03/08/2016 - 06:26

Morning Headlines

03/08/2016 - 06:26

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Morning Headlines

Profits ‘not from rate rigging’

Westpac Banking Corp has claimed a senior trader’s ‘‘$12 million buck’’ boast about a profit had nothing to do with manipulating the key benchmark interest rate in the bank’s favour as the corporate regulator alleged, but rather was a reference to profits the bank made from correctly predicting a Reserve Bank of Australia interest rate increase. The Fin

Seven CEO says prime sport deals still worth it

Seven West Media chief executive Tim Worner says securing the rights to the Olympics and AFL is important to the free-to-air broadcaster’s long-term success, even though the high cost of the content will weigh on earnings in 2016-17. The Fin

Gold sector told to shake rock star egos

Evolution Mining executive chairman Jake Klein has urged the Australian gold sector not to squander the opportunity it has to build its global reputation and attract investment by succumbing to a past desire for growth at any cost. The Fin

Pay ‘shield’ for subbies

The State Government has backed using project bank accounts to protect subcontractor payments on Government building schemes worth less than $100 million, accusing Labor of pinching its policy. The West

Coal supply holds key to $3.5b fertiliser plant

The Indian-born entrepreneur behind a long-proposed $3.5 billion fertiliser plant in Collie says the project is merely “on the backburner” and construction could start within 12 months if he can secure a coal supply. The West

Shut weekday print, investor tells Fairfax

Billionaire investor Alex Waislitz has called for Fairfax Media chief executive Greg Hywood to fast-track plans to shut weekday print editions of the publisher’s venerable mastheads, The Sydney Morning Herald and The Age in Melbourne. The Aus

‘Lives at risk from shoddy imports’

Australian lives are at risk because of shoddy fabricated steel imported from China, according to the peak welding body, which is demanding that Malcolm Turnbull introduce a new certification regime to ensure compliance with Australian standards. The Aus

Banks hang on to their margins

The big four banks have brazenly held back half of the Reserve Bank’s official rate cut to shield margins, reminding investors their pricing power remains intact despite heated political scrutiny of the sector. The Aus

 

 

The Australian Financial Review

Page 1: Westpac Banking Corp has claimed a senior trader’s ‘‘$12 million buck’’ boast about a profit had nothing to do with manipulating the key benchmark interest rate in the bank’s favour as the corporate regulator alleged, but rather was a reference to profits the bank made from correctly predicting a Reserve Bank of Australia interest rate increase.

Page 3: The Productivity Commission will examine whether the growing power of bank-owned super funds should be curbed.

Capilano, part-owned by media mogul Kerry Stokes, has applied for a gag order to stop a beekeeper from publishing social media posts accusing the listed honey company of selling toxic, imported honey that contains Chinese and Argentine ingredients.

Page 4: The Senate crossbench has grown to eight, and the government’s chances of passing key industrial relations bills have increased, with confirmation that Family First senator Bob Day has taken the final spot in South Australia, at the expense of Labor.

Page 7: Lower interest rates will stimulate activity in Australia’s housing market, as cheaper money prompts more people to chase the already-limited stock of property on the market, agents say.

Page 10: The latest NAPLAN test results show no overall improvement in the past year, leaving Australian school children’s academic outcomes lagging behind Asian countries’ rising level of school performance.

Page 11: Global bond fund manager Pimco says a record-setting rally in long-term Japanese government bonds (JGBs) has likely run its course because the central bank has pushed monetary policy as far as it can.

Page 12: SolarCity agreed to Tesla Motors’s $US2.6 billion ($3.45 billion) offer to buy the solar panel installer, the companies said on Monday US time, clearing one obstacle to Elon Musk’s ambitious plans for a carbon-free energy and transportation company.

Page 13: Seven West Media chief executive Tim Worner says securing the rights to the Olympics and AFL is important to the free-to-air broadcaster’s long-term success, even though the high cost of the content will weigh on earnings in 2016-17.

Energy sector investors who were just starting to get their breath back after the darkest days of the oil price crash have had to reach for their smelling salts again.

Page 15: Navitas chief executive Rod Jones said the education provider would deliver flat earnings again next year while the effect of the termination of the contract with Macquarie University continues to be felt.

A senior management reshuffle at Australia’s fastest-growing footwear group reflects increasing complexity in retail as wholesalers engage with consumers through retail stores and e-commerce, says RCG Group chairman Ivan Hammerschlag.

Page 16: Evolution Mining executive chairman Jake Klein has urged the Australian gold sector not to squander the opportunity it has to build its global reputation and attract investment by succumbing to a past desire for growth at any cost.

Page 17: Hong Kong-based power giant CLP Group looks set to hold off reviving a $3 billion-plus float plan for EnergyAustralia as it works to improve profitability of the business amid power market volatility and uncertainty over future carbon policy.

Page 18: Splitting Crown Resorts into an Australian business, an international business and a property trust could be worth as much as $1.1 billion to major shareholder James Packer.

Page 29: Asia Pacific commercial real estate investors are switching focus after a downturn in transactions in the first half caused by a shortage of assets to buy, and political and economic uncertainty.

Page 31: New building approvals fell in June to their lowest total in seven months as the numbers for both detached houses and apartments slipped lower.

 

 

The Australian

Page 2: Australian lives are at risk because of shoddy fabricated steel imported from China, according to the peak welding body, which is demanding that Malcolm Turnbull introduce a new certification regime to ensure compliance with Australian standards.

Page 6: The Federal Court has issued fresh summonses to be served on Clive Palmer, a handful of his key lieutenants and major accounting firms over the collapse of the tycoon’s Queensland Nickel.

Page 19: The big four banks have brazenly held back half of the Reserve Bank’s official rate cut to shield margins, reminding investors their pricing power remains intact despite heated political scrutiny of the sector.

Page 21: Virgin Australia could be headed for privatisation after the airline’s $852 million capital raising was largely ignored by its retail and institutional investors.

Billionaire investor Alex Waislitz has called for Fairfax Media chief executive Greg Hywood to fast-track plans to shut weekday print editions of the publisher’s venerable mastheads, The Sydney Morning Herald and The Age in Melbourne.

WPP, the world’s largest advertising group, has trimmed its global advertising expenditure forecast, and says Australia will remain stuck in a mediocre growth phase.

Page 22: Medical device company, ImpediMed, has unveiled a new device it says is a company “game changer” that will also act as a “disruptive technology” to revolutionise the heart failure market.

Page 24: Japanese Prime Minister Shinzo Abe’s cabinet approved a ¥28 trillion ($364.4 billion) stimulus package yesterday, the latest effort by Mr Abe to jolt the nation’s economy back to life.

 

 

The West Australian

Page 9: Elizabeth Quay will be the starting point of a new “gold discovery trail” which winds its way to The Perth Mint and has pop-up displays and a sculpture of the famous golden eagle nugget.

Page 11: People who lost homes in the devastating Parkerville bushfire are seeking at least $15 million damages — while lawyers intend to argue the value of property in the area was reduced by the 2014 blaze.

Page 14: The State Government has backed using project bank accounts to protect subcontractor payments on Government building schemes worth less than $100 million, accusing Labor of pinching its policy.

Page 15: Liberal MPs fell in behind Colin Barnett at yesterday’s “love in”, with repeated expressions of public support for his leadership for the media outside the meeting and the topic going unaddressed inside.

Page 25: A mobile phone billing scam that has banked millions of dollars for the big telcos is being probed by the consumer watchdog, with concerns over the level of disclosure for customers.

The Indian-born entrepreneur behind a long-proposed $3.5 billion fertiliser plant in Collie says the project is merely “on the backburner” and construction could start within 12 months if he can secure a coal supply.

Page 26: Pilbara Minerals managing director Ken Brinsden says he is not concerned at the emergence of Chris Ellison’s Mineral Resources in Pilbara lithium, saying he does not believe MinRes can match the best offers of the company’s Chinese off-take partners.

Page 27: A Chinese company which was part of the blocked bid for the Kidman cattle empire has finalised the purchase of a station near Broome despite attempts by One Nation senator-elect Rod Culleton to stop the deal.

Page 67: The Department of Housing is under pressure to ensure its soon-to-be released Affordable Housing Strategy frees up community housing providers to deliver more homes — given WA’s stagnant social housing growth over the past decade.

Page 68: Retail experts have thrown a cold bucket of reality over WA’s $4 billion-plus shopping centre expansion plans to 2020, querying whether rents — particularly in subregional shopping centres — are sustainable.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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