27/07/2016 - 06:14

Morning Headlines

27/07/2016 - 06:14

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Morning Headlines

Group drills for gold under Kal’s main drag

The search for a new Golden Mile is on at a vacant block slap-bang in the middle of Kalgoorlie where a 1.9km tunnel underneath Hannan Street is being drilled. The West

Pyne assures WA shipbuilders

Christopher Pyne has dismissed warnings he will use his newly created job as Defence Industry Minister to steal billions of dollars in naval shipbuilding work from WA. The West

$400m test for gold market

Hong Kong-listed China Hanking Holdings is looking to cash in on the superheated market for Australian gold assets, throwing its Southern Cross mining and processing hub into play in the hope of attracting bids above $400 million. The West

ACCC boss: privatisation lifting prices

Australian Competition and Consumer Commission chairman Rod Sims said he had been a strong advocate of privatisation for 30 years because he believed it enhanced economic efficiency but he now believed ‘‘people in the street’’ who oppose privatisation because it raises prices had it right based on recent port sales in NSW. The Fin

Market should pay for renewable backup: AGL

AGL Energy chief executive Andy Vesey says the rules governing the National Electricity Market need to be overhauled to deal with the unreliable nature of renewable energy sources to ensure a stable supply of power to businesses and households. The Fin

ADM beats a retreat on GrainCorp

US grains trading giant Archer Daniels Midland is attempting to sell its 19.85 per cent shareholding in Australia’s largest listed agribusiness GrainCorp, abandoning its $US3 billion ($3.9bn) ambitions to take over the dominant east coast grain, logistics, ports and export business. The Aus

Turnaround by Woolies to cost more, be slower

Woolworths’ turnaround will take longer and cost more than originally expected, according to analysts, who have downgraded profit forecasts following chief executive Brad Banducci’s strategic review. The Fin

Etihad coy as Virgin cut-off looms

Etihad Airways’ shareholding in Virgin Australia could be halved and its board seat taken away should it fail to stump up cash in the carrier’s $852 million capital raising, which closes today. The Aus

 

 

The Australian Financial Review

Page 1: Australian Competition and Consumer Commission chairman Rod Sims said he had been a strong advocate of privatisation for 30 years because he believed it enhanced economic efficiency but he now believed ‘‘people in the street’’ who oppose privatisation because it raises prices had it right based on recent port sales in NSW.

AGL Energy chief executive Andy Vesey says the rules governing the National Electricity Market need to be overhauled to deal with the unreliable nature of renewable energy sources to ensure a stable supply of power to businesses and households.

Page 4: Treasurer Scott Morrison has questioned Kevin Rudd’s suitability to become United Nations Secretary-General as senior Liberals fret that an already divided government could be split further if the Cabinet gives the former Labor prime minister the nod.

Page 8: Millennials are feeling more technology stress than Generation Xers and Baby Boomers, a workplace survey has found.

Page 15: Woolworths’ turnaround will take longer and cost more than originally expected, according to analysts, who have downgraded profit forecasts following chief executive Brad Banducci’s strategic review.

BHP Billiton should not allow its focus on debt reduction to be derailed by an acquisition, with ratings agencies saying they would like to see the miner spend a large portion of discretionary cashflow over the next year on deleveraging.

Page 16: AMP Capital’s infrastructure team has issued a blunt message to investors, launching a $300 million equity raising for upcoming ports, transport and student accommodation sector deals.

Page 17: Infrastructure investor QIC has linked up with AGL Energy in its new $3 billion renewable energy fund, forming an alliance AGL chief executive Andy Vesey says could ‘‘set the ball rolling’’ for the billions of further investment needed to meet the 2020 target.

 

 

The Australian

Page 1: Australia has shown less control over spending than any advanced G20 nation since the global financial crisis eight years ago and has squandered the opportunity offered by superior economic growth to gain control over its budget deficit.

Page 5: Pharmacists have a conflict of interest in selling unproven drugs and therapies to supplement their incomes from dispensing medicines, an independent review has been told.

Page 19: US grains trading giant Archer Daniels Midland is attempting to sell its 19.85 per cent shareholding in Australia’s largest listed agribusiness GrainCorp, abandoning its $US3 billion ($3.9bn) ambitions to take over the dominant east coast grain, logistics, ports and export business.

Campus Living Villages, Australia’s largest student accommodation provider, is moving towards a potential sale of its $2 billion global portfolio as it fields interest from the world’s largest private equity and real estate investment houses.

Page 21: One of Woolworths’ biggest institutional shareholders, Perpetual, has written to investors saying the supermarket giant’s strategic review is already showing signs of progress, with this week’s update a clear signal the retailer is focused on simplifying and improving the core supermarkets business.

Etihad Airways’ shareholding in Virgin Australia could be halved and its board seat taken away should it fail to stump up cash in the carrier’s $852 million capital raising, which closes today.

 

 

The West Australian

Page 3: The search for a new Golden Mile is on at a vacant block slap-bang in the middle of Kalgoorlie where a 1.9km tunnel underneath Hannan Street is being drilled.

Page 7: The City of Mandurah is about to introduce a WA first in beach safety with 20 rapid response signs along its beaches after the shark attack that killed surfer Ben Gerring in May.

Page 8: Businessman Simon Ehrenfeld was backed by local preselectors to replace Rob Johnson, who quit the Liberals in April to sit as an independent and to whom Mr Ehrenfeld is considered close.

Page 12: Christopher Pyne has dismissed warnings he will use his newly created job as Defence Industry Minister to steal billions of dollars in naval shipbuilding work from WA.

Page 22: Consistent with his ideal view of the justice system in general, WA’s Chief Justice Wayne Martin was adamant the new base for the State’s judicial heart should be, above all, transparent.

Business: Hong Kong-listed China Hanking Holdings is looking to cash in on the superheated market for Australian gold assets, throwing its Southern Cross mining and processing hub into play in the hope of attracting bids above $400 million.

Iggy Tan’s Altech Chemicals is believed to have added more than 20 institutional investors to its share register through a $10 million placement to be disclosed as early as today.

The WA gold producer released a preliminary and unaudited annual result preview yesterday, saying it expected its full-year after-tax profit to come in 65 per cent above the previous financial year result.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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