08/08/2016 - 06:23

Morning Headlines

08/08/2016 - 06:23

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Morrison may block China sale

Treasurer Scott Morrison has admitted national security is the ‘‘prime consideration’’ in a decision on the sale of Ausgrid, the country’s biggest electricity distribution grid, to a Chinese consortium, as concerns over the deal spread to his own backbench. The Fin

Bank inquiry call a ‘populist whinge’: Libs

Treasurer Scott Morrison has accused Labor’s Bill Shorten of undermining confidence by continuing to call for a royal commission into the banking sector, saying it was a ‘‘populist whinge’’ that would ‘‘start a fire’’. The Fin

Miners slam WA tax on BHP and Rio

The mining sector has slammed a proposed a new tax on iron ore giants BHP Billiton and Rio Tinto that is central to Brendon Grylls’ tilt at the leadership of the state National Party. The Fin

Grylls tax a boon for FMG

Andrew Forrest’s Fortescue Metals Group would be the world’s cheapest producer of iron ore if Brendon Grylls’ plan to hit BHP Billiton and Rio Tinto with a new tax becomes law. The West

Vale vows not to flood the iron markets

Brazilian miner Vale has played down fears that its new low-cost iron ore expansion program will flood the market later this year, with a top executive revealing that export growth will occur gradually over several years and will not only be aimed at Asia. The Fin

Morrison’s budget challenge to Senate

The federal government is preparing a blitz within weeks to legislate $40 billion in budget savings, as Scott Morrison warns that there will be “no walking back” from election policies that are certain to be resisted in a volatile new Senate. The Aus

More funding hasn’t delivered better skills

Total education spending by state and federal governments has risen more than $5 billion in the past four years with little to show for it, at least in terms of better test scores. The Aus

Aldi gets new nod to sell alcohol

Aldi’s decision to set up shop in some of Perth’s newest areas appears to have been rewarded by the State’s liquor authority which granted the chain a liquor licence in the growing eastern suburb of Wattle Grove. The West

 

 

The Australian Financial Review

Page 1: Treasurer Scott Morrison has admitted national security is the ‘‘prime consideration’’ in a decision on the sale of Ausgrid, the country’s biggest electricity distribution grid, to a Chinese consortium, as concerns over the deal spread to his own backbench.

Page 3: First home buyers and investors were out in force over the weekend in Sydney and Melbourne buoyed by the Reserve Bank cutting official interest rates to a historical low of 1.5 per cent last Tuesday.

Former Blackmores Asia commercial manager David Adcock has lost the bid to win a six-figure redundancy payout and been ordered to pay Blackmores’ legal costs of defending a court appeal after he turned down an opportunity to work as financial controller reporting directly to Blackmores’ Asia chief financial officer.

Page 4: Treasurer Scott Morrison has accused Labor’s Bill Shorten of undermining confidence by continuing to call for a royal commission into the banking sector, saying it was a ‘‘populist whinge’’ that would ‘‘start a fire’’.

The Reserve Bank of Australia would ‘‘welcome’’ the surge in job numbers in the US, increasing the likelihood of an interest rate rise from the Federal Reserve sooner rather than later and taking some pressure off the central bank to cut again, economists say.

Page 5: The Coalition government ignored Treasury advice for a much more radical reform of superannuation, including a $4 billion tax on retirement pensions and a $5 billion shake-up of contribution taxes.

Page 7: The mining sector has slammed a proposed a new tax on iron ore giants BHP Billiton and Rio Tinto that is central to Brendon Grylls’ tilt at the leadership of the state National Party.

Page 10: In a great paradox, the US economy is producing new jobs at a thriving pace but official economic growth is lacklustre, a trend that is puzzling economists and making it difficult for the Federal Reserve to set interest rates.

Warren Buffett’s Berkshire Hathaway Inc, whose businesses represent a cross-section of the US economy, said second-quarter profit rose 25 per cent on earnings from newly acquired manufacturing plants and improved results at insurance operations.

Page 12: Four universities and Australia’s largest education company Navitas are offering backing to new tech start-ups to help them carve out a space in the rapidly growing area of education technology.

Page 13: Brazilian miner Vale has played down fears that its new low-cost iron ore expansion program will flood the market later this year, with a top executive revealing that export growth will occur gradually over several years and will not only be aimed at Asia.

Page 15: Stevedore DP World Australia has won a legal battle to prevent the possible loss of trade secrets after a former executive jumped ship to rival Asciano, the owner of Patrick Container Ports.

Page 16: Bank investors and analysts will be watching a slew of bank disclosures this week, including full-year results from Commonwealth Bank, to see how record low interest rates are squeezing the margins of the country’s biggest lenders.

Wilson Asset Management chief investment officer Chris Stott says the Reserve Bank of Australia will need to cut interest rates again if it wants to reignite economic growth over the medium term.

Page 18: Cooper Energy has a critical couple of months ahead as it seeks to lock in equity partners, financing and perhaps another gas sales contract before the targeted final investment decision in October-November on its $550 million Sole gas project in Victoria.

Page 21: Oil traders were lamenting the imminent demise of their main communication tool, Yahoo Messenger, which has been an industry standard since the late 1990s.

 

 

The Australian

Page 2: A formal complaint has been lodged with the federal government against Australia’s most senior industrial jurist over his unorthodox intervention into the Victorian firefighters dispute — a dispute that may have cost Bill Shorten the election.

Page 4: The federal government is preparing a blitz within weeks to legislate $40 billion in budget savings, as Scott Morrison warns that there will be “no walking back” from election policies that are certain to be resisted in a volatile new Senate.

Page 6: Total education spending by state and federal governments has risen more than $5 billion in the past four years with little to show for it, at least in terms of better test scores.

Page 18: Bruce Gordon’s WIN Corporation is canvassing fellow Nine Entertainment Co shareholders about ousting new chief executive Hugh Marks as investor patience with a plunging share price wears thin.

Seven Group chief Ryan Stokes has given a big vote of confidence to the free-to-air industry after a rough week for television stocks, underscoring the family’s commitment to its media empire.

Page 22: There has been a swift changing of the guard at the nominally Perth-based US gas export hopeful Liquefied Natural Gas Limited, with founder Maurice Brand leaving quickly following the appointment of a successor, career Chevron executive Greg Vesey.

Page 23: One of China’s top insurers is weighing up an audacious ¥7 billion ($12bn) swoop on the London-listed owner of the Holiday Inn and Crowne Plaza hotel chains.

Page 26: The withdrawal of Uber from China last week, after spending $2.6 billion there in two years, is focusing the minds of Australian service companies seeking to surf the China-Australia free trade agreement into that huge market.

Page 29: A federal judge has given the go-ahead to MF Global Holdings’s $US1 billion lawsuit against PricewaterhouseCoopers over claims of bad accounting advice.

 

 

The West Australian

Page 1: Brendon Grylls and his backers in the WA Nationals party room believe Colin Barnett should be replaced as Liberal leader and Premier and are poised to agitate for his removal.

Page 9: Aldi’s decision to set up shop in some of Perth’s newest areas appears to have been rewarded by the State’s liquor authority which granted the chain a liquor licence in the growing eastern suburb of Wattle Grove.

Page 12: The State Government is failing to hit key recycling targets and is even going backwards in some areas despite big increases in the landfill levy imposed on households and businesses.

Page 14: A surge in Perth trainers running outdoor fitness sessions has a growing number of councils charging them to use public parks.

Page 60: Andrew Forrest’s Fortescue Metals Group would be the world’s cheapest producer of iron ore if Brendon Grylls’ plan to hit BHP Billiton and Rio Tinto with a new tax becomes law.

Perth-based Kibaran Resources is expected to come out of a trading halt today to announce an agreement with Japanese commodities trading giant Sojitz Corporation for the supply of graphite concentrate.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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