01/07/2016 - 06:11

Morning Headlines

01/07/2016 - 06:11

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Morning Headlines

Downward spike in resources sector claims another victim

The fallout from the slump in the resources sector continues to wash through the broader economy, with Steel Haul – a company with a 35-year history transporting steel and heavy equipment for blue-chip firms such as Chevron and Rio Tinto – going bust in Western Australia. The Fin

Company and personal tax cuts top PM’s agenda

Prime Minister Malcolm Turnbull promised to legislate tax cuts for business and individuals as his first order of business if re-elected, claiming they were vital to safeguard the economy from global shocks. The Fin

Gove and May to contest Conservative top job

British Justice Secretary Michael Gove, a leading figure in the campaign for Britain to leave the European Union, will run for the leadership of the ruling Conservative Party, the BBC reported on Thursday, citing unnamed sources. The Fin

Lion issues competitive pricing for milk suppliers

Japanese-owned beverage giant Lion Dairy & Drinks has issued new milk prices for its suppliers that come in well above competitors Murray Goulburn and New Zealand’s Fonterra. The Fin

Austal halt brings US margin concerns

Austal is preparing to update the market about the performance of its US operations, raising fears of further cost blowouts with a multibillion-dollar shipbuilding contract. The West

Rio cuts ties with Bougainville

Rio Tinto has walked away from its former jewel in the crown, the Panguna copper/gold mine on Bougainville in Papua New Guinea. The Aus

Investors focus on Mayne game

Mayne Pharma’s big push into the US market through a $US652 million ($877m) deal has been cheered by investors, who sent its shares soaring after its placement to fund the acquisition was heavily oversubscribed. The Aus

Alumina suit could derail Alcoa split

Aluminium giant Alcoa has conceded that court action by its junior partner in the AWAC global alumina alliance, Melbourne’s Alumina, could derail its $16 billion demerger plan. The Aus

Millions in limbo as taxcut delayed

More than three million Australians will be in tax limbo for weeks, with a promised cut in income tax that was due to start today to be delayed. The West

United front against ASX admission rules

Leading WA broking, law and corporate advisory firms have formed a united front to oppose contentious changes to the Australian Securities Exchange’s admission rules. The West

 

 

The Australian Financial Review

Page 1: ANZ Banking Group has created a point-of-sale payment terminal that is smaller, lighter and more mobile than the Commonwealth Bank of Australia’s popular Albert machine.

Page 3: The fallout from the slump in the resources sector continues to wash through the broader economy, with SteelHaul – a company with a 35-year history transporting steel and heavy equipment for blue-chip firms such as Chevron and Rio Tinto – going bust in Western Australia.

In the biggest change to government benefits since Medicare, Australia’s $22 billion a year National Disability Insurance Scheme (NDIS) begins its rollout on Friday.

Page 5: Prime Minister Malcolm Turnbull promised to legislate tax cuts for business and individuals as his first order of business if re-elected, claiming they were vital to safeguard the economy from global shocks.

Page 8: Malcolm Turnbull has all but conceded a future Coalition government will oversee the most sustained period of big government in Australia in four decades after distancing himself from tax hikes and major spending cuts to accelerate budget repair.

Page 10: One of the region’s most senior bankers, ANZ Banking Group’s institutional head Mark Whelan, says he is disappointed with the federal election campaign’s failure to grasp the urgency of reskilling the workforce for the jobs of the future.

Page 14: The International Monetary Fund is likely to lower its growth forecast for the German economy in the coming weeks as a result of Britain’s decision to leave the European Union, a senior IMF official said on Wednesday.

Global share sales by companies this year hit a four-year low and bankers and investors said that Brexit could dent volumes further.

Page 15: British Justice Secretary Michael Gove, a leading figure in the campaign for Britain to leave the European Union, will run for the leadership of the ruling Conservative Party, the BBC reported on Thursday, citing unnamed sources.

Page 17: Wholesale gas prices reached almost $29 a gigajoule in Sydney yesterday, about 60 per cent higher than their peak in 2012, triggered by fears among manufacturers of a Tasmanian-style energy shortage.

Woolworths has postponed the deadline for final bids for its Masters and Home Timber & Hardware businesses until mid-July, throwing into doubt its ability to finalise a deal before directors front investors in August.

Page 20: Western Australia, traditionally a heartland of onshore oil and gas exploration, is experiencing a crisis in its drilling activity that can’t all be blamed on the depressed oil price.

Page 29: The corporate regulator has lifted conditions on Macquarie Group’s financial services licence, after KPMG tested how the firm manages internal controls and deals with client money.

Japanese-owned beverage giant Lion Dairy & Drinks has issued new milk prices for its suppliers that come in well above competitors Murray Goulburn and New Zealand’s Fonterra.

 

 

The Australian

Page 2: Nine’s 60 Minutes reporter Tara Brown and her crew involved in snatching two children on a Beirut street have been charged with a small misdemeanour and will escape with a token fine, but the children’s Brisbane mother Sally Faulkner and the abductors face up to seven years in jail.

Page 8: The government has accused Labor of cutting spending on childcare from 2018, saying it is trying to mask a “secret” budget saving worth more than $4 billion over the next decade.

Page 12: The US, Canada and Mexico have confirmed a joint 50 per cent clean electricity target for 2025 and pledged to crack down on methane gas emissions from oil and gas.

Page 21: Rio Tinto has walked away from its former jewel in the crown, the Panguna copper/gold mine on Bougainville in Papua New Guinea.

Page 23: Mayne Pharma’s big push into the US market through a $US652 million ($877m) deal has been cheered by investors, who sent its shares soaring after its placement to fund the acquisition was heavily oversubscribed.

Page 24: Aluminium giant Alcoa has conceded that court action by its junior partner in the AWAC global alumina alliance, Melbourne’s Alumina, could derail its $16 billion demerger plan.

Page 27: A revival in lending to businesses stumbled in May as the federal election got under way, putting additional strain on bank lending growth amid the softening mortgage market.

Page 28: The battle for hegemony in the Middle East between Saudi Arabia and Iran threatens to up-end a $US4 billion ($5.4bn) merger in Japan.              

Page 32: Qantas’s decision to cut back domestic capacity is paying dividends, with a bounce in revenue and a higher percentage of bums on seats across its business.

 

 

The West Australian

Page 6: More than three million Australians will be in tax limbo for weeks, with a promised cut in income tax that was due to start today to be delayed.

Page 16: The value of South Hedland’s taxpayer-underwritten Osprey Village has plunged $30 million in a year, prompting a fiery debate in State Parliament on government involvement in the property market.

Page 22: This year has emerged as a good time to buy real estate, with research showing twice as many apartments and three times as many houses have sold at a loss this year compared with last year.

Page 24: A new no-fault insurance scheme to protect people catastrophically injured in vehicle accidents is among a raft of extra costs to apply to WA households from today.

Page 66: Leading WA broking, law and corporate advisory firms have formed a united front to oppose contentious changes to the Australian Securities Exchange’s admission rules.

Page 67: Construction of an Australian-first waste to energy project in Kwinana will get under way within months after a deal was struck with the Buckeridge family’s BGC Contracting to build the plant.

Page 67: Austal is preparing to update the market about the performance of its US operations, raising fears of further cost blowouts with a multibillion-dollar shipbuilding contract.

Mineral Resources has extended its relationship with Empire Oil & Gas, stepping in to offer a $15.1 million debt facility a fortnight after taking a 19.4 per cent stake in the Perth Basin producer.

Page 68: Moody’s has upgraded its credit rating for TFS as the Perth-based company prepares for bigger harvests from Indian sandalwood plantations in northern Australia.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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