08/06/2016 - 06:03

Morning Headlines

08/06/2016 - 06:03

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Morning Headlines

Gas producer Quadrant Energy lays early groundwork for float

Early ground is being laid for a potential listing of Western Australian gas producer Quadrant Energy on the Australian Securities Exchange, as owners Brookfield Asset Management and Macquarie Capital look to capitalise on an eventual recovery in oil prices. The Fin

Delays a threat to port price

The State’s under-treasurer has warned credit ratings agencies may take a dim view of delays to the privatisation of WA ports, saying the sale of Port Hedland’s Utah Point facility may now not be possible until late next year. The West

Labor plan would blow out deficit

Labor will all but confirm on Wednesday that it will allow the budget deficit to worsen over the next four years when it presents its policy agenda as a 10-year economic growth plan that is fairer than the Coalition’s. The Fin

Reports of coal’s death premature: mining body

After a major conference was told the gas industry needed to ‘‘take off the gloves’’ to fight against coal for its share of the world’s shrinking carbon budget, Minerals Council of Australia chief executive Brendan Pearson warned the energy sector was not a ‘‘zero-sum game’’. The Fin

UGL investors probe Ichthys delay causes

Uncertainty over UGL’s ability to quickly resolve its problem contracts on Darwin’s giant Ichthys liquefied natural gas project has kept investors leery, with the stock suffering further falls a day after it warned it may need to write off $200 million.

Property rebound will not last long, says RBA

Criticism that last month’s Reserve Bank of Australia rate cut may have reignited a property bubble is unwarranted given the surge in supply of new apartments hitting the market, argues the central bank. The Fin

Union bid to torpedo China FTA

Militant unions have revived their crusade against the China free-trade agreement in a move that threatens to compromise Bill Shorten’s election campaign and undercut his plan to liberalise foreign investment rules. The Aus

 

 

The Financial Review

Page 1: Half the roughly $200 billion spent building liquefied natural gas plants in Australia over the past decade was wasted in part because of the industry’s complacency, according to the head of the country’s biggest gas producer.

Labor will all but confirm on Wednesday that it will allow the budget deficit to worsen over the next four years when it presents its policy agenda as a 10-year economic growth plan that is fairer than the Coalition’s.

Page 2: The corporate regulator has launched legal action against National Australia Bank for allegedly manipulating the bank bill swap rate (BBSW) 50 times. NAB said it would fight the case.

Page 3: The managing director at private health insurer Bupa says neither side of politics has shown it can improve healthcare, while reining in spending, and nothing short of a Productivity Commission review will fix the sector’s ills.

Page 6: Criticism that last month’s Reserve Bank of Australia rate cut may have reignited a property bubble is unwarranted given the surge in supply of new apartments hitting the market, argues the central bank.

Page 7: Woolworths conspired with laundry detergent manufacturers to replace old products with new products on the same ‘‘D-Day’’ so Australian consumers paid more for detergent than New Zealanders, says the competition regulator.

Page 8: After a major conference was told the gas industry needed to ‘‘take off the gloves’’ to fight against coal for its share of the world’s shrinking carbon budget, Minerals Council of Australia chief executive Brendan Pearson warned the energy sector was not a ‘‘zero-sum game’’.

Page 11: Uncertainty over UGL’s ability to quickly resolve its problem contracts on Darwin’s giant Ichthys liquefied natural gas project has kept investors leery, with the stock suffering further falls a day after it warned it may need to write off $200 million.

Page 13: Disgruntled InterOil shareholders have begun to ramp up their campaign against Oil Search’s $US2.2 billion ($3 billion) takeover offer, arguing it ‘‘materially undervalues’’ the company by as much as $US3 billion.

Page 13: A team of specialists from KordaMentha are in the early stages of a forensic investigation into what went wrong at collapsed steelmaker Arrium, with corporate regulator, the Australian Securities and Investments Commission, in close contact with the administrators.

Page 14: Santos’ newish chief executive Kevin Gallagher says a radical overhaul of gas project ownership structure is needed to improve efficiency and help get new investment off the ground.

Early ground is being laid for a potential listing of Western Australian gas producer Quadrant Energy on the Australian Securities Exchange, as owners Brookfield Asset Management and Macquarie Capital look to capitalise on an eventual recovery in oil prices.

Woodside Petroleum may appoint another director this year as it looks for a successor to long-serving chairman Michael Chaney, with insiders saying former Shell executive Ann Pickard may not be tapped for the role.

Page 15: Weaker global economic conditions and political uncertainty are creating subdued conditions for investment banking, and 2016 will not be a ‘‘knockout’’ year, says the local arm of Morgan Stanley.

 

 

The Australian

Page 1: Australia stands to gain a “consumer benefit” worth more than twice the value of the federal government’s $48.2 billion company tax cut under a new analysis that counters Labor’s growing criticism of the potential boost.

Page 6: The new Australian Medical Association president Michael Gannon believes he has to be mindful of the budget deficits and not ask for “more, more, more” funding for public hospitals.

Militant unions have revived their crusade against the China free-trade agreement in a move that threatens to compromise Bill Shorten’s election campaign and undercut his plan to liberalise foreign investment rules.

Page 19: Shell says LNG growth will no longer be a priority, potentially ruling out more large-scale Australian investments as it adds non-fossil fuels to its growth focus and as questions grow over global LNG demand.

 

The West Australian

Page 5: Commercial fishers have declared themselves ready and able to resume shark fishing off Perth if the State Government allows it.

Page 11: Federal Treasurer Scott Morrison said he had “absolutely no doubt at all” that challenges to the Perth Freight Link would be resolved but appeared to be confused about details of the $1.9 billion project.

Page 13: Plastic surgeons are calling for WA laws to protect patients from unsafe cosmetic surgery, including the use of high-dose local anaesthetic.

Page 23: Department of Parks and Wildlife is spending almost $1 million a year burning big swaths of the Kimberley despite almost no one living in the affected areas.

Business: The State’s under-treasurer has warned credit ratings agencies may take a dim view of delays to the privatisation of WA ports, saying the sale of Port Hedland’s Utah Point facility may now not be possible until late next year.

One of the Kimberley’s bestknown cattle stations has applied for freehold title over about 10,000 hectares of its pastoral lease as it pursues plans for an irrigation precinct near Fitzroy Crossing.

The CBH board and former favourite son Colin Tutt appear to have come to an uneasy stand off over his ability to work as a consultant in the WA grains industry.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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