13/01/2016 - 06:43

Morning Headlines

13/01/2016 - 06:43

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Morning Headlines

Banks edge to super tax hikes

The financial services industry has accepted that wealthy Australians should pay more tax on their superannuation savings, a concession designed to prevent the Turnbull government from raiding the $2 trillion retirement system to fund tax reform. The Fin

Strife for PM as Liberal moderates flex muscles

A factional brawl within the Liberal Party risks engulfing Malcolm Turnbull in the lead-up to this year's election, as his emboldened moderate faction prepares to challenge key supporters of Tony Abbott for preselection. The Aus

China fallout adds to losses

Volatility caused by China's economic slowdown, currency devaluation and sharemarket gyrations showed no sign of relenting yesterday as Australia's sharemarket extended a rout that has wiped $105 billion off its value amid the longest losing streak since 2010. The Aus

Seven stands by Essendon despite bans

AFL free-to-air broadcaster Seven West Media pledged to support Essendon Football Club and the code after the stunning ban placed on 34 of the team's past and present players for doping offences. The Fin

Goyder joins war over ACCC powers

Wesfarmers chief executive Richard Goyder joined former competition regulator Graeme Samuel in slapping down the push by ACCC chairman Rod Sims for greater powers to take on oligopolies. The Fin

Pressure builds on gas bills

Pressure on household gas bills could rise as part of move by the company that owns the South West network of gas pipelines to claw more money from the economic regulator. The West

West End the site for Woodside's new digs

Woodside Petroleum has opened a new office in London's upmarket West End, despite the slump in oil prices towards $US30 a barrel squeezing margins and driving cost cutting throughout the sector. The Aus

Fear for Cockburn fish if marina goes ahead

A report linking the recent Cockburn Sound fish kill to the environmentally unstable southern end of the sound has reignited fears about a proposed marina development. The West

 

The West Australian

Page 2: Current and former Essendon Football Club players may sue the club after they were found guilty of doping violations and handed two-year bans, in a decision that shocked the AFL world and left the Bombers facing long-term ruin.

Page 12: The state government has pledged to learn all it can from the Yarloop catastrophe after announcing an independent inquiry into WA's worst fire disaster in more than 50 years.

Page 17: A report linking the recent Cockburn Sound fish kill to the environmentally unstable southern end of the sound has reignited fears about a proposed marina development.

Independent senator Nick Xenophon renewed calls in Perth yesterday for an inquiry into the collapse of the iron ore price.

Page 19: Pressure on household gas bills could rise as part of move by the company that owns the South West network of gas pipelines to claw more money from the economic regulator.

Business: The future of the Karara magnetite project rests on the willingness of its major contractors to cut charges, as China's Ansteel mulls its commitment to the project ahead of debt repayment guidelines.

RBS has advised clients to brace for a “cataclysmic year” and a global deflationary crisis, warning that the major stock markets could fall by a fifth and oil may reach $US16 a barrel.

Leading players in WA's booming avocado industry have opened a high-tech processing centre at Manjimup as they look to meet overseas demand and guard against an oversupply on the domestic market.

Long-standing industrial peace on the wharves is set to end with stevedores at Patrick container terminals to strike next week as part of a nationwide stoppage.

Former Aquila Resources boss Tony Poli has spent the 18 months since his well-timed exit from the iron ore industry building a retail and land development property portfolio that will be anchored closer to home.

 

The Australian Financial Review

Page 1: The financial services industry has accepted that wealthy Australians should pay more tax on their superannuation savings, a concession designed to prevent the Turnbull government from raiding the $2 trillion retirement system to fund tax reform.

Blackstone Group co-founder Stephen Schwarzman has called for calm over China's financial turmoil and rejected suggestions the country is leading the world into the third leg of the global financial crisis.

Shares in Gindalbie Metals sunk by nearly 60 per cent after the embattled iron ore producer admitted it may face collapse should China's state-run Ansteel pull its funding support for the $2.5 billion Karara project in Western Australia.

Page 3: The number of Chinese visitors to Australia in a 12-month period has surpassed 1 million for the first time, driven by the lower dollar, which has been good for hotels, retailers and tourist attractions.

Labor leader Bill Shorten launched his election-year pitch by challenging Prime Minister Malcolm Turnbull to a debate on raising the GST on the day before Parliament resumes for the year.

Accountants criticised a plan to tax profits on the sale of family homes worth more than $2 million, calling the idea floated by the Australia Institute “a desperate short-term fix to a budget hole” that would drive up house prices and choke supply of inner-city dwellings.

Page 4: AFL free-to-air broadcaster Seven West Media pledged to support Essendon Football Club and the code after the stunning ban placed on 34 of the team's past and present players for doping offences.

Page 7: Wesfarmers chief executive Richard Goyder joined former competition regulator Graeme Samuel in slapping down the push by ACCC chairman Rod Sims for greater powers to take on oligopolies.

Ensuring tourists continue to flock to Western Australia's south west will be critical in minimising the impact of the devastating bushfire that has torn through the popular region during its busiest tourist season.

Page 13: Embattled retailer Dick Smith has replaced its chief executive, strengthening speculation that a buyer for the chain can be found.

Page 16: Independent Senator Nick Xenophon has reignited his push for a senate inquiry into Australia's iron ore industry, blaming the nation's major miners for “killing off” last year's efforts to examine the factors behind the iron ore price collapse.

Australia's credit market is having its shakiest start to a year since at least 2008 as the prospects for resources and gaming companies are clouded by China's market turmoil.

The future of the Ranger uranium mine in the Northern Territory hangs in the balance as owner Energy Resources of Australia nears a decision on a strategic review.

 

The Australian

Page 1: The greatest drugs scandal in Australian sport will wreak havoc across the AFL for months, with Essendon scrambling to fill a team, Jobe Watson at risk of losing his Brownlow Medal and lawyers for suspended players determined to appeal before an Australian court against yesterday's brutal judgement by the Court of Arbitration for Sport.

A factional brawl within the Liberal Party risks engulfing Malcolm Turnbull in the lead-up to this year's election, as his emboldened moderate faction prepares to challenge key supporters of Tony Abbott for preselection.

Malcolm Turnbull's pledge of $1 billion over five years to help developing nations combat global warming will require federal spending on climate-specific aid to be boosted by at least a third.

Page 3: Authorities knew that a bushfire racing towards Yarloop was so serious that it was “too late to evacuate” more than six hours before they warned all residents of the danger, by which time the blaze was minutes away from razing the town and killing two men.

Page 4: A bitter dispute in the senior ranks of the construction industry watchdog is racking up steep legal bills and leaving the politically-sensitive agency open to allegations of bullying and harassment.

Business: Volatility caused by China's economic slowdown, currency devaluation and sharemarket gyrations showed no sign of relenting yesterday as Australia's sharemarket extended a rout that has wiped $105 billion off its value amid the longest losing streak since 2010.

Former iron ore high-flyer Gindalbie Metals yesterday confirmed that it was at risk of collapse as weak iron ore prices continued to heap pressure on the economics of its $3 billion Karara iron ore joint venture.

Oil and iron ore, two of Australia's biggest export earners, may be close to bottoming, according to the heads of UBS Global Asset Management, who are backing riskier assets to keep riding higher.

Woodside Petroleum has opened a new office in London's upmarket West End, despite the slump in oil prices towards $US30 a barrel squeezing margins and driving cost cutting throughout the sector

Peter Lewis, an ABC board member and former long-term Seven West Media chief financial officer, has emerged as a prime candidate to replace outgoing Nine Entertainment chief financial officer and chief operating officer Simon Kelly.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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