11/08/2016 - 06:14

Morning Headlines

11/08/2016 - 06:14

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Morning Headlines

Narev hits out at ‘bank bashing’

Commonwealth Bank boss Ian Narev has taken the fight to Labor, warning that its constant ‘‘bank bashing’’ risks damaging overseas investor confidence and has business dismayed at what appeared to be a continuous cycle of election-campaign politics. The Fin

CBA, NAB planners top ban list

Commonwealth Bank of Australia and National Australia Bank have notched up the most strikes against them in a crackdown on dodgy financial planners by the corporate regulator. The Fin

WA mining tax is policy on the fly, says Iluka boss

A $7.2 billion mining tax proposed by Nationals WA is another example of policy ‘‘on the fly’’ that panders to ‘‘personality politics’’, according to outgoing Iluka Resources chief executive David Robb. The Fin

AGL seeks ‘‘smart’’ entry into WA

AGL Energy has done little to hose down expectations it is angling to buy Alinta Energy’s gas retailing business, touting a $2 billion capacity for investment on its balance sheet and voicing interest in expanding into Western Australia. The Fin

Exxon bid to scrap Bass Strait wage deal

Oil supermajor ExxonMobil has applied to terminate workplace agreements for onshore and offshore workers at the Bass Strait oil and gas operations it owns with BHP Billiton in an attempt to bring to a head a long-running dispute thought to have cost more than $US160 million ($210m) in revenue. The Aus

Miners risk new flashpoint

Bruised after a lashing from Nationals WA leader Brendon Grylls, Australia’s two biggest mining companies are likely to face new political pressure over delayed payments to contractors and a policy of shunning permanent workers. The West

Lending lift sign of growth for Bankwest

Signs of a small business-led pick-up in WA have encouraged Bankwest as it chases profit growth in the face of stiff competition and tight margins. The West

 

 

The Australian Financial Review

Page 1: Commonwealth Bank boss Ian Narev has taken the fight to Labor, warning that its constant ‘‘bank bashing’’ risks damaging overseas investor confidence and has business dismayed at what appeared to be a continuous cycle of election-campaign politics.

Glenn Stevens has used his departing speech as Reserve Bank of Australia governor to warn the nation is in denial over the need for hard-nosed decisions on budget repair that avoid lame appeals to narrow notions of fairness or the demands of interest groups.

Page 3: Getting rid of coal-fired power generation to meet new climate targets could cause blackouts in South Australia, NSW and Victoria over the next decade, the national energy forecaster has warned.

Page 4: Commonwealth Bank of Australia and National Australia Bank have notched up the most strikes against them in a crackdown on dodgy financial planners by the corporate regulator.

Page 7: Australia’s $2 trillion superannuation system will become even more complicated because of the Coalition’s decision to grant exemptions to a proposed rule limiting super contributions, financial planners warn.

Page 9: A $7.2 billion mining tax proposed by Nationals WA is another example of policy ‘‘on the fly’’ that panders to ‘‘personality politics’’, according to outgoing Iluka Resources chief executive David Robb.

Page 13: AGL Energy has done little to hose down expectations it is angling to buy Alinta Energy’s gas retailing business, touting a $2 billion capacity for investment on its balance sheet and voicing interest in expanding into Western Australia.
OZ Minerals managing director Andrew Cole insists the miner’s rate of dividends is sustainable, despite the looming approval of a $975 million spend on its next copper mine.

Page 15: Fairfax Media chief executive Greg Hywood says the group should command a higher earnings multiple as it drives the majority of its profit in the 2017 financial year from businesses outside of traditional publishing assets, for the first time in its history.

Page 16: Newmont Mining Corporation chief executive Gary Goldberg says the gold miner’s interest in acquiring Barrick Gold’s stake in the Super Pit gold mine is a departure from its cautious approach to merger and acquisition activity in an improving gold market.

Rio Tinto has wasted no time starting work on its Silvergrass iron ore project, having already sought expressions of interest from construction contractors.

Page 17: The chief executive of financial administration software company Computershare, Stuart Irving, has assuaged investors fears that the company’s growth had run its course, saying it has already seen a boost from its diversification into mortgage loan servicing and expects it to be a future growth driver.

Bell Financial Group says it is benefiting from rationalisation in the stockbroking industry, even as the firm reported a flat interim profit.

Page 18: A surge in sales of bottled water in the first six months of 2016 augurs well for Coca-Cola Amatil as Australia’s largest beverage bottler struggles to adapt to changing consumption trends.

 

 

The Australian

Page 1: The fury over the failure of the census website threatens to spark a legal confrontation with one of the world’s biggest technology companies, as ministers prepare to launch an inquiry into how an online attack left millions of Australians locked out of the service.

Page 4: Tens of thousands of jobs are at risk from a union campaign to convert casuals to permanent positions after six months’ regular work, according to industry groups who warn the change will sap business productivity and limit workplace flexibility.

Page 20: Leading US residential property group Greystar Real Estate Partners is among a field of international investors running the ruler over the $2 billion Campus Living Villages in what could become one the biggest real estate plays globally this year.

Page 21: Oil supermajor ExxonMobil has applied to terminate workplace agreements for onshore and offshore workers at the Bass Strait oil and gas operations it owns with BHP Billiton in an attempt to bring to a head a long-running dispute thought to have cost more than $US160 million ($210m) in revenue.

Page 23: James Packer’s plans for a Japanese casino have been given a boost after Tokyo’s new governor indicated she was open to a resort in the city.

Page 24: The Singapore sales hubs run by resources giants BHP Billiton and Rio Tinto appear to fall into the top end of a new colour-coded risk spectrum unveiled by the Australian Taxation Office yesterday, according to company accounts filed in the tax haven.

Page 27: A state-run Chinese company is pursuing a takeover of a Brazilian electric company in what could be China’s biggest investment in the South American country.

 

 

The West Australian

Page 3: West Australians will be able to make money from their daily commute to work under a new ride-sharing feature to be launched by Uber today.

Page 20: Bruised after a lashing from Nationals WA leader Brendon Grylls, Australia’s two biggest mining companies are likely to face new political pressure over delayed payments to contractors and a policy of shunning permanent workers.

Fairfax Media has posted an $893.5 million full-year loss and is hanging its fortunes on real estate advertising business Domain, which is expected to account for more than half the media giant’s future earnings.

Page 20: Newmont Mining boss Gary Goldberg says the global gold giant is still firmly committed to the Kalgoorlie Super Pit and only an over-the-top offer could tempt Newmont to consider putting its stake in the mine on the market.

Page 41: Signs of a small business-led pick-up in WA have encouraged Bankwest as it chases profit growth in the face of stiff competition and tight margins.

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