23/08/2016 - 06:22

Morning Headlines

23/08/2016 - 06:22

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Morning Headlines

Fortescue super-sizes dividends

Andrew ‘‘Twiggy’’ Forrest will crown his $3.1 billion comeback by pocketing $125 million in dividends from iron ore miner Fortescue Metals Group, which says its record payout is a sign of things to come. The Fin

Petrol prices dive but profits pumped

The competition regulator has urged motorists to shop around for the best priced fuel after it found prices dropped to their lowest levels in 14 years in fiscal 2016 even as retailers reported record profit margins. The Fin

Coalition cuts add $221bn to budget

Coalition spending cuts are tipped to add $221 billion to the nation’s bottom line over more than a decade, according to new claims that intensify pressure on Bill Shorten to stop “wobbling” and support more savings. Finance Minister Mathias Cormann said last night that almost 800 savings measures locked in would add $26bn to the budget balance over the next four years and would build over time. The Aus

BlueScope to push growth after stellar 12 months

BlueScope Steel chief Paul O’Malley says he plans to invest in international growth of the profitable Colorbond brand after cost-cutting at the company’s Port Kembla steelworks and healthy US margins helped deliver the strongest full-year earnings since 2008 in the worst steel market environment in more than 14 years. The Aus

Plebiscite shadow over WA election

It appears Colin Barnett’s fear that a “divisive” gay marriage plebiscite could overshadow the State election campaign will be borne out, with conservative Christian backbencher Peter Abetz making clear he intends to campaign for the “no” case. The West

$500,000 a month for idle car bays

Taxpayers are paying $500,000 a month for the private sector to operate 300 empty car bays beneath the new Perth Children’s Hospital that were built at public expense. The West

Macmahon questions Nigeria

Macmahon Holdings is reviewing whether to continue operating in Nigeria following the armed kidnapping of seven workers in June. The West

 

 

The Australian Financial Review

Page 1: Andrew ‘‘Twiggy’’ Forrest will crown his $3.1 billion comeback by pocketing $125 million in dividends from iron ore miner Fortescue Metals Group, which says its record payout is a sign of things to come.

SEEK chief executive Andrew Bassat (below) has flagged ‘‘aggressive’’ reinvestment in the company’s existing businesses as well ‘‘strategic acquisitions’’ to build a global online employment classifieds services giant.

Page 3: Woolworths aims to win back wealthy AB shoppers who deserted the supermarket chain after it rejigged its customer loyalty scheme last year by ditching Qantas Frequent Flyer points and forcing shoppers to hunt for hard-to-find orange-ticketed products to earn rewards.

Page 4: Treasurer Scott Morrison has ruled a line under granting further concessions on the proposed superannuation crackdown, saying those advocating weakening the budget proposals were failing to come up with alternative revenue measures.

Page 6: Major infrastructure investor QIC Ltd has issued a plea for upfront rules to be set for the re-run auction of NSW electricity distributor Ausgrid, given the costs involved in participating and the risks of deterring bidders.

S. Kidman & Co managing director Greg Campbell and one of its major shareholders, Will Abel-Smith, have called for common sense in the sale of the giant pastoral company’s holdings, saying the sale process is on and was never abandoned, despite complications including national politics, leaks from participants and misreporting by the media.

Page 7: The competition regulator has urged motorists to shop around for the best priced fuel after it found prices dropped to their lowest levels in 14 years in fiscal 2016 even as retailers reported record profit margins.

Page 9: Business leaders have welcomed the push for a nationally consistent approach to energy policy, saying state-based renewable schemes are distorting the National Electricity Market.

Origin Energy has signed a power purchase agreement with one of the world’s largest solar companies, Conergy, to develop what is the holy grail of renewable energy – large-scale battery storage, to overcome the problems when the sun isn’t shining.

Page 13: BlueScope Steel’s fortuitous decision to spend $947 million to move to 100 per cent ownership of North America’s most profitable steel mill just as US authorities imposed punishing antidumping duties on steel imports from China has delivered a profit windfall that is set to keep rising.

Page 15: UGL investors have expressed concern over the possibility of more writedowns on the engineering group’s troubled Ichthys projects after the company confirmed $200 million of provisions were taken in 2016, leading to a $103 million net loss.

Page 16: Gold producer Northern Star Resources is well positioned to pursue an aggressive organic growth strategy to lift production, after reporting a record profit for the 2016 financial year and agreeing to sell its high-cost Plutonic gold mine, says managing director Bill Beament.

Page 17: Annual price rises for private health insurance will become a little easier for policyholders to stomach, but this should not let the government off the hook from pursuing reform to rein in health spending, nib chief executive Mark Fitzgibbon says.

 

 

The Australian

Page 1: Indigenous affairs spending worth $5.9 billion a year is not delivering results because few of the schemes being funded are properly evaluated, the assessment of what is needed is inadequate and some programs are poorly designed.

Page 4: Coalition spending cuts are tipped to add $221 billion to the nation’s bottom line over more than a decade, according to new claims that intensify pressure on Bill Shorten to stop “wobbling” and support more savings. Finance Minister Mathias Cormann said last night that almost 800 savings measures locked in would add $26bn to the budget balance over the next four years and would build over time.

Page 5: Women’s wages have grown at almost three times the rate of men’s over the past year, narrowing the gender pay gap to its lowest level since blowing out in 2014.

Page 6: The Northern Territory has secretly negotiated a “sweetheart” deal for a US-based company to develop potentially vast coal reserves south of Alice Springs that experts think could one day see projects as big as those planned for Queensland’s Galilee Basin established in remotest Australia.

Page 19: Commonwealth Bank has moved to further rebuild its profit margins by cutting the discounts available on new home loan applications.

Page 21: BlueScope Steel chief Paul O’Malley says he plans to invest in international growth of the profitable Colorbond brand after cost-cutting at the company’s Port Kembla steelworks and healthy US margins helped deliver the strongest full-year earnings since 2008 in the worst steel market environment in more than 14 years.

Page 23: Pfizer is nearing agreement to buy biotech Medivation in a move that would add one of the crown jewels of the multi-billion dollar market for cancer drugs to Pfizer’s portfolio, sources say.

 

 

The West Australian

Page 4: It appears Colin Barnett’s fear that a “divisive” gay marriage plebiscite could overshadow the State election campaign will be borne out, with conservative Christian backbencher Peter Abetz making clear he intends to campaign for the “no” case.

Page 7: Taxpayers are paying $500,000 a month for the private sector to operate 300 empty car bays beneath the new Perth Children’s Hospital that were built at public expense.

Page 18: WA farms are about to become the home of Ninja and no one is happier about it than Japan and South Korea.

Page 19: Macmahon Holdings is reviewing whether to continue operating in Nigeria following the armed kidnapping of seven workers in June.

CIMIC Group has turned up the heat on a multi-billion-dollar dispute over Chevron’s Gorgon LNG project by launching legal action in the US.

Imdex is closing in on a sale of AMC Oil & Gas business to a multinational buyer, managing director Bernie Ridgeway says.

Investors in Perth-based virtual reality pioneer Yonder & Beyond took a breath yesterday after a wild ride which saw the company’s shares spike on news of an agreement with PC maker Lenovo.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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