05/08/2016 - 06:19

Morning Headlines

05/08/2016 - 06:19

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Morning Headlines

CEOs warn: bashing banks a growth risk

The nation’s banking system could become unstable and struggle to fund economic growth if the banks lost control of their power to set mortgage rates, National Australia Bank chief executive Andrew Thorburn has warned. The Fin

Shell chief calls for gas reform as prices bite

The recent energy price crisis should spark Australia into reforming its market rules and investing into new onshore gas reserves in the nation’s south-east, says Shell’s Australian chairman Andrew Smith. The Fin

Rio Tinto willing to sacrifice low-cost crown for cash

Rio Tinto chief executive Jean-Sebastien Jacques says the company would be willing to concede its mantle as Australia’s lowest cost iron ore producer if it meant boosting free cash flow. The Fin

Soft economy fails to dent the $1m club

A slowing property market has not stopped an increase in the number of Perth suburbs joining the million-dollar club. The West

Clough ‘back to basics’

Clough chief executive Peter Bennett says he has cut $30 million out of the engineering company’s overheads during his six months in the job under a “back to basics” policy. The West

FMG chief attacks Labor’s ‘anti-business’ stance

Fortescue Metals Group boss Nev Power has waded into the choppy waters of politics, accusing Labor of repositioning itself as an “enemy of business”. The West

Pauline Hanson power bloc holds ABCC key

Pauline Hanson has gained more sway over Malcolm Turnbull’s policy agenda as her One Nation party takes four seats in the upper house, cementing its role as a key powerbroker on the budget, indus­trial relations and plans for a plebiscite on same-sex marriage. The Aus

Christopher Pyne vows to deliver $100bn economic lift

New Defence Industry Minister Christopher Pyne says he is determined to ensure that the benefits from $100 billion worth of major defence projects flow into the broader economy. The Aus

 

 

The Australian Financial Review

Page 1: The nation’s banking system could become unstable and struggle to fund economic growth if the banks lost control of their power to set mortgage rates, National Australia Bank chief executive Andrew Thorburn has warned.

Page 3: The recent energy price crisis should spark Australia into reforming its market rules and investing into new onshore gas reserves in the nation’s south-east, says Shell’s Australian chairman Andrew Smith.

Page 6: Cash remains an appropriate asset class for savers who need access to their money in the short term because they may be saving for a house or funding their retirement, financial advisers say.

Page 8: Former top business lobbyist Peter Anderson says business has itself to blame for the lack of progress in market-opening reforms.

Page 9: The rising popularity of streaming services such as Netflix, Stan and Presto means people are churning through more data than ever before and the competition watchdog wants to make sure that internet service providers can deliver to consumers at peak viewing times.

Page 14: The Bank of England was expected late last night (AEST) to cut interest rates for the first time in seven years in a bid to stave off a recession brought on by the fallout from the country’s decision to leave the European Union.

Page 15: Money manager Bill Gross says investors should put their money into gold and real estate while avoiding most stocks and bonds, which are trading at inflated prices.

Page 17: Suncorp CEO Michael Cameron is not convinced humans cause climate change but he has radically changed the company’s reinsurance policies to protect shareholders against catastrophes he believes are caused by it.

Rio Tinto chief executive Jean-Sebastien Jacques says the company would be willing to concede its mantle as Australia’s lowest cost iron ore producer if it meant boosting free cash flow.

Page 19: Downer EDI is targeting passenger rail and bus contracts as state governments franchise more public transport services, chief executive Grant Fenn says.

Page 20: Pharmacy chain the Terry White Group is contemplating an initial public offer within 12 to 18 months after merging with rival chain Chemmart to create one of Australia’s largest retail pharmacy networks.

Less choice for newspaper readers and less competition in the advertising market are potential concerns for the competition watchdog regarding Seven West Media’s proposed purchase of The Sunday Times and its PerthNow website from News Corporation.

Page 21: Westpac Banking Corp has doubled its exposure to venture capital, investing a further $50 million into a second fund to be managed by Reinventure Group to invest in fintech startups including those which could disrupt the bank.

Page 22: Chinese private equity giant Primavera Capital closely scrutinised the Australian market for two years before making its move in a joint swoop on vitamins and supplements firm Vitaco.

 

 

The Australian

Pauline Hanson has gained more sway over Malcolm Turnbull’s policy agenda as her One Nation party takes four seats in the upper house, cementing its role as a key powerbroker on the budget, indus­trial relations and plans for a plebiscite on same-sex marriage.

Immigration Minister Peter Dutton has attacked the construction union for forcing up building costs and driving Australian companies to “cut corners” by importing cheap Chinese materials that may contain deadly asbestos.

NSW property minister Dominic Perrottet has stared down Brookfield Multiplex’s demand that he honour a backroom deal struck under his corrupt Labor predecessor Tony Kelly and refused to extend the big developer’s lease over Sydney’s iconic Luna Park.

New Defence Industry Minister Christopher Pyne says he is determined to ensure that the benefits from $100 billion worth of major defence projects flow into the broader economy.

Indian fertiliser giant IFFCO has convinced a court to freeze the ­assets of a company controlled by bankrupt mining magnate Joe Gutnick’s sister, Pnina Feldman, as part of efforts to claw back phosphate deposits worth up to $87 million.

The European Union on Thursday hit China and Russia with anti-dumping duties on cold rolled steel imports after complaints by EU producers they were being forced out of the market.

The leader of the 2014 financial system inquiry has some sobering news for homeowners: interest rates might have hit rock bottom, but borrowers should forget about the banks passing on any future Reserve Bank rate cuts in full.

 

 

The West Australian

Page 10: The “final mile” of the controversial Perth Freight Link is likely to involve twin bridges across the Swan River.

Page 16: The owners of Adventure World are suing a fireworks company over fire damage caused to the amusement park’s castle lookout by a rogue firecracker.

Page 21: A slowing property market has not stopped an increase in the number of Perth suburbs joining the million-dollar club.

Page 66: A monster crop in the Wheatbelt is on target to top 17.5 million tonnes, according to the Grain Industry Association of WA.

Perth’s worst CBD office vacancy rates in 20 years in tandem with WA universities’ export growth plans have thrown up an opportunity to tap into demand for student accommodation.

Page 67: Clough chief executive Peter Bennett says he has cut $30 million out of the engineering company’s overheads during his six months in the job under a “back to basics” policy.

Fortescue Metals Group boss Nev Power has waded into the choppy waters of politics, accusing Labor of repositioning itself as an “enemy of business”.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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