20/06/2016 - 06:13

Morning Headlines

20/06/2016 - 06:13

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Morning Headlines

Bank break-up ‘not in national interest’

The independent chairman of the federal government’s Financial System Inquiry, David Murray, said the Greens’ policy to ‘‘break up the banks’’ is not in the national interest and will make the economy more vulnerable to external shocks. The Fin

Fortescue battles to meet cost targets

Andrew Forrest’s Fortescue Metals Group faces an uphill battle in meeting its high-profile June 30 cost target, with foreign exchange and fuel prices continuing to go against the miner. The Aus

Directors face new penalties

Company directors could face higher maximum penalties for serious contraventions of the Corporations Act as the Coalition seeks to rebut constant union criticism that union officials would be subject to higher financial penalties for breaking the law. The Fin

US-China rivalry a ‘threat to stability’

Competition between the US and China threatens to tear south-east Asia apart and Australia will be a major loser, according to one of the region’s leading strategists. The Fin

Crown taps $1b Macau windfall

James Packer’s Crown Resorts has moved to allay investor concerns over its balance sheet by using the entire $1 billion proceeds from its sell-down in Melco Crown Entertainment to ease its debt load. The Fin

Turnbull to pledge $49m for Arrium

Prime Minister Malcolm Turnbull will commit to more support for troubled steelmaker Arrium in a bid to match Labor’s sweetener and keep the Nick Xenophon Team at bay in South Australia. The Fin

Jobs plan can’t deliver: Coalition

The Coalition has cast doubt on the ability of Labor’s centrepiece small business jobs plan to create 30,000 jobs a year, declaring the policy unfunded with the incentives back-loaded. The Aus

BHP joins remote revolution

BHP Billiton has taken a major step in the march to automated mining by rolling out remotely operated drilling across its Pilbara iron ore mines. The West

 

 

The Australian Financial Review

Page 1: The independent chairman of the federal government’s Financial System Inquiry, David Murray, said the Greens’ policy to ‘‘break up the banks’’ is not in the national interest and will make the economy more vulnerable to external shocks.

The federal government has dumped plans to outsource the back-office operations of Medicare in a bid to take some of the sting out of Labor’s key election message.

Labor has made a push to sharpen its economic growth agenda with a $257 million plan to encourage employers to take on those who find it hardest to get work.

Page 2: The nation’s top law firms are braced for disruption as ‘‘smart contract’’ technology threatens thousands of legal jobs and lawyers’ role intermediating commercial disputes is automated by computers.

Page 6: Labor’s campaign launch on Sunday saw a late large surge of new spending commitments worth $3.1 billion, bringing the gross total of its spending announcements during the election campaign to $24 billion.

Page 7: Company directors could face higher maximum penalties for serious contraventions of the Corporations Act as the Coalition seeks to rebut constant union criticism that union officials would be subject to higher financial penalties for breaking the law.

Page 9: Competition between the US and China threatens to tear south-east Asia apart and Australia will be a major loser, according to one of the region’s leading strategists.

Page 11: Republicans have descended into panic over Donald Trump’s deteriorating popularity with voters and blunders on the campaign trail, as Democrat Hillary Clinton forges ahead in opinion polls.

Brazil’s Vale is holding discussions with Asian mining companies about a potential sale of a minority stake in its Brazilian iron-ore assets that could fetch as much as $US7 billion, according to people familiar with the matter.

Page 15: Australian Competition and Consumer Commission chairman Rod Sims is still concerned about the level of access the growing army of craft and boutique brewers are getting to the broader beer market in pubs and bars, despite having waved through the Australia component of a $145 billion global beer mega-merger last month.

Page 16: Investment banks UBS and Credit Suisse will join Macquarie Capital in the coveted global co-ordinator roles for the float of Inghams Enterprises, as exclusively revealed by Street Talk on Sunday night.

One of the country’s largest non-bank lenders, Firstmac, has been put up for sale, with Goldman Sachs hired to find a strategic investor or buyer for the whole company, as revealed by Street Talk on Sunday.

Page 18: JPMorgan will hire more investment bankers in Australia as it targets a growing pipeline of infrastructure work but says its new recruits won’t be flogged like bankers of old, the result of a new company-wide policy that staff should not work late nights or on weekends unless they are on a live deal.

Page 19: Senior Australians and financial planners are calling for aged care financial advice to be regulated by the Australian Securities and Investments Commission as the financial arrangements for nursing homes become increasingly complex.

Page 20: James Packer’s Crown Resorts has moved to allay investor concerns over its balance sheet by using the entire $1 billion proceeds from its sell-down in Melco Crown Entertainment to ease its debt load.

Prime Minister Malcolm Turnbull will commit to more support for troubled steelmaker Arrium in a bid to match Labor’s sweetener and keep the Nick Xenophon Team at bay in South Australia.

Page 22: Higher oil and commodity prices are expected to boost the Australian share market on Monday.

 

 

The Australian

Page 1: Bill Shorten has launched a ferocious negative campaign to revitalise Labor’s chances at the July 2 election, in a dramatic move to use fears about Medicare, business tax cuts and same-sex marriage to build a backlash against Malcolm Turnbull.

Page 7: The Coalition has cast doubt on the ability of Labor’s centrepiece small business jobs plan to create 30,000 jobs a year, declaring the policy unfunded with the incentives back-loaded.

Page 8: The EU referendum campaign resumed yesterday, still reeling from the murder of Labour MP Jo Cox and with four days to go until the vote that will shape Britain’s future.

Page 17: A lull in the regulatory capital storm engulfing the major banks is set to end, refocusing attention on potential equity raisings as their surcharge for being a risk to the economy may be doubled and global rules are set in stone.

Andrew Forrest’s Fortescue Metals Group faces an uphill battle in meeting its high-profile June 30 cost target, with foreign exchange and fuel prices continuing to go against the miner.

Page 19: Executives from Guvera will meet with the ASX tomorrow after the regulator blocked the music streaming service’s planned $1.4 billion listing following weeks of controversy and questions over its valuation.

Page 20: Outdated investment structures and myopic regulation of super funds are hobbling the growth of new Australian firms, an industry body has claimed, calling also for a relaxation of new investment rules that single out foreign, government-owned investors.

Page 23: Rupert Murdoch’s News Corp and Singapore social media player Fetch Plus have lodged binding offers for APN News & Media’s regional newspaper business ARM, as the vendor seeks a $50 million sale.

Repsol says it faces a $US5.5 billion ($7.4bn) arbitration claim from a Chinese state-controlled energy firm, adding to problems tied to one of the Spanish oil company’s largest acquisitions.

 

 

The West Australian

Page 9: Perth renters are demanding landlords cut rents and buy new furniture to woo them as the number of properties on the market hits an all-time high.

Page 12: The Federal Government is inviting foreign investors to apply for subsidised loans to develop major infrastructure such as ports, roads and rail across the nation’s north.

Page 57: The liquidator of Forge Group is seeking funding to investigate the prospects of legal action against former directors of the collapsed engineering company.

BHP Billiton has taken a major step in the march to automated mining by rolling out remotely operated drilling across its Pilbara iron ore mines.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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