21/07/2016 - 06:16

Morning Headlines

21/07/2016 - 06:16

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Morning Headlines

Super fix comes at cost

The Turnbull government’s plans to dilute its most controversial superannuation proposal by allowing exemptions for ‘‘life events’’ could cost the budget between $300 million and $450 million, which would have to be found elsewhere so as not to threaten the nation’s AAA credit rating. The Fin

ASIC must raise financial licence bar

The Australian Securities and Investments Commission needs to raise the barrier to obtaining a financial services licence if it wants to improve the quality of financial advice and prevent rogue advisers from practising, one of the country’s leading insurance specialists told a conference on Wednesday. The Fin

ASIC won’t settle dispute unless banks admit guilt

Top corporate cop Greg Medcraft remains defiant that the banks will be dragged through the courts over allegations they manipulated the bank bill swap rate and has reaffirmed that the regulator will not settle the cases unless the banks admit to breaching the Corporations Act. The Fin

Another big head rolls as CFO Seaton exits Santos

Santos chief financial officer Andrew Seaton, the executive some investors hold largely responsible for the oil and gas producer’s ill-preparedness to face the pressures of a plunging oil price, will retire by the year end. The Fin

Bankers’ pay compromises ethics: survey

A director of National Australia Bank and chief executive of insurer QBE have pledged to help turn around the negative perception Australians have about culture in the financial services sector, after a new Ethics Index published by the Governance Institute rated it poorly. The Fin

Carr ‘tantrum eroding stability’

Kim Carr has threatened to split from his Left faction in protest at a pact to dump him from the frontbench in a move that has been condemned by his colleagues as a “petulant tantrum” that undermines stability in the party. The Aus

BHP faces $775m tax bill on Singapore hub

BHP Billiton is facing as much as $775 million in tax payments and charges in the wake of a tax office audit of the miner’s controversial Singapore marketing hub, which came under the spotlight in last year’s Senate inquiry into corporate tax avoidance. The Aus

Seven West’s Sunday bid delay

The consumer watchdog has deferred its decision on Seven West Media’s proposed purchase of News Corporation’s Sunday Times newspaper and PerthNow website after the companies requested more time to outline their case. The Aus

Northern Star looks to new mines as cash piles up

Northern Star Resources boss Bill Beament says the company hasn’t made a final decision on how to use its rapidly growing cash pile, after a bumper June quarter boosted its cash holding to $326 million. The West

Austal ship sails through US Navy shock trials

Lavish praise for the performance of an Austal-built warship during shock trials will have raised hopes the WA shipbuilder can win more US Navy contracts. The West

 

 

The Australian Financial Review

Page 1: The Turnbull government’s plans to dilute its most controversial superannuation proposal by allowing exemptions for ‘‘life events’’ could cost the budget between $300 million and $450 million, which would have to be found elsewhere so as not to threaten the nation’s AAA credit rating.

BHP Billiton will try to appease investors by increasing production in its mineral divisions, but it will barely offset a decline in petroleum volumes.

An energy user in South Australia said the state’s energy crisis was self-inflicted, warning the over-reliance on renewable power sources, such as wind and solar, could spread to other states.

Gold prices will surge if Donald Trump is successful in winning the White House, says one of Australia’s fastest-growing gold miners.

Page 3: After years of intense lobbying to get the privileges of the taxi industry, ride sharing app Uber has refused to be labelled a taxi to avoid the GST.

Page 4: The Australian Securities and Investments Commission needs to raise the barrier to obtaining a financial services licence if it wants to improve the quality of financial advice and prevent rogue advisers from practising, one of the country’s leading insurance specialists told a conference on Wednesday.

Page 7: US Vice-President Joe Biden emphasised America’s ‘‘laser focus’’ on the Asia-Pacific region in a speech underlining the outgoing Obama administration’s investment in the area.

Page 8: Credit Union Australia will no longer lend money for apartments of less than 40 square metres and for buildings with more than 50 units, as non-bank lenders join the crackdown on borrowing conditions.

Page 10: Top corporate cop Greg Medcraft remains defiant that the banks will be dragged through the courts over allegations they manipulated the bank bill swap rate and has reaffirmed that the regulator will not settle the cases unless the banks admit to breaching the Corporations Act.

Page 17: The most senior regulator overseeing the superannuation sector has said too many funds are not doing enough to get their members a good deal on insurance.

Page 19: Santos chief financial officer Andrew Seaton, the executive some investors hold largely responsible for the oil and gas producer’s ill-preparedness to face the pressures of a plunging oil price, will retire by the year end.

Telstra believes that Universal Service Obligation – and the $297 million it receives to support it – is still needed to provide basic telecommunications services to all Australians.

Page 21: A director of National Australia Bank and chief executive of insurer QBE have pledged to help turn around the negative perception Australians have about culture in the financial services sector, after a new Ethics Index published by the Governance Institute rated it poorly.

Macquarie Private Wealth has parted ways with its Victorian state manager Rob Ebsworth and cut as many as 10 development managers, according to sources.

Page 37: ANZ boosted revenue by nearly $50 million by changing the furniture in its South Melbourne call centre.

 

 

The Australian

Page 2: Five years after Tony Abbott declared Julia Gillard’s carbon tax would cause Whyalla to be “wiped off the map”, the industrial city is facing more dire warnings over its future because of the South Australian Labor government’s overreliance on renewable energy.

Page 5: Kim Carr has threatened to split from his Left faction in protest at a pact to dump him from the frontbench in a move that has been condemned by his colleagues as a “petulant tantrum” that undermines stability in the party.

Page 7: Queensland, NSW and Victoria have been accused of “xenophobia” by South Australian Labor Treasurer Tom Koutsantonis, who has slammed the eastern states for introducing another layer of taxation on top of regular stamp duty and land tax for foreign investors.

Page 19: BHP Billiton is facing as much as $775 million in tax payments and charges in the wake of a tax office audit of the miner’s controversial Singapore marketing hub, which came under the spotlight in last year’s Senate inquiry into corporate tax avoidance.

Page 21: Wary investors have slashed more than $2 billion off the market value of construction heavyweight CIMIC after it reported weak revenues and poor cash flow.

The consumer watchdog has deferred its decision on Seven West Media’s proposed purchase of News Corporation’s Sunday Times newspaper and PerthNow website after the companies requested more time to outline their case.

Page 22: It is unlike Andrew Forrest to pass up the chance to be involved in an unfolding boom in a particular commodity. But that is what his one-third owned Fortescue Metals is doing in lithium.

Page 23: NAB and Macquarie Groupbacked Homeloans has agreed to a $135 million deal that will hand control of the listed company to rival non-bank lender Resimac, as smaller financial institutions seek to build scale in the competitive $1.5 trillion mortgage market.

Page 29: Australian property companies operating in Britain could be protected from the majority of the Brexit fallout, despite the two largest entities, Westfield and Lend Lease, holding major exposure to the troubled market.

 

 

The West Australian

Page 1: About five to 10 West Australians a week who were exposed to asbestos in their homes in the past 80 years are being struck down by asbestos-related diseases.

Page 10: House values have grown up to five times the metropolitan average in pockets of Perth over the past year, as savvy buyers seek to trade up.

A large part of Perth’s surf lifesaving history was torn down yesterday in the latest stage in the revamp of the Scarborough beachfront.

Page 12: Attorney-General Michael Mischin has denied the Government should have acted to beef up the Corruption and Crime Commission’s prosecution powers despite several official recommendations to do so.

Page 47: The west coast deep-sea crab fishery has clawed its way to the gold standard for sustainability after an 18-month assessment of the industry’s impact on stocks and the environment.

Northern Star Resources boss Bill Beament says the company hasn’t made a final decision on how to use its rapidly growing cash pile, after a bumper June quarter boosted its cash holding to $326 million.

Page 48: Lavish praise for the performance of an Austal-built warship during shock trials will have raised hopes the WA shipbuilder can win more US Navy contracts.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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