31/05/2016 - 06:25

Morning Headlines

31/05/2016 - 06:25

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ANZ chased for $2.5b for sale ‘under duress’

ANZ Bank faces a $2.5 billion-plus claim from the billionaire founders of Burrup Fertilisers Pankaj and Radhika Oswal after the bank allegedly forced the sale of their business for far less than they say it was worth and while they were under ‘‘duress’’. The Fin

Workers high on ice at work

WA’s peak business body has called for urgent action to confront the growing problem of “ice” use in the workplace, estimating that more than 7000 employees would have the drug in their system if tested today. The West

Aldi success registers in supermarket sector

Discounter Aldi is now Australia’s most profitable supermarket retailer and is set to reach ‘tipping point’ by grabbing a bigger share of Australians’ main grocery purchases and undermine Coles’ and Woolworths’ duopoly. The Fin

Labor’s decade of 49pc tax

Australians could be saddled with a top marginal income tax rate of 49 per cent for a decade after leader Bill Shorten confirmed Labor would keep the Coalition’s ‘‘temporary’’ deficit levy for at least 10 years to pay for hospitals. The Fin

Labor to raid $5b fund to develop tourism facilities in north Australia

Labor will ‘‘redirect’’ $1 billion from the government’s $5 billion loan scheme for the development of northern Australia and devote it specifically to tourism infrastructure and other investments in the top end, Bill Shorten will announce on Tuesday. The Fin

30pc of women yet to choose between leaders

A record 30 per cent of women have yet to decide whether they prefer Malcolm Turnbull or Bill Shorten, as the Labor leader attracts a surge in support from men. The Aus

Venturex jumps aboard lithium train

Venturex announced Toronto-listed Macarthur Minerals had signed a farm-in and joint venture agreement covering lithium rights at its Sulphur Springs copper-zinc project south-east of Port Hedland. The West

 

 

The Australian Financial Review

Page 1: Australians could be saddled with a top marginal income tax rate of 49 per cent for a decade after leader Bill Shorten confirmed Labor would keep the Coalition’s ‘‘temporary’’ deficit levy for at least 10 years to pay for hospitals.

The biggest crowdfunding project ever launched to find new businesses has no strategy, no board or CEO, and is run entirely by computer code. Even its founder acknowledges that its legal rights will be tenuous.

Page 3: ANZ Bank faces a $2.5 billion-plus claim from the billionaire founders of Burrup Fertilisers Pankaj and Radhika Oswal after the bank allegedly forced the sale of their business for far less than they say it was worth and while they were under ‘‘duress’’.

Page 4: Corporate profits continued to decline in the March quarter, adding some drag to the value of national output ahead of Wednesday’s gross domestic product figures.

Page 6: Labor will ‘‘redirect’’ $1 billion from the government’s $5 billion loan scheme for the development of northern Australia and devote it specifically to tourism infrastructure and other investments in the top end, Bill Shorten will announce on Tuesday.

An audit report has identified serious shortcomings in the collection of taxes on imported tobacco products, which are worth about $8 billion a year.

Page 9: AMP plans to ban mortgage lending to most foreign borrowers, highlighting growing lender nerves about fraud and money laundering.

Page 13: Discounter Aldi is now Australia’s most profitable supermarket retailer and is set to reach ‘tipping point’ by grabbing a bigger share of Australians’ main grocery purchases and undermine Coles’ and Woolworths’ duopoly.

Page 16: Oil Search has held talks with Papua New Guinea’s competition regulator amid concerns the watchdog has voiced over its $US2.2 billion-plus takeover deal for smaller rival and partner InterOil, as retail shareholders in the target hold out hope for a rival offer.

Page 18: A decision by Qantas Airways to lower domestic capacity in response to weak demand is already paying off for the airline, if not for consumers, in the form of a rebound in airfare prices and the percentage of seats filled.

 

 

The Australian

Page 1: Bill Shorten has lashed out at Labor stalwart Keith DeLacy over his criticism of the opposition’s anti-business agenda, mocking the former state treasurer as a company director who wants a tax cut, as business leaders called for an end to class-war politics.

Page 6: Global developer and infrastructure giant Lend Lease has called for urgent industrial relations reform before the federal election, after it defied the construction union’s stranglehold in Victoria, which is threatening to drive up wage costs on taxpayer-funded projects.

Page 7: A record 30 per cent of women have yet to decide whether they prefer Malcolm Turnbull or Bill Shorten, as the Labor leader attracts a surge in support from men.

Page 19: Improving global debt markets are providing major banks with cheaper funds, limiting the big four’s ability to blame higher financing costs for further mortgage and business loan repricing.

Page 21: The future ownership of Australia most recognisable pie brand, the Four’N Twenty, along with a portfolio of other popular supermarket food brands, will hinge on the views of Patties Foods’ biggest shareholder, the Rijs family, as well as Myer Family Investment Co, that together own almost 50 per cent of the food manufacturer’s issued capital.

Page 22: Billionaire Sir Richard Branson says the sale of Air New Zealand’s $450 million stake in Virgin Australia will be concluded within the short term but the entrepreneur would not be drawn on who would buy it.

Page 29: Israeli-based satellite company Sky and Space Global will today relist on the ASX, the next step in a journey for the chief executive, former fighter jet pilot turned space exploration manager Meir Moalem.

 

 

The West Australian

WA’s peak business body has called for urgent action to confront the growing problem of “ice” use in the workplace, estimating that more than 7000 employees would have the drug in their system if tested today.

Treasurer Scott Morrison has revealed the Federal Government may “re-calibrate” its plans to boost the economy as it pins its hopes on small and medium-sized firms using a tax cut to invest and keep employing Australians.

Daily near misses involving buses and pedestrians have prompted the launch of a Transperth safety campaign.

Venturex announced Toronto-listed Macarthur Minerals had signed a farm-in and joint venture agreement covering lithium rights at its Sulphur Springs copper-zinc project south-east of Port Hedland.

Myer and David Jones are slashing prices as they try to lure thrifty shoppers to their stores for the lucrative annual stocktake sales.

A plebiscite on gay marriage will likely be held by the end of the year if the Turnbull Government is re-elected.

A blockade of a Perth Airport construction site in 2013 has resulted in fines of more than $21,200 against the CFMEU and six of its officials.

Premier Colin Barnett says the Liberal candidate for the State seat of Midland should keep his party endorsement despite vulgar and abusive Facebook posts.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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