09/08/2016 - 06:34

Morning Headlines

09/08/2016 - 06:34

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Morning Headlines

China ‘spies’ put power sale at risk

Chinese spies have been caught by the intelligence services conducting ‘‘brazen’’ espionage in Australia over the past year, hardening concerns within the federal government about allowing a Chinese company to buy a $10 billion power company from NSW. The Fin

Security fears deter investors, say academics

The Australian government is putting Chinese investors offside by stressing national security concerns in the Ausgrid sale before any final regulatory decision has been made, according to two senior Chinese government-linked academics. The Fin

Oil recovery threatened as doubts mount over demand

One of the few bright spots in the dire crude oil market of the past two years is in danger of being snuffed out. Oil demand growth has remained relatively robust, giving producers a ray of hope of firmer prices once the supply glut fades. But forecasts of that continuing are now being called into question by some experts, casting fresh doubts on the chances for the recovery in prices, which have slid about 14 per cent this month. The Fin

ABC’s business vision blurred

The ABC’s business coverage is “credible” but has no clear vision of what it wants to be, and suffers from a confused and outdated organisational structure. The Aus

Barnett will lose poll, says Nats challenger

The West Australian government was in chaos last night after former Nationals leader Brendon Grylls called for a policy overhaul and declared Premier Colin Barnett was headed for defeat next March. The Aus

Lenders ‘must justify rate moves’

Bendigo and Adelaide Bank managing director Mike Hirst has backed the government’s moves to make the industry more accountable, claiming the need to explain interest rate decisions is becoming more pressing as falling rates crunch margins. The Aus

Koreans all ears for Ord corn

Ord Valley farmers have banded together through their co-operative to win a major contract to supply corn to South Korea. The West

Investor targets MMA after big downgrade

Singaporean billionaire Michael Kum has taken his stake in MMA Offshore above 15 per cent, on the same day the contractor issued a $10 million earnings downgrade. The West

 

 

The Australian Financial Review

Page 1: Chinese spies have been caught by the intelligence services conducting ‘‘brazen’’ espionage in Australia over the past year, hardening concerns within the federal government about allowing a Chinese company to buy a $10 billion power company from NSW.

Page 3: Two of the nation’s top accounting firms have clashed about whether corporate boards are moving fast enough to boost diversity, and whether directors have the skills to handle digital disruption. KPMG chairman Peter Nash refuted comments by the chief executive of rival firm PwC Australia, Luke Sayers, who told The Australian Financial Review last week that boards are an ‘‘incestuous group ... who have all had the same experiences’’.

Airline lounge fees are tax deductible and exempt from fringe benefits tax, even if club facilities are for non-business trips, the Australian Tax Office has confirmed.

Page 4: Treasury cautioned senior government ministers about the reliability of figures cited by the superannuation industry during a high-stakes battle over the generosity of tax breaks for retirement savings.

The Turnbull government’s media deregulation laws, which are set to scrap Keating-era ownership restrictions, are to be fast tracked for the next sitting of Parliament that starts this month, paving the way for a long-awaited shake-up of the sector.

Page 6: The Australian government is putting Chinese investors offside by stressing national security concerns in the Ausgrid sale before any final regulatory decision has been made, according to two senior Chinese government-linked academics.

Page 9: Donald Trump will propose a temporary moratorium on new financial regulations in an economic speech on Tuesday (AEST) in an effort to draw a contrast with the domestic policies of Hillary Clinton.

China is taking advantage of lower commodity prices to increase imports of Liquefied Natural Gas (LNG) and iron ore, while politically sensitive exports of steel rose again in July.

Page 11: Bendigo and Adelaide Bank is preparing for a period of ‘‘irrational pricing’’ from the major banks as the war for deposits heats up, but its chief executive Mike Hirst said recent rate increases on some products may not be enough to lock more savers into term deposits.

Page 13: BHP Billiton has taken its first tentative steps back into China, seven years after closing its office in Beijing and scaling back its presence in Shanghai following the arrest of three executives at its main rival Rio Tinto.

One of the few bright spots in the dire crude oil market of the past two years is in danger of being snuffed out. Oil demand growth has remained relatively robust, giving producers a ray of hope of firmer prices once the supply glut fades. But forecasts of that continuing are now being called into question by some experts, casting fresh doubts on the chances for the recovery in prices, which have slid about 14 per cent this month.

Page 15: The Credit & Investments Ombudsman has rejected a push to merge the competing financial services industry dispute resolution bodies, but called for a centralised ‘‘concierge’’ service to help people in financial hardship.

Page 30: BIS Shrapnel expects regional shopping centre values to rise 41 per cent over the next decade, buoyed by improving retail sales conditions.

Page 34: GE has discarded its annual performance review and ranking system because it was demotivating for 80 per cent of staff, too backward looking and could be a haven for bad managers, GE Australia and NZ chief executive Geoff Culbert said.

 

 

The Australian

Page 3: The ABC’s business coverage is “credible” but has no clear vision of what it wants to be, and suffers from a confused and outdated organisational structure.

Page 5: The West Australian government was in chaos last night after former Nationals leader Brendon Grylls called for a policy overhaul and declared Premier Colin Barnett was headed for defeat next March.

Page 18: China’s Anbang Insurance Group has strongly denied reports out of London it is buying one of the world’s largest hotel groups in a $12 billion deal.

Page 20: IP Australia, the federal government agency in charge of granting rights in patents, trademarks and designs, has tapped into Nuance Communications’ expertise in the virtual assistant space to help customers register trademarks.

Page 21: Bendigo and Adelaide Bank managing director Mike Hirst has backed the government’s moves to make the industry more accountable, claiming the need to explain interest rate decisions is becoming more pressing as falling rates crunch margins.

Argo Investments chief executive Jason Beddow says the Turnbull government’s plan to drag the big four bank bosses before a parliamentary committee once a year is just “lip service” and he does not think Canberra’s chest-beating will change anything.

Page 23: A leading US chief medical officer has warned Australian doctors it is only a matter of time before health insurers accelerate the “never events” for which they refuse to pay.

The corporate watchdog has banned 14 financial advisers from the big four banks, Macquarie and AMP since the start of its wealth management investigation.

Page 25: The big four accounting firms have all posted double-digit revenue growth in Australia over the past year, with KPMG and PricewaterhouseCoopers reporting growth of 13 per cent and 11 per cent respectively and PwC forecasting only a slight slowing in momentum for the year ahead.

Page 29: China’s exports fell again in July by an unexpectedly wide margin while a decline in imports accelerated in a possible sign of weakness in the world’s second-largest economy.

 

                                                                 

The West Australian

Page 3: Child health expert Fiona Stanley has warned that boycotting tonight’s Census could put at risk vital health research.

Page 10: A $64 million boat-building contract that would have created 200 jobs at the Henderson shipyards has been sunk because of a lack of State Government support, proponents claim.

Page 13: WA’s sports chief has warned the Federal Government not to abandon grassroots sport in a blind pursuit of national glory in big events such as the Olympics.

The importance of tourism to WA’s economy will be the thrust of a new advertising campaign to be launched today.

Page 38: Ord Valley farmers have banded together through their co-operative to win a major contract to supply corn to South Korea.

Page 39: Singaporean billionaire Michael Kum has taken his stake in MMA Offshore above 15 per cent, on the same day the contractor issued a $10 million earnings downgrade.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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