28/07/2016 - 06:18

Morning Headlines

28/07/2016 - 06:18

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FMG could be lowest cost

Fortescue Metals Group could boast the lowest costs in Australia’s iron ore sector within months, as the miner’s extraordinary cost reduction strategy pushes it to the brink of toppling the traditional industry benchmark held by rival miner Rio Tinto. The Fin

Freo sale a step closer to approval

The competition watchdog has signalled the Barnett Government is closer to meeting concerns around plans to sell Fremantle Port amid a national row over the long-term benefits of privatisation. The West

WA energy market shake-up

Dominant electricity provider Synergy will be forced to pit its individual power plants against competitors as part of changes aimed at making WA’s biggest energy market more accountable and efficient. The West

More gas to back up wind, solar

Environment and Energy Minister Josh Frydenberg accepts the decline in the use of coal for electricity generation but says the sector needs to rely more on gas for back-up as it inevitably moves towards renewable and other clean energy sources. The Fin

Asciano to delist after FIRB clears $9b takeover

The $9.05 billion takeover of Asciano has received its final regulatory green light, with the Foreign Investment Review Board clearing the sale of the ports and rail group. The Fin

NDIS in chaos over tech glitches

The landmark $22 billion National Disability Insurance Scheme is in disarray after a technology bungle led to some providers being unpaid for almost two months and only a handful of support packages finished since July 1. The Aus

Etihad adds Virgin shares

Etihad Airways has thrown its support behind Australia’s second biggest airline, agreeing to buy new shares in Virgin Australia to retain its 21.8 per cent stake and a board seat. The West

 

 

The Australian Financial Review

Page 1: Environment and Energy Minister Josh Frydenberg accepts the decline in the use of coal for electricity generation but says the sector needs to rely more on gas for back-up as it inevitably moves towards renewable and other clean energy sources.

Page 4: Treasurer Scott Morrison has urged those opposed to a $500,000 lifetime cap on non-concessional superannuation contributions to consider that scrapping the proposal would benefit only the very wealthy.

Page 10: The cost of building contingency plans into the National Electricity Market to cover for the intermittent nature of wind and solar could cost billions of dollars and lead to higher power prices, according to energy experts.

Page 17: Fortescue Metals Group could boast the lowest costs in Australia’s iron ore sector within months, as the miner’s extraordinary cost reduction strategy pushes it to the brink of toppling the traditional industry benchmark held by rival miner Rio Tinto.

Four of Australia’s largest banks have asked the competition regulator for permission to join forces and collectively negotiate with Apple to get their own digital wallets onto iPhones.

Page 19: GrainCorp chief executive Mark Palmquist didn’t learn about a disastrous late night manoeuvre by his biggest shareholder, Archer Daniels Midland, until Wednesday morning, when he got off a long-haul flight from Europe.

Rio Tinto staff are bracing for another round of restructuring and cutbacks, as new chief executive Jean Sebastien Jacques wields the knife in Australia and Mongolia.

Page 20: The $9.05 billion takeover of Asciano has received its final regulatory green light, with the Foreign Investment Review Board clearing the sale of the ports and rail group.

 

 

The Australian

Page 1: Kevin Rudd’s two-year bid for the post of UN secretary-general is expected to fail today because of strong cabinet opposition to the Turnbull government nominating the former Labor prime minister for the job.

Page 2: The landmark $22 billion National Disability Insurance Scheme is in disarray after a technology bungle led to some providers being unpaid for almost two months and only a handful of support packages finished since July 1.

In his first big decision as he puts his stamp on his new role as Defence Industry Minister, Christopher Pyne will today announce international companies tendering to supply 225 new armoured vehicles for the Australian Defence Force must ensure as much work as possible is done in Australia.

Page 6: Environment and Energy Minister Josh Frydenberg has criticised state leaders for imposing “blanket moratoria” on underground gas extraction as he claimed the mantle of green-minded Liberals, including Robert Menzies and Malcolm Fraser.

Page 19: Inflation in Australia ran at its slowest pace in 17 years in the second quarter, but a healthy debate remains about whether the data is weak enough to trigger an interest-rate cut next week.

State governments have been urged to fix an “unhealthy dependence” on stamp duty as the nation faces a slowing property market that will see revenues from property sale taxes face one of the most significant drops since the global financial crisis.

Page 21: Etihad Airways has cruelled Singapore Airlines’ chances of becoming the largest shareholder in Virgin Australia after the Gulf carrier confirmed it would take up its full entitlement in Virgin’s $852 million capital raising.

Page 22: The mining industry has been good at cutting costs and improving efficiency, but it must work harder at adopting truly transformational innovation to ensure its global competitiveness, according to Deloittes.

The likely exit of global grain trader ADM from the share registry of GrainCorp makes no difference to the hostile attitude of dominant $3 billion Western Australian grain and flour business CBH towards the proposed potential corporatisation of the historic farmer-owned cooperative.

Page 31: The Australian sharemarket has ended marginally higher as investors piled into the big miners but shunned sectors seen as the main beneficiaries of a rate cut.

 

 

The West Australian

Page 4: Economists believe the Reserve Bank will still deliver an official interest rate cut next week to boost the economy after inflation fell to a 17-year low.

Page 9: Dairy giant Lion is hoping to kick some goals by using Eagles forward Josh Kennedy to promote its chocolate milk as the ideal sports recovery drink.

Page 12: Older people need to get over themselves and find a “millennial mentor”, says a top business executive who has leapt to the defence of the often maligned Generation Y.

Page 15: The competition watchdog has signalled the Barnett Government is closer to meeting concerns around plans to sell Fremantle Port amid a national row over the long-term benefits of privatisation.

Business: Dominant electricity provider Synergy will be forced to pit its individual power plants against competitors as part of changes aimed at making WA’s biggest energy market more accountable and efficient.

Rio Tinto’s new iron ore boss Chris Salisbury has set up the executive team to deliver a “step up” in performance for the miner’s most important division.

The corporate watchdog has settled legal action against Padbury Mining and two of its directors over the 2014 scandal relating to a $US6.5 billion funding deal for the Oakajee port and rail project.

Etihad Airways has thrown its support behind Australia’s second biggest airline, agreeing to buy new shares in Virgin Australia to retain its 21.8 per cent stake and a board seat.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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