15/06/2016 - 06:08

Morning Headlines

15/06/2016 - 06:08

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Morning Headlines

Brexit fears rattle ASX

Mounting support for Britain to leave the European Union has struck financial markets around the world, including Australia, where shares were sold off on concerns that a vote for Brexit will bring into question the entire European project. The Fin

Labor may surge to a six-seat swing out west

Labor is on track to secure the largest number of seats it has held in Western Australia since 2001, as the end of the mining boom helps boost the Opposition’s fortunes to such an extent that even social services minister Christian Porter’s grip on the seat of Pearce appears to be loosening. The Fin

Terrorism no longer phases investors

Investors on Wall Street shrugged off the financial impact of the Orlando shooting atrocity that killed at least 50 people, the latest evidence that global stock markets are becoming more impervious to terrorism attacks. The Fin

GrainCorp warns CBH about risks to exports

The nation’s largest listed agricultural company GrainCorp has warned CBH Group it risks repeating mistakes it made on the east coast, which cost it millions of tonnes in lucrative grain exports. The Fin

Aussie keeps its head as others lose theirs

The Australian dollar has proved resilient amid the current bout of global jitters, climbing against all but the most traditional safe-haven currencies. The Fin

BCA attacks Labor’s ‘ad hoc’ cutting

Bill Shorten is engulfed in a new fight with business over how to repair the budget as he comes under criticism for proposing “ad hoc” cuts to industry programs rather than a comprehensive plan to scale back public spending. The Aus

Super chasing riskier assets

Record low bond yields are pushing superannuation funds and insurance companies into alternative investments such as private equity and real estate debt in a bid to achieve better returns or incomes to pay policyholders. The Aus

Stadium snubbed as PM handballs GST

Malcolm Turnbull and Bill Shorten campaigned in WA yesterday but offered nothing to remedy the GST injustice that is hurting the State and its economic future. The West

 

 

 

The Australian Financial Review

Page 1: Mounting support for Britain to leave the European Union has struck financial markets around the world, including Australia, where shares were sold off on concerns that a vote for Brexit will bring into question the entire European project.

Page 3: Australia’s richest man, Meriton boss Harry Triguboff, has slammed the NSW government for adding tens of thousands of dollars to purchase costs for foreign buyers of residential property, after announcing a 4 per cent stamp duty surcharge from June 21.

Page 4: Labor is on track to secure the largest number of seats it has held in Western Australia since 2001, as the end of the mining boom helps boost the Opposition’s fortunes to such an extent that even social services minister Christian Porter’s grip on the seat of Pearce appears to be loosening.

Page 7: Clive Palmer has followed through on his threat to sue advisory firm FTI Consulting, hitting the company with a $1-billion lawsuit over its administration of his Queensland Nickel refinery and for allegedly with holding money from two of his companies.

Page 8: Developers are raising commissions on apartments in a bid to clear unsold stock as the pipeline of new units’ swells.

Page 12: Investors on Wall Street shrugged off the financial impact of the Orlando shooting atrocity that killed at least 50 people, the latest evidence that global stock markets are becoming more impervious to terrorism attacks.

Page 13: While Australia’s $180 billion of new LNG plants are likely to fall woefully short on their hoped-for returns, they offer a potential prize of more than $US10 billion ($13.6 billion) from extra production down the track, according to Wood Mackenzie.

Page 15: Former InterOil chief executive and dissident shareholder Phil Mulacek is expected to keep up an intense campaign against the Papua New Guinea explorer’s $US2.2 billion-plus takeover by Oil Search even if shareholders back the US-listed company’s existing board at a meeting overnight.

Exxon Mobil is looking to sell a chunk of its oil assets in Bass Strait, where it has operated a joint venture with mining giant BHP Billiton for more than 50 years.

Page 16: The nation’s largest listed agricultural company GrainCorp has warned CBH Group it risks repeating mistakes it made on the east coast, which cost it millions of tonnes in lucrative grain exports.

Page 17: Financial planners want better access to tax data to help them advise clients how to maximise their superannuation savings without putting them at risk of breaching tough new caps.

Page 18: Investors betting on a fall in Metcash shares have scrambled for cover as independent IGA retailers hold their ground amid a battle for market share between Woolworths, Coles and Aldi.

Page 26: The Australian dollar has proved resilient amid the current bout of global jitters, climbing against all but the most traditional safe-haven currencies.

Page 27: The inclusion of Chinese equities into global benchmarks will dilute the weighting of Australia’s position in the Asia ex-Japan region, but it will be beneficial for both the local companies and the economy, Credit Suisse says.

Page 30: Ratings agency S&P said there would not be a sharp price correction in Australian housing and that real estate investment trusts should expect a slowing in the tightening of capitalisation rates despite more offshore capital investing here.

Page 31: The real estate industry has continued its campaign against Labor’s proposals to restrict the use of negative gearing.

Page 34: Accountants and financial advisers may soon find their professional indemnity insurance refusing to cover them if they refer clients to AMMA Private Equity, as anxiety builds about the firm’s controversial $1.3 billion initial public offering of online music streaming company Guvera.

 

 

The Australian

Page 3: Efforts by both political parties to boost the number of people studying science, technology and mathematics are wrongheaded and will simply lead to an increase in the number of unemployed graduates, the Productivity Commission believes.

Page 4: Bill Shorten is engulfed in a new fight with business over how to repair the budget as he comes under criticism for proposing “ad hoc” cuts to industry programs rather than a comprehensive plan to scale back public spending.

Page 20: The status of mining services company ALS as takeover fodder shows no sign of waning as speculation persists US private equity giant KKR continues to run the numbers on a possible bid.

Page 21: Mesoblast shares collapsed yesterday after the stem-cell developer resumed trading following a two-week halt and revealed its “big pharma” partner in a new heart-failure drug had withdrawn from the joint program.

Page 22: Record low bond yields are pushing superannuation funds and insurance companies into alternative investments such as private equity and real estate debt in a bid to achieve better returns or incomes to pay policyholders.

 

 

The West Australian

Page 1: Aldi’s plans to sell alcohol are in jeopardy after WA’s liquor authority found its booze was so cheap it posed a greater risk to public health than other retailers.

Page 4: Malcolm Turnbull and Bill Shorten campaigned in WA yesterday but offered nothing to remedy the GST injustice that is hurting the State and its economic future.

Page 6: Working Australians will pay tens of thousands of dollars in extra taxes to cover Budget deficits left by both sides of politics, an independent watchdog has calculated, unless the next government makes wide-ranging changes.

Page 9: South Perth, facing a residential backlash over a spate of highrise towers, could be home to a new high-density precinct around its ferry terminal on the edge of the Swan River.

Page 14: WA Treasury will not disclose the full cost to the State Budget of operating the new Perth stadium over the next 10 years, despite revealing the impost for the next four.

Page 17: A Labor frontbencher has accused the head of the Water Corporation of breaking the law and called on her to be sacked over the potential exposure of workers to asbestos.

Business Lift-out: MMA Offshore looks likely to post two consecutive years of net losses as the oil and gas vessel operator battles what managing director Jeff Weber calls the worst market conditions in four decades.

Chris Ellison’s Mineral Resources has made a surprise entry into the gas industry, picking up ERM Power’s stake in Perth Basin producer Empire Oil & Gas at a big premium to the market price.

Wesfarmers-owned CSBP is officially back in bed with Elders after a major shake-up of WA’s $850 million-a-year fertiliser market.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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