07/06/2016 - 05:42

Morning Headlines

07/06/2016 - 05:42

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Morning Headlines

Major miners wasted the boom: PwC

The world’s largest miners have squandered the benefits of the long resources boom, writing off the equivalent of 32 per cent of the capital expenditure spent since 2010, according to accounting firm PwC. The Fin

Tough time ahead for Perth office prices

Perth’s hard hit office market has still further to fall, according to a new report from forecaster BIS Shrapnel. The Fin

Mitsui, AWE partners in Perth Basin gas bid

Japanese trading giant Mitsui has teamed with AWE to bid up to $200 million for Origin Energy’s Perth Basin assets. The West

UGL warning deeply concerning, say investors

Contractor warns it may write down $200m UGL’s top investor, Allan Gray, said it was ‘‘deeply concerned’’ after the contractor warned it may need to set aside an additional $200 million to settle two contracts for INPEX’s Ichthys liquefied natural gas plant. The Fin

Job ads jump to 4-year high, but prices stay soft

The biggest jump in job advertisements in eight months has removed any urgency for another Reserve Bank of Australia interest rate cut amid renewed criticism about the prospect of further monetary policy stimulus. The Fin

BHP backs Chinese steel’s carbon capture with $9.5m

BHP Billiton will provide $US7 million ($9.5 million) to help break down the barriers to the use of carbon capture and storage technology in the Chinese steel industry, in a move that chief executive Andrew Mackenzie hopes will accelerate commercial projects. The Fin

Premier refuses to expand tagging program

Colin Barnett has downplayed the effectiveness of satellite-linked receivers to monitor sharks while describing tagging practices as “brutal” and “invasive”. The West

Miners dare PM to ‘secure prosperity’ by fighting on the workplace front

Mining giants have added to pressure to make industrial relations reform central to the election agenda, slamming Labor’s Fair Work Act for pushing up business costs and damaging Australia’s productivity. The Aus

 

 

The Australian Financial Review

Page 1: Australian businesses have been warned they need to spread the risk in their cloud computing operations across different cities after a huge Sydney storm knocked out the operations of numerous Amazon Web Services customers.

Perth’s hard hit office market has still further to fall, according to a new report from forecaster BIS Shrapnel.

Page 2: Analysis by actuarial consulting firm Rice Warner shows that voters with $2 million or more in super savings will be better off under Labor’s policy in years when investment market returns are 6 per cent or less, but could pay more than three times as much tax when returns are more than 8 per cent.

Page 3: Origin chief executive Grant King says a lower corporate tax rate is crucial to getting future projects off the ground and the long lead time on investing in big gas projects means a decade ‘‘glide path’’ towards a 25 per cent rate will help shape investment decisions.

Page 5: Major listed aged providers, as well as the large private operators, may face a more serious hit to their earnings than first anticipated from the shock cut in funding to the sector in the May federal budget.

Page 6: The biggest jump in job advertisements in eight months has removed any urgency for another Reserve Bank of Australia interest rate cut amid renewed criticism about the prospect of further monetary policy stimulus.

Page 7: AGL Energy has reversed a decision to mothball four ageing gas turbines at Torrens Island in a bid to maintain reliable power and stable prices in South Australia’s heavily wind and solar-driven electricity market.

Page 11: The world’s largest miners have squandered the benefits of the long resources boom, writing off the equivalent of 32 per cent of the capital expenditure spent since 2010, according to accounting firm PwC.

Woolworths chief executive Brad Banducci has unveiled his long-term growth targets for the retailer’s earnings engine room, food and liquor, saying his aspiration is to restore sales growth to 4 per cent.

Contractor warns it may write down $200m UGL’s top investor, Allan Gray, said it was ‘‘deeply concerned’’ after the contractor warned it may need to set aside an additional $200 million to settle two contracts for INPEX’s Ichthys liquefied natural gas plant.

Page 14: BHP Billiton will provide $US7 million ($9.5 million) to help break down the barriers to the use of carbon capture and storage technology in the Chinese steel industry, in a move that chief executive Andrew Mackenzie hopes will accelerate commercial projects.

Page 16: Online retail entrepreneur Ruslan Kogan has ambitious growth forecasts for Kogan.com   in its first year as a public company, but says he has no plans to ‘‘splash cash’’.

Page 19: Online job outsourcing marketplace Airtasker has closed one of the biggest Australian start-up fundraising rounds of the year, securing $22 million in a round led by Seven West Media.

 

 

The Australian

Page 2: The federal government’s borrowing costs dropped to a record low yesterday as world markets reacted to the possibility the US Federal Reserve will be unable to raise interest rates as planned.

The head of the nation’s peak farming group has called on the winner of the July 2 election to compensate families and businesses affected by the 2011 suspension of live-cattle exports to Indonesia.

Page 6: Mining giants have added to pressure to make industrial relations reform central to the election agenda, slamming Labor’s Fair Work Act for pushing up business costs and damaging Australia’s productivity.

Page 7: The Greens will push to strip state governments of environment powers and give them to an independent federal authority as part of a $2.6 billion, six-year reform program to be announced today.

Page 8: Labor concedes it will go to the election without a long-term plan for childcare reform, offering instead short-term fee relief for families that some warn could add to inflationary pressures on costs that have already jumped 100 per cent in the past decade.

Page 19: The Reserve Bank faces renewed upward pressure on the Australian dollar as the US Federal Reserve is expected to further delay its interest rate rises after disappointing US jobs data last week threatened to radically change its assessment of the US economy.

Banks are increasingly revaluing apartments bought off the plan approaching settlement “well below” the initial purchase price, raising the risk that more deals will fall over as the nation’s glut rises to 70,000 units.

Page 21: Acquisitive online travel agency Webjet has expanded into the booming cruise, motorhome and car rental business, buying New Zealand’s Online Republic for $79 million, funded via a $72m capital raising.

Page 22: Last year’s commodity price rout ravaged the global industry, with the top 40 mining companies posting their first collective net loss in history of $US27 billion, compared with a $US50bn net profit in 2014.

Page 29: Perth-based online eLearning platform Velpic is looking to raise fresh capital after securing the Canterbury Leagues Club as a key client.

 

 

The West Australian

Colin Barnett has downplayed the effectiveness of satellite-linked receivers to monitor sharks while describing tagging practices as “brutal” and “invasive”.

Japanese trading giant Mitsui has teamed with AWE to bid up to $200 million for Origin Energy’s Perth Basin assets.

Every Australian will shell out an extra $1228 in tax under the policies in the Government’s Budget, a right-wing think tank says.

The State Government’s planned $5 billion infrastructure fund could be the cash cow for Perth’s light rail but only if Premier Colin Barnett can win over the Nationals to privatise key assets.

The State Government hopes to help develop and use innovative technology, including drones, recognition software and sonar, to help protect people from shark attacks.

Alannah MacTiernan’s battle to make public documents central to the Perth Freight Link will today go to the Administrative Appeals Tribunal as she continues her fight to reveal key elements of the $1.9 billion project.

Federal Treasurer Scott Morrison has accused the Labor Party of exposing taxpayers to a billion-dollar liability by not supporting the $1.9 billion Perth Freight Link.

Perth commuters are fed up with spending hours every week driving to and from work, a new report out today shows, with thousands of people wanting to live within walking distance of their workplace.

Perth scientists have launched the world’s first clinical study of biomarkers in the eye that could help detect and monitor brain disorders such as depression and anxiety.

Sweeping changes to child care may be brought forward if the coalition can get the funding measures through the Senate, Malcolm Turnbull says.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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