19/08/2016 - 06:20

Morning Headlines

19/08/2016 - 06:20

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Morning Headlines

Morrison mulls super cap retreat

Government plans to limit lifetime non-concessional superannuation contributions to $500,000 are unravelling, with Treasurer Scott Morrison considering either lifting the limit to $750,000 or making the cap prospective. The Fin

Big four banks sued by US funds over BBSW

Two United States hedge funds and a US-based derivatives trader have launched legal action in New York against the big four banks, Macquarie and a dozen international banks, alleging they suffered losses trading derivatives contracts linked to the bank bill swap rate. The Fin

Origin Energy demerger chat emerges again

The prospect of a demerger of Origin Energy has been raised again as a topic for debate over the next several months as the electricity and gas supplier makes rapid progress to bring down debt, helped by its decision to cancel the final dividend to shareholders. The Fin

Merger chance for Tabcorp, Tatts ‘has gone’

A probable delay in the sale of the Western Australian TAB until after the state’s next election in March will stymie any short-term push by Tatts Group to rekindle merger talks with rival Tabcorp. The Fin

$100bn hit to deepen debt crisis

Australia’s debt could blow out by more than $100 billion if the budget is wrong in its prediction that the economy will return to pre-crisis growth and the Turnbull government is unable to win Senate support for all of its outstanding savings measures. The Aus

Contractor out to block PCH papers

The lead contractor on the delayed Perth Children’s Hospital has sought to block the release of documents related to the project sought under Freedom of Information laws in a move criticised by the Opposition as undue secrecy. The West

Families carry Budget burden

The Federal Treasury has revealed mum-and-dad taxpayers will have to do the heavy lifting of repairing the Budget while conceding technology could help businesses reduce their tax bill even more. The West

Redman blasts PGA spoilers

Lands Minister Terry Redman has attacked the Pastoralists and Graziers Association and its influence over the Liberal Party after conceding defeat in his attempts to re-write laws affecting economic activity across almost 90 per cent of WA. The West

 

 

The Australian Financial Review

Page 1: Government plans to limit lifetime non-concessional superannuation contributions to $500,000 are unravelling, with Treasurer Scott Morrison considering either lifting the limit to $750,000 or making the cap prospective.

Two of the world’s largest companies, BHP Billiton and GE, have revealed how they have restructured their operations to collaborate with emerging technology companies as business faces an acceleration of ‘‘digital Darwinism’’.

Page 3: Two United States hedge funds and a US-based derivatives trader have launched legal action in New York against the big four banks, Macquarie and a dozen international banks, alleging they suffered losses trading derivatives contracts linked to the bank bill swap rate.

Page 4: Two of Australia’s leading venture capital experts have slammed the government’s chief innovation adviser, Bill Ferris, saying the suggestion that business had dropped the ball when it came to collaborating with universities was ‘‘insulting’’.

Page 5: In a call to arms to get Australia’s innovation engine firing, ANZ Banking Group’s head of digital banking, Maile Carnegie, said companies across the economy need to adopt longer-term thinking and stop waiting for government to solve their problems.

Page 10: Treasurer Scott Morrison has credited labour market ‘‘flexibility’’ between workers and employers for a surge in part-time work that has pushed the jobless rate to a three-year low of 5.7 per cent.

Telstra is betting on a surge in Netflix, Stan and Presto traffic on its mobile network and is planning to capitalise on the demand for data.

Page 16: An announcement by Cisco Systems on Wednesday that it plans to lay off 5500 employees is unlikely to be the last round of Silicon Valley pink slips as hardware companies struggle to keep up with rapid technology shifts, analysts and recruiters said.

Page 17: The prospect of a demerger of Origin Energy has been raised again as a topic for debate over the next several months as the electricity and gas supplier makes rapid progress to bring down debt, helped by its decision to cancel the final dividend to shareholders.

Treasury Wine Estates, the owner of Penfolds and Wolf Blass, is sitting on an $800 million pot of gold – luxury wines in its cellars – which should lift profit margins even higher in a buoyant business that is now making more profits from Asia than its home base of Australasia.

Page 19: Brambles has factored in only ‘‘muted’’ organic growth of between 1 to 2 per cent across the world’s major economies for the next five years as chief executive Tom Gorman prepares to exit the $21 billion logistics and pallets company after seven years at the helm.

Page 20: A probable delay in the sale of the Western Australian TAB until after the state’s next election in March will stymie any short-term push by Tatts Group to rekindle merger talks with rival Tabcorp.

Lighting retailer Beacon is expected to return to double-digit profit growth this year if Woolworths’ Masters home improvement chain stops using downlights, desk lamps and globes as lossleaders.

Page 22: SAI Global says the assurance business it put up for sale last month in a process which may fetch more than $400 million has ‘‘bottomed out’’ and won’t deteriorate any further in a sector undergoing global rationalisation as larger players scoop up competitors.

Page 28: Mineral Resources managing director Chris Ellison says rather than impose a blunt $7.2 billion tax on major miners BHP Billiton and Rio Tinto, the West Australian Nationals should stimulate new mine developments to help prop up the state’s coffers.

 

 

The Australian

Page 1: Australia’s debt could blow out by more than $100 billion if the budget is wrong in its prediction that the economy will return to pre-crisis growth and the Turnbull government is unable to win Senate support for all of its outstanding savings measures.

Page 4: A surge in hiring part-time workers is pegging the jobless rate at 5.7 per cent, despite a steep fall in the number of full-time jobs.

Page 7: Australia’s second-largest health insurer has questioned whether doctors with financial interests in technology and facilities have a conflict of interest they should be forced to declare to their patients.

Page 22: Shell has called on investment bank JPMorgan to offload its $1 billion-plus portfolio of oil exploration and production assets in New Zealand, with some analysts questioning whether Australian players will express interest in the offering.

Page 24: Tatts boss Robbie Cooke has warned his corporate bookmaker rivals that the wagering landscape in Australia is set to change with the states and territories waking up to what he calls “tax leakage”.

Page 26: General Electric has stopped trying to write coal’s obituary. The conglomerate — one of the world’s biggest suppliers of power-plant equipment — for years has played down coal’s future as challenged by environmental and cost issues. Instead, it has promoted natural gas as the fuel of the future.

 

 

The West Australian                   

Page 6: The lead contractor on the delayed Perth Children’s Hospital has sought to block the release of documents related to the project sought under Freedom of Information laws in a move criticised by the Opposition as undue secrecy.

Page 18: Australian dental specialists claim patients are spending thousands of dollars on complex dental work that may be unnecessary.

Page 20: The Federal Treasury has revealed mum-and-dad taxpayers will have to do the heavy lifting of repairing the Budget while conceding technology could help businesses reduce their tax bill even more.

Page 71: Lands Minister Terry Redman has attacked the Pastoralists and Graziers Association and its influence over the Liberal Party after conceding defeat in his attempts to re-write laws affecting economic activity across almost 90 per cent of WA.

The massive revaluation of NRW Holdings has received another boost as the civil and mining contractor outlines stable earnings for the next two years.

Page 72: Mineral Resources will soon look to cash out its stake in the Mt Marion lithium mine outside Kalgoorlie as the operation approaches an October deadline for shipping first concentrate.

Page 73: A wastewater treatment company which is eyeing off WA enjoyed another strong day on the boards yesterday as investors digested news that Emefcy Group was pushing into China.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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