Big repair bill tipped as Gorgon hits trouble
Chevron and its Gorgon partners are facing a repair bill tipped to run into the hundreds of millions of dollars after a major mechanical problem flared as soon as the maiden LNG cargo was sent. The West
DUET to raise $230m to take full ownership of WA pipeline
Energy infrastructure owner DUET Group has made it clear it is not done yet with acquisitions, after striking a $205 million deal to buy out Alcoa from their jointly owned gas pipeline in Western Australia. The Fin
Goyder backs debate on CBH
Wesfarmers chief executive Richard Goyder has called for informed debate on the future of CBH and predicted there will be more attempts to corporatise the giant co-operative if the Australian Grains Champion bid fails. The West
Pilbara Cities goal elusive: Premier
Colin Barnett says he would consider increasing a mooted State income tax to abolish nasty imposts on Western Australians such as stamp duty on homes, motor vehicles and insurance. The West
Reforms could curb sport on free TV: Seven
Australia’s largest free-to-air television broadcaster told federal politicians that loosening media ownership laws – which could allow rival Network Ten to be bought by Foxtel – could result in fewer sports events on free-to-air TV. The Fin
Chinese plan posh Aussie food float
The Australian food businesses owned by China’s state-backed Bright Foods Group, which combined generate $620 million in revenue, are likely to be packaged up and listed on the Hong Kong Stock Exchange next year. The Fin
$60m says nickel price woe will go
Investors have shrugged off the atrocious nickel price and piled into a $60 million institutional placement for nickel miner Western Areas. The Aus
The Australian Financial Review
Page 1: The Australian food businesses owned by China’s state-backed Bright Foods Group, which combined generate $620 million in revenue, are likely to be packaged up and listed on the Hong Kong Stock Exchange next year.
Page 3: The Australian Taxation Office has been given sweeping new powers to determine if foreign investment is in the national interest, in what some experts see as an effort to block or discourage politically sensitive deals from state-backed companies in China.
Page 4: Many Australians regard multinational tax avoidance as the nation’s top tax concern, even though the federal government has clamped down on the problem with measures some experts regard as draconian.
Page 5: Australia’s economy could grow by an extra $80 billion if the government spent an extra $1 billion a year on increased tax breaks for corporate research and development, a study by the International Monetary Fund suggests.
Page 9: Australia’s largest free-to-air television broadcaster told federal politicians that loosening media ownership laws – which could allow rival Network Ten to be bought by Foxtel – could result in fewer sports events on free-to-air TV.
Page 13: Mining veteran and former Reserve Bank board member Hugh Morgan is still to win over investors for his mining-focused private equity outfit, Arete Capital Partners, about 12 months after launching the venture.
The future of former Target managing director Stuart Machin and other Target executives is under a cloud until the outcome of an investigation by Wesfarmers into whether the retailer inflated earnings by bringing forward supplier rebates.
Page 15: Energy infrastructure owner DUET Group has made it clear it is not done yet with acquisitions, after striking a $205 million deal to buy out Alcoa from their jointly owned gas pipeline in Western Australia.
Page 17: Tabcorp has hit back at a claim made by rival Sportsbet that it needs to become a much bigger player and consider merging with Tatts Group in order to compete with global bookmakers in the wagering sector.
Troubled transport group McAleese is a step closer to restructuring its debt after it started exclusive negotiations with Hong Kong-based debt trader SC Lowy over a financial bailout.
The Australian
Page 1: Malcolm Turnbull is spurning state pleas for a $3.6 billion increase in school funding as he demands premiers accept a divisive tax reform that would give them more power to pay for services, opening a new front in the clash over his radical plan for the Australian federation.
Page 3: Shoppers will be able to tell what percentage of their food product was grown in Australia under a new labelling system to be rolled out in stores from July 1.
Page 4: A state income tax would produce extremely uneven returns to each state and would fail to deliver the growth in revenue to fund hospital costs that the premiers have been seeking.
Page 5: Malcolm Turnbull has received formal advice to abolish the road safety watchdog or risk it costing the economy $2.3 billion through unnecessary regulation while also failing to improve safety outcomes for truck drivers.
Page 19: The federal government is facing renewed calls from the nation’s most powerful sports codes including the AFL, NRL and Cricket Australia to reduce the number of events that are restricted to only being screened on free-to-air television.
A cash-strapped gold and copper explorer has agreed to finance a low-budget Hollywood action movie in one of the more bizarre metamorphoses to come out of the resources sector.
Page 20: Investors have shrugged off the atrocious nickel price and piled into a $60 million institutional placement for nickel miner Western Areas.
The competition watchdog will allow US logistics giant Iron Mountain’s proposed $3.4 billion takeover of data management group Recall, after Iron Mountain agreed to sell most of its Australian business.
Page 21: Student numbers at listed higher education provider Navitas fell by 6 per cent in the first semester of this year after the closure of two major colleges.
Page 22: News Corp Australia’s Fox Sports and CrownBet have signed a deal to launch a new fantasy betting platform, marking the publisher’s first foray into the local wagering industry.
The West Australian
Page 4: Road authorities say it could take months for motorists to adjust to major changes to the way they should enter Perth’s freeways.
Page 6: Colin Barnett says he would consider increasing a mooted State income tax to abolish nasty imposts on Western Australians such as stamp duty on homes, motor vehicles and insurance.
Page 7: Colin Barnett has conceded population figures at the heart of his Government’s grand Pilbara Cities vision now look “a little elusive”.
Page 9: The City of Perth will no longer accept what has historically been dozens of free tickets in return for sponsorship.
Page 12: Perth’s lacklustre apartment market has taken its toll on sales at Elizabeth Quay’s first apartment towers but those behind them say they are delighted with the outcome and building could start within months.
Page 17: The WA woman acknowledged as the best egg farmer in Australia has welcomed a new national code on free-range labelling despite criticism from consumer and animal welfare groups.
Business: Chevron and its Gorgon partners are facing a repair bill tipped to run into the hundreds of millions of dollars after a major mechanical problem flared as soon as the maiden LNG cargo was sent.
Macmahon Holdings has run into industrial action at its lossmaking operations in Nigeria as it moves towards winding up a mining contract this month.
Antares Energy’s future remains uncertain after the adjournment of a crucial meeting of note-holders in Perth.
Wesfarmers chief executive Richard Goyder has called for informed debate on the future of CBH and predicted there will be more attempts to corporatise the giant co-operative if the Australian Grains Champion bid fails.
