15/07/2016 - 06:13

Morning Headlines

15/07/2016 - 06:13

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Super changes misguided: Smith

Former ANZ chief executive Mike Smith has rounded on the Turnbull government’s superannuation changes, describing the new measures to wind the clock back and cap contributions as slapdash and misguided. The Fin

Dick Smith investors call on rebates

Fund managers burned by the demise of Dick Smith have called for better disclosure of the value and treatment of supplier rebates, which played a major role in the retailer’s collapse. The Fin

BHP set to miss iron ore target as tough year continues

BHP Billiton appears to have fallen short of its iron ore export target, with declarations by rival miners suggesting BHP has shipped less than 260 million tonnes from Port Hedland during the 2016 financial year. The Fin

Moody’s issues bleak outlook for banks

Australia’s banks are in the firing line of credit rating agency Moody’s a week after rival agency Standard & Poor’s revised the outlook of the major lenders to negative. The Fin

Oil skids after US stockpiles surprise

Oil has tumbled after a US government report showed the country’s fuel inventories unexpectedly grew, adding to concerns about oversupply. The Fin

PM’s $1m bailout for Liberals

Malcolm Turnbull donated $1 million of his own money to bail out the Liberal Party during the federal election campaign, so desperate was the party for finances. The Aus

Banks in bind on commissions

Ian McPhee, the former auditor-general appointed by the big banks to watch over their review of pay structures, including sales commissions, has outlined a raft of challenges as fierce competitors have to find consensus on sensitive issues in a speedy fashion. The Aus

GM canola seed sales slump

Sales of genetically modified canola seed in WA have plunged in the face of the significantly lower prices the crops it produces fetch on world markets. The West

 

 

The Australian Financial Review

Page 1: Former ANZ chief executive Mike Smith has rounded on the Turnbull government’s superannuation changes, describing the new measures to wind the clock back and cap contributions as slapdash and misguided.

A resurgent BlueScope Steel has announced its second profit upgrade in the space of two months, revealing that earnings before interest and tax for the June half will be $340 million, well above the previous estimate of $270 million provided in late May.

Page 5: Seven West Media chief executive Tim Worner hit out at moves to ban betting advertising during sport on television, labelling a push by crossbenchers Nick Xenophon and Andrew Wilkie as ‘‘draconian’’.

Page 6: Wages growth is set to remain weak as the labour market continues to tread water, with hiring only just keeping pace with population growth, official figures show.

Page 8: The Obama administration and Turnbull government are on the verge of settling a niggling financial disagreement worth tens of millions of dollars on paying for American Marines based in Darwin.

Page 9: Google’s digital wallet Android Pay has its official Australian launch on Thursday and, as with Apple Pay’s earlier launch, ANZ Banking Group is the first big-four bank signed up.

Page 11: Australian workers might physically turn up for work but many have mentally resigned from their jobs, new research claims.

Page 12: The new British Chancellor of the Exchequer, Philip Hammond, is tasked with the job of protecting the economy from the fallout of Brexit.

Page 15: Fund managers burned by the demise of Dick Smith have called for better disclosure of the value and treatment of supplier rebates, which played a major role in the retailer’s collapse.

BHP Billiton appears to have fallen short of its iron ore export target, with declarations by rival miners suggesting BHP has shipped less than 260 million tonnes from Port Hedland during the 2016 financial year.

Page 17: Despite delivering a steady operational performance in the June quarter, mineral sands miner Iluka Resources’ revenue was hampered by lower prices, with the company providing a mixed outlook for the remainder of the year.

The impact the gold price recovery could have on Boart Longyear has divided ratings agencies on the besieged drilling services company’s prospects.

Page 18: Treasury Wine Estate could boost its margins from 14 per cent to almost 20 per cent by the middle of 2020 if it can continue to build its strong sales momentum in China.

South African-owned department store David Jones has maintained its strong lead on rival Myer, reporting an 8.4 per cent increase in sales in Australian dollar terms and 7 per cent growth in comparable sales for the 52 weeks to June 26.

Primary Health Care will provide X-rays and other medical scans to public and private patients at a new major hospital on Sydney’s Northern Beaches set to open in 2018.

Page 19: Australia’s banks are in the firing line of credit rating agency Moody’s a week after rival agency Standard & Poor’s revised the outlook of the major lenders to negative.

Page 29: As the hunt for yield grows ever-stronger, the world’s largest asset manager, BlackRock, says Asian and emerging market credit offer the most attractive returns and warns that Australia risks losing its AAA rating, thanks to a fractured Parliament.

Oil has tumbled after a US government report showed the country’s fuel inventories unexpectedly grew, adding to concerns about oversupply.

 

 

The Australian

Page 1: Malcolm Turnbull donated $1 million of his own money to bail out the Liberal Party during the federal election campaign, so desperate was the party for finances.

Page 4: Malcolm Turnbull is offering a peace plan to furious backbenchers on the warpath over tax hikes on superannuation, tackling concerns over the $6 billion budget plan by setting up a new forum to clear the way for a deal that will legislate the changes.

The small business community has urged crossbench MPs to constructively negotiate on policy, warning that an obstructionist parliament would result in a “really difficult time” for the nation’s productivity.

Page 19: Shell Australia chairman Andrew Smith says the downturn in the oil and gas industry has strengthened his resolve to rein in costs as he seeks to integrate the company — the nation’s biggest foreign investor — with the Queensland assets of BG Group.

Page 21: In a major legal setback for the corporate regulator, a court has thrown out bans against directors of failed retirement home empire Prime Trust, including former health minister Michael Wooldridge, over their decision to pay founder Bill Lewski a $33 million listing fee.

Page 22: Fertilisers and explosives group Incitec Pivot is wearing a $470 million market value hit after a string of broker profit downgrades triggered by the gloomy outlook for fertilisers.

Three former directors who presided over the failure of ASX-listed Condor Blanco Mines, including its controversial founder Glen Darby, have claimed they are owed $48,000 each in severance payments.

Page 23: Ian McPhee, the former auditor-general appointed by the big banks to watch over their review of pay structures, including sales commissions, has outlined a raft of challenges as fierce competitors have to find consensus on sensitive issues in a speedy fashion.

Perpetual chief executive Geoff Lloyd has called on the federal government to drop all limits on superannuation contributions once it imposes its proposed $1.6 million cap on tax-free super next year.

 

 

The West Australian

Page 11: Talks are being held about establishing a drone airport and research facility in WA as part of a push to encourage long-term plans for economic development.

Page 12: Boris Johnson, Britain’s most colourful politician with a long record of gaffes and scandals, has been appointed Foreign Secretary in a surprise move by new Prime Minister Theresa May that could shake up world diplomacy.

Page 18: Pockets of metropolitan Perth have unprecedented, Depression-era levels of unemployment, with the jobless rate 25 per cent in some areas.

Page 58: Sales of genetically modified canola seed in WA have plunged in the face of the significantly lower prices the crops it produces fetch on world markets.

The Environmental Protection Authority is set to recommend approval within weeks for two uranium mines in the Goldfields.

Page 60: Terry Grammer’s fledgling gold miner Kin Mining has rejected a proposed merger from Paul Kopejtka’s MHM Metals.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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