of earnings growth in 2016 and a recommencement of dividends as more than 25 per cent rejected the board’s remuneration report, a ‘‘first strike’’ that lines directors up for a boardroom spill next year.

Page 22: Medibank Private says it is on track to nullify one of the biggest risks to the success of its ASX performance, confirming the ambitious overhaul of its IT systems is within budget and scheduled for completion by the end of next year.

 

 

The West Australian

Page 3: The State Government needs to stop apologising for enforcing speed limits and introduce a demerit point penalty for drivers who flout the laws by even 1km/h, says a leading road safety adviser.

Page 9: Fremantle has been named as one of the world’s best tourism cities for 2016, with the influential international travel guide Lonely Planet describing it as “a raffish harbour town with sea-salty soul to burn”.

Page 10: Colin Barnett has backed a group led by one of Australia’s biggest contracting firms to build the first stage of the Perth Freight Link amid deepening protests against the project.

Business: The corporate watchdog said last night it was continuing its investigation of Victoria Park-based car loan broker Get Approved Finance and lender Esanda after striking a compensation deal over loans for people with poor credit histories.

Santos could come under pressure from investors to pick up the pace and deliver a first debt-cutting deal as part of its strategic review after it emerged yesterday $2.5 billion worth of asset proposals had been submitted.

Banking in on its extraordinary share price run, market darling 1-Page has announced a $50 million fully underwritten capital raising.

Electronics and furniture retailer Harvey Norman has enjoyed strong sales and profit growth in the first few months of the financial year. 

 

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