21/04/2016 - 06:29

Morning Headlines

21/04/2016 - 06:29

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Flexible work contracts too hot for Coalition

The Turnbull government is unlikely to proceed with a new form of workplace contract designed to give small and medium-sized businesses more flexibility to change penalty rates and rosters, after employers said the Productivity Commission proposal was too complex, politically risky and would not be widely used. The Fin

BHP joins Rio in cutting iron ore output

Australia’s biggest iron ore miners BHP Billiton and Rio Tinto have both flagged the potential for iron ore production freezes over the next couple of years, helping further boost the price of the nation’s biggest export ahead of the federal budget and easing a looming oversupply from new mines. The Aus

PM wants councils to pitch in

Perth councils may have to merge or work much closer together to get their hands on cash under a plan being developed by Malcolm Turnbull to make cities more liveable and strong economic forces. The West

It’s official: Alibaba is coming to Australia

Alibaba, the e-commerce colossus which processed transactions worth $US149 billion ($191 billion) in the December quarter alone, said at an event in Hangzhou last week it would open an Australian office ‘‘later this year’’. The Fin

Japan fades in submarine race

Japan’s bid for the $50 billion submarines contract is understood to be considered the weakest of the three on the table. The Aus

Falling oil price puts dent in Woodside

Woodside Petroleum has recorded some of its weakest quarterly revenues in years as soft energy prices and maintenance at its North West Shelf project take their toll. The Aus

 

 

The Australian Financial Review

Page 1: Australia’s big banks have accepted a tough new regulatory regime that they will be forced to fund, but the changes have failed to dampen the Opposition’s call for a royal commission, guaranteeing the banks will be a political football until the July 2 federal election.

The Turnbull government is unlikely to proceed with a new form of workplace contract designed to give small and medium-sized businesses more flexibility to change penalty rates and rosters, after employers said the Productivity Commission proposal was too complex, politically risky and would not be widely used.

Page 3: Prime Minister Malcolm Turnbull will acknowledge publicly for the first time the existence of Australia’s offensive military cyber arsenal, as part of a $230 million plan to involve universities and businesses in the fight against the rise of criminal, terrorist and state-sponsored cybercrime.

Alibaba, the e-commerce colossus which processed transactions worth $US149 billion ($191 billion) in the December quarter alone, said at an event in Hangzhou last week it would open an Australian office ‘‘later this year’’.

Page 8: Australians will get a chance to own a 20 per cent stake in the country’s largest landholder, S. Kidman & Co, alongside large Chinese investors, after a deal was struck this week to buy the iconic cattle business for more than $370 million.

Page 15: BHP Billiton chief executive Andrew Mackenzie has declared the miner still has ‘‘the potential to significantly grow’’ despite cutting its iron ore output guidance and posting production falls across its four ‘‘pillar’’ commodities this financial year.

Lawyers for Arrium had a secret meeting on March 11 with insolvency specialist Grant Thornton about a ‘‘contingency planning exercise’’ for a possible voluntary administration, more than 3 1/2 weeks before a deadline expired on a refinancing package by United States vulture fund GSO.

Page 17: Woodside Petroleum has started on engineering work to bring gas held by US player Hess Corporation off Western Australia into the North West Shelf venture, as one of several smaller projects it is pursuing after dropping the $US40 billion-plus Browse floating LNG project last month.

Page 20: BHP Billiton will boost its offshore oil exploration spending by about 7 per cent, bringing forward plans for a giant Caribbean oil prospect as it seeks to replenish its portfolio with conventional resources.

 

 

The Australian

Page 1: Bill Shorten is weighing up a tax hit on high-income earners to help pay for Labor promises at the July 2 election as he steps up the policy contest with Malcolm Turnbull over whether to use tax hikes or spending cuts to balance the budget.

Two senior government ministers and the opposition yesterday argued the case for greater foreign investment in the agriculture sector after Scott Morrison backed away from a quick decision on the sale of the vast Kidman cattle empire to Chinese bidders.

Page 2: Japan’s bid for the $50 billion submarines contract is understood to be considered the weakest of the three on the table.

Page 4: Malcolm Turnbull will be forced to confront one of the Coalition’s most politically sensitive issues during the election campaign, as the industrial umpire is expected to rule by July on employer demands to slash Sunday penalty rates.

Page 8: One thousand children a week are being declared abused or neglected, as taxpayers spend $3.6 billion a year helping a record 152,000 children in need of protection.

Page 19: Australian companies need to be prepared for more sudden changes of business regulation in China, Murray Goulburn chief executive Gary Helou says.

Page 20: Australia’s biggest iron ore miners BHP Billiton and Rio Tinto have both flagged the potential for iron ore production freezes over the next couple of years, helping further boost the price of the nation’s biggest export ahead of the federal budget and easing a looming oversupply from new mines.

Woodside Petroleum has recorded some of its weakest quarterly revenues in years as soft energy prices and maintenance at its North West Shelf project take their toll.

Page 21: A German company is taking on the might of Tesla and Redflow by offering Australians home batteries with in-built intelligence systems.

Page 24: The federal government is moving fast on its plans to develop high value agriculture in northern Australia, with Resources, Energy and Northern Australia Minister Josh Frydenberg ready to distribute the first funds from the $5 billion Northern Australia Infrastructure Fund.

 

 

The West Australian

Page 6: Treasurer Scott Morrison has ordered an independent review of a Chinese-led consortium’s plan to buy one of Australia’s biggest pastoral companies.

Page 10: WA politicians’ gross salaries will rise by more than double the inflation rate under a decision by the independent umpire that awards them a significant bump in their superannuation contributions.

Page 12: Criticism of the Perth Freight Link as a road to nowhere intensified yesterday after the Government confirmed it would not reach its Fremantle Port destination for 10 years.

Page 14: Perth councils may have to merge or work much closer together to get their hands on cash under a plan being developed by Malcolm Turnbull to make cities more liveable and strong economic forces.

Business: Pilbara copper producer Aditya Birla has halted trading in its shares, sparking speculation its long dance with suitor Metals X could be nearing an end.

Woodside Petroleum and its North West Shelf partners expect to decide next year whether to process third-party gas to keep Australia’s biggest LNG plant at full capacity beyond the end of this decade.

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