06/07/2016 - 06:31

Morning Headlines

06/07/2016 - 06:31

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Morning Headlines

Turnbull signals policy retreats

The federal Coalition accepts it must compromise on its 10-year company tax cut plan and Malcolm Turnbull has raised expectations of a retreat on cuts to Medicare as he took full responsibility for Saturday’s election outcome and vowed to heed the message sent by voters. The Fin

Nationals savage ‘aloof’ Libs

Malcolm Turnbull’s election campaign has been dubbed “aloof’’ and “presidential’’ in a damning assessment for the Nationals that urges a “complete policy rethink by the Coalition’’. The Aus

RBA ignores post-election uncertainty

The Reserve Bank of Australia board indicated it doesn’t expect the shock Brexit vote to hurt Australia but wouldn’t acknowledge the wave of uncertainty triggered by last weekend’s federal election. The Fin

Trade data sets up weak GDP number

Economic growth in the second quarter is at risk of falling to less than half a per cent, economists say, after the trade balance blew out by more than expected in May. The Fin

ACCC seeks feedback on concerns over Metcash hardware pledge

In an attempt to secure approval for the acquisition of Woolworths’ hardware wholesale business, Metcash has agreed to allow independent hardware retailers supplied by Mitre 10 and Home Timber & Hardware to source products from other suppliers. The Fin

Rio’s Jacques says no to new coal deals

Jean-Sebastien Jacques says coal investment is off the agenda and remains confident Rio Tinto can extract a better price for its Australian thermal coal operations than its rivals even as the worst commodities downturn in decades ravages the sector. The Fin

Downgrade ‘will feed on itself’

Former treasurer Peter Costello has joined former Future Fund chairman David Murray in warning that a loss of Australia’s prized AAA credit rating would “feed on itself” and put pressure on the banking sector. The Aus

WA a $149b loser in the great tax rip-off

WA has contributed $149 billion more in taxes to the Federation in the past 10 years than it has received back in Commonwealth services, welfare payments and grants to State and local governments. The West

Laws to shield subcontractors

Big companies that squeeze smaller subcontractors and suppliers will be targeted as the competition watchdog seeks to shame wrongdoers under new Federal laws. The West

‘Ridiculous’ delays cost simple projects

“Ridiculous” planning delays for simple housing projects and non-payment of builders and subcontractors are the two biggest issues facing West Australian builders, according to the Master Builders Association of WA. The West

 

 

The Australian Financial Review

Page 1: The federal Coalition accepts it must compromise on its 10-year company tax cut plan and Malcolm Turnbull has raised expectations of a retreat on cuts to Medicare as he took full responsibility for Saturday’s election outcome and vowed to heed the message sent by voters.

The chief executive of Domino’s Pizza, Don Meij, says the company’s profits will not be hit by a new wage agreement under which its franchisees will have to pay penalty rates.

Page 2: A new scam has come to light this morning targeting Telstra customers, adding to Telstra’s growing list of woes after its recent bout of criticism over increasingly frequent network outages.

Page 3: The Reserve Bank of Australia board indicated it doesn’t expect the shock Brexit vote to hurt Australia but wouldn’t acknowledge the wave of uncertainty triggered by last weekend’s federal election.

The family-owned music publishing and recording business behind classic acts like AC/DC, John Paul Young and The Easybeats, and contemporary hit makers like Urthboy and the Cat Empire, has been sold to German music giant BMG.

Page 6: The Coalition is confident it can pass much of its agenda with the support of Labor and the Greens in the Senate, minimising its reliance on what is looming as another large crossbench.

Page 7: Australia’s next government, regardless of its politics, is set for a major test in the $14.8 billion aged care sector after the extent of problems among operators not complying with government funding rules was revealed by the Health Department.

Page 8: The finance industry’s hopes for reforms to boost Australia as a hub for Islamic finance and funds management were dashed by the electoral triumph of Pauline Hanson.

Page 10: Almost 600,000 new cars were sold in the first half of the year, the best half-yearly result on record, driven by Australians’ love of sports utility vehicles.

Page 11: The fund, Japan’s best-performing fund for 2015, plunged 25 per cent on June 24 when the UK voted to leave the European Union, bringing its drop this year to 50 per cent.

Page 12: China should prepare for military confrontation in the South China Sea, an influential Chinese paper said yesterday, a week before an international court decides on a dispute there between China and the Philippines.

Page 13: Economic growth in the second quarter is at risk of falling to less than half a per cent, economists say, after the trade balance blew out by more than expected in May.

Page 15: Woolworths’ suppliers say Australia’s largest retailer has lifted its game on marketing and fresh food, but high staff turnover and poor execution continue to weigh on chief executive Brad Banducci’s turnaround plan.

In an attempt to secure approval for the acquisition of Woolworths’ hardware wholesale business, Metcash has agreed to allow independent hardware retailers supplied by Mitre 10 and Home Timber & Hardware to source products from other suppliers.

Page 16: Jean-Sebastien Jacques says coal investment is off the agenda and remains confident Rio Tinto can extract a better price for its Australian thermal coal operations than its rivals even as the worst commodities downturn in decades ravages the sector.

The resources downturn has claimed another victim after one of Australia’s highest-profile natural resources funds has closed.

Uranium spot prices are still likely to stage a rapid recovery on the back of improving demand, industry analysts and executives argue, despite a persistent supply glut driving prices to a largely unanticipated 11-year low.

Page 17: Australia’s big four banks look set to meet the regulator’s target of being in the top quartile of capitalised banks, globally, but they are far from done as far as capital raisings are concerned.

Page 18: The normally staid world of dentistry has caused some teeth-gnashing for investors during the past seven months as the three main ASX-listed companies involved in Australia’s $9 billion dental care sector suffer painful share price falls.

Page 27: The plunge in the British pound caused by the Brexit vote has punched a $1 million hole in the profits of Australian Vintage, which owns wine brands McGuigan, Nepenthe and Tempus Two.

Page 29: Accounting and consultancy firm Deloitte’s move to diversify from the resources sector in Queensland has helped it experience a surge in new business activity in its Brisbane office, putting on six new partners.

 

 

The Australian

Page 1: Malcolm Turnbull’s election campaign has been dubbed “aloof’’ and “presidential’’ in a damning assessment for the Nationals that urges a “complete policy rethink by the Coalition’’.

Page 3: The ABC will turn to “community and academic partners” to provide online opinion and debate after axing The Drum website.

Page 10: Boris Johnson has thrown his weight behind Energy Minister Andrea Leadsom to become the next British prime minister, declaring she is the only candidate with the “zap, drive and determination” to lead the country.

Page 19: Former treasurer Peter Costello has joined former Future Fund chairman David Murray in warning that a loss of Australia’s prized AAA credit rating would “feed on itself” and put pressure on the banking sector.

Page 21: Qantas’s regional operation QantasLink has awarded Cobham Aviation Services a 10-year contract worth $1.2 billion to provide pilots, cabin crew, and maintenance support for the airline’s fleet of Boeing 717 aircraft.

Page 22: The property market could be headed for a second run as investors, reacting to election uncertainty and sharemarket volatility, head back to bricks and mortar.

Page 23: Commonwealth Bank, the “gorilla” in the $1.5 trillion mortgage market, is starting to beat its chest after a period of shedding market share, placing pressure on rivals.

Rothschild Australia has lamented the snail’s pace of deal-making that is taking a toll on the investment banking industry, as the corporate advisory house revealed profits had been more than halved.

Page 26: Standard Life Investments has suspended trading in a £2.9 billion ($5bn) British commercial real estate fund after the number of investors asking to pull their money out rose after the Brexit vote.

Page 28: Value fund manager Ellerston Capital has emerged as a substantial shareholder in catering and facilities management group Spotless, banking on a turnaround for a company whose shares crashed 40 per cent last December following a profit warning.

 

 

The West Australian

Page 4: Swings of up to 22 per cent in key booths across Perth suggest Colin Barnett faces a fight to remain premier beyond the State election in March.

Page 7: Malcolm Turnbull says he accepts full responsibility for the election but has doubled down in blaming the size of the disaster on Labor’s “grotesque lie” on Medicare privatisation.

Page 9: WA has contributed $149 billion more in taxes to the Federation in the past 10 years than it has received back in Commonwealth services, welfare payments and grants to State and local governments.

Page 11: Big companies that squeeze smaller subcontractors and suppliers will be targeted as the competition watchdog seeks to shame wrongdoers under new Federal laws.

WABUS1: WA nickel producers finally have some cause for optimism after a dismal first half of the year, as the price of the steelmaking commodity hit eight-month highs this week.

Gorgon’s second LNG cargo, aboard the Marib Spirit and destined for the Pilbara project’s co-owner Royal Dutch Shell, has left Barrow Island.

WABUS5: Blackham Resources managing director Bryon Dixon and executive director Alan Thom have each been issued one million new shares in the fledgling gold miner as reward for performance, worth $820,000 each.

Seven West Media (WA) has partnered with drive-through coffee retailer Muzz Buzz to roll out self-serve coffee stations in newsagents and other outlets.

PROP11: “Ridiculous” planning delays for simple housing projects and non-payment of builders and subcontractors are the two biggest issues facing West Australian builders, according to the Master Builders Association of WA.

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