25/08/2016 - 06:20

Morning Headlines

25/08/2016 - 06:20

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Morning Headlines

Morrison’s ‘recession’ warning

Treasurer Scott Morrison will warn today that complacency over budget repair and economic reform could plunge the country into recession. The Fin

Goyder vows end to Wesfarmers horror

Wesfarmers boss Richard Goyder expects Australia’s largest private sector employer to return to earnings growth in 2017 after profits plunged to their lowest level since 2002, forcing the final dividend to be cut for the first time in a decade. The Fin

Woolies exits hardware

Woolworths has finally ruled a line under its disastrous foray into hardware, selling its Home Timber and Hardware division, the property assets of its Masters chain and the inventory of Masters in three separate deals that will deliver $1.5 billion. The Fin

Joyce has Qantas clear for take-off again

Qantas has reported its best financial result in its 95-year history, as low oil prices, cost cutting and better use of its fleet powered the company to a $1.52 billion annual profit. The Aus

Banks go missing as tap-and-pay apps take off

Banks have shut more than 300 branches in the past year — many in remote areas — as lenders cut costs to offset tough conditions and phone banking takes off. The Aus

Businessman in Lib poll shock

Leading Perth businessman John Poynton has released private polling that he personally commissioned to make the case for leadership change in the WA Liberal Party. The West

Libs reject Shorten’s super plan

Labor has proposed a way out for the Government on its internal squabble on superannuation that also raises more revenue, only for the plan to be immediately rejected by Treasurer Scott Morrison. The West

 

 

The Australian Financial Review

Page 1: Treasurer Scott Morrison will warn today that complacency over budget repair and economic reform could plunge the country into recession.

Wesfarmers boss Richard Goyder expects Australia’s largest private sector employer to return to earnings growth in 2017 after profits plunged to their lowest level since 2002, forcing the final dividend to be cut for the first time in a decade.

Page 3: Former politician John Brogden has urged business leaders not to ‘‘vacate the political field’’, and sided with former Business Council of Australia president Tony Shepherd, who is calling on chief executives to be more vocal in arguing the case for business, as a split emerges within the main business lobby group over its strategy.

Page 7: Labor is pinning its hopes on a legal argument over the status of NBN Co after dramatic raids in Parliament House in Canberra on Tuesday.

Workers at the troubled Whyalla steelworks have voted against a 10 per cent pay cut in a blow for the sale process being conducted by administrators KordaMentha.

Page 8: Two Australian companies are embroiled in bribery scandals that reach into the offices of the presidents of Sri Lanka and the Republic of Congo, as the firms sought to secure multimillion dollar contracts.

Page 10: State and territory governments could be liable for billions of dollars in native title compensation following a landmark decision in the Federal Court on Wednesday.

Page 13: When US Federal Reserve chair Janet Yellen speaks at the Fed’s annual Jackson Hole central banking conference on Friday, investors and economists will want to know how low she thinks interest rates should be set in this brave new world of lacklustre economic growth, weak productivity and soft inflation.

Page 15: Woolworths has finally ruled a line under its disastrous foray into hardware, selling its Home Timber and Hardware division, the property assets of its Masters chain and the inventory of Masters in three separate deals that will deliver $1.5 billion.

Bega Cheese executive chairman Barry Irvin has lambasted rival processor Murray Goulburn for posting an 88 per cent jump in net profit at the expense of its farmer suppliers.

Page 18: The entire staff of vitamins company Blackmores has been given a bonus of almost nine weeks’ pay after a booming annual profit result but chief executive Christine Holgate has told them to ‘‘make the most of it’’ because a slowdown has arrived in the first quarter of 2016-17.

Page 19: Boral chief executive Mike Kane likens the Reserve Bank of Australia and its interest rate cuts to an ant sitting on a log with a steering wheel travelling down a river.

Page 20: APA Group chief executive Mick McCormack has declared the local gas pipeline player has ‘‘a lot of juice left in the tank’’ as it eyes potential US acquisitions as well as $1.5 billion of possible deals in its home market in the next three years.

The chief executive of newly listed software logistics business WiseTech Global, Richard White, says the company can continue expanding at its high growth rate for at least the next 10 years, if not 20.

Printed circuit board design software company Altium is benefiting handsomely from the rise of the internet of things, and chief executive Aram Mirkazemi expects the company’s growth momentum to continue.

Page 21: Link Group has given a bullish growth outlook and flagged plans to launch new digital products and make more acquisitions.

Page 22: Slater and Gordon chief executive Andrew Grech has brushed off an ‘‘extremely disappointing’’ first half and delivered a much narrower loss in the final six months of the 2016 financial year.

 

 

The Australian

Page 1: Qantas has reported its best financial result in its 95-year history, as low oil prices, cost cutting and better use of its fleet powered the company to a $1.52 billion annual profit.

Page 2: Defence Industry Minister Christopher Pyne will lead a government push to secure Australia as the Asia-Pacific maintenance and sustainment hub for the Joint Strike Fighter F-35 warplane, according to Defence sources.

Page 4: Nick Xenophon has called for a cap on the wages of senior bureaucrats to ensure none are paid more than the Prime Minister, after it was revealed the salaries of some public servants are approaching almost $1 million a year.

Public-sector spending on infrastructure is helping offset the plummeting construction work in the resource sector as major projects are completed.

Page 6: Banks have shut more than 300 branches in the past year — many in remote areas — as lenders cut costs to offset tough conditions and phone banking takes off.

Page 19: Evolution Mining has entrenched its reputation as one of the resource industry’s canniest dealmakers, striking a surprise $880 million deal to buy a stake in Glencore’s Ernest Henry copper and gold mine in Queensland.

Page 21: Qube Holdings wants to grow market share and cut costs at its newly acquired Patrick container terminals after posting a “reasonable” fall in annual net profit.

Page 22: More than 200 Victorian and Tasmanian farmers who supply Australia’s largest dairy processor Murray Goulburn with milk have quit the industry or switched to rival milk companies since the farmer-owned co-operative slashed its farm-gate milk price retrospectively and without warning in late April.

Page 26: Global shopping centre giant Westfield Corporation is not expecting any adverse impact from Brexit on its London centres with joint chief executives Peter and Steven Lowy also saying the group’s $US9.5 billion ($12.4bn) development program would fuel future earnings.

 

 

The West Australian

Page 5: Leading Perth businessman John Poynton has released private polling that he personally commissioned to make the case for leadership change in the WA Liberal Party.

Page 12: Labor has proposed a way out for the Government on its internal squabble on superannuation that also raises more revenue, only for the plan to be immediately rejected by Treasurer Scott Morrison.

Page 42: The corporate watchdog has warned company directors they should not touch money investors kick into equity raisings before the offer is closed and shares are issued.

Page 43: The Gorgon LNG project will likely end up costing far more than its $US54 billion budget, according to construction company CIMIC.

Page 44: Mining services company Ausdrill has continued a gold-led recovery by posting a $58 million annual profit, boosted by asset sales.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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