12/07/2016 - 06:17

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12/07/2016 - 06:17

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Dick Smith ‘inflated’ profit

The directors and managers of consumer electronics chain Dick Smith have been accused of inflating earnings to meet market expectations by deliberately buying too much stock, booking rebates from suppliers as profits and disguising weak retail sales with low-margin commercial sales. The Fin

Government told to face up to debt bill

The interest bill on Australia’s federal debt will soon cost more than four times what the country sends abroad in foreign aid and about half the total budget for education or pharmaceuticals, according to a report on the size of the budget-repair task. The Fin

Rate cut tipped to steady British ship

With gauges of consumer sentiment and business confidence plummeting, the pound near a 31-year low, and signs of strains emerging in property funds, the pressure on the governor could not be higher. Investors are pricing in about a 74 per cent chance of a rate cut on Thursday, and until then his every word will be scrutinised. The Fin

Oil Search sweetener needed for InterOil

Oil Search may be required to lift its $US2.2 billion ($2.9 billion) offer for Papua New Guinea gas explorer InterOil by up to 10 per cent to match what is understood to be a rival proposal under consideration by heavyweight ExxonMobil. The Fin

Xero, CCA beef up small business links

Executives from the country’s biggest bank and accounting software provider want the newly re-elected government to focus on small business. The Fin

Coalition goes missing on flagship company tax cut

The Turnbull government has gone to ground on its flagship company tax cut as it prepares to negotiate the changes through a hostile Senate, sparking Labor taunts over reforms that were meant to start on July 1 but remain in limbo. The Aus

Retail boss targeting penalties

Lower Sunday penalty rates and less restrictive retail trading hours will be two of the main priorities of the National Retail Association’s new chief executive, Dominique Lamb. The Aus

Twist in Wellard float fallout

Livestock exporter Wellard is trying to put some distance between itself and a private company owned by its chief executive and major shareholder Mauro Balzarini. The West

Pilbara lithium deposit upgraded, field widens

Ken Brinsden-led Pilbara Minerals believes it is sitting on the second-biggest lithium deposit in the world after yesterday announcing the resource it controls in the North West is 60 per cent larger than estimated. The West

 

 

The Australian Financial Review

Page 1: The directors and managers of consumer electronics chain Dick Smith have been accused of inflating earnings to meet market expectations by deliberately buying too much stock, booking rebates from suppliers as profits and disguising weak retail sales with low-margin commercial sales.

Liberal MPs pushing to overturn up to $2.5 billion in superannuation concession crackdowns from the May budget will be told they must identify alternative savings first so as not to leave the budget bottom line worse off.

Gina Rinehart’s Roy Hill Holdings says its iron ore project remains on target to hit full production by the end of the year. The first shipment of iron ore from the $10 billion Pilbara project left Port Hedland in December last year.

Page 4: AustralianSuper chief executive Ian Silk says rogue Liberal Party MPs pushing for some new superannuation contribution limits to be wound back have a case.

Page 5: The interest bill on Australia’s federal debt will soon cost more than four times what the country sends abroad in foreign aid and about half the total budget for education or pharmaceuticals, according to a report on the size of the budget-repair task.

Page 6: The receivers of a US-Chinese company that owns half of the Queensland government’s Callide C power plant will try to resolve a coal supply dispute with Anglo American before hawking the stake to potential buyers.

Page 7: Major foreign lenders are the latest to put the brakes on lending to apartment buyers amid growing concerns about falling demand and oversupply.

Page 10: With gauges of consumer sentiment and business confidence plummeting, the pound near a 31-year low, and signs of strains emerging in property funds, the pressure on the governor could not be higher. Investors are pricing in about a 74 per cent chance of a rate cut on Thursday, and until then his every word will be scrutinised.

Page 11: Oil Search may be required to lift its $US2.2 billion ($2.9 billion) offer for Papua New Guinea gas explorer InterOil by up to 10 per cent to match what is understood to be a rival proposal under consideration by heavyweight ExxonMobil.

Page 13: Primary Health Care chief financial officer Malcolm Ashcroft blamed most of an almost $100 million write-down on the company’s attempt to transform itself, but acknowledged prior accounting errors also played a part.

The first Australian victim of the iron ore price collapse could soon be back in operation after the liquidators of Sherwin Iron found a suitor for the failed company’s mine in the Northern Territory.

Page 14: Metals X says it will consider the sale of its Rover gold project in the Northern Territory, adding its name to a growing list of gold producers more open to divestments after a period of acquisitive growth.

Page 15: Australian banking powerhouse Macquarie Group has taken top spot on the list of the world’s biggest alternative asset managers, as investors continued to hunt for yield in infrastructure, real estate, private equity and hedge funds.

Executives from the country’s biggest bank and accounting software provider want the newly re-elected government to focus on small business.

Page 19: The National Australia Bank’s new chief information security officer, Andrew Dell, is taking a rare approach to cyber security – he believes the bank can be one step ahead of the cyber criminals.

Page 20: The owner of Red Bull Racing’s V8 supercars team, Roland Dane, and Bain & Company partner Simon Henderson have backed local jobs start-up Found Careers, which has raised $1.5 million to help it scale.

Page 29: The $1.5 billion Viva Energy REIT, Australia’s only listed property trust owning service station sites, expects to hit the board on August 3 after winning strong investor support.

Page 31: Underlying demand for office space has slumped in Brisbane, Perth and Adelaide, but remains strong in Sydney and solid in Melbourne, according to the latest figures from BIS Shrapnel.

 

 

The Australian

Page 6: The Turnbull government has gone to ground on its flagship company tax cut as it prepares to negotiate the changes through a hostile Senate, sparking Labor taunts over reforms that were meant to start on July 1 but remain in limbo.

Steelworks at Whyalla in South Australia are back on track and not in danger of closing, Industry Minister Christopher Pyne says.

Page 19: Borrowers are expected to be stung by higher interest rates in the second half of the year as banks eye repricing opportunities following the conclusion of the drawn-out federal election and the easing threat of a royal commission into the industry.

Page 21: Spray-on skin developer Avita Medical has raised $9 million to push ahead with its entry into the US market and commercialise its product, but the total fell short of its original target.

A Cimic-led joint venture has won a $1.58 billion contract to construct a 2.2km-long tunnel in Hong Kong.

Embattled listed law firm Slater & Gordon says it won’t get a cash injection from a shareholder class action against surfwear company Billabong, settled yesterday for $45m.

Page 22: There could soon be some respite for dairy farmers as one of the key figures in the industry tips a turnaround story to reveal itself early next year.

Consumer advocacy group Choice is urging Telstra customers to fight back against the incumbent telco in the wake of seven service outages in the space of five months.

Lower Sunday penalty rates and less restrictive retail trading hours will be two of the main priorities of the National Retail Association’s new chief executive, Dominique Lamb.

Page 23: IG Australia, the country’s largest retail contract-for-difference and foreign exchange provider, is looking to undercut the big four banks’ dominance of international share trading in Australia and open up global equity markets for local retail investors.

Page 24: Aeroplane makers Boeing and Airbus Group this week will try to calm investors nervous about weakening sales prospects for airliners with staggering figures for anticipated demand in years to come. More tangible near-term concerns, though, may overshadow this year’s biggest aerospace extravaganza.

Page 28: Australian start-up accelerator BlueChilli is pushing for a $1 billion portfolio by 2020.

 

 

The West Australian

Page 5: Perth's biggest council has been caught up in the collapse of building company CPD Group after signing a $3 million contract for the extension and refurbishment of the Carine Main Hall.

Theresa May is set to become Britain’s second female prime minister after rival Andrea Leadsom withdrew from the race for the top job last night.

Page 7: High-priced beer and restaurant meals mean Perth is still the costliest major city in the country — and one of the most expensive in the world.

Page 36: Livestock exporter Wellard is trying to put some distance between itself and a private company owned by its chief executive and major shareholder Mauro Balzarini.

Panoramic Resources expects to lodge a prospectus with the Australian Securities Exchange for a proposed $15 million spin-off of its gold assets by September.

Page 37: Ken Brinsden-led Pilbara Minerals believes it is sitting on the second-biggest lithium deposit in the world after yesterday announcing the resource it controls in the North West is 60 per cent larger than estimated.

Production at the historic Long nickel mine near Kambalda is at its lowest level in six years, as diversified miner Independence Group awaits a recovery in prices for the stainless steel ingredient.

Page 38: Shares in Carnarvon Petroleum surged by 20 per cent yesterday after the company confirmed hydrocarbons had been discovered at the Outtrim East-1 well off Exmouth.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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