Morning Headlines

Tunnel ‘worth $4b in benefits’

A tunnel linking Roe and Stirling highways would deliver more than $4 billion in benefits to WA’s economy and is better value for money than the original route of the Perth Freight Link. The West

Mass board exit new twist in markets sale

The entire board of the Perth Market Authority has quit at a critical point in the first of the State Government’s asset sales. The West

Department’s probe into biotech star earns rebuke

The federal Department of Agriculture has spent two years hunting for traces of contaminated biological matter in a $1 million investigation that has not resulted in a single prosecution and contributed to the failure of a promising Western Australian biotechnology company, Serana. The Fin

Woolies’ Cairns says losses can’t go on

Woolworths chairman Gordon Cairns said the retailer could not continue to lose $200 million a year on its Masters hardware outlets and would consider other options after the business’s managers presented a five-year plan to the board in the New Year. The Fin

News Corp stumps up almost $1b to salvage NRL rights

Rupert Murdoch’s News Corporation will spend almost $1 billion to salvage crucial pay television rights to broadcast the National Rugby League in what will be a record $1.8 billion five-year deal for the code, including free-to-air and digital rights for Nine Entertainment Co and digital subscription rights for Telstra. The Fin

HSF triples staff at Perth ‘insourcing’ centre

The Perth “legal insourcing” centre run by Herbert Smith Freehills has tripled its staff in eight weeks in response to demand from global clients for low-cost document review services. The Aus

The Australian Financial Review

Page 1: Treasurer Scott Morrison says superannuation tax concessions must be pared back as part of changes to the tax system because they come at ‘‘a cost to government’’ which is increasing as the system matures and the population ages.

Page 2: Rupert Murdoch’s News Corporation will spend almost $1 billion to salvage crucial pay television rights to broadcast the National Rugby League in what will be a record $1.8 billion five-year deal for the code, including free-to-air and digital rights for Nine Entertainment Co and digital subscription rights for Telstra.

Page 4: The plunging iron ore price has forced mining companies to accelerate cost-cutting, triggering the biggest investment crash on record just as major mines and energy plants near completion without any replacement projects in sight.

Page 8: The federal Department of Agriculture has spent two years hunting for traces of contaminated biological matter in a $1 million investigation that has not resulted in a single prosecution and contributed to the failure of a promising Western Australian biotechnology company, Serana.

Page 9: Opposition Leader Bill Shorten has tried to gazump Malcolm Turnbull on the eve of the Paris climate change summit by saying a Labor government would aim to cut greenhouse gas emissions by 45 per cent from 2005 levels by 2030, and to zero by 2050.

Page 10: One-time sharemarket star and private education provider, Vocation, was placed in voluntary administration after it failed to raise enough money to keep operating.

Page 13: Woolworths chairman Gordon Cairns said the retailer could not continue to lose $200 million a year on its Masters hardware outlets and would consider other options after the business’s managers presented a five-year plan to the board in the New Year.

Competition watchdog chairman Rod Sims has denied he is opposed to vertical integration after turning down a plan by Brookfield Infrastructure to tackle regulatory concerns with its $9 billion Asciano takeover.

Page 15: Miner says coal slump to last five years Rio Tinto coal and copper boss Jean-Sebastien Jacques says thermal coal prices are likely to stay depressed for five to seven years but copper could stage a recovery in two years.

Page 18: AGL Energy is working on new ways of financing renewable energy projects in recognition that the traditional ways of underpinning ventures with long-term customer offtake contracts no longer work in today’s changing market, chief executive Andy Vesey has revealed.

The Australian

Page 1: Bill Shorten will pledge to almost double the nation’s ambitions on climate change by setting a new target to slash greenhouse gas emissions by 2030, blasting Malcolm Turnbull’s “pathetic” policy but risking a backlash from business.

Malcolm Turnbull’s sweeping innovation strategy will hit the budget bottom line as the package of more than 30 reforms, including new spending measures, will not be matched with savings.

Page 2: There are “no free lunches” for universities, and institutions will start to lose research funding unless they deliver real results, an eminent academic says.

The biggest slump in business investment since the late 1980s has revived hopes of a further cut in official interest rates and will put pressure on the Coalition to spell out a credible reform agenda.

Page 4: The nation’s energy tsar has warned that the growing penetration of wind and solar power, just as coal and gas generators are being closed or mothballed, could pose challenges for the security of the electricity system.

Page 5: A Chinese businessman who took over Australia’s largest blindmaker, Kresta, will be the new owner of the nation’s largest dairy if he can clear legal and foreign investment hurdles.

Page 20: LafargeHolcim, the world’s largest building materials company, is believed to be considering an exit from Australia and New Zealand, with the region under the spotlight as part of a strategic review globally of non-core assets.

Page 21: Seek chairman Neil Chatfield has demanded proxy advisory firms stop treating high-growth, internationally focused companies like banks or domestic industrials after the online employment group recorded the biggest protest vote against its remuneration report in its history.

Page 27: Environment groups that have lost a series of court cases against the federal government are costing taxpayers millions of dollars in unrecovered legal costs.

The Perth “legal insourcing” centre run by Herbert Smith Freehills has tripled its staff in eight weeks in response to demand from global clients for low-cost document review services.

Page 28: European aircraft manufacturer ATR plans to follow up the Papua New Guinea launch of a new “Cargo Flex’’ version of its popular ATR 72-600 workhorse by targeting Australia.

The West Australian

Page 3: Uber has thumbed its nose at the State Government and operated in defiance of the law, angry cab owners claimed in the Supreme Court yesterday.

Page 9: The growth of food trucks, pop-up venues and food and drink festivals in the inner city has angered some brick-and-mortar bar and restaurant owners, who say it is hurting business.

Page 15: More than 1000 taxpayer-owned properties are sitting vacant in WA while 19,427 applicants wait an average of three years for public housing.

Page 16: The GST would be lifted to 15 per cent and the States and Territories would grab a share of almost $200 billion in income taxes under a radical plan from South Australian Premier Jay Weatherill.

Page 25: WA’s corruption watchdog has been hit by further controversy after State Parliament was told one of its officers was using a banned drug on the job.

Page 26: A tunnel linking Roe and Stirling highways would deliver more than $4 billion in benefits to WA’s economy and is better value for money than the original route of the Perth Freight Link.

Page 71: A 50-year lease that will underpin the biggest infrastructure investment by the private sector in the history of Rottnest Island has been signed.

Business: The entire board of the Perth Market Authority has quit at a critical point in the first of the State Government’s asset sales.

Laboratory testing giant ALS is putting investor appetite for its growth prospects to the test with plans for a $325 million equity raising to help strengthen its balance sheet.

Doray Minerals told its annual meeting yesterday construction of the Deflector gold mine in the Murchison was on track, with commissioning of the processing plant due to start as early as May.

Finbar Group says its Arbor North apartment project in Rivervale has achieved practical completion.

Evolution Mining has declared terms of its Phoenix Gold takeover final to hurry up acceptances.