03/05/2016 - 06:24

Morning Headlines

03/05/2016 - 06:24

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Senate spot backing for Grylls critic

Nationals WA has endorsed a CBH board member and fierce critic of the way former leader Brendon Grylls used Royalties for Regions money as its candidate for the Federal seat of O’Connor. The West

Warning over Peabody’s local mines

Peabody Energy Australia may struggle to continue as a going concern, despite being excluded from the bankruptcy of its US parent, if lenders and other counterparties exercise rights related to the US insolvency. The Aus

Sobering profit sign of times

Westpac yesterday kicked off the banks earnings season with a below-expectation $3.9 billion first-half profit that disappointed investors and highlighted the pain that is yet to come from the end of the resources boom. The West

Treasurer’s small is good tax cut

Thousands more businesses will receive an up-front tax cut in the federal budget when the government expands the eligibility for the lower company rate and generous equipment write offs to $10 million turnover. The Fin

Plug for global tax loophole

The government will push Australia further ahead of the global pack when it introduces new measures to clamp down on multinational tax avoidance in the budget. The Fin

Kidman defies empire break-up call

The extended Kidman family has refused to bow to government pressure to break up its outback cattle empire and sell its nine sprawling cattle stations individually, increasing the chance more of the business will remain in Australian hands. The Aus

‘Growth’s the aim of the game’

Scott Morrison has warned that today’s budget will be confronting a difficult growth outlook, with the economy held back by global stagnation. The Aus

 

 

The Australian Financial Review

Page 1: Thousands more businesses will receive an up-front tax cut in the federal budget when the government expands the eligibility for the lower company rate and generous equipment write offs to $10 million turnover.

One of Australia’s top bank executives has urged the Labor federal opposition to reconsider its attacks on negative gearing and back off from a royal commission that could force the banks to sell their wealth arms and benefit union-backed industry superannuation funds.

The Reserve Bank of Australia faces one of its toughest decisions in years, backed into a corner between implementing an unprecedented budget-day interest rate cut to offset falling prices, or holding rates steady to avoid hurting retirement savers and stoking fresh doubts about the strength of the economy.

Page 3: The nation’s chefs and restaurateurs have chosen Melbourne’s Attica as Australia’s top restaurant, with Dan Hunter, from regional Victorian restaurant Brae, named as the country’s top chef.

Page 5: The government will push Australia further ahead of the global pack when it introduces new measures to clamp down on multinational tax avoidance in the budget.

Page 7: Foxtel has criticised changes proposed by the Productivity Commission, including allowing Australians to circumvent ‘‘geo-blocking’’.

Page 8: The Turnbull government will use historically low interest rates to help the private sector fund key infrastructure projects as an alternative to new direct funding for road and rail projects.

Page 11: Westpac Banking Corp sought to assuage nervous investors about the quality of its loan books, with chief executive Brian Hartzer assuring them bad loans remained isolated and conditions in the Australian economy did not point to any looming deterioration in credit.

Page 13: Telstra will persist with its Asia growth strategy, despite its failed attempt to set up in the Philippines and the $2.1 billion sale of most of its stake in Chinese online car retailer Autohome.

Page 14: Gaming giant Tabcorp stemmed the loss of online market share to its overseas rivals in the third quarter yet sluggish overall revenue growth in its wagering unit disappointed investors.

Page 29: The maker of a drone detection system used at the last two Boston marathons is raising $7 million for an ASX listing and will move all its research and development to Australia.

 

 

The Australian

Page 1: An election fight on economic management has erupted over a $19.5 billion funding hole in Labor’s plans to pay for its education policy, ahead of a federal budget that has thrown Bill Shorten on the defensive over tax cuts for more than two million workers.

The extended Kidman family has refused to bow to government pressure to break up its outback cattle empire and sell its nine sprawling cattle stations individually, increasing the chance more of the business will remain in Australian hands.

Australians will face stricter controls on the cash they put into their retirement nest eggs, in a major budget saving that threatens to trigger a backlash from voters preparing to leave the workforce.

Page 2: Coles has strongly defended payments to the powerful shop workers union to conduct training, claiming the payments met health and safety laws, despite the retailer coming under fire for striking a workplace deal that allegedly left workers worse off.

Page 4: Scott Morrison has warned that today’s budget will be confronting a difficult growth outlook, with the economy held back by global stagnation.

Page 6: Australian entrepreneur Craig Wright has officially confirmed that he’s the man behind bitcoin, ending years of speculation on the true identity of the man who created the digital currency.

Malcolm Turnbull has strongly rejected claims his government picked the French submarine so the navy could more easily swap to nuclear powered boats in the future.

Page 19: Westpac chief Brian Hartzer has vowed to cull low-return business and pull price levers to navigate through difficult conditions, laid bare by a steep jump in bad debts and a stagnant dividend for the first time since the global financial crisis.

Peabody Energy Australia may struggle to continue as a going concern, despite being excluded from the bankruptcy of its US parent, if lenders and other counterparties exercise rights related to the US insolvency.

Page 30: The Brett Blundy-chaired Aventus Property Group has snared Australia’s biggest portfolio of large-format retail centres, snapping up a five-strong collection from US private equity powerhouse the Blackstone Group for $219 million.

 

 

 

The West Australian

Page 3: Up to 22 paramedics a night are not showing up for work, forced to book time off because of fatigue and understaffing, according to their union.

Page 10: Nationals WA has endorsed a CBH board member and fierce critic of the way former leader Brendon Grylls used Royalties for Regions money as its candidate for the Federal seat of O’Connor.

Page 12: A crowd-funded residents’ group that beat the Barnett Government over the environmental approval for the Roe 8 extension has vowed to continue its fight, even if a ministerial appeal against WA Chief Justice Wayne Martin’s decision in December is successful.

Page 13: The Federal Government has capitulated to a campaign to include key WA towns in its definition of northern Australia.

Business: Westpac yesterday kicked off the banks earnings season with a below-expectation $3.9 billion first-half profit that disappointed investors and highlighted the pain that is yet to come from the end of the resources boom.

The WA Government’s helping hand to Premier Coal appears to have contributed to a major financial turnaround, with the Chinese-owned Collie producer returning to profit last year.

James McClements’ $2.3 billion private equity Resource Capital Fund has launched a bid to buy out struggling engineering firm Ausenco.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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