09/12/2015 - 06:41

Morning Headlines

09/12/2015 - 06:41

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Arts sector hit by Fortescue’s plunge

The collapse in the iron ore price to below $US40 a tonne is wreaking havoc on the balance sheets of some of the country’s biggest arts and community organisations, many of which are suffering the consequences of retaining their shares in Fortescue Metals Group. The Aus

Utah Point, FPC for sale next year

At least two State Government assets — Utah Point bulk handling facility in Port Hedland and the Forest Products Commission — were due to hit the market next year, the head of strategic project and asset sales, Richard Mann said yesterday. The West

Treasurers’ headaches grow as iron ore and oil prices plunge

The State Budget faces a “sea of red ink” that could push deficits well beyond the next election as key commodities slump to their lowest prices in almost a decade. The West

Soccer federation to get $2m from NAB

National Australia Bank will give at least $2 million a year to Football Federation Australia, providing a much-needed financial boost to the controversy-hit organisation. The Fin

Coles’ tough talk to suppliers

Coles managing director John Durkan says multinational food and grocery suppliers are still treating Australia like ‘‘Treasure Island’’, charging consumers premium prices to boost earnings and fund their Asian operations. The Fin

Iron ore price falls hit home at Anglo

Mark Cutifani’s Anglo American has become the latest major miner to bow to the commodity price menace, last night scrapping dividends and flagging iron ore production cuts. The West

 

 

The Australian Financial Review

Page 1: The campaign by business leaders for lower taxes and a more flexible workplace system to meet the challenges of digital disruption has been dismissed by eminent economist Ross Garnaut and the union movement as an exercise in self-interest.

An influential Saudi Arabian oil adviser said the kingdom’s decision to back the end of OPEC production limits was a logical response to attempts by Iran and Iraq to gain market share.

Page 2: Clive Palmer’s Townsville nickel refinery won’t get state aid without the government being given full access to the company’s accounts, Queensland Premier Annastacia Palaszczuk said.

Page 6: National Australia Bank will give at least $2 million a year to Football Federation Australia, providing a much-needed financial boost to the controversy-hit organisation.

Page 8: Fears the government’s $1.1 billion innovation plan would be funded by an immediate raid on the research and development (R&D) tax incentive scheme for businesses have been allayed.

Page 11: Big business will demerge, debundle and outsource up to 40 per cent of its workforce in the next two decades, as workers increasingly mobilise to work for themselves on demand, the president of the Business Council of Australia, Catherine Livingstone, predicts.

Page 13: The decision by Woodside Petroleum to call off its $11.6 billion proposal to buy Oil Search has fired up expectations that the Perth-based player will rapidly redirect its acquisition ambitions to other targets.

Coles managing director John Durkan says multinational food and grocery suppliers are still treating Australia like ‘‘Treasure Island’’, charging consumers premium prices to boost earnings and fund their Asian operations.

Page 16: Website iSelect is facing calls to disclose commercially sensitive information such as commission rates, raising the prospect that an increased regulatory burden will be added to the comparison website’s woes.

Page 27: Japanese bottler Asahi, which has outlaid more than $2.7 billion over the past six years on Australian beer, liquor and soft drink assets, plans to close three of its nine local beverage bottling plants, with the loss of 140 jobs.

 

 

The Australian

Page 1: A proposal to harmonise state and territory payroll taxes to raise an extra $13 billion a year and an overhaul of $16bn worth of levies on property will be put to the states as part of a commonwealth drive to fix old taxes rather than impose new ones.

Page 5: The collapse in the iron ore price to below $US40 a tonne is wreaking havoc on the balance sheets of some of the country’s biggest arts and community organisations, many of which are suffering the consequences of retaining their shares in Fortescue Metals Group.

Page 6: National leaders will consider a dramatic health reform plan that could save up to $1.5 billion a year by cutting the number of avoidable hospital admissions to pay for increased federal funding to state health budgets.

Page 19: National Australia Bank has sought to head off fears that the lender will be forced to slice its dividend, claiming the sale of its troublesome British subsidiary Clydesdale Bank would remove a major distraction that delivered less than 4 per cent of earnings.

Australia’s largest biscuit maker, Arnott’s, which last week was drawn into a public war with Coles over refusing to supply its popular products, including the iconic Tim Tams, has sent more than $62 million to offshore-related parties, potentially slashing its Australian tax bill by as much as $20m.

Page 21: Financial advisers registering with the corporate regulator over the past year were 15 per cent less likely to hold a university degree than their peers already in the industry, as under-educated advisers pushed to gain certification ahead of the government’s crackdown.

Local tech giant Atlassian has lifted its estimated net value to more than $US4.07 billion ($5.6bn), ahead of an expected debut on New York’s Nasdaq stock exchange tomorrow.

Page 22: IAG chief executive Peter Harmer has moved to put his stamp on the insurer, announcing management changes and a major restructure that consolidates its Asian and New Zealand businesses into a new international division.

Page 31: A decade after Australia began its biggest mining boom in a century, university courses that explore how this increasingly important industry works, how it is governed and how it relates to the rest of our economy are still thin on the ground.

 

 

The West Australian

Page 1: The State Budget faces a “sea of red ink” that could push deficits well beyond the next election as key commodities slump to their lowest prices in almost a decade.

Page 6: Indonesia has announced an annual quota for live cattle imports next year, a move lobbied for by the Australian Government and producers.

Page 9: A lethal algal bloom triggered by a “perfect storm” of conditions has likely killed many fish in Cockburn Sound, a leading Fisheries scientist says.

Page 14: Women are being left further behind in the race to build a retirement nest egg, with research showing men on track to have healthy superannuation savings when they leave the workforce.

Page 15: A focus on teaching phonics and good leadership are key to improving school results, an Education Department report reveals.

Business: Former directors and executives of Forge Group and Clough may face public examinations over a $200 million claim of insider trading between the engineering companies.

Mark Cutifani’s Anglo American has become the latest major miner to bow to the commodity price menace, last night scrapping dividends and flagging iron ore production cuts.

At least two State Government assets — Utah Point bulk handling facility in Port Hedland and the Forest Products Commission — were due to hit the market next year, the head of strategic project and asset sales, Richard Mann said yesterday.

New York is opening its arms to a WA company using 10 boats to catch octopuses off the coast from Leeman to Cape Leeuwin.

Regis Resources is set to emerge as a 9.9 per cent investor in explorer Malagasy Minerals, which has turned its attention to seeking gold in the Pilbara.

A Singaporean businessman has struck a ground-breaking deal with the Mowanjum Aboriginal Corporation as he pushes ahead with plans to create a major beef supply chain into China.

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