30/08/2016 - 06:21

Morning Headlines

30/08/2016 - 06:21

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Morning Headlines

Mining bust blamed for truck crash

McAleese chief executive Mark Rowsthorn has blamed the resources slump for the collapse of the beleaguered transport group as he hit out at minority shareholders for not backing the company’s failed recapitalisation plan. The Fin

Another big miner in $1.2b ATO dispute

Another big miner is in a dispute with the Australian Tax Office, with BHP Billiton’s coking coal partner Mitsubishi in negotiations over a $1.22 billion income tax deduction. The Fin

Government faces delay on ‘urgent’ cuts

The government could have to wait another fortnight before it passes its supposedly urgent omnibus bill containing $6.5 billion in spending cuts because it failed to have a copy ready for Labor to consider when its caucus met on Monday. The Fin

Lowe’s action threatens Woolies hardware exit

US hardware giant Lowe’s Companies is seeking to rescue some value from its failed $1.3 billion foray into the Australian home improvement market by taking legal action that threatens to derail Woolworths’ $1.5 billion exit plan. The Fin

Turnbull in poll plunge to new low

Malcolm Turnbull’s popularity has tumbled to new lows and support for the Coalition has slipped since the election eight weeks ago, leaving the government and Labor deadlocked at 50-50, according to the first Newspoll since the government’s narrow victory. The Aus

Gay row derails Budget-fix bid

The doomed gay marriage plebiscite is overshadowing Malcolm Turnbull’s attempt to make Budget repair his Government’s top priority in the first week of Parliament. The West

WA cattle on Chinese menu

The Chinese company joining forces with Gina Rinehart to buy the Kidman cattle empire has one hurdle to clear in a separate deal to secure a cluster of stations in the Goldfields. The West

 

 

The Australian Financial Review

Page 1: McAleese chief executive Mark Rowsthorn has blamed the resources slump for the collapse of the beleaguered transport group as he hit out at minority shareholders for not backing the company’s failed recapitalisation plan.

The Chinese community will demand a greater say in Australian public life after being used as a ‘‘cash cow’’ by both sides of politics then ignored, according to one of the country’s biggest political donors.

Page 3: Another big miner is in a dispute with the Australian Tax Office, with BHP Billiton’s coking coal partner Mitsubishi in negotiations over a $1.22 billion income tax deduction.

Page 5: The government could have to wait another fortnight before it passes its supposedly urgent omnibus bill containing $6.5 billion in spending cuts because it failed to have a copy ready for Labor to consider when its caucus met on Monday.

The Association of Superannuation Funds of Australia has warned that trimming annual limits on pre-tax contributions will hit six times as many savers as a new $500,000 cap on after-tax top-ups.

Page 11: US hardware giant Lowe’s Companies is seeking to rescue some value from its failed $1.3 billion foray into the Australian home improvement market by taking legal action that threatens to derail Woolworths’ $1.5 billion exit plan.

Billionaire James Packer has relinquished majority control of casino operator Crown Resorts because of a need to pay down debt following the settlement of the Packer family empire with sister Gretel, sources said.

Page 13: Newly profitable Infigen Energy has ended earlier talks on a potential sale or merger of the wind power producer but managing director Miles George says it will still explore ‘‘opportunities that create value’’ in the rejuvenated renewable energy market.

Online furniture retailer Temple & Webster is cutting costs and tweaking marketing and discounts after losing $44.4 million in 2016, cementing its status as the worst float of the year.

Beach Energy has removed its unconventional gas project in the Cooper Basin from its annual report on oil and gas reserves, admitting the high cost of determining how to get gas out of the ground made development unworkable for the next few years at least.

Page 14: Senior staffers at the corporate watchdog expressed concerns that Slater & Gordon’s accounting methods ‘‘did not appear fully consistent’’ with their analysis before the embattled law firm eventually booked multimillion-dollar write-downs.

Page 16: Four of Australia’s largest gold producers collectively increased dividend payments to shareholders by 150 per cent in the 2016 financial year, highlighting the improved confidence in the buoyant local sector.

 

 

The Australian

Page 1: Malcolm Turnbull’s popularity has tumbled to new lows and support for the Coalition has slipped since the election eight weeks ago, leaving the government and Labor deadlocked at 50-50, according to the first Newspoll since the government’s narrow victory.

Pauline Hanson has provided the government a ray of hope that she will back its proposed industrial relations bills, as she hits out at “union thuggery” and flags a pro-business approach in parliament.

The shop assistants union has been forced to drop its decade-sold practice of trading off penalty rates for higher base rates of pay in the wake of the Fair Work Commission’s rejection of its controversial deal with Coles.

Page 5: Clive Palmer and two senior Queensland Nickel executives have lost their bid to have summonses requiring them to appear before public hearings set aside.

Page 6: The G20 has failed to stimulate international collaboration on advancing economic reform, with a study finding no relationship between countries signing up to G20 commitments and actually liberalising their economies.

Page 19: The federal government runs the corporate watchdog at a $500 million-plus annual windfall, overwhelmingly funded by vast hidden taxes it levies on businesses to lodge company documents and the massive fees it then charges the public to access them.

Page 23: The Turnbull government’s landmark media reform package has been approved by the party-room and a newly formed backbench committee, as the industry’s leading executives prepare to descend on the nation’s capital.

 

 

The West Australian

Page 10: The doomed gay marriage plebiscite is overshadowing Malcolm Turnbull’s attempt to make Budget repair his Government’s top priority in the first week of Parliament.

Tens of thousands of WA children are living in homes in which no parent is in paid employment as the end of the mining boom hits the jobs market.

Page 12: A Chinese company wants to build a $400 million plant in Kwinana capable of processing lithium — the key ingredient in new-generation batteries such as those used in Tesla cars.

Page 43: The Chinese company joining forces with Gina Rinehart to buy the Kidman cattle empire has one hurdle to clear in a separate deal to secure a cluster of stations in the Goldfields.

Investors have welcomed David Singleton’s efforts to clear the decks in his first financial results as Austal chief executive through some heavy write-downs.

A WA recycling business backed by iron ore billionaire Andrew Forrest is preparing the ground for a likely $16 million initial public offer in October.

Page 44: Hard-hit livestock trader Wellard has flagged more management changes with the imminent release of its annual results.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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