21/06/2016 - 06:15

Morning Headlines

21/06/2016 - 06:15

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Fortescue unperturbed by reports of Vale talks

Fortescue Metals Group says Vale’s asset divestment decisions are its ‘‘own prerogative’’ and it is continuing to pursue plans with the Brazilian iron ore miner for a Chinese-based blending joint venture. The Fin

Metcash delays growth to shore up retailers

Wholesaler Metcash may not return to earnings growth until 2018 – two years later than originally forecast – after vowing to help independent retailers defend their market share by ploughing more money into reducing grocery prices. The Fin

Fund managers shift into cash and gold amid Brexit fears

Global markets are heading into what promises to be a sweltering northern hemisphere summer and volatility inducing events have the potential to eclipse last year’s heat which included the Greek debt crisis and China’s sharemarket meltdown. The Fin

Moody’s questions Crown spin-off

Crown Resorts’ ability to generate funds for its $2 billion casino in Sydney has been called into question by credit ratings agency Moody’s, which says the spin-off of its international resorts will crunch sources of cash for Australian developments. The Fin

Medibank may have breached insurer code

Insurer may have breached code of conduct Medibank Private may have contravened the $21 billion industry’s own code of conduct by allegedly keeping customers in the dark over changes to their private health insurance cover. The Fin

Gold deals tipped to heat up in West Africa

Analysts are tipping further mergers and acquisitions in the West African focused gold space driven by strong acquirers out of North America, following a proposed tie-up between Canada’s Teranga Gold and Australian junior Gryphon Minerals. The Fin

Asia, Australia will be first to react to Britain’s EU vote

Britons vote on Thursday in a referendum on whether or not the country remains a part of the European Union after more than four decades inside the political and economic bloc. The Fin

Kidman rejection ‘didn’t hurt us’

The man who conducted a review of the controversial sale process of S. Kidman & Co for the federal government says he believes Scott Morrison’s decision to oppose a Chinese consortium’s bid for the establishment cattle producer on national interest grounds has not harmed Australia’s relations with China. The Aus

Miners start smiling once more

Optimism is starting to return to the mining industry, with a marked shift in sentiment evident as more top executives become confident the worst is over and prepare to invest after two years of capital freezes and lay-offs. The Aus

Ellendale directors face $22m legal claim

Liquidators of the failed Ellendale diamond mine have launched a legal bid to reclaim $22 million from ASX-listed Kimberley Diamonds and three of its directors, as its chairman yesterday faced committal hearings over charges of misleading the market. The West

 

 

The Australian Financial Review

Page 1: China needs to escape a vicious circle in which excess household savings are used to prop up inefficient money hungry state-owned enterprises if it is to reshape its development strategy and remain the world’s main economic growth engine.

The corporate watchdog has uncovered widespread and systemic compliance breaches among online retail derivatives brokers it believes are using Australia’s strong reputation to lure unsuspecting clients.

The author of the nation’s competition review has shot down Labor’s attempt to link a Productivity Commission inquiry into improving the efficiency of government services with a scare campaign over Medicare.

Page 3: A Colliers sales manager has been allegedly forced to resign because of a ‘‘toxic workplace culture’’ at the company which he says effectively demoted him to a sales administration role.

A new study has rejected Labor’s election push to spend an extra $4.5 billion on schools, finding increased funding per student was linked to lower performance.

Page 5: Australia must ensure the United States remains focused on the Asian region after the upcoming presidential election, Julie Bishop says.

Page 6: The federal government made up the cost to the budget of its last-minute decision to delay the introduction of its controversial backpackers tax, Labor says.

Page 7: Real estate agents have taken the fight against Labor’s planned negative gearing changes to the front line: their open inspections and daily conversations with customers.

Page 11: Morgan Stanley says investors should bet on longer-term bonds ahead of the British vote on whether to leave the European Union.

Page 13: Wholesaler Metcash may not return to earnings growth until 2018 – two years later than originally forecast – after vowing to help independent retailers defend their market share by ploughing more money into reducing grocery prices.

Global markets are heading into what promises to be a sweltering northern hemisphere summer and volatility inducing events have the potential to eclipse last year’s heat which included the Greek debt crisis and China’s sharemarket meltdown.

Page 15: Crown Resorts’ ability to generate funds for its $2 billion casino in Sydney has been called into question by credit ratings agency Moody’s, which says the spin-off of its international resorts will crunch sources of cash for Australian developments.

Fortescue Metals Group says Vale’s asset divestment decisions are its ‘‘own prerogative’’ and it is continuing to pursue plans with the Brazilian iron ore miner for a Chinese-based blending joint venture.

Page 16: Investors may be better off in the supermarkets sector than discretionary retailing because the competitive threat from offshore players in a low-inflation world is more palatable.

Tradies buying almost 40,000 Toyota HiLux utes a year have underpinned a solid 22 per cent increase in Toyota Australia’s net profit to $236 million, just 15 months before the car maker shuts its manufacturing operations in Melbourne.

BHP Billiton chief executive Andrew Mackenzie has made ‘‘shrinking to greatness’’ one of the mantras of his time in charge of the global mining giant. Now Credit Suisse believes department store group Myer should take a leaf out of the book.

Page 17: Insurer may have breached code of conduct Medibank Private may have contravened the $21 billion industry’s own code of conduct by allegedly keeping customers in the dark over changes to their private health insurance cover.

Page 18: Analysts are tipping further mergers and acquisitions in the West African focused gold space driven by strong acquirers out of North America, following a proposed tie-up between Canada’s Teranga Gold and Australian junior Gryphon Minerals.

BHP Billiton and Vale’s Brazilian mining joint venture is exploring ways to restructure about $US1.6 billion ($2.1 billion) in loans months after a deadly accident halted output and crimped cash flow, people with knowledge of the matter said.

Page 21: US cloud computing giant Salesforce will ramp up its investment in Australia as it bids to make the country its launching pad for further expansion in the Asian region.

Page 30: Britons vote on Thursday in a referendum on whether or not the country remains a part of the European Union after more than four decades inside the political and economic bloc.

 

 

The Australian

Page 1: Independent modelling of Bill Shorten’s negative gearing and capital gains tax crackdown predicts it would cut housing prices by an average 4 per cent nationwide and property investors would be worse off by $20,000 over a decade on a $500,000 property.

Page 19: The man who conducted a review of the controversial sale process of S. Kidman & Co for the federal government says he believes Scott Morrison’s decision to oppose a Chinese consortium’s bid for the establishment cattle producer on national interest grounds has not harmed Australia’s relations with China.

Page 21: Optimism is starting to return to the mining industry, with a marked shift in sentiment evident as more top executives become confident the worst is over and prepare to invest after two years of capital freezes and lay-offs.

 

 

The West Australian

Page 5: A Landsdale man has died at a Pilbara mine after an accident involving a drill rig.

Page 20: Australia could face a new skilled worker shortage bigger than the one that hit the resources boom and more wide-ranging.

Page 43: Liquidators of the failed Ellendale diamond mine have launched a legal bid to reclaim $22 million from ASX-listed Kimberley Diamonds and three of its directors, as its chairman yesterday faced committal hearings over charges of misleading the market.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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