Morning Headlines

Woodside takeover hits new legal snag

Woodside Petroleum’s multibillion-dollar buyout of Apache assets in Australia has hit another snag after the Perth giant was struck with a $US66.2 million ($88.7 million) writ by the angry owner of the Armada Claire floating production, storage and offloading (FPSO) vessel.

Woolies stretches payment to save cash

Woolworths is planning to stretch out payments to most of its food and grocery suppliers to 60 days – two or three times the payment terms at Coles – in an attempt to free up cash and improve working capital. The Fin

Failed coup led by ALP old guard

The chief plotters behind Stephen Smith’s failed Labor coup in Western Australia have been derided as “yesterday’s men”: former Rudd and Gillard cabinet minister Chris Evans, ex-ALP state secretary John Halden and former Labor adviser David Hatt. The Aus

Nation’s wealthy line up for slice of Kidman

The race to seize the prized $370 million Kidman cattle empire is alive, with latecomer Australian bidders secretly being allowed to examine the company’s confidential finances during the past fortnight after strong political pressure from the Turnbull government. The Aus

Big business takes hit to please Nats

The Turnbull government picked a fight with big business just months from the federal election when it agreed with the Nationals to introduce a test into competition law to limit the use of market power by big business. The Fin

Bribery probe won’t scare Kupper away

ASX chief executive Elmer Funke Kupper will retain his role overseeing the stock exchange and his seat on gaming company Tabcorp’s board while the Federal Police investigates allegations of foreign bribery. The Fin

Small business claims competition victory

Prime Minister Malcolm Turnbull’s unexpectedly strong intervention into competition law has been hailed as a confidence-building win for small business over corporate Australia. The West

The Australian Financial Review

Page 1: The Turnbull government picked a fight with big business just months from the federal election when it agreed with the Nationals to introduce a test into competition law to limit the use of market power by big business.

Page 3: The federal government is considering changes to the planned ‘‘backpacker tax’’, which was set to kick in for working holiday visas on July 1, to ensure the tourism industry has enough workers at a time of major growth.

Page 5: Treasury has lost one of the nation’s most experienced tax officials just as the government retreats on a package of income tax cuts and other reforms to the system.

Page 6: BHP Billiton chief executive Andrew Mackenzie says mergers and acquisition will just be a ‘‘nice, added extra’’ and the mining giant will not buy a stricken company simply to get one great asset.

Page 7: Australia Post is looking at blockchain technology to store digital identities in the hope that it will transform its service provision.

Page 21: Woolworths is planning to stretch out payments to most of its food and grocery suppliers to 60 days – two or three times the payment terms at Coles – in an attempt to free up cash and improve working capital.

Telstra chief executive Andy Penn has stamped his influence on the company’s management team and direction by poaching the former bosses of handset maker Nokia and arch-rival Singtel-Optus.

Page 23: ASX chief executive Elmer Funke Kupper will retain his role overseeing the stock exchange and his seat on gaming company Tabcorp’s board while the Federal Police investigates allegations of foreign bribery.

Transport group McAleese has warned its liabilities exceed its assets and it will need the support of its banks to stay afloat if it cannot complete a financial restructure.

Page 25: The government will proceed with reforms and consider feedback on how they are working in 18 months’ time rather than wait for the Productivity Commission to recommend the best way to improve the default superannuation market.

Page 26: The erosion of struggling mineral exploration companies from the Australian Securities Exchange picked up in the December quarter, with 25 companies delisting, entering administration or switching focus to another industry.

The Australian

Page 1: The race to seize the prized $370 million Kidman cattle empire is alive, with latecomer Australian bidders secretly being allowed to examine the company’s confidential finances during the past fortnight after strong political pressure from the Turnbull government.

Page 5: Conservative coalition MPs are gathering signatures for the axing of the Safe Schools anti-bullying program, rejecting the independent review being considered by Education Minister Simon Birmingham.

Page 4: The tax office has called a snap meeting with the superannuation industry over the scheme used to charge high-income earners 30 per cent tax on their contributions, ahead of an expected expansion of its reach in the budget.

Page 6: The chief plotters behind Stephen Smith’s failed Labor coup in Western Australia have been derided as “yesterday’s men”: former Rudd and Gillard cabinet minister Chris Evans, ex-ALP state secretary John Halden and former Labor adviser David Hatt.

Page 19: ANZ chief Shayne Elliott has tried to set the record straight on the bank’s divisive Asia strategy, assuring staff the lender remained wedded to the region even as he tries to squeeze out higher returns.

Australian cheese maker Bega and vitamin giant Blackmores are eyeing the ageing population for their next joint venture product after a strong launch with baby formula.

Page 23: Blockchain technology has the potential to provide “significant benefits” for the Australian economy, according to Blythe Masters, the chief executive of ASX partner, New York-based Digital Asset Holdings.

The West Australian

Page 4: Troy Buswell borrowed his chief of staff’s government car the day after his booze-fuelled crash so he could drive through the streets of West Perth and Subiaco to identify what he might have hit the night before.

Page 6: Malcolm Turnbull has overseen an extraordinary Cabinet reversal on curbing market power abuse by corporate giants, angering the biggest companies but delighting the Nationals and small business.

Business: Prime Minister Malcolm Turnbull’s unexpectedly strong intervention into competition law has been hailed as a confidence-building win for small business over corporate Australia.

Woodside Petroleum’s multibillion-dollar buyout of Apache assets in Australia has hit another snag after the Perth giant was struck with a $US66.2 million ($88.7 million) writ by the angry owner of the Armada Claire floating production, storage and offloading (FPSO) vessel.

The former Swan District Hospital site is on the market, with the State Government yesterday calling for expressions of interest to develop all or part of the 10ha site on Great Northern Highway.

Engineering company Monadelphous is embroiled in fresh legal action by suing the developers of a Fortescue Metals Group gas pipeline for at least $33 million over cost blowouts.

Iron ore magnate Gina Rinehart is set to be hit with a big legal costs bill after failing to get insurers to pay up over an allegedly dodgy deal involving her late father Lang Hancock.