Woodside pushes $3bn Enfield project
Woodside Petroleum is set to approve a $3 billion first-stage development of the Greater Enfield oil project off Western Australia within months, in a countercyclical investment to take advantage of downturn construction costs. The Aus
Legislation mooted over Rio squeeze
The State Government has signalled it could crack down on big companies squeezing their suppliers after Rio Tinto’s move to double its payment times to improve its own cash flow and cope with low commodity prices. The West
Peabody fall puts 3500 jobs at risk
Another 3500 Australian jobs are under a cloud, some of Australia’s biggest banks are bracing for their second resources-related hit in as many weeks and explosives group Incitec Pivot is facing a $US4.3 million ($5.6m) loss after US coalminer Peabody Energy filed for bankruptcy. The Aus
Fortescue won’t follow Rio’s lead
Fortescue Metals Group chief executive Nev Power says the company has no intention of following Rio Tinto’s path and stretching out the time it makes suppliers wait for payment. The Aus
Doubts over iron ore boost to budget
A rapid rise in the iron ore price, which has leapt almost 60 per cent from its December low, will bring a boost to next month’s federal budget but many analysts do not believe it will be sustained. The Fin
Air NZ denies Virgin sale
Air New Zealand has hosed down speculation of an imminent sale of its 25.9 per cent stake in Virgin Australia to Singapore Airlines or another party. The Fin
Woolies rewards program flops
Woolworths may have to redirect hundreds of millions of dollars into cutting prices due to the poor response to a loyalty program it launched last year. The Fin
I’ve got work to do: ASIC chief
Greg Medcraft has declared there is still plenty of work to do as chairman of the Australian Securities & Investments Commission, amid expectations his term as the top corporate regulator is about to be extended.
The Australian Financial Review
Page 1: China’s ‘‘old economy’’ is roaring back to life, helped by an injection of credit and fiscal stimulus from the government that delivered a sharp rebound in the country’s trade last month.
Tougher decisions involving extra spending cuts will be needed in next month’s budget to preserve Australia’s AAA credit rating because rising household debt has made the banking system more vulnerable to a shock, a major investment bank warns.
Page 3: The Coalition is close to securing enough Senate votes to kill the controversial Road Safety Remuneration Tribunal, which critics say will be used by trucking companies and the Transport Workers Union to squeeze out independent truckers.
Page 4: Speculation has emerged that a political solution for the government over concerns about banks’ behaviour might be to get the Treasury to instruct the Australian Securities and Investments Commission to conduct a general inquiry into the industry.
Opposition Leader Bill Shorten has left open the possibility that Labor may offer personal income tax cuts at the federal election, but attacked company tax cuts as business groups and academics battled over the impact of lower corporate taxes on the economy.
Page 7: The new administrator of collapsed steel maker Arrium, Mark Mentha, says the complete breakdown in trust between the former board and its bankers could have spelt doom for the Whyalla steelworks because rushed, short-term decisions were being made.
Page 10: A quarter of the world’s nickel miners are caught in a game of chicken, churning out the stainless steel ingredient at a loss in the hope that competitors will shut first, according to research firm IHS.
Page 15: Fortescue Metals Group chief Nev Power insists the miner will prioritise value over volume, despite the miner being on track to beat its full-year iron ore guidance.
Page 17: Woolworths may have to redirect hundreds of millions of dollars into cutting prices due to the poor response to a loyalty program it launched last year.
Page 19: Woodside Petroleum would consider investing in gas power plants, storage plants and import-receiving terminals to help stimulate demand for its LNG in emerging markets in Asia, adopting a strategy followed by much larger integrated energy producers such as Shell and Total.
Page 20: New Zealand jewellery business Michael Hill is mapping out a major Australian and North American expansion for its second brand, Emma & Roe, as the 37-year-old business seeks shareholder approval to list on the Australian Stock Exchange.
Page 21: Air New Zealand has hosed down speculation of an imminent sale of its 25.9 per cent stake in Virgin Australia to Singapore Airlines or another party.
The Australian
Page 1: Australia is taking the lazy way out of repairing its budget balance, relying on tax increases driven by economic growth, including bracket creep, while the rest of the advanced world is finding savings on the spending side.
Students as young as 12 will study sexualised personal ads and write their own advertisements seeking the “perfect partner’’ as part of a new school curriculum supposed to combat family violence.
Page 4: A rapid rise in the iron ore price, which has leapt almost 60 per cent from its December low, will bring a boost to next month’s federal budget but many analysts do not believe it will be sustained.
Page 19: Greg Medcraft has declared there is still plenty of work to do as chairman of the Australian Securities & Investments Commission, amid expectations his term as the top corporate regulator is about to be extended.
Another 3500 Australian jobs are under a cloud, some of Australia’s biggest banks are bracing for their second resources-related hit in as many weeks and explosives group Incitec Pivot is facing a $US4.3 million ($5.6m) loss after US coalminer Peabody Energy filed for bankruptcy.
Page 20: Fortescue Metals Group chief executive Nev Power says the company has no intention of following Rio Tinto’s path and stretching out the time it makes suppliers wait for payment.
Page 22: Woodside Petroleum is set to approve a $3 billion first-stage development of the Greater Enfield oil project off Western Australia within months, in a countercyclical investment to take advantage of downturn construction costs.
The West Australian
Page 1: Colin Barnett wants to axe restrictions that outlaw gambling on cruise ships within 12 nautical miles of the WA coast.
Page 3: One of Perth’s top corporate women says Australia should use live-in childcare workers from Pacific nations to help women further their careers.
Page 6: WA’s new Mental Health Minister Andrea Mitchell says extra resources have been deployed in the Peel region in a bid to prevent more teenagers taking their own lives.
Page 11: The State Government has signalled it could crack down on big companies squeezing their suppliers after Rio Tinto’s move to double its payment times to improve its own cash flow and cope with low commodity prices.
Page 14: Malcolm Turnbull has hinted at changes to the tax system in next month’s Federal Budget to boost jobs and growth.
Business: Shares in some food, dairy and vitamin producers that sell into China have partly recovered after being hit by changes to China’s tax policy on cross-border e-commerce retail sales.
Sandfire Resources has underscored its mining future in WA’s Doolgunna region, outlining an initial high-grade resource at its Monty discovery, 10km from the company’s existing DeGrussa copper-gold mine.
Federal Resources Minister Josh Frydenberg has held up Fortescue Metals Group as a success of a use-it-or-lose-it approach by government to ownership of undeveloped resources projects as he ponders whether to grant the Woodside Petroleum-led Browse joint venture more time to develop gas fields discovered up to 40 years ago.
