19/07/2016 - 06:25

Morning Headlines

19/07/2016 - 06:25

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Morning Headlines

MUA faces $10m claim after bogus safety ploy

The Maritime Union of Australia is facing a $10 million damages claim after the Federal Court found the union used safety as a ‘‘pretext’’ for unlawful industrial action that affected Chevron’s Gorgon LNG project. The Fin

ACCC pledges more cartel cases

ACCC chairman Rod Sims has flagged there will be more criminal prosecutions for cartel conduct after it launched its first criminal cartel case against a global shipping company. The Fin

Exxon tops Oil Search with bid for InterOil

Oil Search is expected to give up on its $US2.2 billion ($2.9 billion) takeover ambitions for InterOil, conceding defeat to ExxonMobil, whose rival acquisition of the Papua New Guinea gas explorer will in any case be to its benefit. The Fin

China tension on agenda in Biden talks

Translating a crucial judicial decision on the laws of the sea into a strategy for dealing on a day-to-day basis with Chinese brinkmanship in the South China Sea will form a key part of discussions when US Vice-President Joe Biden and Prime Minister Malcolm Turnbull meet in Sydney on Tuesday. The Fin

Merchants well-placed for Alibaba expansion

Alibaba’s global president, former New York banker turned retailer Michael Evans, believes Australian merchants are in a sweet spot to take advantage not only of China’s consumer rush but Southeast Asia’s spending boom. The Aus

Nahan wants Roe 8 deal before election

Treasurer Mike Nahan has predicted contracts for the controversial Roe 8 road project will be signed before next year’s State election after a court upheld its lawfulness. The West

Pyne’s latest job raises doubt on WA navy work

Fears have been raised that South Australia will monopolise defence contracts after Christopher Pyne, the State’s most senior Liberal figure, was handed responsibility for defence industry. The West

 

 

The Australian Financial Review

Page 1: Malcolm Turnbull has undertaken a larger than expected shake-up of his frontbench by elevating two more Nationals, looking after his own supporters and controversially doing little to build bridges to disgruntled conservatives.

The Maritime Union of Australia is facing a $10 million damages claim after the Federal Court found the union used safety as a ‘‘pretext’’ for unlawful industrial action that affected Chevron’s Gorgon LNG project.

The Macquarie Group-backed China Resources has added to the bulging list of transactions requiring sign-off from the Foreign Investment Review Board now the Turnbull government has been re-elected.

Page 2: Former Seven Group chief executive Don Voelte is out to clear his name nearly two years after ABC aired a segment on his role in Seven’s hostile takeover of Nexus Energy.

Page 3: Former Reserve Bank of Australia board member Warwick McKibbin says he would opt for direct government stimulus over quantitative easing if traditional interest rate easing is exhausted in a crisis.

Page 5: Senior ministers who oppose making changes to the superannuation proposals are feeing emboldened after an anticipated outburst over the policy proposals failed to eventuate on Monday when Liberals met for the first time since the July 2 election.

Page 6: Translating a crucial judicial decision on the laws of the sea into a strategy for dealing on a day-to-day basis with Chinese brinkmanship in the South China Sea will form a key part of discussions when US Vice-President Joe Biden and Prime Minister Malcolm Turnbull meet in Sydney on Tuesday.

Page 8: ACCC chairman Rod Sims has flagged there will be more criminal prosecutions for cartel conduct after it launched its first criminal cartel case against a global shipping company.

Signs of recovery in the coal mining sector have come too late for former BRW Rich 200 member Mark Ackroyd, whose National Plant & Equipment went into voluntary administration on July 13.

Page 11: Oil Search is expected to give up on its $US2.2 billion ($2.9 billion) takeover ambitions for InterOil, conceding defeat to ExxonMobil, whose rival acquisition of the Papua New Guinea gas explorer will in any case be to its benefit.

As Woolworths assesses final bids for Masters and Home Timber & Hardware, independent retailers are divided over the future of the hardware wholesaling sector.

Page 14: Administrators of collapsed steelmaker Arrium are still trying to thrash out the terms of the federal government’s loan to support the sale process for Whyalla despite a key deadline looming, a court has heard.

Page 15: The corporate regulator has been forced to amend its claims against Westpac Banking Corp and ANZ Banking Group, which will delay the lodging of the banks’ defences to allegations they acted unconscionably and manipulated the market when setting the bank bill swap rate.

Fintech leaders have urged the new-look federal ministry to continue with the government’s pre-election push on policies to create a thriving fintech ecosystem that will help grow financial services exports to Asia and create more competition for incumbent banks.

Page 19: Controversial former Telstra chief executive Sol Trujillo will return to the Australian tech scene after signing on to be a director at fast-growing Lachlan Murdoch-backed telecommunications and advertising technology start-up Unlockd.

Deloitte has bought systems integrator Sixtree – its fifth acquisition of a technology start-up in 18 months – as it seeks to cope with an explosion of ‘‘platform companies’’ among its clientele.

 

 

The Australian

Page 4: Christopher Pyne has been handed responsibility for the biggest expansion in Australian naval power since World War II, with submarines and surface warships worth $90 billion to be built in Australia — most of them in his home state of South Australia.

Page 5: The Nationals have seized control of the key small business portfolio and expanded their representation on Malcolm Turnbull’s frontbench to nine seats — up from seven — after defying a swing against the Liberals and lifting their numbers in parliament.

Page 21: Alibaba’s global president, former New York banker turned retailer Michael Evans, believes Australian merchants are in a sweet spot to take advantage not only of China’s consumer rush but Southeast Asia’s spending boom.

A desperate debt deal agreed by beleaguered transport group McAleese remains under a cloud as one of its key shareholders asks the Takeovers Panel to slow the agreement at the same time as it has successfully pushed for a vote that could force out five of the six McAleese directors.

Page 23: Dividends will be lower for longer, says Djerriwarrh Investments managing director Ross Barker, after his $900 million listed investment company slashed its shareholder payout after a slide in profit.

 

 

The West Australian

Page 4: Treasurer Mike Nahan has predicted contracts for the controversial Roe 8 road project will be signed before next year’s State election after a court upheld its lawfulness.

Page 6: Fears have been raised that South Australia will monopolise defence contracts after Christopher Pyne, the State’s most senior Liberal figure, was handed responsibility for defence industry.

Page 37: Commonwealth authorities have banned two livestock exporters from sending cattle to Vietnam in the wake of the most recent animal-cruelty scandal to hit the industry.

Paladin Energy says it should be in a position to announce a new strategic investor by the end of the month as long-running talks over a potential recapitalisation wind to a halt.

Nearly a quarter of the bosses of Australia’s small and medium-sized businesses are pocketing at least $500,000 in annual pay, according to the surprising findings of a new survey.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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