14/07/2016 - 06:33

Morning Headlines

14/07/2016 - 06:33

Bookmark

Save articles for future reference.
Morning Headlines

Turnbull holds AAA line on ‘solid’ budget forecasts

Prime Minister Malcolm Turnbull has dismissed fears that a sudden slump in government revenue would trigger a cut in the AAA, saying the forecasts in the May budget remain solid. The Fin

Ciobo to ‘redouble’ free trade push

Trade Minister Steve Ciobo has vowed to push against the tide of protectionism revealed in the latest election results, saying the government will meet crossbenchers to discuss their opposition to foreign investment and trade deals and redouble its efforts to convince Australians of the benefits. The Fin

Iron ore miners reaping the benefits from soaring prices

The fortune of Fortescue Metals Group chairman Andrew Forrest surged by $228 million on Wednesday after a jump in the iron ore price to a two-month high helped push up resources stocks. The Fin

Unemployment lows a false dawn says Mester

A decline in unemployment to near record lows is not a sign of labour market strength, just that central bankers have done all they can to create jobs. The Fin

Bleak credit outlook rating for oil and gas this quarter

Standard & Poor’s is warning of a ‘‘highly negative’’ credit outlook for Asia-Pacific oil and gas companies this quarter, pointing to plummeting profitability and cash flow pressures for smaller players, as well as potential ratings downgrades. The Fin

Xenophon the key to tax cuts

Independent South Australian senator Nick Xenophon may use his bolstered numbers in parliament to leverage long-awaited gambling reform, leaving open the possibility of doing deals with Malcolm Turnbull to help problem gamblers. The Aus

Myer pursues relevance, by the Umbers

Myer chief executive Richard Umbers is confident the department store operator can reclaim its “relevance” among local shoppers as it looks to a new strategy to fight off international rivals and the threat of online competition. The Aus

Woolworths primed for price battle

WA shoppers could be the winners in an escalating supermarket price war, with Woolworths expected to respond “aggressively” to Coles’ latest price cuts. The West

Euro fund sold on WA milk

The new owners of WA’s biggest milk producer see nothing but positives in the local dairy industry and have revealed plans for multimillion-dollar upgrades on their cluster of four farms near Scott River. The West

 

 

The Australian Financial Review

Page 1: In a highly provocative move China has asserted its right to control airspace over the South China Sea after an international court repudiated Beijing’s claim to much of the disputed territory.

National Australia Bank is merging five NAB-owned super trusts to make their flagship fund, MLC Super, the largest retail super fund in the country with more than $70 billion under management.

Prime minister Malcolm Turnbull has used his first major press conference back in government to dismiss fears about a cut to country’s credit rating and play down prospects his Coalition partners in The Nationals will impose policy changes.

Page 4: Prime Minister Malcolm Turnbull has dismissed fears that a sudden slump in government revenue would trigger a cut in the AAA, saying the forecasts in the May budget remain solid.

Page 5: The peak body for older Australians is demanding the government reveal the modelling that underpinned its surprise decision to cut $1.6 billion from residential aged care.

Page 6: Trade Minister Steve Ciobo has vowed to push against the tide of protectionism revealed in the latest election results, saying the government will meet crossbenchers to discuss their opposition to foreign investment and trade deals and redouble its efforts to convince Australians of the benefits.

Page 9: More than 80 per cent of leading chief financial officers say global market volatility and local political uncertainty are hampering business investment.

Page 10: National Australia Bank is the last of the big four banks to reach an agreement that will stop linking sales targets to fixed pay.

Page 11: Former trade minister Andrew Robb has joined investment bank Moelis & Company, where he will focus on deals with China.

Page 13: New Zealand said on Wednesday it would introduce a registry of foreign trusts that local tax and law enforcement agencies could use to investigate suspected money laundering and tax evasion.

Page 15: The fortune of Fortescue Metals Group chairman Andrew Forrest surged by $228 million on Wednesday after a jump in the iron ore price to a two-month high helped push up resources stocks.

Page 17: Drones, cybersecurity and the industrial internet of things are among technology trends that need to be actively considered by infrastructure investors to help maximise returns and avoid value loss, according to infrastructure investor QIC.

It was one of the biggest trades in the market during the mining boom, and now the share price ‘‘spreads’’ for BHP Billiton and Rio Tinto are in rare territory once more.

Page 18: A decline in unemployment to near record lows is not a sign of labour market strength, just that central bankers have done all they can to create jobs.

Page 19: The chief executive of small and midcap focused listed investment company Mirrabooka says there are still opportunities to find growth stocks in a market where valuations are starting to get stretched.

Page 20: BBC Worldwide chief executive Tim Davie believes Australia will remain a growth market for the British broadcaster as it seeks to exploit popular content such as Sherlock , and delves further into live events such as the Doctor Who Festival.

Page 21: Standard & Poor’s is warning of a ‘‘highly negative’’ credit outlook for Asia-Pacific oil and gas companies this quarter, pointing to plummeting profitability and cash flow pressures for smaller players, as well as potential ratings downgrades.

Page 31: Confidence among property professionals – institutional investors, developers and consultants – has weakened to a three-year low, according to the latest ANZ/Property Council survey of sentiment in the industry.

Page 34: Offshore buyers have retreated from the commercial property sector in the first half of this year, with the $3 billion they invested representing a smaller proportion of the total than foreign investment did over the same period last year.

 

 

The Australian

Page 1: Malcolm Turnbull is claiming a mandate for his full budget agenda in a bid to overcome internal Coalition unrest on superannuation tax hikes and Senate obstruction on sweeping company tax cuts, setting the scene for a parliamentary showdown.

Page 4: Independent South Australian senator Nick Xenophon may use his bolstered numbers in parliament to leverage long-awaited gambling reform, leaving open the possibility of doing deals with Malcolm Turnbull to help problem gamblers.

Page 5: The Medicare payment system is antiquated, complicated and needs to be fixed, according to a former head of the Australian Medical Association.

Page 19: Liquidators of bankrupt mining magnate Joe Gutnick’s failed Legend International are investigating the transfer of phosphate deposits worth up to $87 million to a company controlled by his sister and nephew as the group teetered on the brink of collapse in April.

Page 21: Myer chief executive Richard Umbers is confident the department store operator can reclaim its “relevance” among local shoppers as it looks to a new strategy to fight off international rivals and the threat of online competition.

Online bookmaker Sportsbet has been referred to the Australian Federal Police by the communications regulator for its live in-play betting service.

James Packer’s Macau investment might be set to enjoy stronger market fundamentals but analysts warn that increasing competition from rivals will dent any uplift for Melco Crown.

Page 22: US federal prosecutors have filed criminal charges against five former and current employees of Computershare subsidiary Georgeson for conspiring to defraud a proxy advisory firm as well as Georgeson’s own clients.

Page 25: Airbus Group has slashed production of its A380 superjumbo jet in a retreat from one of its most ambitious projects — but one that triggered its biggest corporate crisis a decade ago, and since then never generated enough sales to justify its huge costs.

 

 

The West Australian

Page 9: WA shoppers could be the winners in an escalating supermarket price war, with Woolworths expected to respond “aggressively” to Coles’ latest price cuts.

Page 14: Dwindling dam and groundwater levels have prompted the State Government to fast-track the expansion of a project to turn treated sewage into drinking supplies.

Page 58: The new owners of WA’s biggest milk producer see nothing but positives in the local dairy industry and have revealed plans for multimillion-dollar upgrades on their cluster of four farms near Scott River.

One of the tech plays that helped kickstart Perth’s backdoor listing trend has hit trouble, with social media company MigMe declaring its future depends on its latest capital raising.

Page 59: WA has sent the first shipment of Australian sheep to Lebanon in more than a decade.

Former WA governor Malcolm McCusker has thrown his weight behind a waste management company’s appeal against having to pay the State Government’s landfill levy.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options