Morning Headlines

ASX loses $50bn in new year rout

The Australian sharemarket is off to its worst start since the current index was created in 2000, losing $50 billion in value in three days of global turbulence. The Fin

Abbott calls for Turnbull to lay out budget repair plan

Tony Abbott has called on Prime Minister Malcolm Turnbull to keep his promise to go full term so he can lay out a plan to repair the budget which he says tax reform depends on. The Fin

WA Premier safe despite dire polls

West Australian Liberal Premier Colin Barnett will almost certainly retain the party leadership in the run-up to the next election, despite facing dire polling, political insiders and analysts say. The Fin

CFMEU will be spared delisting

The looming merger of the Construction Forestry Mining and Energy Union with the Maritime Union of Australia – creating what MUA national secretary Paddy Crumlin boasts will be the “most powerful” union in the nation – has frustrated any push from within the Coalition to deregister the scandal-plagued construction union. The Aus

Labor wants link probe

Labor is demanding the Federal Auditor-General investigate the Perth Freight Link fiasco after WA Chief Justice Wayne Martin last month quashed environmental approvals for the Roe 8 section of the proposed project. The West

ATO call 'outrageous' say Oswal's lawyers

Lawyers for embattled billionaire Pankaj Oswal and his socialite wife Radhika say a decision by Tax Commissioner Chris Jordan to refuse to give an undertaking he will not seek orders prohibiting them leaving the country is “outrageous”. The Fin

AusGroup revisits $108m debt

Contractor AusGroup has flagged a potential breach of debt covenants in its upcoming half-year financial results, approaching its lenders to waive conditions on part of its debt. The West

The West Australian

Page 4: Perth is no longer the oversized country town where citizens can leave a window open on a hot summer night or belongings in their towel as they cool off in the surf, authorities say.

Page 6: Labor is demanding the Federal Auditor-General investigate the Perth Freight Link fiasco after WA Chief Justice Wayne Martin last month quashed environmental approvals for the Roe 8 section of the proposed project.

Page 7: Fallen billionaire Pankaj Oswal and his socialite wife Radhika are set to defy a Federal Court judge by refusing to return to Perth and appear in person in court because of the couple's fears they might be prevented from leaving Australia if they do.

Page 10: A record number of Australians got behind the wheel of a new car last year despite WA dealers seeing sales slip into reverse gear.

Business: Contractor AusGroup has flagged a potential breach of debt covenants in its upcoming half-year financial results, approaching its lenders to waive conditions on part of its debt.

Around the world much hope lies in the service sectors of national economies to stave off recession,none more so than in the US and China.

The WA-based company that cast a wide net to capture Norwest Seafoods and part of the Craig Mostyn Group, Maretarram, made a splash on its return to trading on the ASX yesterday.

The sudden collapse of Dick Smith faces growing scrutiny, with the competition regulator moving to meet consumer anger over dishonoured gift cards and calls for the corporate watchdog to probe the retailer's demise.

WA's peak body for policing animal cruelty will seek a warrant to gain access to a livestock carrier that has been stranded with about 13,000 sheep and cattle on board for the past 10 days.

Tasmanian iron ore pellet maker Grange Resources has warned of more job cuts as its Savage River operation tries to combat the steel commodity's plunging price.

The Australian Financial Review

Page 1: The Australian sharemarket is off to its worst start since the current index was created in 2000, losing $50 billion in value in three days of global turbulence.

The failure of electronics retailer Dick Smith's rush for cash before Christmas has reverberated through the business community, with calls for a parliamentary inquiry, growing debate about the role of private equity and expectations that big electronics sellers will benefit after seeing out a flood of discounted products.

Page 3: Allowing more workers to choose their superannuation fund will be costly to business and could even land employers in court for giving poor financial advice, one of the nation's biggest industry super funds warns.

Page 4: Nationals senator John “Wacka” Williams says Jamie Briggs' behaviour and Peter Dutton's text message are embarrassing and a lesson for politicians to be cautious because they are always in the public eye.

Tony Abbott has called on Prime Minister Malcolm Turnbull to keep his promise to go full term so he can lay out a plan to repair the budget which he says tax reform depends on.

Page 6: West Australian Liberal Premier Colin Barnett will almost certainly retain the party leadership in the run-up to the next election, despite facing dire polling, political insiders and analysts say.

Page 13: Qantas and American Airlines plan to add at least two trans-Pacific routes in the next five years if they get final regulatory approvals for their joint venture on flights between Australasia and mainland North America.

Page 16: Lawyers for embattled billionaire Pankaj Oswal and his socialite wife Radhika say a decision by Tax Commissioner Chris Jordan to refuse to give an undertaking he will not seek orders prohibiting them leaving the country is “outrageous”.

The Australian

Page 1: The UN Security Council will early today hold an emergency summit after North Korea claimed to have tested its first hydrogen bomb just weeks after it promised to work more peacefully with its regional rivals and neighbours.

The looming merger of the Construction Forestry Mining and Energy Union with the Maritime Union of Australia – creating what MUA national secretary Paddy Crumlin boasts will be the “most powerful” union in the nation – has frustrated any push from within the Coalition to deregister the scandal-plagued construction union.

Insolvency experts are on site at Clive Palmer's troubled nickel refinery for secret meetings with his top executives, igniting fresh concerns the company is on the brink of collapse.

Page 4: State and territory leaders are backing a $5 billion federal program to build infrastructure across northern Australia as they prepare for meetings over the next three weeks to discuss projects that need funding.

Business: Origin Energy's head of production told staff it would take “many years” to bring the company's gas and oilfield division up to standard, a damning internal compliance audit obtained by The Australian reveals.

Dick Smith stores could be emptied of key products from their shelves before receivers are able to sell the electronics business.

Chief Executive Women president Diane Smith-Gander believes 2015 was a “watershed year” for women in corporate Australia.

Qantas has cut the costs of frequent-flyer-bought flights and slashed surcharges to a range of international destinations as the nation's leading airline continues to benefit from lower jet fuel prices.