05/07/2016 - 06:18

Morning Headlines

05/07/2016 - 06:18

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Morning Headlines

Downgrade the least of our worries: PIMCO

Holding on to Australia’s AAA credit rating is the least of the nation’s worries as it faces ‘‘an unbalanced rebalancing’’ from mining to housing led growth, says bond giant PIMCO. The Fin

BHP nod to $US200m copper expansion drive

The final piece of the puzzle needed to expand production at BHP Billiton’s massive Escondida copper mine for the next decade is in place after the mining giant approved the expansion of a crucial concentrator at the Chilean mine. The Fin

Chinese bank defies turmoil with $10bn IPO

Global bank shares are gyrating after the UK vote to leave the European Union. Hedge fund managers and analysts are sounding increasingly dire warnings about the bad debts piling up on the balance sheets of Chinese banks. The Fin

Election logjam won’t force RBA rate cut

Australia’s political future may hang in the balance, but the current impasse and its ramifications won’t be enough to force the Reserve Bank’s hand at its July policy meeting on Tuesday, economists say. The Fin

Winning power will cost billions

Bill Shorten might have the numbers to force a parliamentary vote on same-sex marriage and pass an emissions trading scheme in a hung parliament that is set to cost the budget billions. The Aus

Anti-bank farmer nears seat in Senate

An outspoken farmer who has spearheaded a rural revolt against the banking industry after being “evicted” from his land has emerged as the surprise frontrunner to win the final Senate spot in Western Australia. The Aus

‘Reviving ABCC key to economy’

A failure to break the political deadlock over resurrecting the Howard-era construction industry watchdog will deliver a blow to the national economy by saddling infrastructure projects with disruption and soaring costs, business leaders warn. The Aus

Angas investors face millions in losses

The trustee for the nation’s biggest remaining debenture fund — Adelaide’s $220 million Angas Securities — has warned it is “deeply concerned” that the company will not be able to repay its thousands of investors. The Aus

Xenophon threatens WA bids

WA’s chances of GST justice and an expansion of its multi-billion dollar shipbuilding industry are in peril after Nick Xenophon teamed up with South Australia’s Labor Government to exert pressure in hung parliament negotiations. The West

Austal still buoyant despite its LCS blows

Austal has assured investors its US naval shipbuilding program remains “increasingly profitable over time”, despite costly design modifications ruining its latest annual results. The West

 

 

The Australian Financial Review

Page 1: The three major ratings agencies have warned that the nation’s AAA credit rating would be threatened if budget repair was derailed, as independents poised to hold the balance of power in the new parliament began making costly demands and ruling out budget measures.

Page 5: The administrator of the Whyalla steelworks says a new owner of the business will need major input into future investment decisions in a sale process, which is now highly politicised as potential kingmaker Nick Xenophon seeks an immediate rescue package for the plant to save 3100 jobs.

Page 6: Holding on to Australia’s AAA credit rating is the least of the nation’s worries as it faces ‘‘an unbalanced rebalancing’’ from mining to housing led growth, says bond giant PIMCO.

Page 8: The chief executive of beleaguered cattle exporter Wellard sold his plush Perth mansion on the banks of the Swan River for $13.7 million, substantially less than the $20 million he sought five years ago.

Suggestions WA Premier Colin Barnett’s unpopularity would reflect in the federal election have been proved wrong, a senior member of the Liberal leader’s cabinet says.

Page 9: China will conduct military exercises in the South China Sea this week in the lead up to a highly anticipated international court ruling on its maritime claims, which the Chinese central government has vowed to ignore.

Page 11: The final piece of the puzzle needed to expand production at BHP Billiton’s massive Escondida copper mine for the next decade is in place after the mining giant approved the expansion of a crucial concentrator at the Chilean mine.

Health insurer NIB is demanding a private hospital group accept large cuts in what NIB will pay for surgery and other care, which could leave its million members facing out-of-pocket charges at hospitals across Sydney and Melbourne if discussions break down.

Page 13: RCG Corp has cemented its status as Australia’s fastest-growing footwear retailer by snapping up one of its major customers, footwear chain Hype DC, for as much as $105 million.

Australia’s biggest independent fund manager has argued the regulatory risk faced by Transurban is underappreciated by investors, who are flocking to the stock as a safe-haven given its monopoly of high-quality toll-roads and leverage to falling interest rates.

Treasury Wine Estates, which became the owner of Blossom Hill, the biggest-selling wine brand in the UK six months ago, says the Brexit vote and the subsequent drop in the value of the British pound will have little impact on the company’s 2016-17 financial results.

Page 14: Online food retailer Aussie Farmers Direct expects to return to profitability in the next 12 months after shareholders were forced to fork out $14 million to keep the company afloat, amid mounting losses and increasing competition in the $1.8 billion online food sector.

Telstra has acquired Melbourne-based developer, IT consultancy and Microsoft partner Readify to add to its growing portfolio of network enterprise, security and services business.

Page 14: One dollar is fast becoming the market rate for Australian coal mines, after another Queensland mine sold for the most meagre of sums.

Page 15: The Middle Eastern bank run by a former head of ANZ Banking Group’s international division, Alex Thursby, will merge with one of its rivals to create one of the biggest banks in the Middle East and Africa.

Page 19: Leading members of Australia’s burgeoning tech sector fear Malcolm Turnbull’s failure to secure a clear victory at the weekend election could put the brakes on the political momentum behind the nation's fledgling innovation and start-up culture.

Page 20: ASX-listed mobile game developer Animoca Brands is targeting European users through the $5.4 million acquisition of Finnish gaming business TicBits.

Page 27: Australia’s political future may hang in the balance, but the current impasse and its ramifications won’t be enough to force the Reserve Bank’s hand at its July policy meeting on Tuesday, economists say.

Page 30: The success of anti-foreign investment politicians especially in the senate at the federal election has placed further doubt over the sale of Australia’s largest private land holder S. Kidman & Co.

 

 

The Australian

Page 1: Bill Shorten might have the numbers to force a parliamentary vote on same-sex marriage and pass an emissions trading scheme in a hung parliament that is set to cost the budget billions.

Page 5: An outspoken farmer who has spearheaded a rural revolt against the banking industry after being “evicted” from his land has emerged as the surprise frontrunner to win the final Senate spot in Western Australia.

Page 19: A failure to break the political deadlock over resurrecting the Howard-era construction industry watchdog will deliver a blow to the national economy by saddling infrastructure projects with disruption and soaring costs, business leaders warn.

Page 21: One of Chinese telecommunications giant Huawei’s most senior executives said relations with the federal government had significantly improved and played down security concerns with the company as it worked on plans to roll out new systems designed to make Australian cities “smarter’’.

DomaCom, the company that shot to prominence with a crowdfunding campaign to acquire the property assets of the iconic Kidman Station empire, is looking to float as a near $100 million company on the Australian Securities Exchange.

Page 22: Superannuation changes pitched in the budget could be among the easiest of the federal government’s policy changes to pass in light of an election result that could produce a hung parliament or return the Coalition with a slim Lower House majority.

Page 23: The trustee for the nation’s biggest remaining debenture fund — Adelaide’s $220 million Angas Securities — has warned it is “deeply concerned” that the company will not be able to repay its thousands of investors.

Page 24: The world’s ports are operating as normal as a new container weighing rule that had roiled the shipping industry for months went into effect late last week.

Investors should get fresh clues to how economic volatility is affecting globetrotting companies when PepsiCo reports its second-quarter results on Thursday.

 

 

The West Australian

Page 1: WA’s chances of GST justice and an expansion of its multi-billion dollar shipbuilding industry are in peril after Nick Xenophon teamed up with South Australia’s Labor Government to exert pressure in hung parliament negotiations.

Page 4: The State Government is reviewing whether all subcontractors have been paid for their work on the construction of Elizabeth Quay after claims some have been owed thousands of dollars for months.

Page 7: State Labor yesterday cranked up its demolition job on the Turnbull Government’s agenda in WA, claiming it no longer had a mandate to build the Perth Freight Link.

Page 37: Austal has assured investors its US naval shipbuilding program remains “increasingly profitable over time”, despite costly design modifications ruining its latest annual results.

New Rio Tinto chief executive Jean-Sebastien Jacques is plotting a radical rethink on how the company develops and builds mines as it focuses on organic growth before acquisitions.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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