Morning Headlines

Brookfield to take $9b takeover bid to Asciano investors

Brookfield Infrastructure has launched a counter-attack on usurper Qube in a $9 billion takeover battle for Asciano, revealing plans to take an offer direct to shareholders after snapping up 14.99 per cent of the ports and rail group’s shares on Thursday night. The Fin

BCA says cut taxes for business first

Big business has urged Prime Minister Malcolm Turnbull to make cutting corporate taxes a priority, arguing it would do more than anything else to stimulate growth and innovation. The Fin

Iron Mountain, Recall bid gets ACCC red light

Iron Mountain could be forced to sell off some of Recall Holdings’ Australian assets to save its $2.7 billion takeover bid, after the competition watchdog placed a massive hurdle before the deal. The Fin

Barnett firm on toll road

After announcing it was poised to award contracts for the first stage of the project — extending Roe Highway from the Kwinana Freeway to Stock Road — the Premier has confirmed the final leg to Fremantle will be delayed. The Aus

Oswals told: Hand over $1.2m

Fallen fertiliser mogul Pankaj Oswal and his wife Radhika have been ordered to hand over $1.2 million to the Federal Court as security to cover costs in the couple’s legal battle against tax bills. The West

Coopers retains froth amid flat beer sales

Above-average demand for its ales from WA drinkers has helped Coopers Brewery to another record result even as Australia’s beer consumption plumbs 40-year lows. The West

The Australian Financial Review

Page 1: Big business has urged Prime Minister Malcolm Turnbull to make cutting corporate taxes a priority, arguing it would do more than anything else to stimulate growth and innovation.

Brookfield Infrastructure launched a counter-attack against bidding rival Qube by snapping up 14.99 per cent of Asciano last night and planning a direct offer to all shareholders.

Page 4: Any extra goods and services tax revenue may only be paid to states in full if they lift their game on how efficiently they deliver services such as health and education, as well as removing regulatory barriers to investment and hiring.

Page 9: Reserve Bank of Australia governor Glenn Stevens says any near-term change in official interest rates would almost certainly be a cut, but expressed growing confidence that such a move wouldn’t be needed.

Page 13: Commonwealth Bank’s bottom line has received a boost from a further drop in bad debts, as the industry continues to benefit from very few borrowers falling behind on their loans.

Iron Mountain could be forced to sell off some of Recall Holdings’ Australian assets to save its $2.7 billion takeover bid, after the competition watchdog placed a massive hurdle before the deal.

Page 12: One of Australia’s biggest native title mining agreements has been signed between BHP Billiton and the Banjima people of Western Australia’s iron ore rich Pilbara region.

Page 13: Brookfield Infrastructure has launched a counter-attack on usurper Qube in a $9 billion takeover battle for Asciano, revealing plans to take an offer direct to shareholders after snapping up 14.99 per cent of the ports and rail group’s shares on Thursday night.

Page 15: Pressure is mounting on Woolworths to find a new chief executive fast after Moody’s Investors Service cut its credit outlook to negative, citing the lack of leadership at Australia’s largest retailer.

Page 27: A growing number of investors are betting that BHP Billiton shares will fall further, with short positions in the resources giant rising to their highest levels in almost four years.

The Australian

Page 1: Bill Shorten will today unleash an attack on the fairness of Malcolm Turnbull’s reform agenda, declaring Labor is “resolutely’’ opposed to raising or broadening the GST but committed to closing tax loopholes exploited by high-income earners.

Page 19: News Corporation plans to ramp up investment in Sky News Australia, should negotiations with the pay-TV service’s owners result in a sale.

Page 21: Telstra and the competition watchdog are on course for another expensive courtroom showdown after the telco giant yesterday lodged an appeal to overturn a recent regulatory ruling that would slash the cost Telstra’s rivals pay to use its ageing copper network.

Page 22: Long-serving Network Ten director Jack Cowin has indicated he will step down from the company’s board, with Foxtel set to receive Foreign Investment Review Board clearance to buy a 15 per cent stake.

Page 23: Wayne Byres, the nation’s chief banking regulator, has dismissed claims that efforts to increase competition in the $1.5 trillion mortgage market had failed, arguing small lenders had more options and regulatory changes were never intended to be “costless”.

The West Australian

Page 3: A new controversy has erupted over the attempt by militant left wing unions to depose sitting Federal Labor MP Gary Gray after it emerged their chosen candidate was ineligible to nominate.

New Federal Resources Minister Josh Frydenberg has vowed to “promote and support” the mining and energy sectors around Canberra’s Cabinet table as he wraps up a week-long initiation trip to WA.

Page 12: After announcing it was poised to award contracts for the first stage of the project — extending Roe Highway from the Kwinana Freeway to Stock Road — the Premier has confirmed the final leg to Fremantle will be delayed.

Premier Colin Barnett says he will push ahead with plans to privatise the TAB despite profits from the State-owned betting agency hitting a record high.

Page 14: Patients’ treatment histories, sensitive legal information and 360,000 Seniors Card holders’ personal details have been exposed to unauthorised access because State Government databases were not adequately protected, Auditor-General Colin Murphy has found.

Page 18: Business has demanded the Federal Government deliver more than just personal and business tax cuts amid fears a GST increase will hit the nation’s poorest.

Business: Rio Tinto Iron Ore chief executive Andrew Harding has pitted the mining giant against General Motors, Apple and Google in his “cutting edge” drive to be at “the forefront of digital disruption”, invoked the Zen spirit and declared passion for a “martial art out of paying attention”.

Fallen fertiliser mogul Pankaj Oswal and his wife Radhika have been ordered to hand over $1.2 million to the Federal Court as security to cover costs in the couple’s legal battle against tax bills.

Above-average demand for its ales from WA drinkers has helped Coopers Brewery to another record result even as Australia’s beer consumption plumbs 40-year lows.