22/08/2016 - 06:22

Morning Headlines

22/08/2016 - 06:22

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Morning Headlines

Time to bury ‘trickle-down economics’

Halting Donald Trump-style political revolts in modern democracies means delivering inequality-busting economic reform such as infrastructure spending or winding back negative gearing and high-end superannuation benefits to fund low and middle-class tax cuts, says a Labor-linked think tank. The Fin

ATO gains new powers to tweak laws

Tax commissioner Chris Jordan looks set to finally win far-reaching discretionary powers to unilaterally close loopholes in tax and superannuation laws, after Labor wrote to the Treasurer to claim it is willing to work on ‘‘areas of common ground’’ to ‘‘set the tone of a functioning Parliament’’. The Fin

Supermarket woes to push Woolies into loss

The last person to engineer a big turnaround of the Woolworths business after it fell into the mire more than two decades ago says growth is now shrinking for all big supermarket players because of food deflation, and investors will need to be extra cautious. The Fin

Fortescue may offer dividend surprise

Analysts are divided on how much cash Fortescue Metals Group will return to shareholders for the 2016 financial year, after a strong second half led some analysts to suggest the iron ore miner could more than triple its final dividend. The Fin

NAB calls for legislated retirement income goal

National Australia Bank wants a legislated target for superannuation to deliver replacement income in retirement of at least 65 per cent of what was being earned before retirement. The Fin

Mining industry steps up attack on WA tax bid

The chief of one of Western Australia’s key mining industry bodies has accused WA Nationals leader Brendon Grylls of ‘‘misleading the public’’ in his bid to slug the world’s two biggest miners with a $7.2 billion mining tax. The Fin

Confusion stalls China Kidman bid

The sale of Australia’s largest pastoral company, the sprawling S. Kidman & Co, is on hold, with foreign-based prospective buyers frustrated by uncertainties over how their bids should be structured to win approval amid the increasingly difficult investment climate. The Fin

Don’t hold plebiscite near our poll: Barnett

Malcolm Turnbull faces a stoush with Colin Barnett and West Australian Liberal MPs over the timing of the gay-marriage plebiscite, after the Premier warned against holding the vote early next year when it would interfere with the state election campaign. The Aus

Euroz’s absolute returns bid

Euroz’s new boutique investment manager says its foundation raising is big enough for its needs but small enough to ensure its managers don’t fall into complacency and join the ranks of the “asset gatherers”. The West

 

 

The Australian Financial Review

Page 3: Halting Donald Trump-style political revolts in modern democracies means delivering inequality-busting economic reform such as infrastructure spending or winding back negative gearing and high-end superannuation benefits to fund low and middle-class tax cuts, says a Labor-linked think tank.

Page 5: Tax commissioner Chris Jordan looks set to finally win far-reaching discretionary powers to unilaterally close loopholes in tax and superannuation laws, after Labor wrote to the Treasurer to claim it is willing to work on ‘‘areas of common ground’’ to ‘‘set the tone of a functioning Parliament’’.

Page 6: The NSW government faces having to accept a much lower price in the rerun auction for power distributor Ausgrid as rejected bidders Cheung Kong Infrastructure and China’s State Grid Corporation mull whether they want to participate at all.

Page 8: According to the Commonwealth Bank of Australia Business Sales Indicator, to be released on Monday, weakness in the business services and government sector meant economy-wide spending was flat for the fifth straight month in July.

Labor has intensified bank bashing and rejected the Coalition’s call for a banking tribunal, saying the number of complaints has skyrocketed despite the existence of a banking ombudsman.

Page 9: Liberal National MP George Christensen, who has threatened to cross the floor against Treasurer Scott Morrison’s $6 billion crackdown on high-end superannuation concessions, has signalled that doubling the $500,000 lifetime cap would bring him back within the fold.

Page 13: Deere & Co, the world’s largest agricultural equipment maker, rose the most in almost eight years, defying a farming recession by raising its full-year profit after cutting costs.

Page 15: The last person to engineer a big turnaround of the Woolworths business after it fell into the mire more than two decades ago says growth is now shrinking for all big supermarket players because of food deflation, and investors will need to be extra cautious.

Page 17: Treasury Wine Estates is the one that got away for private equity, after almost $4 billion was left on the table by KKR and TPG, who decided they could not justify a buyout of the wine group in September 2014 at half the price the company now trades.

Analysts are divided on how much cash Fortescue Metals Group will return to shareholders for the 2016 financial year, after a strong second half led some analysts to suggest the iron ore miner could more than triple its final dividend.

Woodside Petroleum chief executive Peter Coleman has declared that its new venture in Senegal has the potential to create a long-term hub for the producer on the West African coast.

Page 18: Commonwealth Bank of Australia has sent alarming emails to thousands of its customers who are engaging with fintech start-ups, warning that sharing internet banking passwords could invalidate the protection CBA provides from losses on accounts relating to fraud.

Page 19: National Australia Bank wants a legislated target for superannuation to deliver replacement income in retirement of at least 65 per cent of what was being earned before retirement.

Page 20: The chief of one of Western Australia’s key mining industry bodies has accused WA Nationals leader Brendon Grylls of ‘‘misleading the public’’ in his bid to slug the world’s two biggest miners with a $7.2 billion mining tax.

China Investment Corp, the $US814 billion sovereign fund, is leading a Chinese investor group in talks for a multibillion-dollar iron ore streaming deal with Brazil’s Vale, people familiar with the matter said.

Page 22: The marathon reporting season reaches a crescendo this week with the country’s biggest retailers, its biggest airline and some of its biggest miners all set to unveil their results for judgment.

Page 24: The Chinese economy has slowed in recent years, but it is still a strong performer, contributing about one-third of total economic growth worldwide. It is also becoming more sustainable, in line with the shift in its growth model away from investment and exports and towards domestic demand and services.

 

 

The Australian

Page 1: The sale of Australia’s largest pastoral company, the sprawling S. Kidman & Co, is on hold, with foreign-based prospective buyers frustrated by uncertainties over how their bids should be structured to win approval amid the increasingly difficult investment climate.

Page 2: Australia’s grain growers are set to produce a record $14 billion bumper harvest this spring, as rain across most of southern Australia boosts crop yields and farmer confidence.

Page 6: Malcolm Turnbull faces a stoush with Colin Barnett and West Australian Liberal MPs over the timing of the gay-marriage plebiscite, after the Premier warned against holding the vote early next year when it would interfere with the state election campaign.

Page 20: The prospect of a dramatic cut to the $100 million-plus television licence fees has increased as it emerges that powerful independent crossbencher Nick Xenophon will meet with the Turnbull government in coming weeks to propose an offset to gambling advertising restrictions.

Page 22: Japan will need to pay more for its liquefied natural gas contracts if it succeeds in its legal effort to unwind long-held destination restrictions, Woodside Petroleum chief executive Peter Coleman says.

After 14 years of regulatory frustrations, fights with tiger conservationists and tribal groups, and now plummeting diamond prices, mining giant Rio Tinto has walked away from a huge diamond mine project in the Indian state of Madhya Pradesh.

Page 23: Woolworths has been forced into yet another embarrassing backflip over its troubled in-store loyalty program, which has fallen flat with shoppers and suppliers alike.

Page 24: The aged-care sector is set for heightened investor scrutiny as the major Australian listed operators report 2016 results, with the focus on funding models.

 

 

The West Australian

Page 3: Hundreds of millions of dollars worth of wind and solar farms would need to be built in WA over the next four years under plans to double the amount of renewable energy in the State.

Page 4: WA’s gender pay gap, the nation’s biggest, appears to be narrowing. An analysis of Australian Bureau of Statistics fulltime earnings data, released last week, showed the gap had shrunk from a high of 30.05 per cent in 2014 to 27.03 per cent this year.

Page 46: Euroz’s new boutique investment manager says its foundation raising is big enough for its needs but small enough to ensure its managers don’t fall into complacency and join the ranks of the “asset gatherers”.

A leading national property investment group has defied WA’s lacklustre market to label South Perth as one of Australia’s next big things in real estate.

Two of WA’s most powerful companies, Fortescue Metals Group and Wesfarmers, will unveil their profits today and Wednesday respectively in what will be the final week of corporate earnings season.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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