07/07/2016 - 06:29

Morning Headlines

07/07/2016 - 06:29

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Morning Headlines

PM finally set to scrape home

Malcolm Turnbull is assured of forming government – possibly in his own right – after two more seats fell the Coalition’s way and two others swung its way. The Fin

Political accord vital, warns KPMG head

Global upheaval, lacklustre growth and digital disruption make a negotiated political process more important than ever for Australia, says Peter Nash, the chairman for Australia of professional services group KPMG. The Fin

Downer EDI courts Adani as major customer after coal deal

Downer EDI hopes Indian power producer Adani will become a ‘‘major customer’’ after striking a deal to provide services for its coal mines in India, chief executive Grant Fenn said. The Fin

Home Timber an enigma for possible buyers

Metcash and Anchorage Capital Partners share a dilemma – how much to offer for WoolworthsHome Timber and Hardware when they can’t predict customer numbers, sales or earnings. The Fin

MasterCard UK in sights for $33b class action

Consumers in Britain are preparing a £19 billion ($33 billion) class action lawsuit against MasterCard, almost two years after a European Union court ruled the processing fees the company had charged for cross-border transactions were unfair. The Fin

Samarco seeking cash from BHP-Vale venture

Vale and BHP Billiton’s Brazilian mining joint venture is seeking capital injections from its owners as it runs out of cash after a deadly accident halted output, people with knowledge of the matter said. The Fin

Medicare can’t be a ‘money pit’

Malcolm Turnbull and Scott Morrison are staring down Labor demands for a spending splurge on Medicare as the nation faces a $93 billion bill for the universal health service over the next four years, prompting the Treasurer to warn it cannot become a “money pit” for taxpayer funds. The Aus

Tight poll puts projects ‘in peril’

A knife-edge election result has raised fears that infrastructure spending could be skewed by minor parties and marginal seats while decisions on bigger projects and reforms are placed on the backburner. The Aus

Nahan pledges to aid subbies

The State Government has promised a range of measures to boost protection for subcontractors but rejected calls for project bank accounts to ensure they are paid in full if a builder collapses. The West

$1.3b value jump in gold rush

Gold miners in WA saw their value jump by $1.3 billion yesterday as the investor flood into the precious metal reached fever pitch, prompting some to question whether the rally at a time of global economic upheaval was running too hard. The West

 

 

The Australian Financial Review

Page 1: Malcolm Turnbull is assured of forming government – possibly in his own right – after two more seats fell the Coalition’s way and two others swung its way.

A second wave of Brexit-led volatility has caused a sell-off in global equity markets and pushed bond yields in Australia and the United States to record lows.

Private equity giant The Carlyle Group is eyeing Australia’s financial services sector as it looks to build on the $US1.5 billion it has invested in the country in the last decade.

Page 8: Guvera had plans to float on the London Stock Exchange before its Blinkbox operation in Britain failed spectacularly, forcing the company to try its fortune on the Australian Stock Exchange instead, court documents reveal.

Former Rabobank money market trader Paul Thompson was handed to US authorities and is travelling to New York to face wire and bank fraud charges.

Global upheaval, lacklustre growth and digital disruption make a negotiated political process more important than ever for Australia, says Peter Nash, the chairman for Australia of professional services group KPMG.

Page 9: Industry is battling near-record National Electricity Market prices, but next week’s meeting of federal and state energy ministers has been put off due to the drawn out federal election.

Page 11: Theresa May took a clear lead in the race to succeed British Prime Minister David Cameron after the first round of voting among Conservative Party MPs on Tuesday.

Page 15: Downer EDI hopes Indian power producer Adani will become a ‘‘major customer’’ after striking a deal to provide services for its coal mines in India, chief executive Grant Fenn said.

As online retailer Kogan.com prepares to list on the stock exchange on Thursday, founder Ruslan Kogan has played down the threat from changes to the GST-free threshold for goods bought online overseas.

Page 17: Metcash and Anchorage Capital Partners share a dilemma – how much to offer for WoolworthsHome Timber and Hardware when they can’t predict customer numbers, sales or earnings.

Rod Walker, the chairman of ailing vacuum cleaner group Godfreys, says it’s not appropriate for him to divulge his ‘‘private discussions’’ with departed chief executive Kathy Cocovski, who has stepped down after just five months in the job.

Page 18: Consumers in Britain are preparing a £19 billion ($33 billion) class action lawsuit against MasterCard, almost two years after a European Union court ruled the processing fees the company had charged for cross-border transactions were unfair.

Page 19: Local fund managers are following the lead of passive investment giants and cutting annual management fees for the retail market as they look to retain investors and attract new fund flows.

Paul Batchelor, the former chief executive of AMP, says the wealth manager risks damaging its brand over the stoush between investment arm AMP Capital and unitholders of a prominent Chinese equity fund.

Page 20: The executive in charge of making Vodafone Australia a bigger player in the business market says early wins, such as signing up Qantas, and tie-ups with innovative enterprise software players such as DropBox mean some ambitious targets are in reach.

Domain has bought a 50 per cent stake in utilities comparison business Residential Connections.

Billionaire rag-trader Solomon Lew’s Just Group – which includes Just Jeans, Portmans and beloved schoolchildren’s stationary supplier Smiggle – has launched legal action against its recently departed chief financial officer Nicole Peck after she was hired by its arch-rival Cotton On.

Page 21: Vale and BHP Billiton’s Brazilian mining joint venture is seeking capital injections from its owners as it runs out of cash after a deadly accident halted output, people with knowledge of the matter said.

Melco Crown Entertainment’s most expensive resort is set to open its first gambling rooms targeting high spenders from mainland China, switching gears from an earlier strategy that focused on recreational gamblers as it looks to reverse two years of slumping profit.

Page 37: Bankwest, a Perth-based subsidiary of Commonwealth Bank of Australia, has introduced tough new identification requirements on mortgage borrowers outside Australia to crack down on fraud and money laundering.

Page 38: Perth-based property syndicator Primewest has sold the large format retail centre Primewest Mandurah, in Mandurah, Western Australia, to another Perth syndicator, Sullivan Property Consultant, for $13 million.

Page 42: A $200 million fund backed by an influential mix of west coast investors will bankroll emerging mining, agri-tech and fintech start-ups that have been shut out by new ASX listing rules and overlooked by the big east coast funds, Square Peg Capital and Blackbird Ventures.

 

 

The Australian

Page 1: Malcolm Turnbull and Scott Morrison are staring down Labor demands for a spending splurge on Medicare as the nation faces a $93 billion bill for the universal health service over the next four years, prompting the Treasurer to warn it cannot become a “money pit” for taxpayer funds.

Page 5: Federal taxpayers have shelled out $64 million to pay redundancy entitlements for workers sacked at Clive Palmer’s Townsville nickel refinery after his business collapsed.

Page 6: Changes to negative gearing could be back on the table as the major parties look to win support during an election stalemate, with some crossbench senators refusing to rule out supporting Labor’s controversial plan.

Page 19: A knife-edge election result has raised fears that infrastructure spending could be skewed by minor parties and marginal seats while decisions on bigger projects and reforms are placed on the backburner.

Rohan Williams has heard all the comments from the managing directors of Australia’s goldminers about how more acquisitions are off the table, but it’s fair to say he doesn’t think they’re being totally honest.

Page 21: The merry-go-round of directors at Woolworths’ loss-making hardware joint venture Masters has continued, with former Qantas and AMP chief financial officer Colin Storrie joining the board and long-time Woolworths executive Rodney Bordignon leaving the retailer.

Page 22: Furniture retailer Fantastic Holdings — still reeling from this year’s mysterious ejection of its chief executive and chief financial officer, boardroom ructions and a profit upgrade — has now unveiled an impairment charge that will obliterate more than one-third of its pre-tax profit for 2016.

Page 25: Germany’s antitrust watchdog launched a steel price-fixing investigation into six companies, including carmakers Daimler, BMW and Volkswagen and suppliers Robert Bosch and ZF Friedrichshafen.

 

 

The West Australian

Page 3: The State Government has promised a range of measures to boost protection for subcontractors but rejected calls for project bank accounts to ensure they are paid in full if a builder collapses.

Page 5: Disgruntled country voters have snubbed Liberal and National parties in WA, with one in four backing minor parties for the Senate at the weekend.

Page 12: Han’s cafes run by one of the chain’s founders have been accused of underpaying 100 workers by tens of thousands of dollars over several weeks.

Page 57: Gold miners in WA saw their value jump by $1.3 billion yesterday as the investor flood into the precious metal reached fever pitch, prompting some to question whether the rally at a time of global economic upheaval was running too hard.

Former West African gold boss Mark Calderwood has joined the lithium rush, and is tipped to emerge as the head of Tawana Resources as it abandons Africa in favour of WA pegmatites.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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